On Friday, Dec. 22, President Trump signed a new tax bill, making it law. It not only reduces the corporate tax rate but also the mortgage interest deduction on new loans.

Reports on Housing chief economist Steven Thomas said, “it is hard to surmise what it is going to mean to each individual person.” According to the San Diego Union-Tribune, some high-end property real estate agents are enthusiastic as this means more money for buyers to get second and/or third properties. “Now you have excess money that you weren’t really counting on,” said Pacific Sotheby’s International Realty agent Brett Dickinson.

In 2017 127 homes in San Diego County sold for over $4 million, an increase of 34 from 2016. Sales also jumped from 471 in 2016 to 712 this year for homes that were $2-4 million. A Moody’s Analytics study released this month surmised that the bill could lower prices universally, driving those numbers up further.

Thomas added, “at the end of the day, we have a hot market. We are selling more and more luxury homes than ever before.”