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DC REALTORS® Braved The Chill For First-Time Homebuyers

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  • DC REALTORS® Braved The Chill For First-Time Homebuyers

While temperatures continue to drop, DCAR refuses to flinch. We are too busy fighting for first-time homebuyers. A Bill in front of the DC Council could drastically reduce the recordation tax for first-time DC homebuyers from 1.45%* & 1.1%**  to 0.725%.

This week, DCAR and individual members testified at hearing urging the Council to pass the Bill. It was a great show of solidarity, and the Council was blown away by the dozens of REALTORS® who showed up to support us. You can read a full recap below.  THANK YOU to all those who joined us!

*over $400k | **under $400k

Your Association and a Merry Band of REALTORS®…

advocated for you and your first-time District homebuyer clients. Your State Association had already pushed for the Bill’s introduction since 2014, and now are aggressively moving to get the “First-Time Homebuyer Tax Benefit Amendment Act of 2015” passed in 2016.
Why are we pushing so hard? Because the Bill could effectively reduce the recordation tax for first-time buyers to 0.725%, saving your clients thousands of dollars and closing deals faster.

(Clockwise from top-left) Kevin Breckenridge speaks alongside Bradley Runyan and Tom Muldoon. Hearing the testimony was the Committee of Finance and Revenue. Our members also showed great support. 2016 President Angela Jones and Past President Bonnie Roberts-Burke deliver their testimony.

An Early, Chilly Day In DC
DCAR braved the frigid temperatures and bumper-to-bumper traffic to show solidarity for first-time homebuyers. We filled the Council’s Finance and Revenue Committee’s chamber with the bright smiles and cheery attitudes that make our members some of the best around (but don’t tell the other associations)!
Councilmembers David Grosso (I At-Large), Jack Evans (D-2) and Elissa Silverman (I At-Large) attended the hearing and were surprised to see such a collective. It drove Councilmember Silverman to comment, “It’s not every day you see such a crowd for a Finance and Revenue hearing.”
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DCAR CEO Ed Krauze briefs the speakers before their testimony. Brenda Tobe listens intently.

A Giant First Step for REALTORS® and Homebuyers

DCAR CEO Ed Krauze applauded the DC Council who sought the aid of DC REALTORS® to help craft legislation. “When Councilmember Grosso envisioned the Bill, he immediately reached out to the Association for its insight and ideas,” he said.

Krauze also commended the efforts of our members who gave compelling testimony and also recognized those who attended the hearing. Ed added at the end of the hearing, “Everyone stepped up to explain how the up-front cost of the recordation tax is too immense for families starting out  in the District.”

Fighting for First-Time Homebuyers
“The first-time homebuyer tax benefit is a potential huge win for people who wish to settle in the District,” said 2016 President Angela Jones. Along with President Jones, fellow DC REALTORS® and title attorneys presented testimony to voice their support for the Bill to the Council.
Jones added, “I can’t count how many times I lost prospective buyers who decided to look outside of DC due to the excessive out-of-pocket expense required to pay the recordation tax.”
In the end, the real estate community had a big day. We thank the Council for their focus on DC’s residents, neighborhoods, and communities. Reducing the recordation tax rate will leave a positive impact for years to come.
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  • February 14, 2016
  • DCAR Communications