[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f2kwh03rziz153":3,"$ffeh0925h8cuz":42,"$fbwk2pqjjqsc7":46},{"item":4,"previous":30,"next":36},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":9,"isInfographic":14,"categories":15,"isVideo":14,"videoThumbnail":9,"videoSource":9,"publishedAt":28,"updatedAt":29},1102,"did-tax-reform-kill-the-luxury-market-not-so-far","Did Tax Reform Kill the Luxury Market? NOT SO FAR!","The new tax code limits the deduction of state and local property taxes, as well as income or sales taxes, to a total of $10,000. When the tax reform legislation was put into law at the beginning of the year, some experts felt that it could have a negative impact on the luxury housing market.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2018\u002F05\u002F30131425\u002F20180607-Share-STM.jpg","The new tax code limits the deduction of state and local property taxes, as well as income or sales taxes, to a total of $10,000. When the tax reform legislation was put into law at the beginning of the year, some experts felt that it could have a negative impact on the luxury housing market.\u003C!--more-->\r\n\u003Ch4>\u003Cstrong>\u003Cem>Capital Economics\u003C\u002Fem>\u003C\u002Fstrong>\u003Cstrong>:\u003C\u002Fstrong>\u003C\u002Fh4>\r\n\u003Cblockquote>\u003Cem>“The impact on expensive homes could be detrimental, with a limit on the MID raising taxes for those that itemize.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ch4>\u003Cstrong>Mark Zandi of \u003Cem>Moody’s Analytics\u003C\u002Fem>:\u003C\u002Fstrong>\u003C\u002Fh4>\r\n\u003Cblockquote>\u003Cem>“The impact on house prices is much greater for higher-priced homes, especially in parts of the country where incomes are higher and there are thus a disproportionate number of itemizers, and where homeowners have big mortgages and property tax bills.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Cstrong>The \u003Cem>National Association of Realtors\u003C\u002Fem> (NAR)\u003C\u002Fstrong> predicted price declines in “high cost, higher tax areas” because of the tax changes. They forecasted a depreciation of 6.2% in New Jersey and 4.8% in Washington D.C. and New York.\r\n\r\n\u003Cstrong>What has actually happened?\u003C\u002Fstrong>\r\n\r\nHere are a few metrics to consider before we write-off the luxury market:\r\n\r\n1. According to NAR’s latest \u003Cem>\u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fresearch-and-statistics\u002Fhousing-statistics\u002Fexisting-home-sales\">Existing Home Sales Report\u003C\u002Fa>\u003C\u002Fem>\u003Cem>,\u003C\u002Fem> here is the percent change in sales from last year:\r\n\u003Cul>\r\n \t\u003Cli>Homes sales between $500,000 - $750,000 are up 11.9%\u003C\u002Fli>\r\n \t\u003Cli>Homes sales between $750,000 - $1M are up 16.8%\u003C\u002Fli>\r\n \t\u003Cli>Homes sales over $1,000,000 are up 26.7%\u003C\u002Fli>\r\n\u003C\u002Ful>\r\n2. In a \u003Ca href=\"https:\u002F\u002Fwww.trulia.com\u002Fblog\u002Ftrends\u002Fmismatch-q12018\u002F\">report\u003C\u002Fa> from Trulia, it was revealed that searches for “premium” homes as a percentage of all searches increased from 38.4% in the fourth quarter of 2017 to 41.4% in the first quarter of 2018.\r\n\r\n3. According to an \u003Ca href=\"https:\u002F\u002Fwww.bloomberg.com\u002Famp\u002Fnews\u002Farticles\u002F2018-05-09\u002Fmillion-dollar-home-values-gain-even-as-tax-deductions-shrink\">article\u003C\u002Fa> from \u003Cem>Bloomberg\u003C\u002Fem>:\r\n\u003Cblockquote>\u003Cem>“Median home values nationally rose 8 percent in March compared with a year earlier, while neighborhoods of San Francisco and San Jose, California, have increased more than 25 percent. \u003C\u002Fem>\r\n\r\n\u003Cem>Prices in affluent areas in Delaware and New York, such as the Hamptons, also surged more than 20 percent.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nAaron Terrazas, \u003Cem>Zillow\u003C\u002Fem>’s Senior Economist, probably summed up real estate’s luxury market the best:\r\n\u003Cblockquote>\u003Cem>“We are seeing the opposite of what was expected. We have certainly not seen the doomsday predictions play out.”\u003C\u002Fem>\u003C\u002Fblockquote>","\r\nAaron Terrazas, \u003Cem>Zillow\u003C\u002Fem>’s Senior Economist, probably summed up real estate’s luxury market the best:\r\n\u003Cblockquote>\u003Cem>“We are seeing the opposite of what was expected. We have certainly not seen the doomsday predictions play out.”\u003C\u002Fem>\u003C\u002Fblockquote>",false,[16,20,24],{"id":17,"name":18,"slug":19},5,"For Buyers","buyers",{"id":21,"name":22,"slug":23},9,"Home Prices","home-prices",{"id":25,"name":26,"slug":27},38,"Move-Up","move-up","2018-06-07T10:00:58Z","2018-05-30T15:03:08Z",{"id":31,"slug":32,"title":33,"featuredImage":34,"publishedAt":35,"contentType":10,"isVideo":14},1101,"homeowners-appraisers-see-the-most-eye-to-eye-on-price-in-3-years","Homeowners & Appraisers See the Most Eye-to-Eye on Price in 3 Years","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2018\u002F05\u002F30112601\u002F20180606-Share-STM.jpg","2018-06-06T10:00:56Z",{"id":37,"slug":38,"title":39,"featuredImage":40,"publishedAt":41,"contentType":10,"isVideo":14},1103,"the-cost-of-renting-vs-buying-infographic-2","The Cost of Renting vs. Buying [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2018\u002F06\u002F06102703\u002F20180608-Share-STM.jpg","2018-06-08T10:00:33Z",{"cover":43,"open":44,"shareSpread":45},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[47,51,52,56,60,64,65,69,73,77,78,82,86,90,94,98,102,106,110,114,118,122,126,130,134,138,142,146,150,154],{"id":48,"name":49,"slug":50},1,"Uncategorized","uncategorized",{"id":17,"name":18,"slug":19},{"id":53,"name":54,"slug":55},6,"For Sellers","sellers",{"id":57,"name":58,"slug":59},7,"Foreclosures","foreclosures",{"id":61,"name":62,"slug":63},8,"Infographics","infographics",{"id":21,"name":22,"slug":23},{"id":66,"name":67,"slug":68},11,"First-Time Buyers","first-time-buyers",{"id":70,"name":71,"slug":72},34,"Senior Market","senior-market",{"id":74,"name":75,"slug":76},35,"Mortgage Rates","mortgage-rates",{"id":25,"name":26,"slug":27},{"id":79,"name":80,"slug":81},41,"For Sale by Owner","for-sale-by-owner",{"id":83,"name":84,"slug":85},42,"Featured","featured",{"id":87,"name":88,"slug":89},45,"New Construction","new-construction",{"id":91,"name":92,"slug":93},52,"Luxury \u002F Vacation","luxury--vacation",{"id":95,"name":96,"slug":97},53,"Rent vs. Buy","rent-vs-buy",{"id":99,"name":100,"slug":101},80,"Time-sensitive","time-sensitive",{"id":103,"name":104,"slug":105},81,"Outdated","outdated",{"id":107,"name":108,"slug":109},147,"Internal","internal",{"id":111,"name":112,"slug":113},148,"Do Not Autopost","do-not-autopost",{"id":115,"name":116,"slug":117},320,"Inventory","inventory",{"id":119,"name":120,"slug":121},321,"Agent Value","agent-value",{"id":123,"name":124,"slug":125},322,"Affordability","affordability",{"id":127,"name":128,"slug":129},323,"Buying Tips","buying-tips",{"id":131,"name":132,"slug":133},324,"Downsize","downsize",{"id":135,"name":136,"slug":137},325,"Economy","economy",{"id":139,"name":140,"slug":141},326,"Equity","equity",{"id":143,"name":144,"slug":145},327,"Forecasts","forecasts",{"id":147,"name":148,"slug":149},328,"Selling Tips","selling-tips",{"id":151,"name":152,"slug":153},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":155,"name":156,"slug":157},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]