2018 Impacts On Home Values
Recently, the National Association of Realtors (NAR) conducted an analysis to determine the impact the new tax code may have on home values. NAR’s analysis: “…estimated how home prices will change in the upcoming year for each state, considering the impact of the new tax law and the momentum of jobs and housing inventory.”
Below is a map, broken down by state, reflecting how home values are forecasted to change by the end of 2018 using data from the most recent report.
While home prices are expected to increase by 1.9% on average in 2018, here are the top 5 states where prices will rise more than the average:
1. Colorado: 5.9%
Nationwide, NAR is projecting slower growth in home prices of one to three percent in 2018. That is a marked slowdown from the five to seven percent annual gains of the past five years. Since all real estate is local, there will be some markets with price gains and other markets with actual price declines. Colorado (5.9%), Utah (5.7%) and Arizona (5.6%) are expected to be the states that will experience the strongest price gains in 2018. However, some local markets, particularly in high cost, higher tax areas, will likely see price declines as a result of the legislation’s new restrictions on mortgage interest and state and local taxes such as New Jersey (-6.2%), District of Columbia (-4.8%) and New York (-4.8%).
How did NAR come up with these estimates? First, they determined the main factors affecting the housing market in 2018. Of course, there are a slew of other factors, which have an impact on home prices, but the following four factors need to be considered as driving forces of the housing market in 2018:
1. Current housing market conditions and momentum
Blog Archive2018-06-18 14:03:36
2018 Impacts On Home Values
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