How the Recent Tax Bill affects Homeowners

Do Summerville realtors do more than buy and sell houses for sale in Summerville? Many are not aware of the role realtors play in national policies, including taxes! The recent tax cut bill was heavily influenced by realtors on behalf of the vast majority of homeowners. How you ask? Let’s break it down together and learn how the recent tax bill affects homeowners like you.

3 Ways the Tax Bill affects the Average Homeowner

How Long You Need to Own Your Home

The original tax bill had three items in it or not in it, (I’ll explain that in a minute), that without the realtors, would have been eliminated.  The new bill planned to change a long standing policy that if you owned your housOne for two out of the last five years, any equity you pulled out of your house when you sold your home was tax free. (For example if you sold a home in Summerville, you would need to have lived in that Summerville home for at least two of the last five years in order to receive your proceeds tax free.) The new bill changed that to five out of the last eight years.  Realtors know that the average person moves every three to five years, resulting in the average home sale being taxed. Realtors successfully worked to get the 2 out of 5 years put back in the bill.

1031 Tax Deferred Exchange

A 1031 Tax Deferred Exchange is where you have an investment property, sell it and rather than pay tax on the gain, you invest the gain in another property. It delays or defers the taxes to a later date when you sell that property. (For example, you buy an investment home for sale in Summerville and when you sell it, you role the profits into another investment property.) The 1031 was taken completely out of the original tax bill. Realtors successfully worked to get the 1031 Exchange put back in the bill. This encourages average investors rather than penalizing them.

Property Tax Deductions

In the original bill, all of the deductions for the property tax on your personal home were going to be eliminated. (For example, you are able to deduct the $3,000 you pay in property taxes every year on your Summerville home when you file your taxes.) Realtors were able to reintroduce and get that from zero up to 10,000 dollars in property tax deduction for your personal home.

As realtors, we take a broader look at the landscape of real estate and we do a lot more than just list and sell houses. In the case of the recent tax bill, we were able to take the concerns of the average homeowner and make sure they were heard regarding the recent tax bill.

Have a great Friday and feel free to contact me if you are interested in buying a home in Summervillenew home in Summerville , a historic home in Summerville or selling your Summerville home.

If you are a home seller and would like to discuss your Summerville Home and what it is worth in our market today, please e-mail me for more information or fill out this form.
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Beautiful Home for Sale in Summerville, SC

Home for Sale in Summerville, SC

This beautiful home for sale in Summerville is move in ready! Located on a quiet street in the back of the Pine Forest subdivision, 444 Longleaf Drive is an ideal setting for your Summerville home!

444 Longleaf Drive is situated on over a quarter acre lot that has been well maintained inside and out! Inside you will find fresh carpet throughout the home and fresh paint as well. The great room features soaring ceilings and a wood burning fireplace. Sliding glass doors open to your backyard, which is surrounded by a wooded area for added privacy!

This home for sale in Summerville is one of the few homes for sale in Summerville in this price range!

Don’t wait long to schedule your appointment to see 444 Longleaf Drive in Summerville, SC.

Learn More about 444 Longleaf Drive, Summerville, SC.

Set Up a Showing to See 444 Longleaf Drive, Summerville, SC.

 

Beautiful Branch Creek Home for Sale in Summerville, SC

No time to wait for a new construction home for sale in Summerville? This beautiful home for sale in Branch Creek is move in ready!

307 Brick Kiln Drive is less than 2 years old and the American Home Shield Warranty covers you for the first year of your ownership.  This home for sale in Summerville has been beautifully maintained and freshly painted throughout.

The Master bedroom is located downstairs. Open floor plan with large kitchen and great room. Hardwood flooring downstairs. Formal dining room with coiffured ceiling. Three bedrooms and a full bath upstairs with a large loft. The inviting screen porch over looks fenced in yard surrounded by wooded area for privacy.

Builder’s 2-10 Warranty is transferable to buyer. Alarm system monitoring paid through 2020.

Here’s your chance to own a home for sale in Summerville in the beautiful Branch Creek Subdivision.

Learn More about 307 Brick Kiln Drive, Summerville, SC.

Set Up a Showing to See 307 Brick Kiln Drive, Summerville, SC.

 

Home for Sale in Branch Creek in Summerville, SC

White Gables Home SOLD by the Foster Smith Team

Real Estate in Summerville, SC

This beautiful  home for sale in White Gables Subdivision has left the market! This White Gables home was absolutely beautiful inside and out and, with all of the amenities  at White Gables  , was perfect for my buyers.

The result is another home just SOLD by the Foster Smith Team in White Gables Country Club Subdivision in Summerville, SC!  As always, I am thrilled for my buyers and very happy they found their beautiful home.

Do you like what you see in White Gables? Check out more homes for sale in White Gables.

Please feel free to contact me if you are interested in buying a home in Summervillenew home in Summerville , a historic home in Summerville or selling your Summerville home.

If you are a home seller and would like to discuss your Summerville Home and what it is worth in our market today, please e-mail me for more information or fill out this form.

Arbor Oaks Home SOLD by the Foster Smith Team

Real Estate for Sale in Summerville, SC

Another home for sale in Arbor Oaks Subdivision has left the market!  As always, I am thrilled for my buyers and very happy they found their beautiful home.

Please feel free to contact me if you are interested in buying a home in Summervillenew home in Summerville , a historic home in Summerville or selling your Summerville home.

If you are a home seller and would like to discuss your Summerville Home and what it is worth in our market today, please e-mail me for more information or fill out this form.

Flowertown Festival this weekend in Summerville, SC

It’s one of my favorite weekends of the year!  The Flowertown Festival starts today in Summerville, SC.  Make sure to get yourself to downtown Summerville and enjoy the local vendors and delicious food! The weather is going to be cooler than it usually is, so bring your sweatshirt. (Although, my grandchildren who live outside of Chicago would tell me that 60 degree weather is not sweater weather! :))  This is a video I shot of the Flowertown Festival last year.  Enjoy!

Economic Forecast for the Charleston Real Estate Market in 2015

I just came from a meeting on the Economic Forecast for the Real Estate Market in Charleston & Summerville, SC for 2015.  Economic Experts gave us a run down of what to expect this year in the real estate market on a national and local level.  It was encouraging on every level and I share with you in 3 minutes what it took a few hours to digest. 🙂

There are basically three reasons why the housing market is looking strong for 2015 in the Summerville and Charleston, SC area.

1.Job Market is Stronger

2.Home Prices Stabilizing

3.Rents are High
Consumer Optimism and Confidence is almost 20 points higher than it was this time last year. This means that people are feeling good about their work, jobs, family, houses, and situation in general.  Consumers drive our economy as well as the housing market so this is all good news.
With rents extremely high, many renters are jumping into the buying market.  When interviewed, 9 out of 10 millennials say they would like to buy instead of rent.  Freddie Mac & Fannie Mae have just released programs that bring the down payment percentage from 5% to 3% for first time home-buyers. This will be a big help for those wanting to jump in and buy a home.
Interest Rates are the last thing that was discussed in regards to the real estate market and forecast for 2015.  They have been below or near 4%  but economists are projecting that those will inch up to the 5% mark by the end of 2015.  However, those rates are still extremely low and very good for those wanting to buy a home.

The Summerville and Charleston market is very strong currently and we will be hitting the hot Spring market in the next few weeks.  y. Currently, we have just under 5300 houses on the market. The builders are back in Summerville and lots of new home construction is going up in Summerville, SC.

If you would like to discuss your Summerville Home and what it is worth in our market today, please email me for more information or fill out this form.