Westchester residents, many trying to avoid the hefty tax bill that 2018 promises, are finding themselves in an unforgiving buyers’ market, according to this report by TheRealDeal.com.
It marks the fourth consecutive quarterly decline in Westchester’s home sales.
Prices in Westchester fell 18 percent in the second quarter of 2018, with homes asking between $1.5 million to $3 million faring the worst, according to Bloomberg and this Crain's New York Op-Ed piece. In Scarsdale alone, prices dipped 5 percent in the first six months of 2018, while Mamaroneck saw a 13 percent drop.
According to real estate and finance experts, the major factor now prompting more sellers to list their prize homes on the market despite plummeting prices is the Trump Administration’s new federal tax law which placed a $10,000 cap on state and local property tax deductions.
Homeowners in New York City's suburbs, especially in Westchester, pay tens of thousands in annual property taxes.
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