Did Tax Reform Kill the Luxury Market?

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

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.”

Thinking of Buying or Selling a Home?

If you are thinking about buying or selling a home, give San Ramon Realtor Jason Kerner a call at 925-400-7007 or KernerHomes.com.  Put Jason’s 16 years of experience to work for you.

Nerd Wallet Declares San Ramon Best Place to Raise a Family

Nerd Wallet Declares San Ramon to be the Best Place to Raise Families

by Jason Kerner, San Ramon Realtor

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San Ramon was recognized by Nerd Wallet as the best place to raise a family.  I have known for years that San Ramon is truly the best place to raise a family.  As a resident and parent of 2 daughters, I’ve known San Ramon is the ideal City to raise a family.  Schools, parent activities, outdoor activities, and convenient shopping all make the city the perfect place.

As cited by the Nerd Wallet article https://www.nerdwallet.com/blog/credit-cards/best-places-for-young-families-california/ , the San Ramon Valley Unified School District is a nationally recognized and award-winning district.  Students graduating from SRVUSD schools are going to elite colleges around the country and excelling in academic and athletic programs.  For more information about the SRVUSD, check out http://www.srvusd.net .

Personally, I have enjoyed volunteering in school organizations such as PTA, Ed Fund, and Site Council.  I still am a regular sponsor of events such as the local Harvest Festivals, Inclusion and Diversity fairs, and Education Night fundraisers.  We are never at a loss for activities in the San Ramon Valley.  These types of activities make life fun for a parent in San Ramon.

As an avid cyclist, I appreciate the abundance of trails throughout the tri-valley area.  I enjoy touring homes and getting out into the San Ramon Valley on my bike on a regular basis.  Hosting a weekly series, it is fun sharing the best corners of our neighborhood.   Check out my latest video at Dougherty Valley High School https://youtu.be/6NvQ_CIF89Y . In addition to biking paths, there are lots of well-groomed parks, soccer fields, softball fields and hiking paths embedded within the gorgeous rolling hills.

Coming soon is the San Ramon City Center.  This hub of activity placed near the Bishop Ranch Business Park and Chevron Park is planned for 2018.  In addition, the City of San Ramon is celebrating 150 years in existence.  Restaurants and storefronts are abundant in the area.  Large retailers and small mom and pop stores are fun for visitors of all ages.  download (1)

If you are interested in making San Ramon your home, if you want to live in Nerd Wallets Best Place to Live in California for Young Families, call or text me at 925-400-7007.

 

 

San Ramon Housing Market Update By San Ramon Realtor Jason Kerner

San Ramon Windemere Housing Update

By San Ramon Realtor Jason Kerner

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The current housing market in San Ramon Windemere is looking strong for sellers.  For a few months, there was concern about the shortage of inventory of homes on the market.  This shortage has influenced higher home prices for real estate listings and multiple offers for prime properties.  Last year, homes were abundant and selling on average for less than the listing price.  This year, homes are selling for more than the listed price.

What does this mean for you?  It means that this is a great time to sell investment properties or to upgrade to newer homes using the equity you have earned in your property.

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Let’s take a look at last years September sales versus this years September sales:

September 2016

  • 95 homes sold
  • $922,988 average list price
  • $921,078 average sold price
  • average 26 days on market

September 2017

  • 82 homes sold
  • $967,651 average list price
  •  $976,274 average sold price
  • average 16 days on market

Last September, 95 homes sold in San Ramon.  This year 82 homes sold in September.  Less inventory means higher priced homes and more competition.  Having the right realtor who knows the neighborhood and can price a home properly for the most competitive offers possible is critical to netting the most profit from the sale of your home.

Would you like to find out how to net the most money from the sale of your home?  Text Jason Kerner, San Ramon Realtor Broker/Owner at NextHome Premier Realty Group at 925-400-7007.   http://www.kernerhomes.com

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San Ramon Realtor Jason Kerner

6036 Dalton Way, San Ramon

By Jason Kerner

If you are looking for a San Ramon Home in the Windemere Community, 6036 Dalton Way, San Ramon is the house you should to tour this weekend.  6036 Dalton Way, San Ramon will be open for tours.  Come by and say hello to your neighborhood San Ramon Realtor, Jason Kerner.

6036 Dalton Way is located on a premium corner lot, this highly upgraded East facing house comes with 4 bedrooms + loft, 3 bath, 2 car garage and 2062 square feet.  The highly functional floor plan includes a downstairs bedroom and full bathroom which is perfect for guests or in-laws. The high ceiling entrance welcomes lots of light.  Upgraded plantation shutters throughout the home are an updated design feature that gives this home a stylish look.

 6036 Dalton Way San Ramon CA-large-011-25-dalton5-1498x1000-72dpi  Other desirable features include the spacious kitchen with granite counter tops, large island and designer stained cabinets with decorative window glass and large walk-in pantry. Gas fireplace and built-in surround sound speaker system turns the living room into an entertainment center of the home.  Upstairs, the large master bedroom is bright and cheery with lots of windows.  The master bathroom has dual vanity, soaking bath and separate shower.  You’ll love the spacious walk-in closet.  Down the hall you will find the bonus loft and guest bedrooms.  Decorative ceiling fans are found throughout the home.

Corner lot homes offer more privacy and larger lots.  6036 Dalton Way has a larger backyard that is tastefully landscaped with seat wall and slate tile patio, which are ideal for outdoor living.  The low maintenance landscaping boosts of maturing trees and freshly planted blooms.  This home also affords a larger than normal side yard.6036 Dalton Way San Ramon CA-large-028-28-dalton24-1499x1000-72dpi 6036 Dalton Way San Ramon CA-large-029-22-dalton25-1498x1000-72dpi

6036 Dalton Way is located in an excellent location within walking distance to top-rated San Ramon Valley schools, multiple neighborhood parks, and walking and hiking trails.  

As your neighborhood San Ramon Realtor, I have been helping sell and buy homes for the last 14 years.  http://www.KernerHomes.com   I am pleased to offer this stylish home.  For photographs and additional information, go to http://www.6036DaltonWay.com.  

If you are looking to buy a home, let me help.  For personalized home inventory lists, email me at http://www.jason@nexthomeprg.com or sign up for weekly updates at http://windemeregaleranch.com/homes-for-sale/?Address=San+Ramon%2C+CA&PriceMin=&PriceMax=&PropertyType=-1&Beds=&Baths=