Kathy Riggs February 27th, 2011
I don’t have to explain that today’s real estate market is a buyer’s market.
If you have been following my posts you know I have focused my writings why it is a great time to become an American homeowner.
With that said, if your home is on the market, you have either been waiting for someone to walk through the door or wondering why the past prospects haven’t returned.
Unless the prospect is an investor or someone who dreams to transform an ugly duckling into a beautiful swan, today’s buyer can pick and choose.
Let’s look at a few things that might point the buyer to the next house down the street.
First, leave the showing to your real estate agent. Buyers are uncomfortable making comments and asking questions while the owners are present. If the buyer is serious and wants to ask questions of the owners they will schedule a second showing, with their agent present.
Second, hire a cleaning crew to get your house in ship-shape (or do it yourself.) A home with sparkling mirrors and chandeliers says, “Buy me.”
While the buyer may love their pets, they won’t love the scent left by your favorite pooch. Make sure your home is free of pet odors and remove litter boxes from sight before a showing. And if possible take your pet with you when a showing is scheduled.
Another buyer turn-off is an inflated price. Discuss price with your agent and try to be as realistic as possible. Being open to helping with closing costs is no good if the listing price is so unrealistic your agent is not receiving inquiries.
Finally, don’t forget that 90 percent of today’s buyers start their house hunting online. They will surf right over a listing with no photos. Schedule a time with your agent to take a good set of pictures and have the house prepared as if it were a showing…no laundry on the floor…no dishes in the sink, no unmade beds. You get the picture.
Today’s market is a buyer’s market and neither sellers nor agents can afford to turn the buyers off.
Housing Tip for February…
It’s time to clean the lint from your dryer check that the flexible exhaust pipe behind the dryer isn’t pinched. Check that exterior vent flap closes correctly.
SHAMELESS PLUGS
Buyers begin their housing search online. Call me at 252-939-2432 and let me help place your home on the world wide web.
Kathy Riggs February 13th, 2011
If the low interest rates are not enough to entice you into buying a home the tax advantages should.
Yes, homeownership carries responsibility and commitment, but when you accept the responsibility and make the commitment, the tax advantages are yours.
The greatest advantage is the mortgage interest deduction. The interest paid on the mortgage can be deducted from your taxes as an itemized expensed. And in the first few years, the bulk of the mortgage payment is applied to interest, so the deduction can be substantial.
Secondly, homeowners can borrow up to $100,000 against the equity of their home and claim the interest deduction. The borrowed funds can be used for any purposes, even paying off a credit card. Interest on the credit card is not deductible.
State and local property taxes are deductible from federal taxes. Some closing expenses such as loan origination fees and the pro-rated taxes can be deducted.
One little known deductible is that a house can be rented for 14 days out of the year and no taxes are due on the income…whereas if a renter sublets a house or apartment, their is no such deduction.
And there is good news when a person sells their home for a profit.
Homeowners who lived in their home for two of the prior five years before its sale do not have to pay income tax on a substantial amount of their profit — $250,000 for single homeowners and $500,000 for married homeowners who file jointly. This exclusion can be used once every 24 months.
Renters can only claim the home office deduction. This is a business deduction available to renters who own a business and have a home office they use regularly and exclusively for business purposes.
In general, homeowners have many more tax benefits than renters; but every person’s situation is different. The decision to buy should be based on a person’d thorough evaluation of their individual circumstances. And if buying a home is right for you, this is a good time to buy. Housing prices are great and interest rates are low – a combination that may not last forever.
Housing Tip for February…
It’s time to clean the lint from your dryer check that the flexible exhaust pipe behind the dryer isn’t pinched. Check that exterior vent flap closes correctly.
SHAMELESS PLUGS
More than 90 percent of buyers start there housing search online. Call me at 252-939-2432 if you have found several houses you wish to see and we’ll start house hunting. Just because it doesn’t have my firm’s sign as the listing firm does not mean I can’t help you get in the door.
