Watch the video for an inside look at what Minnesota REALTORS think their legislators should do to beef up the sales of Minnesota homes. This highlights the agenda that REALTORS will bring to Washington DC.
Here’s what they think should be done:
- Move the housing initiative forward. Restructure Freddie MAC and Fannie Mae so they have funds going forward. Make sure that the new loan limits will stay in place after they expire at the end of the year. Keep the $8000 first-time homebuyer tax credit beyond the scheduled expiration date of December 1, 2009. Also, make this tax credit available to all homebuyers, not just first-time home buyers. This tax credit would bolster the move-up Minnesota home buyers to upgrade from their current homes.
- Preserve the home mortgage interest tax deduction. Most Minnesota home owners claim this deduction. This deduction is a major selling point for residential real estate.
- Adopt reasonable energy efficient standards for housing. Requiring the proposed energy audits for all homes to be sold will be especially harmful to owners of older Minnesota homes. Older homes would not be as energy efficient as newer ones. Disclosing the results of the audits on these homes might dampen their sales.
- Stabilize lending for commercial real estate. The commercial real estate market is experiencing the same downward turn that afflicted the residential real estate market. Most of this is due to a frozen credit market.