Did Tax Reform Kill the Ventura County Luxury Home Market? NOT SO FAR!

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Real Estate Agent with Allison James Elite CA. BRE 01501699

#TimeToSell #ChrisBJohnsonRealtor #SellersPayZEROCommission #ListYourHomeandPayNoCommission

Your home is probably the biggest asset you own. This is why you should hire a professional to guide you through all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sell a home. I am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve....

Did Tax Reform Kill the Luxury Market? NOT SO FAR! | MyKCM

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.

Capital Economics:

“The impact on expensive homes could be detrimental, with a limit on the MID raising taxes for those that itemize.”

Mark Zandi of Moody’s Analytics:

“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.”

The National Association of Realtors (NAR) 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.

What has actually happened?

Here are a few metrics to consider before we write-off the luxury market:

1. According to NAR’s latest Existing Home Sales Report, here is the percent change in sales from last year:

  • Homes sales between $500,000 – $750,000 are up 11.9%
  • Homes sales between $750,000 – $1M are up 16.8%
  • Homes sales over $1,000,000 are up 26.7%

2. In a report 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.

3. According to an article from Bloomberg:

“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.

Prices in affluent areas in Delaware and New York, such as the Hamptons, also surged more than 20 percent.”

Bottom Line

Aaron Terrazas, Zillow’s Senior Economist, probably summed up real estate’s luxury market the best:

“We are seeing the opposite of what was expected. We have certainly not seen the doomsday predictions play out.”

 

 

About Me

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Chris B. Johnson is a REALTOR® who Specializes in Short Sale and REO Transactions. Chris has been Certified as a California Association of Realtors HAFA Specialist, a National Association of Realtors Short Sale and Foreclosure Resource, Chris B Johnson Realtor is a Certified Distressed Property Expert, Certified Short Sale Negotiator, Certified Default Advocate and Certified Pre-Foreclosure Specialist. With a full time staff dedicated to short sale negotiations and transactions, we have been successful with (almost) every short sale to date.  LinkedIn Pro    UpNest    What's Your Home Worth?

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
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Rainmaker
404,617
Chris B Johnson
Allison James Elite - Moorpark, CA
5 Star Rated REALTOR® Quality, Not Quantity

This Tri-Plex will be a great opportunity for Fix and Flip or Fix and Hold Rental. Convenient access to the 101 AND 170. Close to Public Transit, the Orange Line Busway and MetroLink NoHo Station. Safe and easy walk to Kittridge Street School, conveniently close to Westfield Fashion Square and Notre Dame High School. A creative mind could squeeze a lot of value out of this gem!

6558 Woodman Ave, Van Nuys, CA 91401 is now in the MLS. 

 

https://matrix.crmls.org/matrix/shared/mYhmDy29kyGd/6558WoodmanAvenue

 

Please go to the Xome.com website for more information:

 

https://www.xome.com/auctions/6558-Woodman-Avenue-Van-Nuys-CA-91401-258111607 

 

The Auction starts on June 16th

 

Thank You!!

Jun 14, 2018 12:50 PM #1
Rainmaker
404,617
Chris B Johnson
Allison James Elite - Moorpark, CA
5 Star Rated REALTOR® Quality, Not Quantity

Remodeled, Refreshed and Ready for move in! This College View Community Townhome has Appraised for $375,0000 and is exactly what you have been looking for. As you walk into the open living room you will be warmed with the Morning Sun which draws you into the Dining area and back into the completely updated Kitchen with marble counter tops, new stainless steel sink, Whirlpool Oven Range and Microwave. Brand New carpet leads you upstairs where you find two bedrooms with a peaceful view and The Master Bedroom with it’s private, ensuite master bath. Three closets in the Master will give you more than enough room for her, his…and more of her clothes! There is plenty more storage upstairs and down. All the bathrooms have been updated with new cabinetry, granite counter tops and fixtures. You have a Private Patio behind the kitchen which adds to the Open Feel of the Home. Your detached, direct access 2 car garage is large enough to fit most SUV’s and pickup’s and has plenty of storage for your “extra” toys.  College View Town Homes is private community with lush landscaping, generous common areas and separate swimming pool and spa. Great for families as small pets are welcome too! Ample guest parking is available and you are within walking distance of the Elementary School, High School and Oxnard College. You have easy, nearby Highway Access and are close to Military Bases, Shopping, Multi-Cultural Grocery, Retail and Eateries. The Beach and Hiking Trails are a short drive away. Priced to Sell, this home will be gone before you know it so call for a showing!

Homes VA Approved and For Sale In Oxnard, 2021 E Bard RD Oxnard CA 93033 Appraised for $375,000, IS Remodeled Refreshed VA Approved & Ready for move in 😊

YouTube:  https://youtu.be/etWEBTGEgpE

MLS Link: https://www.flexmls.com/share/1VVqr/2021EBardRDOxnardCA93033  

ActiveRain: http://activerain.com/droplet/5bHK

Xome: https://www.xome.com/homes-for-sale/2021-E-Bard-Road-Oxnard-CA-93033-240289931

Jun 16, 2018 11:32 AM #2
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Is it Too Late to Short Sell My Home??
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