Scott Harris from Brown Harris Stevens here, coming to you from my home on the Upper West Side of Manhattan. We have lots to celebrate at home as two of my children have birthdays in April- and we do what we can to host lots of events here.
So let’s talk TAXES. Something that not everyone is celebrating.
There have been some new and changed taxes related to real estate here and elsewhere in the US. Should you be nervous? Will the real estate market move up or down here as a result?
The tax changes from the end of 2017 have finally arrived, and people know what they owe for 2018. While it may be a higher amount, we know that people don’t live in Manhattan because the taxes are lower.
There have been some new taxes on purchasers, which are a little more on purchases under $5mm. Over $5mm, they start to add up a bit more, but luckily, mortgage rates have come down, which is likely to offset the pain of added taxes.
The net result? We’re seeing more homes come to market and a definitive uptick in sales and offers in the past few weeks. Regardless of the noise, I am quite optimistic about 2019 being a year for buyers and sellers to come together a little more easily than in the past 2-3 years.
I’m bringing on a number of amazing, high-end apartments this spring that are ALMOST ready for showings, but we don’t have photos to share with you yet, unfortunately!
I am all about finding win-win solutions, and always finding a path home for my clients. This is what visionary brokerage is all about.