I want to sell my home!
When you ready to sell a property, the first step is to find out how much your property is worth, and how much you will get at closing after all your expenses, and your current loans are paid off. You can use this form to request a free comparative market analysis.
To send your CMA to you I will need your name, address, and email address. Keep in mind that I will never sell or rent your info to anyone I will only use it to contact you about properties you might be interested in.
Setting the Price on Your Home
Along with location and condition, the pricing of a house is a major component of the reasons why a house will--or will not--sell quickly. Although the pricing should not be dealt with lightly, some sellers have a tendency to put too much emphasis on the price and not enough on the condition, ending up with a house that is overpriced for its current condition and the overall market. Even if you find an unaware buyer that appears willing to pay the high price, when the buyer applies for a mortgage, the chances are good that the lender's appraisal will force the price back down to market value.
It's important to get it right the first time.
Care and time should be taken when establishing the original listing price for several reasons:
- If the house is overpriced, it won't sell. If it doesn't sell and sits on the market the listing quickly becomes stale.
- If you overprice the house with the intention of reducing the price later just to "see what the market will bear", when the price of the house is lowered, it signals to buyers that it was (and still may be) overpriced.
- If the house is underpriced, it most likely will sell quickly--to the detriment of your net proceeds.
Some factors that affect the price of a home:
- Location: You can't get away from this one. If your house is located in a desirable area that is in demand, you will be able to get a higher price than you can for the same house in a less desirable area.
- Condition: A house that has been better maintained and shows better will always sell for more than one that has had deferred (neglected) maintenance and needs work.
- Desirable amenities: If a house has amenities that are currently popular in the marketplace, it will bring a higher price.
Methods of setting the price
CMA (Comparable Market Analysis): A comparison of similar properties in the same general area that compares actual sold prices. Request a CMA for your property.
Bill Spencer/Agent
Top Ten Tax Facts if You Sell Your Home
{IRS TAX TIPS}
Do you know that if you sell your home and make a profit, the gain may not be taxable? That’s just one key tax rule that you should know.
Here are ten facts to keep in mind if you sell your home this year.
- If you have a capital gain on the sale of your home, you may be able to exclude your gain from tax. This rule may apply if you owned and used it as your main home for at least two out of the five years before the date of sale.
- There are exceptions to the ownership and use rules. Some exceptions apply to persons with a disability. Some apply to certain members of the military and certain government and Peace Corps workers. For details see Publication 523, Selling Your Home.
- The most gain you can exclude is $250,000. This limit is $500,000 for joint returns. The Net Investment Income Tax will not apply to the excluded gain.
- If the gain is not taxable, you may not need to report the sale to the IRS on your tax return.
- You must report the sale on your tax return if you can’t exclude all or part of the gain. And you must report the sale if you choose not to claim the exclusion. That’s also true if you get Form 1099-S, Proceeds From Real Estate Transactions. If you report the sale you should review the Questions and Answers on the Net Investment Income Tax on IRS.gov.
- Generally, you can exclude the gain from the sale of your main home only once every two years.
- If you own more than one home, you may only exclude the gain on the sale of your main home. Your main home usually is the home that you live in most of the time.
- If you claimed the first-time homebuyer credit when you bought the home, special rules apply to the sale. For more on those rules see Publication 523.
- If you sell your main home at a loss, you can’t deduct it.
- After you sell your home and move, be sure to give your new address to the IRS. You can send the IRS a completed Form 8822, Change of Address, to do this.
