The real estate market is hot again — unless you're selling a luxury home.
It’s peak home-buying season, and conditions in some of the country’s previously super-heated housing markets are dramatically different from a year ago, when homes were hard to come by and prices were sky high.
In more affordable parts of the country, such as Milwaukee and Minneapolis, home sales are doing quite well and prices are going up, Redfin’s data shows. Several large markets on the East Coast with affordable prices also saw big annual sales gains, with Baltimore up 35 percent and Orlando up 24 percent.
“Before, you could fully deduct mortgage interest and property taxes,” Yun said. “Now, as part of the state and local income tax limit of $10,000 that many people have, those expensive home real estate property taxes are becoming a big burden.” In markets that have cooled, buyers will face fewer bidding wars, giving them time to shop around and figure out what they want; maybe even negotiate on price.
The current slowdown might not last very long in some previously frenzied markets. The latest report from the National Association of Realtors shows, reversing course from February. The association’s Pending Home Sales Index, a forward-looking indicator based on contract signing, rose 3.8 percent in March. Sales activity in the West, which had been relatively stable for five months, also increased.
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