Orange County Real Estate Market 2018 & More on New Tax Law
1. Orange County Real Estate Market 2018:
The average price of a home increased 6.2% from November, 2016, to November, 2017. Prices are averaging close to $700,000.00. More significant is that inventory of available homes has plunged to a 5 year low in the past few months. Very simply, sellers aren’t putting their homes on the market at as high a rate as in the past. In addition, interest rates are continuing to be at historic lows, so buyers are very actively looking.
Based on the above, this is very possibly on of the best times to sell that we have seen in years. You can expect top dollar and minimal marketing time in the sale of your home. You can also expect to be able to control the sale of your home, making your move an easier transition.
2. More on New Tax Law:
To update last week’s Blast, the IRS has ruled that not all HELOC loans are ineligible for tax deduction of interest. If you obtained your HELOC as part of your purchase, it is considered “home equity indebtedness” and is deductible (up to the new $750,000.00 total for all Real Estate loans on your home). Also, if the loan were obtained after your purchase, you may deduct the interest on any of the loan used for home improvement, but not any of the loan used for other purposes. You may be asked to validate any home improvement usage.
As always, these factors as well as many others will affect your real estate decisions. We are here to assist you in any way to make the right decisions for you and your family.
Best wishes for the New Year!
Please feel free to call, 949-500-6365, email, Frank@FrankDiLauro.com, or through our web site www.FrankDiLauro.com
