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Tax Reform Bill Headed to President’s Desk
The massive tax reform bill passed by the U.S. Congress this week is headed to the President’s desk to be signed into law. The bill makes sweeping changes to the U.S. tax code and was initially opposed by the National Association of Realtors® because of the potential for serious impacts to current and future homeowners. In an incredible advocacy victory, NAR was able to work with Members of Congress to retain important tax provisions that promote homeownership which allowed NAR to be neutral on final passage of the bill.
NAR fought for some very important changes that were made in the bill during the conference committee. These changes include:
- Capital gains exclusion. In a huge win for current and prospective homeowners, current law is left in place on the capital gains exclusion of $250,000 for an individual and $500,000 for married couples on the sale of a home. Both the House and the Senate had sought to make it much harder to qualify for the exclusion.
- Mortgage interest deduction. The maximum mortgage amount for households deducting their mortgage interest has been decreased to $750,000 from the current $1 million limit. The House bill sought a reduction to $500,000.
- State and local tax deductions. Both property taxes and state and local income taxes remain deductible, although with a combined limit of $10,000. Both the House and Senate bills sought to eliminate the state and local income tax deduction altogether.
- Pass-through entities. The bill significantly reduces the effective rate of tax on business income earned by independent contractors and income received from pass-through entities. This change will lower the taxes of many real estate professionals.
To read more about the final bill and how it may impact your business and your clients, click here to access NAR’s dedicated tax reform site.
Vote on tax reform expected soon
The House is expected to vote on the final tax reform bill at 1:30pm today. The Senate will begin debate once the bill clears the House. NAR remains neutral on final passage. NAR President Elizabeth Mendenhall issued the following statement following the release of the conference committee report:
“We remain concerned that the overall structure of this bill poses problems for homeowners and the broader housing market, but the conference committee has made some important improvements to the House and Senate legislation that ultimately will benefit some homeowners and communities. We are particularly pleased with the treatment of capital gains on the sale of a home and the preservation of deductions for second homes. We are also grateful that the positive changes for commercial real estate and real estate professionals from the Senate bill have survived.”
To access the full NAR issue brief on the conference report, click the image below.
#MemberMonday | Meet REALTOR® Penny Traber
Name
Penny Traber
Hometown
Fredericksburg
Current Location
Fredericksburg
Title
REALTOR® at 1st Choice Better Homes & Land
Number of Years in the Industry
18
Why do you love working in real estate?
So many reasons….clients that have become friends, helping people navigate the maze of the real estate world, doing something different every day, learning something new…always, flexibility of schedule, opportunity to work with my family…Mom, Husband, 2 Sisters and Niece and an awesome group at 1st Choice,
Favorite Work Story
My Mom has been a local Realtor for 40+ years. She tried to convince me for years to get in to the business and I didn’t want anything to do with it. When my son was born, I decided to stay home and got my license to work “part time.” Ha…no such thing! I later transitioned in to full time so that my husband could quit his job and go back to college full time…and 18 years later I’m still in it!
What are you most proud of in your career?
Striving to maintain integrity in all transactions, building good working relationships with other Realtors and winning the first Good Neighbor Award.
Do you have a special cause or volunteer your time?
I love everything Peru…the people, the culture, the landscape. I began serving in Peru in 2005 in an orphanage and have continued to visit, serve and build relationships with many I have met over the last 12 years. I have also served and continue to serve locally in various areas.
Fun Fact
I checked an item off of my Bucket List this past October when I was able to visit Machu Picchu in Peru, one of the new 7 Wonders of the World. It was AMAZING!
November Posts Modest Gains in Local Real Estate Market
November posted modest gains for the local real estate market with slight increases in total sold dollar volume and median price and decreases in units sold and days on market. Total sold dollar volume increased nearly 3%, coming at $125,014,068. This increase was fueled by a 3.6% year-over-year increase in median sold price going from $274,950 in November of 2016 to $285,000 in November of this year. There were 401 units sold in November of 2017 compared to 416 in November of last year, posting a 3.6% decrease.
Days on market, the amount of time it takes from when a listing enters the market until it has a ratified contract, decreased over 7%, going from 69 days in November of 2016 to 64 days in November of 2017. Inventory remains low, but the market saw a modest increase in new listings, posting a 3.69% increase in November of 2017 compared to the same time last year. There were 515 new listings in November of 2017 compared to 534 in November of 2016. Active listings were down nearly 4%, coming in at 1,478.
FAAR Director Laura Fangman credits the strong market heading into the winter season with the increasing savviness of buyers and sellers. Consumers are seeing the spring selling season start earlier and earlier each year and have begun to adjust to more year-round buying patterns. Fangman states, “Instead of assuming that the market is dead in the winter and hot in the summer, my clients have been asking great questions to make informed choices about the best time to buy and sell.”
FAAR Installs 2018 Leadership Team
The Fredericksburg Area Association of REALTORS® (FAAR) hosted its annual Changing of the Guard Installation Dinner on December 7, 2017 at the Old Silk Mill in downtown Fredericksburg. Incoming President Kevin McGrath and his leadership team were installed by Boomer Foster, president of general brokerage for Long & Foster Real Estate.
Several awards were also given out, including:
Affiliate of the Year:
The 2017 Affiliate of the Year award was presented to Stephanie Lyles of NSWC Federal Credit Union.
Silver Circle Awards
This award is presented to members who have attained 25 years of continuous membership in FAAR. Joining the Silver Circle in 2017:
Sandra Stevens, GRI
Coldwell Banker Dew Realty
Robin Marine, CRS, GRI
Coldwell Banker Elite
Jacquelin Fowler
Century 21 Battlefield Real Estate
Kelli Love-Smith
Coldwell Banker Elite
Kemper Weaver
Dockside Realty
Victoria M. Jones
Keller Williams Superior Realty
Mitch Shumate
Lake Anna Realty
Janet Loraine Kimbrell
Long & Foster Real Estate
Hunter C. Scott
RE/MAX Allegiance
Good Neighbor Award
Anne Overington
Century 21 Redwood Realty
Randy Walther
Visionova Realty Consultants
Spirit Award
Chip Taylor
Century 21 Battlefield
The 2018 FAAR Leadership team is:
President Kevin McGrath, Long & Foster Real Estate—Fredericksburg
President-Elect Drew Fristoe, Coldwell Banker Elite
Vice President Arlene Mason, Coldwell Banker Carriage House
Secretary Mark Geslock, Century 21 Redwood
Treasurer Carrie Danko, 1st Choice Better Homes and Land, LC
Directors Chip Taylor, Century 21 Battlefield
Pam Kuper, Century 21 New Millennium
Sandy Pearce, Coldwell Banker Elite
Laura Fangman, Century 21 Redwood
Ben Keddie, Coldwell Banker Commercial
Clay Murray, Coldwell Banker Elite
Phillip Blake, MBH Settlement Group
Immediate Past President, Linda Fosdick with Dockside Realty, will join the 2018 Leadership Team on the Board of Directors.
It’s not too late to influence tax reform…
Thanks to our members’ engagement, REALTORS have helped positively influence tax reform in some key areas. For example, both the House and Senate have agreed to maintain deductibility of state and local property taxes up to $10,000, and to maintain Section 1031 tax-deferred exchanges in their present form for real estate investments.
BUT OUR WORK IS NOT DONE. We still have an opportunity to influence Congress to help make the tax reform bill more favorable to homeowners and consumers. Now that both the House and Senate have passed The Tax Cut and Jobs Act, a Conference Committee will begin to address the differences between the two bills. Important improvements in the legislation are possible by encouraging Congress to maintain the current law for the mortgage interest deduction and capital gains exclusion. Retaining current law makes the bill more favorable to homeownership.
Take action to tell Congress to protect middle-class homeowners.
December 2017 Store Sale
Allowing Third-Party Cookies to Be Set in Your Browser
Having trouble logging in? It could be your cookies!
What We’ll Cover
- Safari
- Internet Explorer
- Chrome
- Firefox
Certain FAAR features, such as logging in and registering for classes, require your browser to accept third-party cookies.
Cookies are pieces of data stored by web browsers that websites and applications can use to remember a web browser from one request to the next. They allow features like shopping carts and user account logins to function.
Many web browsers make a distinction between first-party and third-party cookies. First-party cookies are created by the web server identified by the address shown the browser’s address bar. Third-party cookies can be created when content is loaded from domains other than the one shown in the address bar or in FAAR’s case, from the connected member database.
Some browsers allow users to decide whether or not the third-party cookies should be accepted. To configure your browser to allow third-party cookies, follow the instructions for your chosen browser.
Safari (Mac)
1. Click Safari in the menu bar.
2. Click Preferences…
3. Click the Privacy panel.
4. *For the option Cookies and website data, select Always allow.
5. Log in to your account at faarmembers.com/myaccount.
6. Once logged in, the FAAR cookie is stored and you may set the Cookies and website data setting back to its default setting
*In older versions of Safari, for the option Block cookies, select Never
SAFARI NOTICE: Because the FAAR website consists of two sites, the FAAR database and the faarmembers.com website shell, a setting in Safari related to cross-site tracking affects functionality of the FAAR website.
Choose Safari > Preferences, click Privacy, then unselect “Prevent cross-site tracking.” Close and reopen your browser to apply the settings.
Safari (Apple phone or tablet)
1. Click Settings app
2. Scroll down and click on Safari
3. *For the option Block all cookies, turn off setting
4. *For the option Prevent Cross-Site Tracking, turn off setting
5. Click on advanced and delete existing cookie data for faarmembers.com
6. Log in to your account at faarmembers.com/myaccount.
7. Once logged in, the FAAR cookie is stored and you may set the Cookies and website data setting back to its default setting
SAFARI NOTICE: Because the FAAR website consists of two sites, the FAAR database and the faarmembers.com website shell, a setting in Safari related to cross-site tracking affects functionality of the FAAR website.
Choose Safari > Preferences, click Privacy, then unselect “Prevent cross-site tracking.” Close and reopen your browser to apply the settings.
Internet Explorer
1. Click the cog/tools menu icon in the upper right of the window.
2. Click Internet Options.
3. Click the Privacy tab.
4. Click Sites
5. In the Address of website field enter [*].faarmembers.com. Be sure to include the square brackets before and after the asterisk.
6. Click Allow, then OK.
Chrome
1. Click the menu icon in the upper right side of the browser window.
2. Click Settings.
3. Scroll down and click “Cookies and other site data”
5. Ensure the option Block third-party cookies in incognito is selected.
6.Scroll down to “Sites that can always use Cookies”
7. Click Add
7. Enter [*.]faarmembers.com. Be sure to include the square brackets before and after the asterisk.
8. Check “All Cookies, on this site only”
Firefox
1. Click the menu icon.
2. Open the Options window.
- For Windows users, click Options.
- For Mac OS users, click Preferences…
3. Click the Privacy panel.
4. In the History section, select Firefox will: Remember history.
NAR’s Data Security and Privacy Toolkit
This Data Security and Privacy Toolkit aims to educate real estate associations, brokers, agents, and multiple listing services about the need for data security and privacy and assist them in complying with legal responsibilities. The Toolkit provides:
- Information about state laws and pending federal regulations regarding data security & privacy protection
- Checklists of issues to consider when drafting a security program
- References and sample policies created by government or other organizations
- The FTC: 5 Key Principles to a Sound Data Security Program
Plan ahead and know the Data Security & Privacy laws that impact you and your real estate business.
Learn more about this topic at www.nar.realtor/data-privacy-security
Data Privacy and Security Toolkit
#MemberMonday | Meet REALTOR® Clay Murray
Clay Murray
Hometown
Botetourt County, Virginia
Current Location
Fredericksburg, VA
Title
REALTOR® at Coldwell Banker Elite Spotsylvania
Number of Years in the Industry
25.6 in dog years
Why do you love working in real estate?
There’s never, ever a dull moment. No two days are the same. An avid attention to detail in an ever-changing industry is a challenge that I embrace. The best part though is being there to celebrate successes with my clients and solidly being there for them to work through any challenges we face — together. I say it all the time and it may sound corny, but it always rings true…”We’ll get there together!”
What are you most proud of in your career?
Being able to continually help clients and friends solve their real estate challenges, find solutions, and ultimately achieve what they set out to do. Buying or selling a home is physically, mentally, and emotionally tough to do and if I can get them through the process with a smile on their face and as little stress as possible, then I’m a happy camper!
Do you have a special cause or volunteer your time?
I do! I have a few avenues that I volunteer my time which are incredibly rewarding. I work in our Outreach Food Pantry at church, Fredericksburg United Methodist, to meet local folks in need and distribute food to help them make ends meet. I host a food drive every month to make sure we keep the food pantry stocked, ready to serve others. With FAAR, I really enjoy helping out at the Thurman Brisben dinners we serve while building a gracious camaraderie amongst my fellow volunteers. I also volunteer as a class coordinator for Dave Ramsey’s Financial Peace University. It is inspiring to help guide folks of all ages through the powerful class and to share best practices about how to find peace in our finances.
Fun Fact
Hmm, I grew up on our family farm outside of Roanoke, Virginia where we made apple cider (Murray’s Cider Company, Inc. since 1938) and raised cattle. Growing up on a farm is fun and that’s a fact!
Press Releases
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