Capital Gains Tax on Real Estate

Posted On: April 5, 2019

Capital gains tax can happen when a homeowner buys their home for $100,000 and then, later on, sells their home for $500,000. Unfortunately, the seller may have to pay taxes on those profits in the form of capital gains tax. Now, with the new Tax Cuts and Jobs Act changing some rules, now is a great time to go over capital gains and how they work. The first thing to mention would be the requirements to claim an exclusion of up to $500,000. The home your selling must be your primary residence, you must have owned the house for at…

Which Price is Right?

Posted On: March 29, 2019

Proper pricing in real estate is an important piece of getting your house off the market. Since buyers have the option to pick their budgets online while looking for their next home, for example, they can search for houses in a range of $150,000 to $200,000. However, it is important to list a house at a nice round price to get more clicks from more buyers. So, when putting a house on the market, instead of listing for $249,000, you can list for $250,000 to get a more extensive range of buyers. This way, you get seen by the groups…

Home Staging Makes Selling Easier

Posted On: March 22, 2019

The National Association of Realtors (NAR) recently found in a survey that 83 percent of buyers' agents say staging makes it easier for buyers to visualize their future home. NARs President, John Smaby, said the following, "Realtors understand the importance of making a residential property as welcoming and appealing as possible to potential buyers." When buyers enter a home, they look for how they would set things up. A staging could help them get an idea of how things could look if they lack creativity too. More than half of the sellers' agents agree that a home is bought quicker…

Good News for Real Estate

Posted On: March 15, 2019

The National Association of Realtors President, John Smaby, believes real estate firms should remain optimistic about the future. "To look optimistically toward the future, with a majority expecting profits to increase in the next two years. These trends are positive signs, particularly in our constantly evolving industry." This is a good look into the real estate business, which has seen low numbers for the past few years. However, the month of March seems to be bringing good news. The average rates have seen a decline since early November, leaving the average 30-year rate at 4.41 percent. This brings in the…

Cold Spring for the House Market

Posted On: March 8, 2019

Springtime invites many new home buyers into the market. However, this year seems to be taking a slow start due to higher prices. This is mainly hitting high economy areas, like California and other western states and cities and is part of a trend we've seen over the last five months. There are also too many homes and not enough buyers which has made homes more expensive. Danielle Hale, the chief economist for realtor.com, says "Sales have slowed. ... Affordability is a challenge." This is mostly because of a long-term housing shortage that pushed prices higher, on a monthly and…

Inspect Before You Buy

Posted On: March 1, 2019

When looking for your future home, you'll most likely wonder if anything is wrong with the house. This is what home inspectors do too, they worry about your next home for you. Approximately 55 percent of home inspections nationally wrote doors that needed adjusting, 54 percent lacked exterior caulking and sealant, which could leave the home vulnerable to water damage, and about 48 percent of homes' Ground Fault Circuit Interrupter (GFCI) lacked protection to reduce the risk of electrocution in places like the kitchen or bathroom. Unfortunately, some fixes for a new home or any home can be quiet expensive.…

Flood Insurance Reform

Posted On: February 22, 2019

In 2017, House Financial Services leadership announced that the flood insurance reform would be a priority. The flood program was going to expire on September 30th, in 2017. However, several controversial reform bills were introduced that stalled in Congress. ¬†Once the 2017 hurricane season hit, Congress changed focus which led to multiple short term extensions of the flood program. 2018 saw many extensions which turned into program lapses and more week-long extensions. Just like 2017 and 2018, the year 2019 might not be any different. However, there is always hope for true reform. Late 2018 Congress voted on a standalone…

New Tax Laws Trigger Moves to More Affordable Florida

Posted On: February 15, 2019

Who doesn't love living near or on the beach, close to Disney and Universal Studios, or in a nice tropical paradise filled with rivers, beautiful nature, and tons of activities for the family (no matter their taste)? The obvious answer is nobody; Florida is a giant mixing pot for many reasons. People from other states are more frequently deciding that Florida is perfect for them, not just because of the things listed above, but for the fact that it is more affordable; Especially those in high tax states. One example is New Yorkers beginning to find themselves moving to Florida.…

Tax Returns for 2018 are a Little Different

Posted On: February 8, 2019

Doing your taxes from 2018 could look slightly different than it did last year. There were more than 600 rule changes that took place by the Tax Cut and Jobs Act, which was passed by Congress in late 2017. Those changes also made industry experts concerned because of the government shutdown on December 22nd of 2018. However, this was resolved by President Trump announcing that the Government will partially be up and running on January 25th, making it possible for taxes to be filed as early as the 28th. Tax filers need to understand that it won't be the usual…

New Tax Rule Creates Big Win for Realtors

Posted On: February 1, 2019

The National Association of Realtors (NAR) call the new tax rule a Massive win for realtors. The new tax law sees a reduction of the corporate tax rate going from 35 percent to 20 percent. This new ruling will help realtors give better deals at better prices. Also, this is tax return time, so that means more money to spend on future homes. The new tax law sees all real estate agents and brokers who are not employed, but operate as sole proprietors or owners of partnerships eligible for the new deduction, which can be as high as 20 percent.…