5,230,113
Our sales have softened a bit here in the Charlotte area during the past couple of months - part of that is 'typical' seasonal movement but, others have expressed their fear of this bill impacting the RE market.
Two areas that I believe will be impacted:
1. We are constantly sharing our knowledge and encouragement with those who are renting, thinking of entering homeownership. The interest deduction is one of the things we 'tout' and even though it's not that 'significant,' it is a concern.
2. High end buyers are pulling back - every single dime is important to them (which is why I think most of them have the money that they do)! So, if my small 'farm' of high-end buyers is any indication of high-end buyers as a whole, I believe there are many, many of them out there who are on stand-by right now, just waiting to see what is going to happen with this bill - IF it even passes.
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LLoyd Nichols
Fort Myers, FL
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Sandy Padula & Norm Pa...
, CA
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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Raj Taj
Lake Bluff, IL
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John DL Arendsen
Leucadia, CA
1,543,823
Same temperature as in yours neighbor John DL Arendsen
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Michael Jacobs
Pasadena, CA
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Debe Maxwell, CRS
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Nina Hollander, Broker
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
1,502,998
I'm sticking with I don't see it impacting the majority of the homeowners. For all the talk of "Doom and Gloom" that the lefties at NAR have been saying, my listings are seeing record numbers of showings right now and I've had 4 offers on one of them already, plus two buyers that ditched their agent and called me directly to see the house!
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Silvia Dukes PA, Broke...
Spring Hill, FL
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Inna Ivchenko
Encino, CA
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Debe Maxwell, CRS
Charlotte, NC
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Richard Bazinet /MBA, ...
Scottsdale, AZ
5,583,278
once the "final bill' is created, if there is a cap on the interest deduction, I think most of our area will be fine with what I've heard for a cap....again, nothing is carved in stone.... they have attempted this many times in the past and nothing resulted...
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Michael Jacobs
Pasadena, CA
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Debe Maxwell, CRS
Charlotte, NC
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John DL Arendsen
Leucadia, CA
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Nina Hollander, Broker
Charlotte, NC
2,161,048
Property taxes are local and in our area they are relatively low. Florida doesn't have a state income tax. I think the tax reform will actually put more money in people's pocket with the higher standard deduction and even possibly putting them in a lower tax bracket which would more than make up for most people's mortgage interest deduction especially since interest rates are still low. All good for people looking to buy and trying to get a loan. I can see where people in other states may be more impacted, time for them to put pressure on their elected officials to see where their tax money goes and whether there is room to trim the fat and reduce property taxes.
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Lyn Sims
Schaumburg, IL
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Fred Griffin Florida R...
Tallahassee, FL
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John DL Arendsen
Leucadia, CA
1,725,996
I think it will definitely for many marginal buyers at higher price points or for buyers thinking of second homes.
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Debe Maxwell, CRS
Charlotte, NC
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John DL Arendsen
Leucadia, CA
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Nina Hollander, Broker
Charlotte, NC
2,684,109
I defer to Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES . What a great answer!
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Silvia Dukes PA, Broke...
Spring Hill, FL
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Debe Maxwell, CRS
Charlotte, NC
4,572,183
The jury's still out....so is the Judge...or is that something else that's going on in the news?
Never mind.
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John DL Arendsen
Leucadia, CA
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Debe Maxwell, CRS
Charlotte, NC
1,844,301
I just read something on Inman today. They want the max real estate taxes to be $10K per year. There are many areas here in the Chicago Metro Area that max that out in no time.
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Raj Taj
Lake Bluff, IL
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John DL Arendsen
Leucadia, CA
187,002
It's just "Smoke On The Water" for now...https://youtu.be/wzObO4GjcLI
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Lyn Sims
Schaumburg, IL
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Debe Maxwell, CRS
Charlotte, NC
900,128
IF IT GOES THROUGH AS PROPOSED, there will be more high end vacation/summer home rentals vs purchases in my area.
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John DL Arendsen
Leucadia, CA
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Debe Maxwell, CRS
Charlotte, NC
183,403
If the govt eliminates the property tax deducation it will probably impact my area which has higher than average property taxes.
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Debe Maxwell, CRS
Charlotte, NC
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Diana Dahlberg
Pleasant Prairie, WI
2,220,654
Well, we will have to wait and see....
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Anthony Acosta - ALLAT...
Atlanta, GA
3,071,489
1,622,432
I'm with Ryan Huggins - Thousand Oaks, CA on CA.
I just recently talked to CPA, and suggest everyone to talk to a professional instead of media.
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Ryan Huggins - Thousan...
Thousand Oaks, CA
716,049
This notion by talking heads that it will affect markets is not well thought out and not researched.
I have no 'expectations' at this point, as we are all just speculating that it will have any effect, if any, to my market.
No one really knows yet, and right now we are just all talking heads. Talk is free.
I think very few people buy because of 'a' or any tax deductions, people buy because they have to live somewhere, and because of potential capital appreciation on a mortgage to pay themselves back. Either you pay yourself a mortgage or you pay someone else's mortgage - it's that simple. As far as I'm concerned, investors are perfectly fine with people renting. The tenants can pay their mortgages and all other related costs.
If competition for rental homes goes up because people rent, that will push rentals rates up. If rental rates go up, then more investors will buy homes to rent, and more people will buy homes as primary properties because rents are high and it could still be cheaper to buy even with limited or no deductions. Either way, it balances out.
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Debe Maxwell, CRS
Charlotte, NC
3,988,007
We are not a second home market or a high price market so the interest deduction and property tax limitation will not touch us.
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Debe Maxwell, CRS
Charlotte, NC
2,817,671
Here in NY, under its current/potential form, it would be very bad for NY including NY real estate.
It's like a triple whammy. High state taxes, high mortgages, high real estate taxes. Not good as it is effectively a pretty big tax increase for us.
I'm sure this will impact real estate here (in a negative way). And, because of that, it will prob have negative impact on economy, too - probably almost all parts of it as people will have less spending money. They may not realize it for a year or two, but yes, rather negative.
For my county, the caps are well below the average homeowner.
It appears to be that way for NY, CT, NJ and I've been hearing the same for California.
Personally, I think if they do something like this, they need to adjust for cost of living...in similar way to limits of jumbo loans change by region.
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John DL Arendsen
Leucadia, CA
679,404
Wisconsin is in BUSINESS again! We are seeing a number of Illinois people moving to our area because we are growing, growing, growing! Foxcom is next year!
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Debe Maxwell, CRS
Charlotte, NC
1,712,676
The odds are heavily weighted against it passing in almost any form.
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Debe Maxwell, CRS
Charlotte, NC
7,836,139
We will have to wait to see the final wording.
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Debe Maxwell, CRS
Charlotte, NC
5,104,931
I haven't a clue at this stage of the game. There is no actual tax reform bill passed as yet, so hard to say what will be in it at the end of the day and its impact.
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Richard Bazinet /MBA, ...
Scottsdale, AZ
4,319,419
5,868,554
I am hoping the concept of owning your own home still is important to our clients.
4,936,705
Not sure how it will effect us but with everything that the government is trying to do who knows.
3,345,091
Only time will tell. There is no way for me calibrate and/or predict this.
4,800,082
5,216,409
Wait and see. Many get no benefit currently for a variety of reasons. Too many variables to solve the equation!
599,274
Liberal groups (including NAR) have been claiming doom-and-gloom since Trump was elected and they've been wrong on almost every account. I'm not concerned about it impacting my market.
3,416,038
Here in NH the middle class does not live in 500k homes. It will have little affect on our market as the talk is those in large expensive homes do not need the tax cut to live week to week or stay in their homes.
6,393,609
5,772,575
2,781,173