Real Estate Sales in Newport Beach 92660 zipcode have continued to exceed new inventory lately. Prices are still in buyers favor but if this continues we may just see the start of price hikes!
A few months ago the percent of properties with a price decrease was more like 40%, today it is down to 29%.
Many believe that 2011 will be the start or our recovery. You may or may not be aware of the new real estate tax in effect in 2013. This is part of the Obama Health Care bill. You will have to pay a 3.8% real estate tax on real estate purchases and sales. This will not affect everyone, but it is very difficult to understand how and who this will affect. You will need to seek advice from your accountant. I believe that with this new real estate tax coming many folks will be stepping up and buying in 2011 and 2012. But who knows what will happen in 2013.
For more information on Newport Beach real estate please feel free to contact me with any questions.
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