2018 Home Prices in Utah and the United States with new tax code
Recently the National Association of Realtors (NAR) conducted their analysis of how the new tax code could affect housing prices in the United States because of the limit of the Mortgage Interest Deduction (MID) and the cap on deducting property taxes.
Looking at the projections, those states that have expensive homes along with high property taxes will see home prices flat or even decline and overall the net effect of the new tax law is much less than originally thought.
States that will benefit from the tax code will be states like Utah, Nevada, Idaho, Washington, Tennessee, Arizona and Colorado.
On one hand, that’s good news if you own a home knowing that your home will continue to appreciate for the short term. However, if you are a buyer and still trying to save for that down payment, buying sooner rather than later will probably help save you thousands of dollars.
With the new tax legislation, it is promising to hear that companies are repatriating cash, investing that cash into the U.S. economy and even increasing wages.
While it is highly unlikely that housing prices will continue to see close to double digit returns as in the past 3 years, it is more likely to see steady growth because of high demand and low inventory (a problem that is most likely here to stay for the next 5-10 years).
NextHome Experts is a Utah Real Estate Company that provides buyers and sellers expert advice from our highly professional and trained agents and brokers. If you would like to know the true market value of your property, talk to one of our experts or email us at info@NextHomeExperts.com for a FREE, no obligation property valuation