Expert: Tax bill could affect home sales

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DECATUR, Ill. (WAND)- Tax reform bills being debated in Congress could affect home buyers and sellers in Illinois.

Proposals to end or cap deductions for state taxes could affect the costs of homes in states with higher taxes, said Greg Jaeger, a real estate industry expert with USAA.

“What will be interesting to see is how that plays out in terms of prices over time,” Jaeger said. “From a seller’s perspective, that may not be great, if that drives purchase prices down a little bit. From a buyer’s perspective, that could be really attractive.”

A proposal in the House to limit deductions for mortgage interest could affect home buyers and sellers as well, Jaeger said in an interview with WAND.

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