The good news is that people will still want the security of homeownership. They will still be looking for the security of home ownership vs being renters. Home ownership is one of the pillars of long term financial success and upward mobility, that won't be going away! Families will still want the continuity of living in communities to raise and educate their children. Folks without children still want to belong to a supportive community where they can thrive. Another possible upside is that real estate inventory may increase for the spring market in 2018 and buyers will have more choices
But the implementation of a lower mortgage deduction will have an impact. I think the market that will be affected at all price points, but hardest hit will be the luxury market. Someone who is buying a home with a $30K tax bill will probably be thinking twice since $20K won't be deductible. And for homeowners who really want to sell, they may have discount their homes to entice buyers. The mid to lower priced marketplace will also be impacted in the same way. Cash buyers will have an advantage and municipalities will be hard hit by tax appeals!
Author:Barbara Reed Phone: 973-934-2276 Dated: January 5th 2018 Views: 236 About Barbara: A "Jersey Girl" at heart, Barbara Reed was raised in North Jersey and returned home after stays in C...
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