How will new tax laws affect my home sale?
by Jacques Ambron
Feb 05, 2018 | 1664 views | 0 0 comments | 91 91 recommendations | email to a friend | print
Jacques Ambron is executive director of sales for Halstead  Forest Hills LLC.
Jacques Ambron is executive director of sales for Halstead Forest Hills LLC.
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Q. I own a home that I’m thinking about selling. How will this new tax plan affect my sale, and the real estate market in general? Should I be concerned?

A. The new tax laws will not directly affect your home unless your property taxes are greater than $10,000 per year, or unless your home value is greater than $900,000.

The new tax plan limits the deduction on property tax to $10,000, and on a mortgage, you can deduct up to a $750,000 mortgage. Most people choose lower down payments in order to reap the tax benefits, but now it is less beneficial if a mortgage is higher than that.

There is no way of knowing how this will impact all the market levels.

As far as the interest rates, most economists are expecting at least two increases during 2018. Bear in mind that as interest rates go up, then affordability of buyers goes down.

Taking all this into account, it’s important to note that the current inventory levels are still very low, which means that as a seller, you will benefit.

Please send your real estate-related questions to jambron@halstead.com.
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