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 …

Northern Utah real estate places high on national rankings

Northern Wasatch Association of Realtors Advice

Anyone who’s bought or sold a home recently in Northern Utah knows the real estate market is hot. The market is so hot, in fact, that several national rankings list the Ogden-Clearfield metro area as one of the most active markets in the country. This includes Weber, Davis, Morgan and Box Elder counties. One example is a Realtor.com study that says the Ogden-Clearfield metro ranks No. 5 for the fastest-selling homes during July 2018. That’s out of 500 metro areas nationwide. The median time a local home stays on the market is 31 days. The only markets to have faster real estate transactions were San Jose-Sunnyvale-Santa Clara, Calif. at 26 days; Midland, Texas at 29 days; San Francisco-Oakland-Hayward, Calif. at …