Tax Reform Update: Mortgage Interest and Property Tax Deductions

Will you pay more in Federal taxes because of vanishing mortgage interest and property tax deductions?

Are your mortgage interest and property tax deductions in the 2017 tax reform plan at risk?  According to the National Association of Realtors, they probably are: the “Senate-Passed Tax Legislation Bad News for Homeowners”. Below is an excerpt from NAR:

Posted by the NATIONAL ASSOCIATION of REALTORS(R) Dec 2, 2017
Early Saturday morning, the U.S. Senate, by a vote of 51-49, passed legislation that would change the face of homeownership in this country for decades to come. The House passed its own version of tax reform Nov. 16.

A last-minute change to the Senate version would make up to $10,000 in property taxes deductible for the small number of homeowners who would still be itemizing. Previously, the Senate version had eliminated the property tax deduction entirely. The change aligns with the property tax cap set in the House bill. One difference between the two bills is that the Senate version retains the deductibility of mortgage interest payments on up to $1 million of indebtedness; the House version caps indebtedness at $500,000 (again, for the small minority still itemizing).

Now, members of the Senate and the House must meet to agree on a final bill. It’s not too late to make your voice heard. Join us in telling your members of Congress that incentives for homeownership and the capital gains tax exclusion on the sale of a home MUST be protected. On Monday, Dec. 4, NAR will issue a new Call for Action. If you haven’t already signed up to receive CFAs on your phone, please text ACTION to 30644!

You can visit the NAR website to read updates on the 2017 tax reform plan by clicking here.

While Jim Bobo Real Estate can’t offer you tax advice, we can offer sound advice from over 20 years of experience helping people buy and sell throughout the Metro Charleston area.  Please click here to contact us!

Jim Bobo, Jr., BIC, Owner
Jim Bobo Real Estate LLC
10605 Hwy 78 East
Summerville, SC 29483
Call or text (843) 442-7275
Licensed in South Carolina
In addition to over 20 years of real estate industry working experience,
Jim holds the following designations:
CIPS (Certified International Property Specialist)
CNE (Certified Negotiation Expert)
ABR (Accredited Buyer Representative)
RSPS (Resort and Second Home Property Specialist)

1845 Salvo Lane and 1849 Salvo Lane Vacant Land For Sale on Johns Island, SC 29455

1845 Salvo Lane and 1849 Salvo Lane are two adjacent building lots on Johns Island, SC just off Maybank Highway about 7 miles to Downtown Charleston and 20 minutes to Freshfields Market near the entrances to Kiawah and Seabrook Islands.

Located at the terminus of a private road, these lots offer privacy, but are close-in to everything Charleston has to offer.

Click here to learn more about 1845 Salvo Lane and 1849 Salvo Lane on Johns Island, SC.

DHEC-approved 4 bedroom conventional septic system for 1849 Salvo Lane (File Nbr 2014110001)

DHEC-approved 4 bedroom conventional septic system for 1845 Salvo Lane (File Nbr 2017020025)

Click here to learn more about 1845 Salvo Lane and 1849 Salvo Lane on Johns Island, SC.

This listing is brought to you by Jim Bobo Real Estate LLC
10605 Highway 78 E
Summerville, SC 29483
Tel (843) 442-7275
Fax (888) 456-6618
Licensed Real Estate Broker in South Carolina

Contact Jim for more information by clicking here.

Does Staging A Home Really Work?

Listing clients often ask if staging a home has any measurable benefits.  While I still haven’t found any hard “scientific” evidence, the latest report “2017 Profile of Home Staging” from the National Association of Realtors reveals that some but not all Realtors think the answer is “Yes”.

Bear in mind that this profile is a result of a survey of Realtors who may or may not accurately reflect a broad market opinion.  Information about the survey respondents and methodology are on pages 13 and 14 of the report.   Click here to read the full report.

Like any other cost or effort associated with selling a home, sellers should evaluate if staging a home will improve their bottom line, and by how much.  Since real estate is highly local, your listing agent should be able to advise whether staging would be beneficial and, if so, by how much.  39% of those polled state staging a home “greatly reduces” time on the market.  Since there are typically carrying costs paid by the seller while their home is on the market (utility bills, insurance, lawn care, mortgage payments, etc), a minimum DOM is critical.  If the seller has already relocated and is having to maintain an empty property in addition to another, these costs can be substantial, so moving the property as quickly as possible for the highest amount resonates more loudly than normal.

Another key result of the poll shows that 58% of respondents say staging a home increased the selling price between 1 and 20%.  41% said staging a home actually decreased the selling price, or weren’t sure if staging a home actually increased the selling price compared to other similar homes in their markets that were not staged.

Staging a home – does it pay off?

Below is NAR’s synopsis of this survey.  Click here to read the full report.

From the Buyers’ Agent Perspective:

Forty-nine percent of buyers’ agents cited that staging a home had an effect on most buyer’s view of the home.

Seventy-seven percent of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.

Staging the living room for buyers was found to be most important (55 percent), followed by staging the master bedroom (51 percent), and staging the kitchen (41 percent).

About one-third of buyer’s agents said that staging a home increased the dollar value offered between one and five percent compared to other similar homes on the market that are not staged.

From the Sellers’ Agent Perspective:

Thirty-eight percent of sellers’ agents said they stage all sellers’ homes prior to listing them for sale. Fourteen percent noted that they only stage homes that are difficult to sell.

The most common rooms that are staged include the living room (83 percent), kitchen (76 percent), master bedroom (69 percent), and the dining room (66 percent).

The costs of staging a home were typically paid by the seller before the home is listed (25 percent).

When staging a home, 29 percent of sellers’ agents reported an increase of one percent to five percent of the dollar value offered by buyers, in comparison to similar homes.

Twenty-one percent of respondents stated that staging a home increased the dollar value of the home between six and 10 percent.

Thirty-nine percent of sellers’ agents stated that staging a home greatly decreases the amount of time the home is on the market.

The most common home improvement items agents recommended to sellers were decluttering the home (93 percent), entire home cleaning (89 percent), carpet cleaning (81 percent), and removing pets during showings (80 percent).

In summary, I tend to take results of surveys and polls with one or two grains of salt.  Only 1,894 “usable responses” out of 53,760 respondents were used to tally the results of this survey, and the format in which the data is presented suggests the authors may have had a slight bias in favor of staging versus not staging.  But all in all, it’s an interesting report worth reviewing if the seller is on the fence about staging a home.

Contact me to learn more about staging a home and whether it might benefit your bottom line.

Jim Bobo, Jr., BIC
Jim Bobo Real Estate LLC
10605 Hwy 78 East
Summerville, SC 29483
Call or text (843) 442-7275
Licensed in South Carolina

2069 Briar Bend Road Ridgeville SC 29472 Home For Sale

2069 Briar Bend Road Ridgeville SC 29472 Home For Sale
Living Room
MLS# 1425007   Newer Brick Home For Sale in Ridgeville, SC. 4 Bedroom, 2.5 Bathroom, FROG, 2764 SF, built 2006 on 1.423 acres. Wow – this Town and Country Home has it all! Enjoy the peace and quiet of the country but still be close to Summerville and Downtown Charleston. All living areas including the Master bedroom are on the main floor – only the FROG (counted as 4th bedroom) is up!
01 2069 Briar Bend Front of House 1

To schedule an appointment, contact us at (843) 442-7275.

This listing is brought to you by Jim Bobo, Jr., BIC Jim Bobo Real Estate LLC

Flat Fee MLS Listing Charleston-Summerville-Mt Pleasant SC

When it comes to choosing a Flat Fee MLS listing broker in Charleston-Summerville-Mt Pleasant SC, your best choice is Flat Fee SC.

Operated as a discounted Flat Fee MLS listing service by Jim Bobo Real Estate LLC, promotes our client’s listings better than any other flat fee company – Guaranteed!

Buyers won't even think your home is being marketed at a huge discount!

Buyers won’t even think your home is being marketed at a huge discount!

We have been offering this service since 2008, and over the last 8 years have learned a lot about what does and what does not work for economy-minded sellers.  We are America’s Best discounted full service Flat Fee MLS listing company!

As our client:

  • you receive full service – you don’t pay “extra” for expert advice and guidance from seasoned local Realtors who have an incentive to sell your home
  • we shoot high resolution quality photographs that we individually adjust to achieve the best color, sharpness and lighting effects possible – we believe that a “great picture is worth a thousand words”
  • you get the maximum # of photos in MLS
  • your listing is syndicated to
  • there is no charge to use our custom metal yard sign, Realtor’s lockbox and info box for flyers
  • we feature your listing on our company-owned websites
  • you get extremely broad Internet syndication to all the major search engines and literally thousands of websites, including newspaper real estate classifieds, across the United States
  • clients eligible for this service must be able to communicate all documents electronically – one reason we can offer this incredible service at an incredible price is because we have streamlined the listing and communication process. We ask that you be prepared when we visit your home to list your property. Don’t worry – we have a guide we will send you in advance of listing that will answer every question you may have!
  • you can click here to read more about this program.

Flat Fee SC is a discounted full service MLS listing program.  It is not a limited service MLS program.

Call Jim Bobo Real Estate at (843) 442-7275 to get started.

983 Clearspring Drive Charleston, SC 29412 Home For Sale MLS 1406875

983 Clearspring Drive Charleston, SC 29412 Home For Sale
Built in 2004, this 1.5 story home is listed at $300,000.00 and has 4 bedrooms, 2 baths with the Master Suite down in 1948 square feet. There is a gas fireplace, a 2-car attached garage, full front porch, screened back porch, fenced back yard with boat storage, and so much more. Minutes to Folly Beach! MLS 1406875

Call us at (843) 442-7275 to see this great home.

This discounted MLS Flat Fee Listing is brought to you by Jim Bobo, Jr., BIC of Jim Bobo Real Estate LLC where we love saving our clients money.
Call us at (843) 442-7275 to learn how we can save you thousands!!

We provide discounted real estate listing services and Flat Fee MLS listing services in Ridgeville, Summerville, Moncks Corner, Goose Creek, North Charleston, Mt. Pleasant, Charleston, James Island, Folly Beach, Johns Island, Wadmalaw Island, Isle of Palms, Sullivans Island, Daniel Island, Edisto Island, West Ashley, Ravenel, Hollywood, Meggett, Adams Run, Edisto Beach, SC – just about everywhere in the Greater Charleston Region.

1824 Zelasko Drive Johns Island, SC 29455 Home For Sale

Click here to go directly to the listing details page 1824 Zelasko Drive Johns Island, SC 29455 Home For Sale

1824 Zelasko Drive south view from driveway

1824 Zelasko Drive south view from driveway

Attention buyers  – this is a great opportunity to purchase a 2231 sf home with 5 bedrooms, including a 1 bedroom ground level apartment only 15 minutes from Downtown Charleston.  Elevated concrete block foundation, 2+ car drive-under garage featuring a separate enclosed workshop, a beautiful 0.81 acre cleared, sodded and landscaped lot only 15 minutes to Downtown Charleston.. great investment and residential purchase opportunity.  Walk to Sweeney’s, The Fat Hen, Angel Oak Animal Hospital, Johns Island Tool Rental, Lane Commercial Center, Fieldstone Center, Blue Flame Propane, etc.  Click here for more information!

Brought to you by Jim Bobo Real Estate LLC
Call or text (843) 442-7275
PO Box 1182 Johns Island, SC 29457-1182