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Utah Housing Market Update
At Windermere, we’re fortunate to have Chief Economist, Matthew Gardner, as part of the team to provide valuable analysis of the economy and housing market. He recently completed his housing market update for the 4th quarter of 2017¹. Click here to read his full report to find where Utah sits currently and where the market is headed.
Some highlights and findings include:
- Home sales continue to be held back by very low levels of available inventory. Listing activity continues to trend at well below historic averages, with the total number of homes for sale in the fourth quarter down 33.7% from a year ago.
- The imbalance between supply and demand persists, which means home prices continue to appreciate at above average rates. This is likely to continue for the foreseeable future as inventory levels are unlikely to rise sufficiently to meet demand.
- During the fourth quarter, it took an average of 50 days to sell a home in the region.
Are you thinking of buying or selling real estate? Have questions about this report? Call, text or email anytime. No obligation-its just what we do.
¹Matthew Gardner, “Utah Real Estate Market Update,” Windermere, February 5, 2018, https://www.windermere.com/blogs/windermere/posts/utah-real-estate-market-update–2.
When we first toured this home at 15126 S. Eagle Crest Drive, we felt like this baby was bursting with potential and we knew it was time to be bold.
The first order of business? Fresh paint and carpet. Take a deep breath of the new house scent, because you’re about to go into sensory overload. Next, the formica counters were jettisoned in favor of some of the sleekest granite we’ve seen in a while. Swoon!
When we say turnkey, we mean it. The 3 bedrooms and 2.5 baths on the main floor are accompanied by flowing spaces, vaulted ceilings, and windows to take in the Wasatch. Those windows are right where you’d hope – letting in the SunCrest air in the summer, precious light in the winter, and providing year-round views only available in this neighborhood.
We love the added bonus room that compliments the main level. Not only does it frame Mount Timpanogas like a painting, but its universal design means you can customize it as you see fit. So. Many. Uses.
Downstairs has two more bedrooms, another flex space (craft room? office? playroom?) and an oversized family and theater area that can keep anyone entertained, especially when coupled with the cable and wifi that are part of the HOA package.
Once you get outside, though, you may never come back. The southern views from the front porch are breathtaking, and the yard is fully fenced and landscaped, nestled into the hillside for a little extra privacy that seems harder to come by nowadays.
From sledding to slip n’ slides, the .19-acre lot provides year-round entertainment and plenty of future #suncrestlifestyle tags. Call us or call your REALTOR to come see the bold and fresh new look.
Tax Reform and SunCrest Real Estate
Disclaimer: The following is not meant to be a resource for tax advice but instead a resource for basic information concerning certain aspects of the new tax code and it’s potential impact on the real estate market. Please consult with appropriate legal and tax advisors on how the new code may or may not affect you.
By now, you’ve probably heard about the Senate and House bill that overhauls the tax code. While much is still being learned about it, we felt there were a few major proposals being considered that could potentially affect the SunCrest real estate market:
- Changing the requirements for the exclusion of gain on the sale of a principal residence
- Changing the requirements for like kind (aka 1031) exchanges for real property.
- The reduction on the limit of the Mortgage Interest Deduction (MID).
- The elimination of the State and Local Tax deduction (SALT) which includes property taxes.
That’s some fancy-pants language, so let’s break it down and see what it may mean in real talk.
Changing the requirements for the exclusion of gain on the sale of a principal residence.
What this means: If you sell a home, you must live in it for at least 2 of the last 5 years, or you are subject to a higher tax rate on your gains.
What changed? Nothing! They considered changing it to 5 of the last 7 years, but did not.
Impact: No new impact on the housing market.
Changing the requirements for like kind (aka 1031) exchanges for real property.
What this means: If you sell a home, you can — under certain conditions — avoid being taxed on the gains if you then use your gains to buy a similar property.
What changed? Nothing! The final bill retains the current Section 1031 Like Kind Exchange rules.
Impact: No new impact on the housing market.
The reduction on the limit of the Mortgage Interest Deduction (MID)
What this means: In some situations, you can deduct on your taxes the amount of interest you pay on your mortgage. It had been capped at $1M loans.
What changed? They have reduced the cap amount. Now you can only deduct the interest on new loan amounts (loans made after 12/14/17) up to $750K. Current loans up to $1 million are grandfathered into the old cap.
Impact: Nothing for existing loans. On new home loans, you may still be able to deduct interest on your primary and secondary homes, but only up to $750K. Assuming a 20% down payment, this reduction in the MID will only impact buyers that are purchasing a home between the prices of $938,000 and $1,250,000.
The elimination of the State and Local Tax deduction (SALT) which includes property taxes.
What does this mean: If you itemize your deductions, you could deduct the amount of state and local taxes you paid. That includes property tax. There was no limit.
What changed? There is now a limit of $10K on the amount of state and local taxes (including property tax) you can deduct.
Impact: People who paid over $10K in state and local taxes (think: income tax, sales tax, property tax) will no longer be able to deduct anything over that amount. This affects higher taxed and/or higher priced home regions.
Phew! As active, contributing members to our state and national REALTOR Political Action Committee (a fancy way of saying advocates for property rights and home ownership) we’d be lying if we said we weren’t sweating a few of the changes that were being discussed. However, we do not believe the new tax code will have a significant impact on the majority of the SunCrest housing market. We anticipate higher priced, higher taxed regions (NJ, NY, CA) to be the most impacted. The overall effect of the tax bill is really unknown, but if buyers do see an overall tax cut, we’re hopeful it helps them accelerate savings and reach their home ownership goals. The best advice we can give is to seek counsel from qualified legal and tax professionals to see what this will all mean for you.
Our SunCrest Market Update is a hyper-local analysis of the most up-to-date information regarding the SunCrest real estate market. The previous month’s SunCrest housing information and future editions are released monthly.