What are the pressing thoughts of homebuyers as they ponder buying a piece of property?
Probably not how much the mortgage interest tax deduction might save them, said Terry Gearhart with real estate data company Residential DataBank.
He and others in the real estate industry in Hampton Roads doubt sweeping changes to the U.S. tax code – which, among other things, changed the eligibility for some luxury homeowners to deduct their mortgage interest – will have much, if any, impact here on luxury home prices. Before, a mortgage could be worth $1 million and still be eligible for its interest to be deducted. Now, the threshold is $750,000. In addition, property tax deductions are now capped at $10,000.
