Event Coverage
SILVAR Leaders Meet with Congressmembers in Washington D.C.
SILVAR leadership, including President Tammie Peters, President-elect Stacey Woods, and National Association of REALTORS® (NAR) Directors Jim Hamilton and Denise Welsh, met last week with Congressmembers Sam Liccardo and Ro Khanna. NAR hosted its annual Legislative Day, and realtors went to the Capitol to discuss their issues as the "One Big Beautiful Bill" was debated.
One primary issue discussed was addressing the nation's housing shortage. REALTORS® requested federal legislation to address chronic supply shortages, reduce barriers to affordable housing and implement innovative policies that expand homeownership opportunities. Solutions proposed include:
More Homes on the Market Act (H.R. 1340): This act reduces the "locked-in" effect by easing capital gains taxes for long-term homeowners, encouraging more housing inventory.
Uplifting First-Time Homebuyers Act (H.R. 3526): This act increases the amount first-time buyers can withdraw from their IRAs without penalty, from $10,000 to $50,000, to help with down payments.
Another request was to cosponsor H.R. 3495, the Direct Seller and Real Estate Agent Harmonization Act. This act is crucial for addressing uncertainties stemming from the Final Rule, safeguarding real estate agents' freedom to choose their preferred business classification.
Fire insurance and other insurance issues were also timely and hot topics nationally. The NAR is seeking Congressmembers to support and cosponsor H.R. 1105, the Disaster Resiliency and Coverage Act, introduced by California Congressmen Mike Thompson and Doug LaMalfa. They also are seeking support for other legislation aimed at incentivizing and facilitating property mitigation and hardening efforts through tax incentives and grants. These efforts would combat the rising costs of insurance and make homeownership more attainable for Californians.
Lastly, the future of Fannie Mae and Freddie Mac has long been debated, and realtors hope a strategy will emerge. While a release from conservatorship is desired, members noted it must include an explicit government guarantee to ensure mortgage capital remains available in all market conditions. If a consensus cannot be reached, then the current market should be maintained as it is functioning.
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The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
For further information, please email or call the SILVAR office at (408) 200-0100.