Real estate experts are evaluating the prospect of eliminating the capital gains tax on home sales as proposed by President Donald Trump. The National Association of Realtors notes that 15% of homeowners may be deterred from selling due to the tax, which has been unchanged for 30 years. Homeowners, especially retirees, are reluctant to downsize because of potential capital gains taxes. The tax affects high-end properties, with a median home price of $435,300. Experts believe restoring confidence in the market is crucial for encouraging sales, more than tax changes.
“Their accountants are saying don't sell the home because of the tax. So naturally if there was a lifting of the exemption amount, we would see potentially a good portion of those listing.”
“But frankly that's not what really is going to matter for the housing market. What's really going to matter is a return of confidence.”
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