Dec
20
Tax Overhaul May Mean Lower Prices for Manhattan Homebuyers
By-
Bill limits mortgage-interest deductions to $750,000 of debt
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Home hunters will want discounts for higher carrying costs
The U.S. tax overhaul sent Wednesday to President Donald Trump for his signature is likely to push down home prices in high-cost markets such as Manhattan and Westchester County to the north as buyers demand discounts to cover higher carrying costs, said Jonathan Miller, president of appraiser Miller Samuel Inc.
“You have so much you can afford a month,” Miller said. “Now you have larger costs taking up that amount you can afford. So there will be downward pressure on prices until there’s equilibrium.”…
Tax Overhaul May Mean Lower Prices for Manhattan Homebuyers
