Redfin: Last year’s tax reform bill impacted fewer homebuyers than expected

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Redfin: Last year’s tax reform bill impacted fewer homebuyers than expected May 18, 2019 RSS FEED No comments A year after implementing a tax reform bill that lowered caps on tax deductions permitted for mortgage payments and state and local taxes, Redfin reports that less than half of homebuyers say it impacted their home searches.

About 36% of voters believe the tax plan will propel economic growth, while 52% don’t believe it will. The Quinnipiac findings show stronger disapproval than a Wall Street Journal/NBC News poll.

A year after implementing a tax reform bill that lowered caps on tax deductions permitted for mortgage payments and state and local taxes, Redfin reports that less than half of homebuyers say it impacted their home searches. According to the company, 47% of homebuyers say the bill has affected their home search, falling from last year’s.

"Last year more homebuyers were worried that tax reform would hurt their homebuying budgets, but it turns out tax reform wasn’t all bad or all good for homebuyers," said Redfin chief economist.

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Fewer homebuyers reported that the tax reforms impacted their home search in 2019, but those who earn more than $150,000 tell a different story. Read More Examining Tax Reform’s Impact on Housing

A year after implementing a tax reform bill that lowered caps on tax deductions permitted for mortgage payments and state and local taxes, Redfin reports that less than half of homebuyers say it impacted their home searches.

Over a year after the historic tax code overhaul that lowered the caps on tax deductions allowed for mortgage interest payments and state and local taxes, less than half of homebuyers (47%) say that tax reform has had an effect on their home search.

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