How brokers may benefit
Idziak has received many calls from clients wondering if there would be any immediate changes based on the executive order.
“When clients call me asking about what’s going on, first words out of my mouth are ‘Well, nothing’s actually changed yet,’” he said. “’So, keep doing business the way you’ve been doing it, especially from the compliance and risk management side.’”
He expects that Congress will eventually get a reconciled housing bill passed, but nobody is really sure what will be in that final bill. Another issue Idziak is keeping an eye on for potential addition to the housing bill is the president’s proposed institutional buyer ban.
“You’ll get something passed through Congress, but what the final form is can be somewhat different from what’s been proposed so far,” Idziak said. “The big issue on that would be the build-to-rent ban for institutional investors, which will be a main sticking point. That has been a significant driver of marginal home sales over the last few years.
“If that ban remains in place, what you’ll see, at least initially, is you have a lot of homes that are already under construction that maybe now don’t have that institutional buyer demand. So hopefully, from a borrower-buyer standpoint, you will see increased affordability.”
