New tax cut plan may have created shift in WC housing market

Posted: Updated:
NEW ROCHELLE -

President Donald Trump's new tax cut plan may have created a shift in the Westchester housing market.

The Trump administration's tax overhaul placed a $10,000 cap on state and local tax deductions (SALT), making the housing market in Westchester- with one of the priciest property taxes in the country- a little more intimidating.

"When they look at a property, they are concerned about the amount of taxes they'll have to pay," says Michele Silverman Bedell, broker/owner of Silverson's Realty. "The taxes could be $20,000 $30,000, $40,000 on a house."

Bedell says this could discourage buyers and convince potential sellers to downsize. It could also flood the market with inventory and force price reductions.

"Under $1 million houses are selling more briskly than the over $1 million market and a lot of that has to do with the taxes," says Jennifer Askowitz, associate broker at Silverson's Realty.

According to a new report by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate, home sales in Westchester plunged 18 percent in the second quarter from a year earlier. That is the highest amount since 2011.

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