A new report states that a federal proposal to provide homebuyers a $400/month tax credit for the next two years could have an unintended consequence. If this credit is adopted by Congress, “bidding wars” from an expanded buyer pool could drive home prices even higher.
A Realtor.com analysis of the implications of the proposal notes this major concern from real estate economists. It also suggested a $10,000 incentive to first-time owners who sell their homes to add more inventory to the market.
“The housing market is on fire, and we’re throwing gas on it with these proposals,” real estate economist Ken Johnson told Realtor.com. “I’m very worried it would make prices go up. You’re providing economic incentives for consumers to bid prices up.”
This just reinforces why the smart move is to purchase now. In Coral Gables, buyers are realizing that Merrick Manor has the only newer condominium product priced under $600,000 for the foreseeable future.
Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor is just steps away from the world-class Shops at Merrick Park and has a Zillow Walk Score of 77, making it “very walkable.”
Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.
For more information about the residences at Merrick Manor, visit our Model Residence 527 on the at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. Open from 11 a.m. to 5 p.m. on Monday through Friday and weekends by appointment.
