Nuvision Hosts a 2018 Housing Forecast Seminar

During the seminar, Steven shared the latest housing market trends that could impact home buyers and home sellers as well as his insights on the new tax bill. Nuvision members were treated to some great food and learned some very valuable insights.

The current Housing Market in Orange County:

Steven talked a lot about the current housing market in Orange County. He called 2017, “the year of no inventory” and 2018 is starting out very low as well. While he says the market in Orange County is good; he warned Orange County's housing market is being plagued by not enough homes on the market, with inventory struggling to hit the 6,000 home mark.

Steven says the market will be favorable to sellers throughout the rest of 2018. Because inventory is so low in Orange County, he suggests that now is the perfect time for sellers to jump into the market. When supply is low, you typically see prices rise as the demand for homes skyrockets.

The new tax bill, what does it mean for the real estate market?

• Standard deduction of $12,000 for singles and $24,000 for couples.
• Standard deduction or itemized deductions.
• Itemizing will nationally drop from 44% to 14.4% nationally.
• Lowers the Mortgage Interest Deduction cap from $1 million to $750,000 (on all new purchases from December 15^th forward)
• Lowers the Mortgage Interest Deduction on second homes from $1 million to $750,000 (aggregate of all mortgage debt)
• The interest on Home Equity Loans will only be deductible if the proceeds are used to substantially improve the residence ($100k cap will still apply)
• State & Local Tax Deductions (SALT)
  • Caps combined deductions at $10,0000
• Keeps the qualifications period for exclusions of capital gains tax on the sale of primary home at 2 out of the last 5 years.
• 1031 like-kind exchanges retained for real property.
• Steven Thomas' Tax Reform Chart 

If you are looking to take advantage of historically low-interest rates, now is the time. Nuvision Credit Union’s home loan experts can help you take advantage of these low rates; the process is quick, easy, and you can even receive instant approval.