How does tax reform affect real estate tax incentives?

Northern Wasatch Association of Realtors Advice, Update

April 15 is just around the corner, but this year’s Tax Day is different compared to many others. That’s because this is the first time taxpayers will file their taxes using the new rules from Congress’ tax overhaul. The Tax Cuts and Jobs Act of 2017 reformed many parts of the U.S. tax code, including several areas related to real estate. Here’s a summary of how the tax law affects many popular real estate tax provisions: Standard interest deduction     Congress essentially doubled the standard deduction from $6,350 to $12,000 for single filers and from $12,700 to $24,000 for those filing jointly. While that’s good news for some taxpayers, it does mean fewer people will itemize their returns, thus being …

Thinking About Becoming A Real Estate Agent? Here’s What to Know

Northern Wasatch Association of Realtors Advice

When people imagine a career in real estate, they often think of TV shows that portray agents flipping houses, working with celebrities and listing properties worth millions. The reality, however, requires hard work, planning and enough money to get your business off the ground. Here are some important factors to consider if you’re thinking of launching a real estate career: Start with pre-licensing Before you can sell real estate, you must obtain your real estate license through the Utah Division of Real Estate. You’ll start by taking 120 hours of pre-licensing coursework. After that, you’ll take the licensing exam. You must also have a high school degree or equivalent and pass a background check. Once you earn your license, the …

Down Payment Assistance for First Time Home Buyers in Davis County.

Northern Wasatch Association of Realtors Advice, Update

The Davis Community Housing Authority now has a down payment assistance for first time home buyers purchasing homes in Davis County.  Grants are up to $10,000 for qualified first time home buyers, the purchase price cannot exceed $325,000 and are not available in Clearfield, Fruit Heights, Layton and South Weber. For additional information or to apply for a grant, please contact Mary Swanstrom at 801-939-9198 or dchamswanstrom@xmission.com. Or visit: http://www.daviscommunityhousing.com/other-programs

Invest in homeownership before increases in rates and prices

Northern Wasatch Association of Realtors Advice

Patience may be a virtue but in the case of the housing market, it may not pay to wait. That’s because would-be homebuyers will likely face rising home prices and interest rates in 2019. In a recent presentation to Northern Wasatch Realtors, Jim Wood, an economist with the University of Utah Kem Gardner Policy Institute, told Realtors he expects area home prices to go up in 2019. “In Weber County and in Box Elder County, we’re going to see prices continue to increase at double-digit or almost double-digit levels,” Wood said. “That’s where they’ve been the last few years.” Specifically, Wood expects home prices to increase 9 percent in Davis County to a median value of $345,000. In Weber County, …