Caroline Gerardo, C. G. Barbeau the Loan Lady nmls 324982 (Licensed in 20 states)

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Rainmaker
4,569,557
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hard to say... but I doubt it... it's rare that I hear someone say they are buying for the tax deductions... it seems it's a beneficial by-product, but not the driving force. In any event, time will tell.

Nov 02, 2017 12:58 PM
Rainmaker
892,219
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

No crystal ball here, but there are plenty of cash buyers out there for top end real estate, and that may help hold the valuations. In addition, isn't the total proposed tax policy suppose to lower the overall Federal income tax bill despite taking away some deductions?

Disclaimer: Not a CPA here, haven't studied the proposed tax policies.

Nov 02, 2017 12:47 PM
Rainmaker
2,204,095
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Great question for a tax attorney. 

Nov 02, 2017 05:16 PM
Rainmaker
619,064
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I doubt it.  The rich will continue to purchase expensive homes regardless of the tax deductibility of the property, in my opinion.

Nov 02, 2017 01:05 PM
Ambassador
2,613,063
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 No. 

Nov 02, 2017 06:33 PM
Ambassador
5,823,963
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Dont worry, those folks who are writing the rules make most of their money from folks with multimillion dollar homes.

Nov 02, 2017 04:51 PM
Rainmaker
542,813
Sean Casey
Patterson-Schwartz Real Estate - Newark, DE
Greenville, Hockessin, Newark & Bear Homes

I don't believe so.  Most people purchase a home for other reasons.  The interest deduction is just an added benefit.  

Nov 02, 2017 01:22 PM
Rainmaker
1,775,397
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

Well, that will certain curb things for the 'rich' & investors. Maybe this is a good thing as it evens up the advantages to the little guy? 

$500K on a house is really no big deal now.

Nov 02, 2017 01:05 PM
Rainmaker
5,768,742
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Caroline,

I am with Nina Hollander on this one.  A

Nov 02, 2017 01:00 PM
Rainmaker
1,190,734
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

In our area there are few 500K mortgage debt. Assuming it is 1M mortgage with $40K interest reduction LOSS, why bother to own? 

The investors can now unload their homes in 1 weekend while taking 2 months to find a tenant. No one wants to move into the pricy area from outside. There will be more used housings to purchase.  This is goodness for local housing shortage. Rent will be managible.

Nov 02, 2017 12:49 PM
Ambassador
3,084,901
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I think it will not have an impact on values, but perhaps on IF people buy second homes

Nov 02, 2017 12:34 PM
Rainmaker
1,708,245
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Wait to see what if anything they get done. Every special interest in the country is on alert.

Nov 02, 2017 12:26 PM
Rainmaker
539,377
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Too early to tell. Inman has a good article about it. But the proposal has been out for six hours, not enough to develop models and what-if scenarios.

Here's the link:

Trump tax plan unveiled, wealthy homeowners to pay more

 
Nov 02, 2017 12:20 PM
Rainmaker
2,069,797
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

No idea...

Nov 11, 2018 11:42 AM
Rainmaker
1,598,230
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Great question and great answers. 

Nov 11, 2018 11:33 AM
Ambassador
4,622,744
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I think it will impact our investors and first-time home buyers. That's a major plug for convincing renters to move towards homeownership...and in the Charlotte area, they're not financing over $500K (investors or first-timers).

As for values...if demand is down, supply will rise and yes, prices will retreat. That is, IF this deduction has a negative impact on those purchasing under the threshold.

Nov 02, 2017 06:33 PM
Rainmaker
2,813,520
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Yes, here I believe it will have an impact.  The median for our county is $650,000 and average around 800,000.  Obviously many neighborhoods here are much higher.  Many of the towns I work in have median of $1 million or more (average is higher).

But, here's the a potential for huge double whammy...which is why it can be extra damaging.  Property taxes are high (what's up w/ $10,000?)...I would venture that the average for the county is much higher - maybe $15,000-20,000?  Many towns have avg of $30,000-$40,000.  And, then what the heck on double taxation on state income taxes which is also very high here.

Yes, I was just thinking about all these extra people wanting to sell this/next year.  Right now, the $1million + part of market is struggling...now, what about the $500,00-$800,000. 

Not good news for New Yorkers.

They really need to fix double taxation + raise the limits by state...just like they do for the jumbo loans.  Ridiculous.

Nov 02, 2017 05:51 PM
Ambassador
3,174,724
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I do not believe so.  Rents are sky high and the deduction for a rental is far less.  

Nov 02, 2017 05:42 PM
Ambassador
2,118,449
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

More people will move to Florida!  

Nov 02, 2017 05:07 PM
Rainmaker
4,304,254
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Time will tell.  The NAR is a very powerful lobby.   I don't think the tax benefits while important are the primary reason for the purchase of a home for most people.  

Nov 02, 2017 04:28 PM
Rainmaker
7,125,015
Roy Kelley
Retired - Gaithersburg, MD

Probably.

Nov 02, 2017 03:35 PM
Rainmaker
3,759,798
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Caroline Gerardo It might have n impact in certain areas you described.

Nov 02, 2017 02:48 PM
Rainmaker
4,630,374
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

People will gripe and life will go on!

Nov 02, 2017 02:42 PM
Ambassador
4,775,770
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I suspect not.  People like the deduction but don't necessarily buy for that reason

Nov 02, 2017 01:41 PM
Ambassador
1,420,254
Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

We've never had the interest deduction up here and it has no impact.  Most of my million $ home Buyers are cash Buyers.  Taxes and energy costs don't enter into their decision

Nov 02, 2017 01:26 PM
Rainmaker
634,382
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

On Kauai it is rare to find a decent home under $500,000, even a small one. $650,000 and up is our norm and many near or just above a million that are not homes of the uber-rich. If this tax plan goes through without change it will really hurt regular middle class homeowners here. I don't see anything near term that will lower our values but without the tax incentive to help buyers afford the big mortgage fewer people will be able to buy here. Very bad for our middle class!

Nov 03, 2017 01:46 AM
Ambassador
3,987,060
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I heard it said at NAR today that they think some areas may suffer a 10% loss of values. I don't believe that as I think people buy real estate for many more reasons than just having a tax deduction.

Nov 02, 2017 09:30 PM
Rainmaker
1,372,765
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

I agree with Nina Hollander and as an investor, tax deductions are just one line in the CAP rate calculation I consider.

Nov 02, 2017 06:18 PM
Rainmaker
854,652
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Don't think so. The burden on upper middle class will increase.

Nov 02, 2017 05:30 PM
Rainmaker
920,078
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

If the real estate acquired for 1 million dollars represents the top 1% of the housing market, there will be no change.

If the real estate acquired for 1 million dollars represents the average price, there will be a period of depressed sales UNTIL, like we did in 2010, agents, investors, attorneys and lenders create new solutions.

Usually, these are existing solutions ready to be re-purposed.

 

Nov 02, 2017 01:55 PM
Ambassador
4,318,202
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

I doubt.

Aug 17, 2018 07:37 PM
Rainmaker
4,407,231
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I think this could happen, government needs to look at not messing with taxes deduction on Real Estate!

 

Nov 06, 2017 10:59 AM
Rainmaker
5,396,743
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I think my buyers purchase a home to OWN a home, not necessarily for the deductions.   They were just icing on the cake.  At least sure hope so.

Nov 05, 2017 07:06 AM
Rainmaker
1,568,222
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

I doubt CA volume of sales will decrease based solely on this factor. 

Nov 05, 2017 12:38 AM
Rainmaker
1,678,275
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West - Carlsbad, CA
Presence, Persistence & Perseverance

I don't think so, but many buyers will be very unhappy and perhaps some may even dump their second homes. I doubt it though

Nov 03, 2017 04:15 PM
Rainmaker
1,439,021
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I don't see it impacting values, at least according to economists I've listened to who've read the bill.

Nov 03, 2017 09:18 AM
Rainmaker
4,799,732
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

They may, a little.

Nov 03, 2017 06:55 AM
Rainmaker
1,466,027
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Caroline Gerardo If you can afford a home over 1 million dollars, I don't think the concern should be over a tax credit. Home ownership still beats renting.

Nov 03, 2017 06:45 AM
Rainmaker
950,323
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

I doubt it - the majority of homes are less than that threshold IMO

Nov 03, 2017 06:38 AM
Rainmaker
712,144
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Very unlikly, one is not correlated to the other. I think this notion that values will decrease in that price range is pure BS.

Nov 03, 2017 06:36 AM
Rainmaker
3,393,897
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I doubt it, those with million dollar homes are not scraping by. They do not need a mortgage deduction anyway as they wil deduct it somewhere else in most cases.  It is funny because the dems wanted to keep tax breaks from the rich and then cry when the Gop cut the deduction from a million to 500k. 

Nov 03, 2017 05:35 AM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Do not know.

Nov 03, 2017 05:25 AM
Rainmaker
598,824
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

I don't think it will have as big an impact as some predict. It certainly won't hurt your bottom line any worse than the "Affordable" Care Act.

Nov 03, 2017 05:21 AM
Rainmaker
846,375
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

Not sure yet, I am still processing. I do not think the "desire to own real estate" will diminish. We shall see.

Nov 03, 2017 05:06 AM
Rainmaker
3,071,034
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Lynnea Miller nailed this one!

Nov 03, 2017 03:27 AM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I don't think so

Nov 02, 2017 09:17 PM