Tax reform had an effect on nearly half of homebuyers: Redfin

Tax reform had an effect on nearly half of homebuyers: Redfin

The winners and losers in US tax bill - BBC News Ghassan Kanafani – RPM Mortgage, Inc. – Posts | Facebook – Over a year after the historic tax code overhaul, less than half of homebuyers say that tax reform has had an effect on their home search. Ghassan Kanafani – RPM Mortgage, Inc. June 12 at 12:15 PM ·

Still, 14% said they lowered their price range and 13% are moving to a nearby city with lower taxes. Over a year after the historic tax code overhaul that lowered the caps on tax deductions allowed for mortgage interest payments and state and local taxes, less than half of homebuyers (47%) say that tax reform has had an effect on their home search.

The most common tax-reform effect reported by homebuyers this year was that they lowered their price range because of decreased benefits on high-priced homes (14%, down from 16% last year). Another way tax reform has been affecting the housing market is in the form of migration to places with lower taxes, a trend we’ve noted in reports on Redfin.com user search patterns.

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High-income homebuyers were the most likely to report in this year’s survey that tax reform has had some sort of effect on their home search. Of those homebuyers earning $150,000 or more, 61 percent said that the new tax law had an effect on their home search, which was true for less than half of households earning under $150,000.

Share story. But the region’s upward shift only accelerated after British Columbia enacted a 15 percent tax on foreign buyers in the Vancouver metro area. Searches by Chinese home seekers for Seattle have more than doubled, while they’ve been cut nearly in half in Vancouver, Juwai says.

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Single family housing markets would be even tighter had it not been for the continued tepid demand for homeownership from younger demographics. First-time homebuyers made up. slow with GDP rising.

If you use software, note that many programs will tell you whether you should itemize based only on your federal return without considering the effect on your state taxes. I’m a tax preparer. and.

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The survey was done at the end of last year, before long-term rates hit 4%. It was also taken in the midst of the tax reform debate and a proposal to completely repeal state and local tax deductions. Tax Reform Concerns. Possibly due to the timing of the survey, many respondents said.

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