We had a very strong seller's market last year and were looking forward to another year of rising prices, until the new tax plan. Many are now predicting doom and gloom for house prices on Long Island, with one article stating that Long Island would be the worst hit market in the country. What can you do?
If your planning on selling list ASAP, we know what the market is today, and that's very hot, but we don't know what we will have going forward. Unfortunately markets can be turned by emotions and self-fulfilling prophesies. Even if the tax plan isn't as bad for the housing market as many experts are predicting you will have more people deciding to leave New York and many buyers will wait until the dust settles and the impact of the tax changes are clearly felt.
Buyers should be cautious and take their time as it seems very likely that the new tax plan will reduce prices somewhat in the short term. Sellers should get aggressive with pricing and marketing and not wait for the unknown which could see home values drop 10-15% in my estimation.
Thomas Brady SFR, e-PRO, SRES, BPOR
Licensed Associate Real Estate Broker
Notary Public, Retired N.Y.P.D. Lt., U.S. Air Force Veteran
Charles Rutenberg Realty