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John DL Arendsen, Crest Backyard Homes "ADU" dealer & RE Developer (CREST "BACKYARD' HOMES, ON THE LEVEL General & Manufactured Home Contractor, TAG Real Estate Sales & Investments)

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Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

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. 

Nov 12, 2017 01:34 PM
Rainmaker
1,578,754
Thomas J. Nelson, REALTOR ® CRS,ABR,PSA,RCS-D, ePRO
Big Block Realty 858.232.8722 - La Jolla, CA
Serving Coastal San Diego, Veteran's & Seniors

Same temperature as in yours neighbor  John DL Arendsen 

Nov 12, 2017 09:47 AM
Rainmaker
1,518,823
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

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!

Nov 12, 2017 06:28 PM
Rainmaker
5,583,563
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

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...

Nov 12, 2017 09:30 AM
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Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

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. 

Nov 12, 2017 02:10 PM
Rainmaker
1,737,427
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

I think it will definitely for many marginal buyers at higher price points or for buyers thinking of second homes.

Nov 12, 2017 09:54 AM
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 I defer to Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES .  What a great answer!

Nov 12, 2017 04:19 PM
Rainmaker
4,629,815
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

The jury's still out....so is the Judge...or is that something else that's going on in the news?    

Never mind.   

Nov 12, 2017 03:05 PM
Rainmaker
1,857,807
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

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.

Nov 12, 2017 03:02 PM
Rainer
187,002
Raj Taj
RE/MAX - Lake Bluff, IL
Drive By Blessings!

It's just "Smoke On The Water" for now...https://youtu.be/wzObO4GjcLI

Nov 12, 2017 12:55 PM
Rainmaker
908,703
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

IF IT GOES THROUGH AS PROPOSED, there will be more high end vacation/summer home rentals vs purchases in my area.

Nov 12, 2017 11:10 AM
Rainmaker
185,253
Josef Katz
Digital and Direct Response Marketing - Manhattan, NY
{Marketing Maestro}

If the govt eliminates the property tax deducation it will probably impact my area which has higher than average property taxes. 

Nov 12, 2017 10:25 AM
Rainmaker
2,223,559
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Well, we will have to wait and see.... 

Nov 13, 2017 07:39 AM
Rainmaker
3,072,430
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Coldwell Banker Realty

Barbara Todaro nailed this one!

Nov 13, 2017 02:45 AM
Rainmaker
1,634,274
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

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. 

Nov 12, 2017 09:57 PM
Rainmaker
718,485
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

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.

Nov 12, 2017 07:07 PM
Rainmaker
3,988,063
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

We are not a second home market or a high price market so the interest deduction and property tax limitation will not touch us.

Nov 12, 2017 04:10 PM
Rainmaker
2,818,379
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

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.

Nov 12, 2017 01:57 PM
Rainmaker
680,965
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

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!

Nov 12, 2017 10:22 AM
Rainmaker
1,713,276
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

The odds are heavily weighted against it passing in almost any form.

Nov 12, 2017 09:55 AM
Rainmaker
7,977,607
Roy Kelley
Retired - Gaithersburg, MD

We will have to wait to see the final wording.

Nov 12, 2017 09:39 AM
Rainmaker
5,177,380
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

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.

Nov 12, 2017 09:16 AM
Rainmaker
4,320,722
Praful Thakkar
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale

Majority of homeowners were spared, John.

Sep 02, 2018 11:24 PM
Rainmaker
5,914,788
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I am hoping the concept of owning your own home still is important to our clients.  

Nov 15, 2017 06:16 AM
Rainmaker
5,051,562
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Not sure how it will effect us but with everything that the government is trying to do who knows.

 

Nov 14, 2017 02:10 PM
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Only time will tell.   There is no way for me calibrate and/or predict this. 

Nov 13, 2017 08:35 AM
Rainmaker
4,800,182
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I am curious also.

Nov 13, 2017 07:54 AM
Rainmaker
5,337,064
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Wait and see. Many get no benefit currently for a variety of reasons. Too many variables to solve the equation!

Nov 13, 2017 06:28 AM
Rainmaker
601,975
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

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.

Nov 13, 2017 06:13 AM
Rainmaker
3,416,113
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

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. 

Nov 13, 2017 05:35 AM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

We dont have many billionaires here.

Nov 12, 2017 09:14 PM
Rainmaker
5,773,797
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

John,

We shall see...if it passes.

Nov 12, 2017 11:47 AM
Rainmaker
2,804,046
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Whatever happens either people find away around it or live with it

Nov 12, 2017 09:58 AM