2020 real estate forecast

Northern Wasatch Association of Realtors Advice

President’s MessageRobert Bolar As 2019 draws to a close, it’s time to start looking ahead to 2020. In the real estate market, conditions next year will be much like they were this year. Key characteristics will include low mortgage rates, rising home sales and increasing home prices. These predictions come from Lawrence Yun, chief economist of the National Association of Realtors, who recently presented his 2019-2020 housing forecast at the annual Realtors conference in San Francisco.  For 2019 as a whole, he expects a 9% increase in new home sales nationwide, a 1% increase in existing sales, median price growth of 4.3% and an average of 4% for a 30-year fixed-rate mortgage.  For 2020, his forecast looks similar except Yun …

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 …