Speculation That New Tax Laws Will Kill The Housing Market Is Unfounded
Not only is it unfounded, it has been disproved by the current pace of sales, extreme demand, and continuing appreciation. First of all, in much of the country, housing medians are well below the new limits. In markets where many purchase at or above, tax savings isn’t the driving force anyway. If there is an economic consideration, it would be appreciation, whose benefits long outweigh the tax savings.
The truth is that home ownership is good for many, reasons, many of them psychological, emotional and spiritual, and much more important than mere money. It is sort of hard wired into our DNA, to want to own our own little corner of the Earth, an abode where we feel grounded and safe and so does our family. Rarely has it ever been heard by any agent working with any buyer…”Now before anything, tell me about my tax savings.” NO. It is more like, “We want a pool, we want a fireplace, we need a yard, must have a cul de sac…”. Well, you get the point.