Virginia Senator Glen Sturtevant R-Colonial Heights is pushing for changes to make it easier for Virginians to buy homes. He believes owning a home is part of the American dream and wants to help people achieve it.
Sturtevant’s main proposal is to stop large investment companies, like hedge funds, from buying single-family homes in Virginia. These companies can easily outbid regular buyers, driving up home prices. In fact, according to Redfin, investors bought one in six homes in the U.S. in 2024. For cheaper homes, it’s even worse, with investors purchasing one in four homes.
Another idea Sturtevant is working on is letting buyers take over the seller’s mortgage if they choose. This would help homebuyers get lower interest rates if the seller had a mortgage with a low rate, like those seen during the COVID pandemic.
Lastly, Sturtevant wants to encourage employers to help employees with down payments by offering tax incentives. He believes this could help both employers attract and keep workers, and make it easier for employees to buy homes.