CHARLOTTE, N.C. - The housing market continues a slow recovery, and a local Realtor discussed how the "fiscal cliff" could affect the market in Charlotte.
"We're seeing the housing market is getting legs again," said Trent Corbin, president of Providence Property Management.
Corbin said what concerns local real estate agents and homeowners with the fiscal cliff is the mortgage deduction cap and any changes to tax cuts people receive.
However, Corbin said the impact would not be devastating in Charlotte.
"I think overall, what we would expect if Congress fails to act would be a small hiccup in 2013, but overall continued trends toward positive throughout the remainder of the year," he said.
If Congress can't agree on a deal to stop tax increases and spending cuts, experts fear a recession is likely, which would cause a hit to the housing recovery.
Corbin remains optimistic and believes local buyers should take advantage of the market as it stands.
"With rates historically low, with home prices historically low, even if Congress doesn't act, it still makes sense to buy right now, and it'll continue to trend that way," he said.
Corbin added that even if there was a knee-jerk reaction during the first quarter of 2013 because of the fiscal cliff, he thinks things in Charlotte would be back on track during the second or third quarter.
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