Another tax change is the elimination of the interest deduction on new and existing home equity loans.
"Nothing is grandfathered on that," Steffen said. "Those just go away."
The legislation also caps the deduction for state and local income taxes at $10,000.
"Most people who are going to be purchasing a second home have already exceeded that cap," said Eric Hananel, principal at accounting firm UHY Advisors, NY Inc.
Under current tax rules, about 44 percent of homes are worth enough for homeowners to take advantage of the mortgage interest deduction by itemizing their expenses, according to real estate website Zillow. The portion of eligible homes would dip to 14.4 percent under the new tax law, Zillow projects, particularly as the standard deduction is nearly doubled from existing amounts.
Buyers should also keep in mind that the legislation may drive down the price of some real estate, Hananel said.
"My belief is that the second home market will be impacted even greater," Hananel said. I would urge them to sit back and see the impact of the tax legislation and how it affects the real estate market, he said.
Markets that will likely see the most change in value are the ones where residents are more likely to use the mortgage interest deduction, according to Zillow.
Those effects will be most evident in pricey coastal markets while other markets could mostly remain stable, Zillow senior economist Aaron Terrazas said.
The real estate website ranked the U.S. counties where the interest on the first year of a loan would be high enough to justify taking the mortgage interest deduction.