Recent Folsom, Granite Bay, El Dorado Hills, and Sacramento Real Estate News Posts
Avoiding Gapital Gains Tax on the Sale of Your Home
Post Your Comments Published by Patrick Warholic on October 4, 2007 at 8:56 PM.
Worried about taxes eating away too much of the profit on your home? Under a law enacted about ten years ago, a married couple filing jointly usually can exclude as much as $500,000 of their gain. For someone who is single or married and filing separately, the limit is $250,000.
To qualify for the full exclusion, you typically must have owned the home and lived in it as your primary residence for at least two of the five years prior to sale.
This exclusion applies only to your primary residence. Even someone who couldn't pass those tests might qualify to exclude most or all of the gain under certain circumstances. The seller may be eligible for a reduced exclusion if that person had to sell because of a "change in place of employment", health reasons or "unforeseen circumstances." What are unforeseen circumstances? Examples cited by the Internal Revenue Service include divorce, death, or "multiple births resulting from the same pregnancy."
Some think they’re required to buy a new home to qualify for this home-sale gain exclusion. That's wrong. They're probably thinking about a law that was repealed about a decade ago, under which you could defer tax on the gain on the sale of your home by rolling over the proceeds into a new home that cost as much as, or more than, the old one. Congress eliminated that law, in part because it was viewed as unfair to people who wanted to downsize and buy a less expensive home or to sell and move into a rental. Contact Patrick Warholic, your Folsom, El Dorado Hills, and Granite Bay Realtor for details.
Folsom Luxury Homes and Land Specialist
Our motto is to always "Do the Right Thing", starting with providing premier executive service to buyers and sellers of luxury homes and land.
For more information from California Home Network visit Patrick Warholic, The Internet Home Marketing Specialist for free MLS Home and property searches, free real estate reports, information for sellers, information for buyers, and find out exactly what your home is worth with a free home valuation, with current up-to-date market information provided for you.
Learn how how you can be mortgage free in 8 to 11 years without re-financing. Ask for your free House Payment Free analysis.
Contact Patrick Warholic, Realtor, CCRA, SRES, ASP, and e-PRO certified.
To qualify for the full exclusion, you typically must have owned the home and lived in it as your primary residence for at least two of the five years prior to sale.
This exclusion applies only to your primary residence. Even someone who couldn't pass those tests might qualify to exclude most or all of the gain under certain circumstances. The seller may be eligible for a reduced exclusion if that person had to sell because of a "change in place of employment", health reasons or "unforeseen circumstances." What are unforeseen circumstances? Examples cited by the Internal Revenue Service include divorce, death, or "multiple births resulting from the same pregnancy."
Some think they’re required to buy a new home to qualify for this home-sale gain exclusion. That's wrong. They're probably thinking about a law that was repealed about a decade ago, under which you could defer tax on the gain on the sale of your home by rolling over the proceeds into a new home that cost as much as, or more than, the old one. Congress eliminated that law, in part because it was viewed as unfair to people who wanted to downsize and buy a less expensive home or to sell and move into a rental. Contact Patrick Warholic, your Folsom, El Dorado Hills, and Granite Bay Realtor for details.
Folsom Luxury Homes and Land Specialist
Our motto is to always "Do the Right Thing", starting with providing premier executive service to buyers and sellers of luxury homes and land.
For more information from California Home Network visit Patrick Warholic, The Internet Home Marketing Specialist for free MLS Home and property searches, free real estate reports, information for sellers, information for buyers, and find out exactly what your home is worth with a free home valuation, with current up-to-date market information provided for you.
Learn how how you can be mortgage free in 8 to 11 years without re-financing. Ask for your free House Payment Free analysis.
Contact Patrick Warholic, Realtor, CCRA, SRES, ASP, and e-PRO certified.
Labels: Homes, Informational, Properties, Real_Estate, Taxes, Tips
Tips for House Hunting With Resale in Mind
Post Your Comments Published by Patrick Warholic on March 5, 2007 at 5:39 PM.
When looking for a home you probably have a checklist of characteristics that are important to you. However, if you know you are going to be a short-term homeowner here are some special considerations to keep in mind for good resale potential:
House Size — Don’t buy the largest model in the neighborhood. If most of the houses near yours are smaller than your house, they can act as a drag on appreciation. On the other hand, if you buy a small or medium house for the neighborhood, the larger homes can pull up your value.
Prime Neighborhoods — Buying what you need in a more prestigious neighborhood may provide more financial reward that getting what you want in a less desirable neighborhood.
Public Transportation — Even though you many not use them, consider accessibility to public transportation, as well as distance to a major airport.
The Commute — Check the morning and afternoon commute time by driving the major commute routes and to schools and shopping areas.
Schools — Log on to the local school districts website and check out how the schools in the area rank, even if you don’t have school-aged children.
Bedrooms and Bathrooms — three and four bedroom houses are the most popular among home buyers, so if you can stick in that range you will have more potential buyers when it comes time to resell. There should always be at least two bathrooms in a house, or at least the potential
to insert a second one.
For more information from California Home Network visit Patrick Warholic, The Internet Home Marketing Specialist for free MLS Home and property searches, free real estate reports, information for sellers, information for buyers, and find out exactly what your home is worth with a free home valuation, with current up-to-date market information provided for you.
Contact Patrick Warholic, Realtor, CCRA, SRES, ASP, and e-PRO certified.
House Size — Don’t buy the largest model in the neighborhood. If most of the houses near yours are smaller than your house, they can act as a drag on appreciation. On the other hand, if you buy a small or medium house for the neighborhood, the larger homes can pull up your value.
Prime Neighborhoods — Buying what you need in a more prestigious neighborhood may provide more financial reward that getting what you want in a less desirable neighborhood.
Public Transportation — Even though you many not use them, consider accessibility to public transportation, as well as distance to a major airport.
The Commute — Check the morning and afternoon commute time by driving the major commute routes and to schools and shopping areas.
Schools — Log on to the local school districts website and check out how the schools in the area rank, even if you don’t have school-aged children.
Bedrooms and Bathrooms — three and four bedroom houses are the most popular among home buyers, so if you can stick in that range you will have more potential buyers when it comes time to resell. There should always be at least two bathrooms in a house, or at least the potential
to insert a second one.
For more information from California Home Network visit Patrick Warholic, The Internet Home Marketing Specialist for free MLS Home and property searches, free real estate reports, information for sellers, information for buyers, and find out exactly what your home is worth with a free home valuation, with current up-to-date market information provided for you.
Contact Patrick Warholic, Realtor, CCRA, SRES, ASP, and e-PRO certified.
Labels: Buying, Homes, Informational, Properties, Real_Estate, Selling, Tips
Tips for Sellers in a Cooling Market
Post Your Comments Published by Patrick Warholic on February 2, 2007 at 9:53 PM.
A drop-off in buyer demand and rising home inventories has made putting a house on the market trickier for homeowners whose properties appreciated during the boom and who hope to retain their gains. Attracting a shrinking pool of buyers without losing too much financial ground can be tough. To make the most of your real-estate dollars, follow these tips:
1. Know the playing field. Study your local market and investigate other homes for sale, local asking prices and what buyers are paying. Visit open houses in your area. Be savvy to market trends and how what things are worth.
2. Price competitively. Because of the growing number of properties on the market, buyers have a greater number of homes from which to choose. If a home is overpriced, a buyer will dismiss it and move on to the next one. Consult with your real estate agent on an appropriate price
3. Don't be quick to pass up offers. The longer your house takes to sell, the more money you lose. Don't be quick to turn down an offer, because making a deal now, instead of later, can save you money in the end.
4. Negotiate. Offer concessions, such as making minor fixes. Small expenditures, by possibly speeding a sale, can go a long way in preserving the substantial home-price gains.
5. Play up assets. Now that there are more properties on the market, sellers must impress buyers. The strategy is to allow a new owner to imagine himself in the home. Remove clutter. Pay for some inexpensive landscaping. Determine what the popular "look" is in your neighborhood and mimic it.
Tips for Sellers in a Cooling Market—excerpted from WSJ.com
For more information from California Home Network visit Patrick Warholic, The Internet Home Marketing Specialist for free MLS Home and property searches, free real estate reports, information for sellers, information for buyers, and find out exactly what your home is worth with a free home valuation, with current up-to-date market information provided for you.
Contact Patrick Warholic, Realtor, CCRA, SRES, ASP, and e-PRO certified.
1. Know the playing field. Study your local market and investigate other homes for sale, local asking prices and what buyers are paying. Visit open houses in your area. Be savvy to market trends and how what things are worth.
2. Price competitively. Because of the growing number of properties on the market, buyers have a greater number of homes from which to choose. If a home is overpriced, a buyer will dismiss it and move on to the next one. Consult with your real estate agent on an appropriate price
3. Don't be quick to pass up offers. The longer your house takes to sell, the more money you lose. Don't be quick to turn down an offer, because making a deal now, instead of later, can save you money in the end.
4. Negotiate. Offer concessions, such as making minor fixes. Small expenditures, by possibly speeding a sale, can go a long way in preserving the substantial home-price gains.
5. Play up assets. Now that there are more properties on the market, sellers must impress buyers. The strategy is to allow a new owner to imagine himself in the home. Remove clutter. Pay for some inexpensive landscaping. Determine what the popular "look" is in your neighborhood and mimic it.
Tips for Sellers in a Cooling Market—excerpted from WSJ.com
For more information from California Home Network visit Patrick Warholic, The Internet Home Marketing Specialist for free MLS Home and property searches, free real estate reports, information for sellers, information for buyers, and find out exactly what your home is worth with a free home valuation, with current up-to-date market information provided for you.
Contact Patrick Warholic, Realtor, CCRA, SRES, ASP, and e-PRO certified.
Labels: Homes, Properties, Selling
It's a Great Time to Buy a Home
Post Your Comments Published by Patrick Warholic on January 5, 2007 at 1:42 AM.
Low rates and extraordinary Inventory have created perfect conditions for home buyers.
Take a moment to consider these facts:
You've never had more homes to choose from...
For more information from California Home Network visit Patrick Warholic, The Internet Home Marketing Specialist for free MLS property searches, free real estate reports, information for sellers, information for buyers, and find out exactly what your home is worth with a free home valuation, with current up-to-date market information provided for you.
Contact Patrick Warholic, Realtor, CCRA, SRES, ASP, and e-PRO certified.
Take a moment to consider these facts:
You've never had more homes to choose from...
- There are currently 3.75 million homes for sale. Inventories in recent months have been at record levels, offering consumers the greatest choice in decades.
- However, inventory levels are falling, and the selection of homes will become limited once again.
- Former Federal Reserve Chair Alan Greenspan recently said that housing prospects are looking up. "Most of the negatives in housing are probably behind us. The fourth quarter should be reasonably good, certainly better than the third quarter." According to industry estimates, 2006 will be the third-best year on record for home sales.
- At 6.4 percent, the average 30-year fixed rate mortgage rate remains near 40-year lows. This is more than an entire percentage point below 2000 levels. For a $250,000 loan, a drop from 7.5 percent to 6.5 percent means an annual savings of $2,000.
- The average home value increased by 88 percent over the last ten years. In the decade to come, the number of US households is expected to increase by 15 percent, which means housing will stay in high demand.
For more information from California Home Network visit Patrick Warholic, The Internet Home Marketing Specialist for free MLS property searches, free real estate reports, information for sellers, information for buyers, and find out exactly what your home is worth with a free home valuation, with current up-to-date market information provided for you.
Contact Patrick Warholic, Realtor, CCRA, SRES, ASP, and e-PRO certified.
Labels: Buying, Homes, Properties, Real_Estate
