$25K in support for first-time homebuyers is part of Vice President Kamala Harris economic plan

RALEIGH, N.C. (WTVD) -- There are some big changes impacting homebuyers this weekend -- and more could be on the way.

On Friday, presumptive Democratic Presidential nominee Kamala Harris pledged to provide $25,000 in support for qualifying first-time homebuyers, if elected come November.

The announcement came the same weekend that major changes to the housing market and real estate commission structure took place.

Under those changes -- which were the result of a settlement from the National Association of Realtors following an antitrust lawsuit -- would-be homebuyers need to sign a legal agreement with their agents upfront outlining how those agents get paid, and how much. Whereas in the past the typical five to six percent commission paid upon closing a home would come from the seller's side and be negotiated and split by the buyer's and seller's agents, the process for paying those two sides has been split.

Triangle realtors like Mike Montpetit with Town & Country Realty said it's too early to determine how the shift will impact home prices, but the goal of the changes is to increase transparency and competition.

"I think it's actually a good thing because now consumers will see complete, transparency. Whoever they're working for -- whoever is working for them, that buyer will know how much they are paying that person," said Montpetit.

He added that the changes will put greater importance on a buyer or seller finding the right realtor to work with and that he's confident that trained, successful realtors won't be impacted much long-term.

"There will be some buyers that will be hard for them if they can't get good representation. Whereas in the past any agent could help them get that. What will really happen is the market will stabilize and find its place, and the free market will work out just fine," Montpetit said.

As for Harris' homebuying proposal, economists say, should she get elected, it's critical the aid comes in tandem with major new home construction. If not, the plan would risk exacerbating already high inflation levels.

"Giving them some financial help is good, but you have to match that with recognizing that financial assistance will simply be eaten up by higher prices for homes if you don't increase supply," said Mike Walden, Reynolds Distinguished Professor at NC State.

Harris' plan does include incentives for builders to construct new homes, but it's unclear how that will work -- particularly in cities with strict zoning rules. Walden says Raleigh's zoning conditions are favorable to new home construction.

Meantime, political experts believe it's no coincidence that the plan was unveiled in the Triangle, where home prices have soared in recent years.

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"It's good politics for this year's election because, you know, inflation is a key issue. And this is her way of dealing with a major issue with inflation, which is the rising home prices," said political science professor David McLennan.

McLennan expects the Harris campaign to continue hitting on inflation and homeownership on the campaign trail in North Carolina.

"It's all about getting the middle class and working-class voters to buy into her economic package," he said.