Tax Reform Heads to the President

 Copyright THE NATIONAL ASSOCIATION of REALTORS®

NATIONAL ASSOCIATION of REALTORS(R)

Lawmakers in the House and Senate passed tax reformlegislation today, paving the way for the bill to go to President Donald Trump for his signature. The President has said he intends to sign the bill by Christmas.

NAR worked with members of the House-Senate conference committee to help educate them on how to improve the final bill. After the vote, President Elizabeth Mendenhall issued the following statement:

“The results are mixed. We saved the exclusion for capital gains on the sale of a home and protected the mortgage interest deduction for second homes. Many agents and brokers who earn income from personal services will also see some significant new benefits in their business.

Despite these successes, we still have some hard work ahead of us. Significant legislative initiatives often require fixes to address unintended consequences, and this bill is no exception. The new tax regime will fundamentally alter the benefits of homeownership by nullifying incentives for individuals and families while keeping those incentives in place for large institutional investors.

That should concern any middle-class family looking to claim their piece of the American Dream.”

Although the final tax reform bill is far from perfect, it is significantly better for homeowners than previous versions. That’s thanks to the efforts you made. REALTORS® generated over 300,000 emails and telephone calls to members of Congress over two Calls for Action and held countless in-person meetings with legislators, all of which helped shape the final product.

Last-minute changes to the bill include the following improvements:

• Capital gains exclusion. In a huge win for current and prospective homeowners, current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home. Both the House and the Senate had sought to make it much harder to qualify for the exclusion.

• Mortgage interest deduction. The maximum mortgage amount for households deducting their mortgage interest has been decreased to $750,000 from the current $1 million limit. The House bill sought a reduction to $500,000.

• State and local tax deductions. Both property taxes and state and local income taxes remain deductible, although with a combined limit of $10,000. Both the House and Senate bills sought to eliminate the state and local income taxdeduction altogether.

• Pass-through entities. The bill significantly reduces the effective rate of tax on business income earned by independent contractors and income received from pass-through entities. This change will lower the taxes of many real estate professionals.

Next steps

Enactment of the bill does not end NAR’s effort to reduce the negative impact on homeowners. “REALTORS®’ work on tax issues will continue,” says Mendenhall, “and we look forward to joining members of Congress from both sides of the rotunda on that endeavor.”

Access details of the bill.

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Or contact Kristen Jurevich with Intero Real Estate Services at (831) 635-6719

Don’t wait for new construction when you can own one NOW! *Less than one year old* The Shamrock Legacy floorplan in the new Benchmark Community.

Five bedrooms plus a den with a closet, 1st floor bedroom with a private full bathroom, separate dining and living locations with eat in kitchen area, granite slab kitchen countertops and island with room for seating, upgraded Maplewood painted linen cabinets, Energy Star stainless steel appliances, owner suite has dual vanities with Piedrafina: countertops, tub, and shower, AC, kitchen pantry, 9’ ceilings throughout the 1st floor, 5 1/4″ baseboards throughout, USB charging port, energy efficient recessed lighting, Energy efficient LOW-E windows, fire sprinkler system, water softener, upstairs laundry room with cabinetry, in-ground pool with safety alarm and solar heating surrounded by stamped concrete, stucco covered patio with recessed lighting, 3 car garage, landscaped yard with automatic sprinklers

Distinguished Exteriors

• Drip irrigation system with water conserving electronic timer
• Covered front porch
• Covered back patios, with recessed lighting
• In-ground pool with safety alarm and solar heating
• New concrete

Inviting Interiors

• Spacious interiors with family rooms, and dining rooms
• 9′ ceilings throughout the first floor
• 5 1/4″ baseboards throughout
• Energy efficient recessed lighting
• Upstairs, Interior laundry rooms with cabinetry

Gourmet Kitchen

• Granite slab counters with full-height backsplash at the cooktop
• Cabinet upgrade: Maplewood painted linen
• Stainless Steel appliance package:
– Energy Star rated dishwasher
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• Dual vanities
• Bathroom: Piedrafina countertops, tub, and shower

Green-Built Energy Features

• Energy efficient LOW-E windows
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Hollister Independence Day Rally

While you’re enjoying some family fun in downtown Hollister this weekend, make sure you come see 621 B Street at 12 o’clock on saturday for an open house, the property just had a price improvement so get it while its hot!

View the virtual tour here:

http://www.tourfactory.com/1575947

Want To Buy A New Home In Hollister?

Be sure to contact Kristen Jurevich at (831) 635-6719 if you have any questions regarding new construction in Hollister. There are a lot of new homes being built in the city of Hollister that will be available this fall.

If you have a home to sell, Kristen Jurevich can also help you relocate. It only takes a phone call to make this new home yours today.

Where is the real estate market going in 2016?

Real Estate Changes in 2016Central California will march to its own drum.

California is not like the rest of the country, so it’s hard to compare California on a national level like CNN, CBS, and NBC tend to group together.  Even the real estate market in the Peninsula – San Francisco, San Mateo, Palo Alto down to the Bay Area in San Jose is even more unique and hard to compare on a California level.  The local housing market varies from mile to mile and location, location, location still stands strong.

The housing inventory on the MLS is relatively low, but that has been the new normal for South San Jose like Morgan Hill, Gilroy, and Hollister.   The real estate market has been tough for some buyers looking to invest or purchase their first home in a lower price range.  Using a local full-time agent will help point out some “pocket” listings and new constructions that are not on the MLS.

Since Intero Real Estate Services holds the market share in Hollister, our community oriented agents tend to hear about listings before they are active.  Sometimes we can make successful transactions without having to go public.  Seems to keep everyone happy and stress free.

New construction is booming in Morgan Hill, which is leading the trends followed by Gilroy and Hollister.  While the teezer base prices of new construction are appealing, home buyers spend well over $30,000 in upgrades for some standard features.  Buyers pay the price for the brand new tag, but communities went for years without new construction they greatly oblige to the prices.

Interest rates may rise in 2016, but not on a large scale originally anticipated.  Leslie Appelton Young shared that it really depends on the economy at that time before we see major increases.  With the Presidential Election 2016, America will just have to wait and see what is promised by the candidates. National Association of Realtors did a fantastic job stopping a “transportation” tax that would have impacted home buyers, so REALTORS had a win in 2015.

With home prices on the rise and flattening, investors are looking to buy properties to rent versus flipping.  Foreclosures and short sales are few and far between, so capitalizing on distressed properties are starting to become a thing of the past.

Home values have been neutral in San Benito County but Santa Clara County still remains a seller’s market.  If you have to buy a home in 2016, then it will be a great time for you to enter the real estate market.  Prices are not going down anytime soon, thanks to global powerhouses like Apple, Google, Twitter, Yahoo, etc.

If you would like a home value analysis or buyer location analysis, please contact Kristen Jurevich at (831) 635-6719 or (650) 503-4110 or MoveWithKJ@gmail.com

 

 

Shouting for All San Francisco Giants and Oakland A’s Fans

Timmy Bringing The Heat

Baseball season is coming up…do you know when?  Get your sport schedules before they are gone.  Request a magnet calendar from Hollister real estate agent Kristen Jurevich who loves to support her local Bay Area teams.

Hollister is located only 90 minutes without traffic south of San Francisco and Oakland.   Fans can get to the parks with the convenient CalTrains that start in Gilroy, South County.  Many residents are Bay Area fans because SF Giants and Oakland A’s are the only professional teams within a four hour radius.  Root on the teams and consider purchasing a home in Hollister.  You may be able to afford season tickets and a mortgage payment compared to Silicon Valley real estate prices.  Kristen Jurevich can show you what is available.