10 magic words that have a major implication for the REALTOR(R) and anyone who owns a home, or is considering buying or selling one. Today’s WSJ carries this article, and if you search “mortgage interest deduction” you’ll find tons more around the country. http://on.wsj.com/9iL3kZ
I do not dare to pretend to have a crystal ball about what’s coming up here in DC on the tax front, but I think it’s safe to say, as our sage American Philosopher Yogi Berra was quoted to say: “the future ain’t what it used to be”. The real estate industry has been a huge beneficiary of the mortgage interest deduction and its days are seriously numbered. In one way or another it will be changed, likely adversely for Realtors.
So .. what to do? In my view, we need to do a far better job of selling home ownership for reasons other than financial. We already have learned that a house makes a pretty unstable Automate Teller Machine and, amazingly, that prices can not go up forever. Successful agents of the future will find ways to promote the many benefits of homeownership that go beyond tax deductions and pure financial investment motivations.
I’m interested to hear what everyone else thinks about this and what we can do TODAY to head off what appears to be a major threat to our livelihoods.