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 …

2019 Real Estate Forecast

Northern Wasatch Association of Realtors Advice, Update

Even though real estate sales have slowed slightly in recent months, the housing market should remain healthy. That’s according to Lawrence Yun, chief economist of the National Association of Realtors, who presented his 2019 housing forecast earlier this month at the association’s annual conference. “2017 was the best year for home sales in 10 years, and 2018 is only down 1.5 percent year to date,” Yun said. “Statistically, it is a mild twinge in the data and a very mild adjustment compared to the long-term growth we’ve been experiencing over the past few years.” Although U.S. home sales will likely be down for 2018, Yun expects a slight rebound in 2019 with a 1 percent increase and more growth in …

Which real estate investment is right for you?

Northern Wasatch Association of Realtors Advice

Northern Utah’s housing market is booming. In only a year, home values in Davis, Morgan and Weber counties increased more than 12 percent. In both Davis and Weber counties, the median sales price is about $30,000 higher than last year, according to the Utah Association of Realtors’ July report. In the rental market, rates are up 6.5 percent in Salt Lake, according to a report from Cushman & Wakefield. While the record-low vacancy rates are likely to head up, experts still expect rental rates to grow about 4 percent in 2018. In light of the increases in both housing prices and rental rates, you may be thinking about buying some real estate as an investment. Even though the gains won’t …

How to Sell A Home in Utah That Is In A Revocable Living Trust

Northern Wasatch Association of Realtors Advice

Revocable living trusts are an excellent way to help protect your assets, especially your home or other real properties in Utah. You can either appoint yourself the trustee or name a third party to take care of your assets and inheritance wishes. In either case, the person responsible for managing the trust can sell a piece of property that is held in the trust. Whoever the trustee is, that person is authorized to make all of the necessary arrangements associated with property ownership. This includes handling maintenance and repair needs as well as placing it on the market. If the property is held in a revocable living trust, it can be sold by using a purchase and sales agreement which …