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Received this email today and wanted to share! Although Realtor.com is GREAT, many of us today are on a budget & that's where Trulia comes in, just as effective and FREE! See for yourself....
Agents often ask "How does Trulia compare to Realtor.com?". To find out, we invite you to take the Trulia Challenge. It isn't exactly a taste test, but we think you'll find the results (i.e. get a whole lot more for a whole lot less) to be delicious. Take the first step of the Trulia Challenge and decide for yourself.
Hello Everyone,
Received this from Trulia today...Good information!
With doomsayers declaring that the housing market is freefalling and the media prophesying catastrophe, many sellers have abandoned any thoughts of selling. They’ve figuratively gone back to bed and pulled the covers over their heads.
The pundits are wrong.
Most news is national and doesn’t reflect local trends. While houses may not be selling in other parts, they are definitely selling here in the San Francisco Bay Area. In fact, sales number are rapidly increasing due to the influx of REOs.
Bottom line: local home sales are not dead.
Heed some basic advice and you stand a very good chance of selling your home even in this current market. As has been mentioned in countless other blogs, home preparation is critical for selling quickly and for top dollar. Additionally, professional home staging has proven to increase your chances of a sale.
However, there is only one basic point that will ultimately determine whether or not you sell your home. The Pareto principle states that 80% of effects come from 20% of the causes. In the case of your home this is certainly true: 80% of selling your home comes from one factor alone:
Price.
No matter how much time, effort and finances you invest in your home (the 20%), if it’s not priced correctly (the 80%) it won’t sell. In this enlightened Internet age, savvy buyers are attuned to a home’s true market value like never before. As Realtors put increasing amounts of information and pictures on the web, buyers are visiting “virtual open houses” and making effective buying decisions without viewing a home in person.
Buyers may love a specific home, but if they perceive that the price is too high, they typically assume the seller is over-optimistic and will not come down to a reasonable price.
As a result, they will usually not even darken your door.
It’s the harsh reality of the current market. If priced too high, your home becomes “invisible” to buyers. And it does so from the very start. Buyers will go on to look at other homes instead of yours.
So how do you price your home to sell?
1. Have your Realtor prepare a REALISTIC CMA. (Comparative Market Analysis) Look at EVERYTHING on the market in your area, not just "the chosen few" that you want to see.
2. Run the trends from your area. Usually your local MLS will provide your Realtor with extensive data. Trulia.com is now also providing comprehensive market data and trends that are market specific.
3. Price AHEAD of the market. In a decreasing market, it must be priced BELOW the previous comparable sale or active listing.
Need to sell your home, but won’t get enough to pay off the loans? Then be honest with yourself and get a short sale specialist to help. Although aggressively setting the price is the highest obstacle sellers encounter when selling their home, in the end it is the one action that will reap the highest possible dividend:
A SALE!
Written by Carl Medford, Real Estate Professional in Fremont
Tax season can be a stressful time for many Americans, but for those who own homes it's a time to add up the many tax benefits homeownership brings. If you do not own a home yet, take a few minutes to read our newsletter. You may find that buying a home makes more sense than ever before.
Keep in mind, the information provided here is a summary of home-related tax issues rather than a comprehensive guide. In addition, although this information was accurate at press time, tax laws change continually. We strongly recommend you consult a professional tax advisor or the Internal Revenue Service for authoritative answers to your tax questions as they apply to your specific situation.
A WORD ABOUT GAINS
TAX FACTS: Taxpayers who sell their principal residence can pocket -- tax-free -- as much as $500,000 in profit if they file federal taxes jointly, or $250,000 if they file singly. The property must have been owned and used as their principal residence for any two of the prior five years. Homeowners can shelter the profits on the sale of a home as often as once every two years. If the two-year use and ownership tests are not met, but the home is sold because of special circumstances (i.e., health, job loss, etc.), the exclusion is prorated. Otherwise, gains above $500,000 or $250,000 are taxed at current capital gains rates, which vary depending on your tax bracket.
NEW RULE #1: The Housing and Economic Recovery Act of 2008 changed the treatment of capital gains from the sale of a home that the owners sometimes used as a principal residence and sometimes used as a second home or rental property. Gains attributable to second home or rental use on or after January 1, 2009 will be taxed at capital gains rates, while gains attributable to principal residence use may be excluded up to $500,000 or $250,000 limits (providing ownership and use tests are met).
To compute the mixed-use gains tax, divide total days of property use as a second home or rental ("non-qualified" use) by total days the home was owned (from the original purchase date). Then multiply total gain by that ratio to calculate the taxable gain.
For example, you sell a home after owning it four years (1,460 days) and using it as a rental property or second home (rather than principal residence) for three months (say, 91 days). Your ratio: 91/1460 = .062. If your total capital gain is $50,000, then your taxable gain is $3,100 ($50,000 x .062 = $3,100).
NEW RULE #2: For sales or exchanges after December 31, 2007, surviving spouses now may exclude gains up to $500,000 from a principal residence jointly owned with the deceased spouse, providing the property is sold or exchanged within two years of the spouse's death and standard ownership and use tests are met. (Previously, to claim up to $500,000, the surviving spouse had to sell or exchange the property within the tax year of the spouse's death.)
HELPFUL HINT: Homeowners should continue to maintain records of selling and improvement expenses because some states still tax capital gains on home sales.
In addition, those expenses can be used to determine your tax basis once you sell the home.
DEDUCTION FOR NON-ITEMIZERS
TAX FACTS: On 2008 returns only, homeowners who take the standard deduction (rather than itemizing) can take an additional standard deduction -- up to $1,000 for married joint-filers, $500 for single filers -- for state and local property taxes.
HELPFUL HINT: This deduction helps defray the cost of owning a home for homeowners who have no mortgage or have low mortgage-interest expenses that, together with other deductions, do not exceed the standard deduction.
e-HomeNews for January, 2008
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