Good news! If you’re in the market for luxury real estate and waterfront properties in the Palm Beach County, it may be the perfect time to buy. According to a recent iRealtyTimes report, “Homeowners of luxurious homes are in a scramble to sell their homes.” This is due to the impending expiration of the capital gains tax cuts from the Bush-era. With the tax cuts set to expire in January, homeowners of luxury homes will have to pay much higher taxes on their luxury homes. Real estate experts are still determining how this potential change will affect home sales. Numbers, however, are already showing that the effect the hike will have on sales is real. Luxury home sales are currently up 23 percent from a year ago, and the median sales price on homes over $1 million has decreased by 12 percent. So not only are luxury homeowners trying to sell faster, but they are even more willing to accept offers below the listing price. Those considering investing in luxury real estate in Palm Beach County may want to act fast. Start browsing luxury listings at LiveDelrayBeach.com and LangRealty.com. To speak to an experienced real estate agent, contact Lang Realtyat 866.733.2214.
