I wanted to make sure you know how the current tax reform framework impacts homeowners.
Caps the mortgage interest deduction at $500K for all NEW mortgages.
Increases the standard deduction, which puts homeownership tax incentives beyond the reach of more than 90% of American families.
Limits the exemption on Capital Gains Tax from the sale of a primary residence.
Eliminates the deduction for state and local income or sales taxes.
Eliminates the deduction for personal casualty losses, such as from hurricanes or wildfires.
Eliminates the deduction for moving expenses.
Eliminates the deduction on interest on student loans.
Eliminates the deduction for medical expenses, even for the elderly.
Restricting the Mortgage Interest Deduction to just the top 5 percent and repealing the deduction for state and local taxes would eliminate tax incentives of owning a home for current and prospective homeowners. There is some speculation that it could also lower the value of all homes by more than 10 percent and inhibit continued growth of the economy. My opinion is this is a bad deal for all Americans, and I took action. I hope you will do the same.
The listing I've been previewing is hitting the market next month. Let me know anyone that might be interested. As usual, I love highlighting my clients.
Wishing you and your family a Happy Thanksgiving!
- Best
Nathan
COMING DECEMBER 2ND! Remodeled Mountain View Townhome @ $1,150,000!
The STAR is the home! Fully remodeled townhouse coming in early November. Above picture is artist rendition. Everything will be upgraded from the studs inward using high-end materials and ultra-modern designs.
Walking distance to Downtown Mountain View
Close to Google and short commute to Facebook and Apple
Absolutely gorgeous, and high quality workmanship turnkey home in Aptos very near to the Aptos Village. Spacious 3 bed 3 baths on a 17,000+ sf lot. Just appraised at $1,180,000 even though my client is only paying $1,175,000. Gourmet kitchen, high-end appliances with plenty of room to expand.
12th OFFER DID IT!
SOLD @ $675,000 2447 Jamacia Way in San Leandro
My client's 12th offer finally got him a house! The home is a 1,330 sf 3 bed 2 bath with an open floor plan. Multiple offers are very very typical most everywhere in Silicon Valley.
WON THE BID!
SOLD @ $755,000 237 Rayos Del Sol in San Jose
3 bedroom 2.5 baths, 2,041 sqft home only 11 years old. BEAT OUT other offers and then negotiated a credit towards closing costs.
Do you or someone you know want these kinds of results in the next 12-18 months? You'd be surprised how much strategy and planning went into achieving these goals for my clients.
All homes in the Greater Bay Area rose in value over the past 30 days with smaller to medium sized homes seeing the largest gains. Interest rates are creeping up, as we all expected, in anticipation of the Fed raising rates in the coming months. Days on market are at very low lows. Most homes have between 4 and 30 offers on them. Our 24 days of market inventory (Market Temp) is right in line with the huge demand for housing we are witnessing. There are still no indicators that the market will be cooling off anytime soon. See the infographic below for more market stats. Let me know if you need any advice on how to navigate the market or create a plan for the future.
Home prices climbed and sales declined during the third quarter as a chronic supply shortage continued to disrupt the housing market.
Single-family home prices rose on an annual basis in 92% of 177 U.S. metropolitan areas, according to the third quarter report from the National Association of Realtors. That was the largest share of metros notching price gains in more than two years.
GOP tax proposal would wallop new Bay Area homeowners
Think the Bay Area housing market is tight?
It could get worse, experts say, if a proposed Republican tax plan — slashing the popular mortgage interest deduction and limiting state and local tax write-offs — makes it into law.
The airport. It's not a place where most people want to spend more time than is absolutely necessary. Stand in line, have your documents evaluated, walk around, repeat.
Even fewer people would consider living there, even though most of them are already packed for it.
