We’re excited to share significant developments from the housing market. On July 4, 2025, President Trump signed the One Big Beautiful Bill Act into law. The National Association of Realtors (NAR) anticipates that this legislation will positively influence both the local and national real estate landscapes. Below are some key highlights of the Act:
Homeowners’ Tax Benefits: Homeowners can now permanently deduct mortgage insurance premiums, including PMI, FHA MIP, VA funding fees, and USDA guarantee fees. This is a beneficial change for first-time buyers, but please note that the deduction is not available for single tax filers with incomes exceeding $175,000 or for joint filers above $250,000. Additionally, HR 1 establishes a permanent $750,000 cap on mortgage interest deductions.
Mortgage Interest Deduction: The Act includes a permanent extension of the mortgage interest deduction, providing ongoing financial relief for homeowners.
Lower Individual Tax Rates: The law also ensures a permanent extension of lower individual tax rates, offering taxpayers continued savings.
Qualified Business Income Deduction: A permanent qualified business income deduction (Section 199A) will support eligible businesses and encourage investment.
SALT Deduction Cap Increase: Starting in 2025, a temporary quadrupling of the state and local tax (SALT) deduction cap will be enacted for a period of five years, providing additional financial flexibility.
Protection for Business Deductions: The Act protects business SALT deductions and 1031 like-kind exchanges, making it easier for businesses to plan for the future.
While it remains to be seen how these tax incentives will influence the purchase of investment properties, primary homes, and secondary residences, we are committed to keeping you informed on housing trends. To that end, please find below the June housing statistics for your review.
Thank you for your continued support. Together, we can navigate the evolving real estate market! Should you have any questions or wish to discuss the current market further, please feel free to reach me at Beth@AscendiaGroup.com
Best regards,
Beth E. Dilley
President | Broker
Ascendia Group | Real Estate | Rentals | Property Management
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