Happy New Year! I hope everyone is ready to start the year afresh with optimism, and motivation! The severe cold last week had me a bit behind on motivation, but I’m trying to catch up now.
December closings and year end numbers for Davidson county are HERE. Davidson county closings broke the all time high record set in 2006. As of this writing, Williamson County data was not yet available.
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What do the new tax laws mean for me?
The new tax laws have people concerned about how the changes will impact their bottom line in regards to real estate, and while there are many variables to consider, the primary changes are to the deductions allowed for mortgage interest, and the limit on deductions on local income and property taxes.
Mortgage interest deduction changes will affect new loans only, (i.e. a married couple’s loan over $750k – used to be capped at $1 million) and property tax deductions capped at $10k will affect fewer here in middle TN than in coastal areas with much higher property tax rates and local income taxes. For a more detailed analysis of the changes, this article in MarketWatch breaks it down well.
I don’t expect to see a massive shift in the Nashville real estate market due to these new laws. That said, the flow of transplants to Nashville from expensive real estate markets has been consistent for the past few years, and now there is even more incentive to move here, so our inventory may remain tight longer than we thought.
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What about STRPs? The battle rages on regarding short term rental properties, and here’s where we are today: January 16th, the Metro Council will consider a bill phasing out all Type 2 (non-owner occupied) rentals. Those with current permits would be grandfathered in. Restrictions on number of permits etc on Type 1 (owner occupied) properties looks like it may pass. It still requires a 3rd and final reading. See my STRP FAQ post for a refresher, and for the current bills in play, the Tennessean covers it here and here.
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Like most of us, I hibernate a little in January, therefore we cook at home more. I’ll leave you with a favorite we’ve been enjoying. For those who try to give up gluten for lent, are tackling a Whole30, or just want to find ways to get more veggies in you and your loved ones, this one is tasty and easy. My kids never even knew the sauce wasn’t made with cream!
Image by Inspiralized.
Parsnip Noodles with Lemon Cashew Cream Sauce and Garlic Shrimp
Full recipe from Inspiralized HERE.
Until next time!
Collyn
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