By Robert Freedman, senior editor, REALTOR® Magazine
However you look at it, the upcoming midterm elections in November will be important for real estate.
Home sales and commercial real estate are still struggling, just like the broader economy. So, candidates for Congress, both challengers and incumbants, will have their eyes on real estate.
After the elections, Congress is set to look at what to do with Fannie Mae and Freddie Mac. Flood insurance reforms are still pending. FHA reform is still pending.
More broadly, members will be grappling with what to do about the federal budget deficit. What will they do about taxes? What will they try to cut?
You can be certain what they do with taxes and cuts could impact the environment for selling and leasing real estate, both residential and commercial.
On a positive note, homeownership in important ways remains above the partisan fray. It’s a bedrock values issue for members of Congress. That’s not to say there won’t be pressure on lawmakers to consider changes that could impact homeownership. Anything is possible. But real estate issues start with solid, bipartisan support because lawmakers understand how fundamental homeownership is and how critical commercial real estate is to the economy.
To get an idea of what’s ahead in the upcoming elections, the magazine sat down with NAR Chief Lobbyist Jerry Giovaniello and RPAC Managing Director Scott Reiter (see the 5-minute video above). What they made clear is that REALTORS®’ involvement in the political process is more important than ever because the stakes today are so high.