Fiscal Cliff and Our Mortgage Interest Deduction

Fish Creek Fall Home in Steamboat

Owning real estate like a home is the American Dream. The comforts and personal satisfaction in owning a home is priceless. The financial rewards of owning real estate can also be the another motivator for buying a home. For years, the mortgage interest deduction on your tax return gives home owners positive rewards even if their home did not appreciate. So with the mortgage interest deductions, home owners still see financial rewards. But now, the mortgage interest deductions are being talked about when “the fiscal cliff” solutions are being discussed.

Now to the real estate industry, the mortgage interest deductions are a huge component of buying a home. Especially after these last 5 years where the vast majority of home owners saw their home devalued immensely. It’s the mortgage interest deductions that gave home owners reasons for hope. At least those that owned real estate were able to deduct the interest paid on their mortgages to make the depreciation a little easier to live with.

Let’s keep a close eye on the mortgage interest deduction talks with the fiscal cliff issue. It’s a huge issue that could mean a dramatic change in real estate values here in Steamboat Springs and the country.

Regards,

Charlie

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About SteamboatsMyHome.com

Originally from Seattle, Washington, Charlie relocated to Steamboat Springs with his wife Carol and their son, Finn, to become a Steamboat Springs realtor eager to share the joys of Colorado. Charlie is a second generation realtor and is proud to be a member of Steamboat Sotheby's International Realty in Steamboat Springs, Colorado. After graduating from Whitman College in Walla Walla, Washington, Charlie worked in the high-tech industry in Seattle for several years before deciding to follow his father's lead and began his career in real estate. Working for Windermere Real Estate in Seattle, Charlie had a great, innovative career in the highly competitive Seattle market before moving to Steamboat in 2005 and delving deep into Steamboat Springs real estate. At Steamboat Sotheby's International Realty, Charlie has become one of the top agents with his innovative style and tireless perseverance.
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