How the GOP Tax Plan will Affect Homeowners

The  Tax Bill recently introduced by Republicans in Washington is raising some concerns for Americans about whether or not they want to own a home.

The bill would limit the cap on deducting state and local taxes (SALT) down to $10,000 leaving many homeowners in the states with highest tax rates feeling quite wary about how much they’ll owe in taxes next year and the years to come. Many homeowners living in suburban cities pay more than $10,000 in property taxes yet have incomes around $75,000.

Americans Shift Views on the Housing Market

The housing market could be in store for some changes in the near future. One of the top survey’s which captures consumer sentiment on home purchases has fallen after breaking a few records back in February. The Federal National Mortgage Association, more commonly known as Fannie Mae maintains a long standing index compiled from answers to an NHS survey. The index, called the HPSI (Housing Purchase Sentiment Index) is intended to gauge consumer confidence in the housing markets and is comprised of six components. Five of those components fell in March, some dramatically.

What to Expect from the 2017 Housing Market

2016 was a record year for home sales.   With an average of 52 days on market, homes were quickly coming off market, resulting in numerous bid-wars.   Experts in the industry credit the high demand combined with low mortgage interest rates as the fuel that fed the housing market last year.   Additionally home prices are almost back to their pre-recession peaks.   So where does that leave us for 2017?