The positive side, the Tax Reform’s goal is to put more money in the hands of taxpayers each month, vs waiting until the end of the year once filing, in hopes they will spend this instantly to feed instant growth into the economy. They also plan to cut back corporate taxes, with a requirement to hire more people and create more jobs. If both happen you will inevitably see more people buying homes and likely these homes will be more affordable than ever, as a lot of people will be taking more money home each paycheck.
First Time Home Buyers: 1st timers accounted for 56% of home loans in Q3, now at a 17-year high. An analysis of 21 million 1st-time homebuyers over a 24-year period shows that demand in the 3rd quarter of 2017 was at the highest since the millennium! Genworth (a mortgage insurance accompany) says that 601,000 homes were bought by first-time homebuyers, a 6% rise over last year. They accounted for 40% of all homes bought. Majority of them, woman! If you need more tools to share with your buyers, I suggest the following: add this to your buyer packet needed materials to qualify for a home list, email them a roadmap to home ownership & share the typical process for getting a mortgage video when you meet face-to-face.
- One-Unit Homes up to $453,100 (5% down now set the purchase price to $477,000!)
- Two-Unit Homes up to $580,150
- Three-Unit Homes up to $701,250
- Four-Unit Homes up to $871,450