Bryce Gharring Temecula, Murrieta, Taxes, Real Estate

"Why Me?"

How often have we heard this lament? Like so many words and terms in the English language, this little two word sobriquet has another, very different meaning. In the case of selecting someone to represent you in one of the largest financial transactions that you'll make in a lifetime, doesn't it make sense to have somebody who understands the many different and unique facets of a real estate transaction represent you? Well, you might say, isn't buying or selling real estate just a relatively simple transaction that anybody can do? After all, Aunt So and So is a realtor...

Therein, lies the problem. While it is relatively difficult to get a real estate license, it is certainly not the same as spending four years getting a college education, for example, or serving a lengthy apprenticeship to assure that you are ready to truly represent somebody in a professional, competent manner. Many, many people come in and out of this business, the numbers often reflecting the state of the economy, as evidenced by the ebb and flow we've recently seen. Five years ago, when the market was booming, the real estate offices were full of agents looking to cash in on the many great opportunities. Those same offices today are either out of business, look like ghost towns, or are having to adapt to a very different and dynamic marketplace and look very different than they did that short five years ago.

So, with a little perspective and understanding, perhaps it would make sense to briefly outline what kinds of attributes and experience you would want to be looking for in your next agent.

• First and foremost, in my opinion, is to find someone who is ethical and honest. While that may be one of the more difficult and subjective things to determine, there are enough ways for you to do your due diligence. With a little extra effort up front, your comfort level with someone representing you honestly should be very high.
  
• Secondly, while it seems like everybody has somebody in the family who is a realtor, or a close friend, or a neighbor, the reality is you should be looking for someone who is full-time in the business. While it is not impossible to be a part-time realtor, it is extremely difficult. Things happen in this business that require immediate decisions and actions, and those decisions and actions can often be the difference between getting that house that you truly love, or getting your deal closed, or getting an opportunity that only has a narrow window of time. As they say, "timing is everything", and indeed that is often the case.
• Number three on my list would be to work with someone who does what they say they are going to do and does it in a timely fashion! The days of over promise and under deliver are over in the competitive marketplace. Those that practice this mantra are either out of the business, or on their way out. Don't get caught in the trap of dealing with somebody like this as it will not only frustrate you, but could cost you thousands of dollars. If I was looking for somebody that would provide the positive attributes just described, I would give that person a couple of opportunities to prove that they do what they say. Just how you go about that is as varied as the people looking for a good realtor. Good common sense here should prevail.
  
• Finally, in this short list, look for someone who knows what they are doing. Well, how do you find that out, you ask? That's a fair question. Certainly years of experience is going to be a very good indicator. Anybody who's survived the last five years and is still standing probably has a pretty solid understanding of our business. It is no guarantee, however. Fortunately, there are other criteria that can be considered that will help you in evaluating someone's competency. Different designations, GRI, CDPE, for example, are a couple within the industry that reflect an agent's motivation to continually improve themselves and to make themselves more valuable to the buyer or seller they represent. I'm also a firm believer in looking at other life's experiences, or work experiences, that the agent has had that would help them not only understand you better, but also all elements of the real estate buying or selling process.

I truly hope I return then to my original question, "Why Me?" While it is always difficult to talk about yourself and not make it sound like you are bragging (or worse, sound arrogant!), I'd like to attempt to give you just a few short sentences about why doing business with Bryce Gharring would be a wise decision on your part. Following the pattern established in the previous paragraphs, the ethical, or integrity piece of the process may be the easiest for you to determine. Living a life not based on that bedrock value is something that I have never considered, nor would I. In short, it is who I am - this is something you'll have to determine for yourself, but I am very comfortable standing up to that scrutiny.

My background is diverse, yet related. I have been a stockbroker, a registered principle (supervising those who market securities), an insurance agent, manager, and executive, a certified tax preparer, a teacher and a high school basketball coach. Whew . . . makes me tired just thinking about all of those marvelous experiences. I understand finance, I understand people, and most importantly, I love helping people like you fulfill your dreams of buying or selling your home, or investing for your family's future. I am a full time real estate agent here in Riverside County, and have been for six years. I have been, and remain a leader in my office in sales and service. I also specialize in short sales and foreclosures and have the CDPE (Certified Distress Property Expert) designation. Because of my wide financial background and experience, I am able to represent my clients in ways that very few agents could do. I'd love to be able to have the opportunity to put my experience and expertise to work for you. Call or e-mail me and let's get moving!

Update on Tax Reform and Taxable Consequences of Home / Property Sales - Bryce Gharring, Temecula, Certified Tax Preparer and Realtor®

While in my last blog I talked about the probability of a major tax overhaul being on the agenda, further consideration makes me think we will stay stalemated on meaningful reform until after the elections. Although we now have established a bi-partisan approach to our debt problem, the reality remains that the democrats and republicans have very different views on how to lower the deficit.

Consequently, even if the panel agrees to a tax hike, the house most likely would not pass it. This thought alone pretty much guarantees that stalemate will prevail and major tax reform will get delayed and both sides. Those who think the public is on their side will put their philosophies to the electorate in the 2012 elections, convinced that the majority of voters support their position. Hold tight folks, we're not through this by a long shot!

Rumors that are out there that may not be accurate: many publications, websites, and chat rooms have been working the troops up into a later with the so called proposed 3.8% tax on the profit on the sale of your property. While some of this can be construed as scare tactics, the reality remains that there is an element of truth to it. As they say, the devil is in the detail, and if this tax does go through there will definitely be some property sellers who will be hurt by it. So, let's deal with the facts as we know them.

There are two main points for consideration here concerning the taxable consequences of property sales:

1. On primary residences (homes) there is already a $250,000 profit exclusion for single taxpayers, and a $500,000 for joint filers
2. Only those taxpayers who are single with an adjusted gross income in excess of $200,000, or $250,000 for those filing joint returns, would be impacted by this tax.

Of concern, though, are those who sell a secondary residence (vacation home, etc.) or investment property and whose income exceeds the aforementioned AGI thresholds, the 3.8% medicare tax will definitely affect their bottom lines. Now that you better understand it, best to keep your eye on this one and see how it develops and plan your strategy accordingly.

Stay tuned for more information on Tax Reform and Taxable Consequences of Home / Property Sales from Bryce Gharring, Temecula, Certified Tax Preparer and Realtor®

Brcyce Gharring has been a certified tax preparer for over 40 years, worked in the insurance industry for over 25 years as an agent, manager and executive, has been licensed and marketed securities for a major financial services firm for several years, and most recently combined that background to assist clients looking to buy or sell real estate as a Realtor® here in the Temecula Valley. Bryce assists home buyers and sellers in the entire Temecula Valley including Temecula, Murrieta, Menifee, Winchester, Wildomar and Lake Elsinore. He has earned the Certified Distressed Property Expert designation. He provides his clients with competence, compassion and understanding, as well as a dogged determination to help them meet thier financial and personal objectives.

Temecula California Realtor® | Temecula CA Tax Preparer | Temecula CA Homes

Potential Tax Effects of the Debt Limit Increase - Bryce Gharring, Temecula, Certified Tax Preparer and Realtor®

As we contemplate the changes this new agreement increasing the debt limit will have on us and our pocketbook, there is one thing to continue to keep in mind, the government will seemingly always be looking for ways to generate more revenue! The only meaningful way (at least meaningful in a collection sense) is for the taxing agencies to find new ways to impact our pocketbook. While some of what I am going to share can be classified as conjecture, the preponderance of evidence would seem to indicate that these changes may not be too far off in our future. Here then are a few of the ideas that have been floated out there for us to ponder:

• Cap the rate at which itemize deductions can reduce tax liability. Put in more common language, those in higher income brackets would receive less and get less benefit from traditioinal write-offs.
• Change the indexing of tax breaks. Example, phase out on educational benefits begins at $160,000, a lowering of that figure would mean taxpayers under the $160,000 of adjusted gross income would now be negatively impacted in allowing for those credits on their tax returns. There are many other types of credits that could be impacted this way as well.
• Consideration is being given to lowering the amount of home mortgage interest that can be deducted. This is one of the sacred cows of our tax structure and is a political hot potato for whomever recommends this change. While I don't see this happening in the near future, the fact that it is even being discussed lends credence to the gravity of our economic situation and to the fact that all options will be explored.

Finally, all the talk you hear of reviewing the tax code is real! I would expect that you will see a bi-partisan task force put together with the express purpose of considering a major overhaul. While we've heard these cries for change before, be assured, this one is less fluff and more substance than any of us have probably seen in our lifetime. Where this would end up is anybody's guess, however, remember this, much of our code is Congress' attempt to make the code as "equitable" as possible while satisfying constituents and special interests. It is literally impossible to satisfy everybody and there will be winners and losers.

The degree of change as a result of the debt limit increase and who falls into the "W" and "L" category will fuel the discussion and ultimately dictate what the changes will look like. So, bottom line, do I expect monumental change? In a word . . . . no! Having said that, however, be assured that you will definitely see changes, but as in most years with tax changes, they will be incremental, they will be political (hopefully to a lesser degree than previously) and they will be adjusted to meet the needs of the government and the American citizenry.

Brcyce Gharring has been a certified tax preparer for over 40 years, worked in the insurance industry for over 25 years as an agent, manager and executive, has been licensed and marketed securities for a major financial services firm for several years, and most recently combined that background to assist clients looking to buy or sell real estate as a Realtor® here in the Temecula Valley. Bryce assists home buyers and sellers in the entire Temecula Valley including Temecula, Murrieta, Menifee, Winchester, Wildomar and Lake Elsinore. He has earned the Certified Distressed Property Expert designation. He provides his clients with competence, compassion and understanding, as well as a dogged determination to help them meet thier financial and personal objectives.

Temecula California Realtor® | Temecula CA Tax Preparer | Temecula CA Homes