Real Estate Update - March 2007
Bob & Cherrie Martinez's Real Estate Update Your REALTORS:
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The Homeowner Gain Exclusion DeductionIt's been 10 years since Congress brought us the homeowner gain exclusion deduction -- one of the most powerful and useful tax-saving tools ever given to homeowners.
The deduction itself is simple: If you have lived in your home for two out of the previous five years, you get a tax break when you sell it. If you're married and you file a joint tax return the first $500,000 of gain (the difference between what you paid to buy the property and what you sold it for) you make on the sale is tax-free. If you're single, you get a tax break on the first $250,000 of gain. What
U.S. averages as of February 22, 2007:
30 yr. fixed: 6.22%
15 yr. fixed: 5.97%
1 yr. adj: 5.49%
View current rates
constitutes "living in" is pretty flexible, too. Those two years don't have to be consecutive, nor do you have to physically live in your home every day. The IRS allows you to have temporary
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Putting Zeal In Your
Curb appeal, the first impression your home conveys to prospective buyers, should create an emotional desire to own the home and enjoy the lifestyle and status it represents.
Putting the best face on your home also should give a lasting impression that motivates buyers to cross the threshold and take that first step toward closing the deal.
Experts advise, more like a home improvement or exterior staging job than a cosmetic makeover, curb appeal that sings is particularly crucial now that more and more buyers are calling the shots.
Give your house model home level curb appeal for that "new" look and feel and buyers will beat a path to your door. That's because there's nothing like moving into a home that's ready to go, free of the need for initial touch ups and free of the ghosts of owners past.
So how do you put a new face on your old home? With lots of attention to detail, in not one, but all the components that make your home stand out on the block.
Study Profiles Home
Of The Future
New homes have changed dramatically over the past five decades. Small one-story bungalows with less than 1,000 square feet, two bedrooms and a single bathroom have given way to two-story homes topping 2,400 square feet with three or more bedrooms and two or more bathrooms. Along the way, new homes have evolved to levels of comfort and sophistication that were virtually unimaginable even a generation ago. �
Given the rapid evolution of design, configuration and products in new homes, even a professional futurist might be hard-pressed to determine what the next five decades hold for housing. But a new study by the National Association of Home Builders provides a telling look at the homes buyers can expect to purchase in the nearer future. �
"The Home of the Future" study, introduced at the International Builders' Show in Orlando, was conducted in 2006 by NAHB's Economics Group. Based on polls of architects, designers, marketers and manufacturers, it provides a detailed view of what buyers can expect to find in an "average" home and an "upscale" home in 2015.
According to the experts, the pace of change in new homes will be much faster over the next 10 years than in recent years, and buyers can expect that all homes will be significantly� "greener" and more resource efficient than today. There
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Number of Inspectors Makes Choosing The Best Difficult
While more competition could mean better prices for those in the market to buy or sell, home inspector and incoming President of the American Society of Home Inspectors (ASHI), Frank Lesh, cautions consumers to be wary of price cuts to save a little when such an important task in the real estate transaction is at stake.
"Caveat Emptor, or buyer beware, can best be avoided by working with an ASHI Member who follows the ASHI Standards of Practice and Code of Ethics, which have become the industry standard," says Lesh.
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Real Estate Taxes, Refunds
Holding Escrow After Settlement Could Cause Headaches Downpayments Shrivel as 100% Financing Becomes The New Norm Bob & Cherrie Martinez
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