Already outpacing other markets, the luxury real estate market may be seeing another increase in activity with the potential expiration of the Bush-era tax cuts. According to a recent Fox News report, high-end homeowners planning to sell are being motivated to cash-in before January, when the capital-gains tax cuts may expire.
“Some well-heeled homeowners are reportedly scrambling to offload luxury properties by the end of the year or else risk having a serious bite taken out of their bottom lines.”
This new factor affecting the high-end real estate market could be a win-win for us all. High-end homeowners will be able to sell properties at a 15 percent tax on the profit versus a 20 percent tax if the Bush-era tax cuts expire. In addition, if luxury homeowners are motivated to sell, this not only means that new inventory will be popping up, but it also means there may be a potential for great deals as well!
Will this change affect you? Get advice from the experienced luxury real estate agents at Hurwitz James Company in Beverley Hills by calling 888-681-5902.
The Bradbury Estate is listed at $78 million. If tax cuts were expiring, wouldn’t you want to cash in on this property as the owner?