Realtor John Odom, who has built a reputation as a conservative realtor in Southern California, said that he has seen a marked increase in new property values as a result of the tax cut.
“It’s been a real shock to us because it’s really a tax cut for everybody,” he said.
The tax cuts have been widely criticized for cutting tax bills for many Californians, but they have also caused a backlash in the real estate industry.
Many people, including realtor and real estate executives, have complained that they have seen property values drop, and some have said that realtores have been cut out of their local communities.
Realtor Odom is not alone.
Some realtress groups and realtor associations have also expressed concern about the new tax plan.
A spokesperson for the Association of Realtors of Southern California said that the association is “committed to helping residents stay in their homes, especially in our most vulnerable communities.”
Realtors of Northern California said they are working to make sure that they do not lose the income they have received from their local real estate commissions.
“We’re just trying to do everything we can to preserve the income we get from our real estate commission, to make our commissions more efficient,” said Jeff Rader, CEO of Northern Realtor.
Realtor David DeMarco, president of the Real Estate Board of Southern Calabasas, said he believes that the new real estate tax plan will help the region’s real estate market.
“The bill is really going to make a real difference for the realtored community, but I’m also going to say, ‘Look, this is going to hurt the realtor community,'” DeMarco said.
“Realtoring is a business, and the realty community has always been in the driver’s seat, and this is not going to help the realestate community.”
Copyright Associated Press / NBC Southern California