The current landmark tax legislation has already passed through the Senate and Congress. Now, it is on its way to be signed by the president. A recent survey indicated that many Americans across the United States, including several in California, are nervous about how the law will impact the ownership of residential real estate. Even so, they plan to continue buying in the new year.
According to the survey, more than 53 percent of respondents said they had concerns about home ownership. In other words, under 25 percent of the respondents felt positive about being homeowners thanks to the new law. Those particularly concerned about the new law are the wealthiest of buyers, as their incomes will rise after taxes, which will make the currently competitive residential real estate market more competitive. The increased demand very well may cause prices to rise even higher in the near future.