Home Seller Resources Tag Archives | Southwest Florida Real Estate from Sandra Rubinstein

DO YOU KNOW WHAT YOUR HOME IS WORTH

Published on July 5, 2015 by Sandra Rubinstein

Many homeowners over estimate the true value of their home by at least 8%.

A new statistical study published in the Journal of Housing Economics and a study that syncs with Quicken Loans found that there is a widening gap by the average homeowner between what the homeowner actually thinks what his/her home is worth & actual market value, erroneous estimations of their capital gains, and/or over estimations when a homeowner applies for refinancing and the home is appraised for the qualification of the loan product.

So where do we err when it comes to the valuation of our asset?

1. Unrealistic expectations of how much improvements actually add to the valuation of the property. In a 2015 “Cost vs. Value” study by Remodeling Magazine & member of the National Association of Realtors found that many high ticket improvements don’t come close to paying off what they cost, Example; a major kitchen project could return 67.8% in resale value. A back up power generator-57.8%

2. Another issue is the “over-improvement” of the home in comparison to you neighbors/neighborhood. When you renovate to the level that the other homes in your neighborhood do not share in you will not recoup that extra expense/but you will enjoy the improvement while still residing in the home.

So if you really want to know what your home is worth please speak to a reputable REALTOR(tm) (or a few) who will perform a true valuation of your property in terms of what has sold & what is currently on the market within your area or hire a licensed appraiser who will perform an independent valuation.

Home Value Going Up?

Published on June 9, 2015 by Sandra Rubinstein

If you are one of the fortunate ones experiencing a significant increase in your legal primary residence’s value, you may be sitting on a ticking tax time bomb-according to Ron Lieber, a New York Times columnist.

Single homeowners with gains of more than $250,000.0k & married couples with a gain of more than $500,000.0k could ultimately owe the IRS as much as 23.8% on monies earned above those thresholds, plus local State &/or City taxes, when the decision is made that it is time to sell and you are sitting at the “Closing” table.

One way to offset & document the improvements & remodeling that you have done to your primary residence is to maintain meticulous records AND receipts. The savings that you may realize may be quite substantial.

To research the allowable expenses that are deductible under IRS guidelines please go to “Internal Revenue Service Publication 523: Selling Your Home” (Page 12)

Sourced: New York Times (06/06/2015) Ron Lieber

No Tax Breaks For Home Sold “At A Loss”

Published on May 8, 2015 by Sandra Rubinstein

Would you want the bad news first or the good news???

On cannot take an IRS loss deduction on the sale of your Primary Residence; as it was not owned for “investment” purposes. BUT there is a bright side, if you qualify:

In the ownership of a Primary Residence, you may exclude from profit up to $250,000.0k-if single or $500,000.0k-if married on the sale of a Primary Residence that you occupied for 2 out of 5 years.

As always, protect yourself; seek the advise of a Tax Professional.

Eight Important Questions to Ask Your Real Estate Agent

Published on March 25, 2015 by Sandra Rubinstein

Qualifications are important. However, finding a solid, professional agent means getting beyond the resume, and into what makes an agent effective. Use the following questions as your starting point in hiring your licensed, professional real estate agent:

Why did you become a real estate agent?
Why should I work with you?
What do you do better than other real estate agents?
What process will you use to help me find the right home for my particular wants and needs?
What are the most common things that go wrong in a transaction and how would you handle them?
What are some mistakes that you think people make when buying their first home?
What other professionals do you suggest we work with and what are their credentials?
Can you provide me with references or testimonials from past clients?

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