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2017-12-29 20:54:32
Most say tax law will change their plans to buy a home

Three out of four potential homebuyers responding to a recent online survey said the newly passed GOP tax overhaul will alter their plans to buy a home, according to a nationwide poll released Thursday, Dec. 21, by Realtor.com.

Nearly 30 percent said they plan to speed up their home purchase, with 31 percent saying they’ll postpone a purchase, the survey showed. Twenty-six percent said they either will buy a less expensive home or buy in a different location.

Just 23 percent said the tax bill will not change their plans to buy a home.

On the seller side, most said the tax bill won’t affect them. Fifty-seven percent said the new tax law will have no impact on plans to sell their home.

Congress voted Wednesday, Dec. 20, to send the bill to President Donald Trump for his signature.

The findings are based on a survey of 2,324 randomly selected respondents surveyed Monday and Tuesday. Almost a fourth of those surveyed said they had planned to buy a home in the next year, while just over a fifth said they’re planning to sell their home in the next year.

Other results showed those who feel concerned about the tax bill outnumber those who feel positive about it almost 2 to 1: Forty-one percent of respondents said they’re concerned or very concerned about the newly passed tax law vs. 25 percent who said they feel positive or very positive about the measure.

Eighty-two percent of Southern Californians told the Realtor.com survey they plan to alter their plans to purchase a home, vs. 76 percent nationwide. Forty-six percent said they’re concerned or very concerned about the measure, vs. 41 percent nationwide. And just 24 percent said they’re positive or very positive about it, vs. 25 percent nationwide.

Southern Califonia respondents also expressed greater disapproval of reduced caps on deductions for the property or sales taxes and mortgage interest payments: Forty-one percent said they felt negative about the property or sales tax deduction cap vs. 26 percent who felt positive about it. And 35 percent said they felt negative about the $750,000 limit on mortgage interest deductions vs. 28 percent who were positive about it.

A majority of survey respondents – nationally and in Southern California – expressed disapproval of the elimination of tax deductions for wildfire, hurricane and other casualty losses. And a majority also said they felt negative or very negative about raising the federal deficit by $1.5 trillion over 10 years.

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