Only a few days into May, and we are looking at the biggest spring inventory since the pandemic boom. As expected there has been a major reaction to the Federal Government's raise on capital gains tax. Many longtime owner's of vacation homes or non primary residents have started listing homes, in hopes for a quick sale to avoid tax implications. These are primarily longtime owners, who will be expecting a large return on thier investment.
As listings come on to the market, competition is ramping up and prices are slowly coming down. This could be an excellent time to purchase a home. June 25th 2024 is the deadline for the current tax on capital gains, so there is a major incentive for sellers to settle.
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