How Do Politics Impact Real Estate?

Taxes are just one way that politics can affect the real estate market.

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Every time there has been an administration change from Republicans to Democrats, there has been a fear that the tax laws allowing home sellers who have lived in their primary residence for at least two of the last five years to sell their homes without capital gains tax would be stripped. That law has been on the books for a long time, except for the part about married couples with a net worth of $500,000 or more or single people with $250,000 or more. If the law does go away, you could potentially pay some portion of those capital gains taxes. That has caused many homeowners to become proactive by listing their homes ahead of that possibility.

      With so many people moving to the area, you won’t have any issues selling your home quickly.

Of course, we don’t know if a change in law like that would apply retroactively; there’s so much uncertainty around the topic at the moment. However, if you’ve been thinking about selling your home, you may want to consider doing so sooner rather than later for the benefit of avoiding capital gains taxes. I’m no CPA, and everyone’s tax situation is different, so make sure you talk to a professional about your circumstances so you can make the best decision moving forward. Frankly, our Tampa Bay market currently has too few homes available for the level of demand we’re seeing, so we could use your listing. With so many people moving to the area, you won’t have any issues selling your home quickly and for more money.

So for anyone who has been toying with the idea of selling, don’t hesitate to reach out to us with any questions you have. We’re here to help you.

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