A Utah representative is proposing a bill to give first-time homebuyers an edge in the competitive housing market. The bill would require buyers to sign an affidavit stating they plan to live in the home for at least a year, aiming to reduce competition from investors.
Jennifer Cottam has seen the ups and downs of first-time homebuyers and the emotional roller coaster they're on. 'Oh, the excitement of getting it is profound,' she said when a buyer lands their property. 'Then, when you lose one home after another and you’re priced out, it’s depressing.'Cottam, an agent with ERA Brokers Consolidated, said she has observed many sales end up going to investors, who turn them into rental properties.
'I do know that around 20 to 25% of the homes are bought by investors in Utah,' she said. 'That’s a pretty significant amount and that generally is at a lower price point where you might see your first time homebuyers try to get in.' She is receptive to an idea being proposed on Utah's Capitol Hill to help people in the state's tight real-estate market try to get into homes. Rep. Gay Lynn Bennion, D-Cottonwood Heights, is planning to sponsor a bill that seems to offer some cover when competing against companies and other large investors for housing. 'The one that is buying the home? Would sign an affidavit saying that they plan to live in that home for at least a year,' Rep. Bennion told FOX 13 News in a recent interview about her proposed bill. It's an effort, the lawmaker said, that could help to give people seeking more affordable housing a little bit of help to get their foot in the door. 'This bill just gives a time frame where people that want to purchase a home to live in it are not competing with investors that have cash or sometimes algorithms helping them find where they’re going to make the most profit,' she said. Rep. Bennion insisted her bill isn't interfering with the free market or a property owner's right to turn around and rent it out later or even sell it again. She's also working on some carve-outs for people to get out of the affidavit and said she has reached out to groups like the Utah Association of Realtors for feedbac
First-Time Homebuyers Housing Market Utah Legislature Investor Affordable Housing
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