So let’s talk about a game-changing move to tackle the housing affordability  puzzle. Meet the More Homes on the Market Act – a bipartisan effort brought  back to life by representatives Jimmy Panetta and Mike Kelly. These folks are on  a mission to shake up the housing scene and bring some balance to the real  estate market. 

So, what’s the scoop? Well, the heart of the More Homes on the Market Act is a  makeover for the tax code. It’s all about giving homeowners a bit more wiggle  room when they decide to sell their homes. Right now, there’s this thing called  the capital gains tax exemption. Basically, it let you exclude a chunk of change – up to $250,000 for singles and $500,000 for couples – from the profit you make  when selling your home. 

But here’s the kicker – these numbers were set way back in 1997 and haven’t  budged an inch for inflation. You can imagine how that’s like using an old-school  calculator in a world of smart phones. That’s where this Act moves in, aiming to  crank up those numbers. If it gets the greenlight, singles could exclude up to  $500K and couples could go up to a cool million. Yep, you read that right – double the exemption. 

Why does this matter? Well, let’s say you’ve been looking to downsize. You want  to sell and pocket some cash for your next adventure. But the thought of taxes  raining on your parade is a major buzzkill. The More Homes on the Market Act  wants to help out by making sure you keep most of that hard-earned money  when you sell. It’s not just about you – it’s about boosting the housing market,  making things more affordable, and giving families a shot at their dream home. 

And there’s more to the story. The president of the National Association of  realtors, Kenny Parcell, points out that failing to adjust these numbers for inflation  has caused fewer older homeowners to hit the ‘for sale’ button. That’s led to a  real estate traffic jam, leaving younger buyers with fewer options and bigger price  tags. 

So, the act isn’t just getting nods from homeowners – even the California  association of realtors is giving it a thumbs up. They’re giving a big shout out to  Representative Panetta for bringing this bill to the table. They see it as a way to  lighten the tax load for homeowners, especially those golden oldies have been  held back by those pesky tax burdens. 

In a nutshell, the More Homes on the Market Act is like a fresh breeze blowing  through the real estate scene. It’s all about leveling the playing field, giving  homeowners more choices, and making homes more affordable for everyone. If it  gets the green-light, get ready for a housing market, that’s friendlier, fairer, and  more inviting for all.