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So, you have decided to sell your home. It is on today’s market, you have a trusted agent of real estate – now what? You need to sell your home next. Here are several tips to benefit the potential selling and marketability of your house.
Normally, possible buyers will initially see the very front of the house. Therefore, the goal would be to make it highly attractive and very inviting. The first impression is vital. Making positive first impressions is even more vital. The key would be to ensure that everything looks clean and neat. Pull out weeds, cut the grass, plant flowers, trim the bushes, etc.
Emerging Fee-For-Service Option To Traditional Model
If you are a homeowner, you will be entitled to tax breaks when you sell your home. It is possible to profit up to $250,000 if you file your taxes singly. If you file jointly, you could get $500,000. To make things even nicer, you will owe nothing to the IRS. There are a few caveats that are involved. You must have been the owner of the property and must have used that same property as your primary residence for at least 2 of the 5 years preceding the sale of the home. While this seems fair, what happened if you sold your home after only owning it for two years? In 2002, the IRS released new regulations that changed the original rules.
If you are in the situation of owning and residing in the home for less than 2 years, you can avoid the tax by claiming a reduced gain exclusion. This is fairly easy to qualify for. If you do qualify, the amount will most likely be large enough to protect the entire gain, even though the sale was made prematurely. If you are eligible, the amount would equal the $250,000 or $500,000 times a fraction. The numerator of the fraction would be the period of time that you owned and used the home and the denominator would be the two years that is required. For example, if you and your spouse owned and resided in your home for 22 months, the reduced exclusion would be $500,000 multiplied by 22 months over 24 months, which would equal $458,333. The reduced exclusion applies when the premature sale is a result of a change in employment, health issues or unforeseen circumstances.
Additional tax treatments are available if you use your home for business or rental property. The entire home, including the rental and business areas will qualify for the gain exclusion. The only difference in this case is that you must pay a tax on the gain if it was attributable to depreciation deductions that had been claimed after May of 1997. Keep in mind that the business or rental property must be located within the primary residence.
As long as you meet the eligibility requirements, you can earn considerable tax savings when you sell your home. Selling prematurely should be avoided if at all possible, but if a situation does arise, you will not lose as much as you think.
Property for Sale - How To Sell Your Home Yourself
When a homeowner decides to sell his home, he must make many decisions, some of which, will, generally, have a major impact, on his results, convenience, degree of hassle/ stress, etc! One of the first and most relevant decisions, is whether or not, to hire an agent, to market and sell his house, rather than attempting to do so himself. Trying to sell a home on his own, is generally referred to, as a FSBO or For Sale, by Owner, and this article, will attempt to briefly examine and discuss, 6 important factors, which should indicate, homeowners might be better served, by hiring the right, real estate agent, for their needs, priorities and concerns.
1. Knowledge of local real estate market: Doesn't it make sense, a real estate professional, would have more relevant knowledge, about the essence of the local area and market, than an individual homeowner? This knowledge will be helpful, in evaluating the best way to market, the specific property, in order to receive the best possible, available price, in the shortest period of time, with the minimum of hassle! When homes are priced properly from the onset, they sell more quickly, and at a more favorable price, and a qualified, empathetic agent, will be able to guide a homeowner, with insight. One of the objections, some seem to initially have, to hiring an agent, is paying a commission, but, studies by the National Association of Realtors (NAR), consistently indicate, homes sold through agents, net a higher price (even after considering the commission) than a FSBO might!
6. Impartial eyes: My personal trademarked slogan is, I'll tell you what you need to know, not just what you want to hear. It's often challenging for a homeowner to objectively consider, how to price and position his own house, for effective sale!
These are just, 6 factors, which indicate, some of the advantages, and reasons, to hire a quality, real estate agent. With this in mind, doesn't it make sense, to interview, and choose, the best professional, to represent you, and serve your needs?