Coldwell Banker American Homes Blog
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17
Your Home, Your Taxes: What Is Deductable?
With the New Year underway, many are already thinking about the upcoming tax season. For new homeowners or those who have recently sold a home for the first time, you may be wondering how this tax season will differ from the previous years. Below, Michael Litzner, Broker of Century 21 American Homes walks us through what you can and cannot deduct. Capital gains: "If you sold your primary residence, you're in luck," says Litzner. "You may be able to exclude up to $250,000 of gain, and $500,000 for married couples, from your federal tax return." What is your gain? Your gain is defined as your home's selling price, minus deductible closing costs, minus your basis-the original purchase price of the home, plus improvements, less any depreciation. However, there are a few rules: your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale. You also must not have excluded gain on another home sold during...
8
Should You Purchase a Short Sale Property?
Buyers looking to score a great real estate deal often consider purchasing a short sale-a property that sells for less than the balance owed on its mortgage. There are many different types of short sale properties, from upside down homes to vacant land. While purchasing a short sale can be financially beneficial to the buyer, it can also be good for the seller and lender, as it keeps the property from facing foreclosure. "If you think purchasing a short sale property may be right for you, seek an agent specializing in short sales, as the process is often more complex than a traditional real estate transaction," says Michael Litzner, Broker of Century 21 American Homes. There are some extra steps that buyers need to take when entering into a short sale, which can require doing some additional homework and assembling the right paperwork-this is why having a short sale specialist on your team is crucial. You need to assemble an arduous proposal that includes a specific short sale reque...
3
Hey Gen Y, It's Time to Buy
Generation Y-also known as the Millennials-are now of the age where they may be thinking about home buying. And as the market picks up, we will start to see many renters in their mid 20s to early 30s jumping on the home-buying bandwagon. To help educate those considering becoming a first time homeowner, Michael Litzner, Broker of Century 21 American Homes highlights the top 6 benefits to owning your own home. 1. Appreciation "Real estate is the best financial investment you can make," says Litzner. And despite the fact that the market moves in cycles, in general, real estate continues to appreciate. "Putting your money into a home is financially smarter than letting it sit in the bank, or sinking it into stocks," says Litzner. "You are literally living in your investment." 2. Property Tax Deductions Real estate property taxes paid for a firs...
3
Can You Buy After Foreclosure?
Foreclosure usually begins after the borrower has missed three consecutive mortgage payments. Then, the lender will record a notice of default against the property and unless the debt is satisfied, the lender will foreclose on the mortgage and proceed to set up a trustee sale, where the property is sold to the highest bidder. "Foreclosure is one of homeowners' biggest fears," says Michael Litzner, Broker of Century 21 American Homes. "Not only have they lost their home, but they worry they may never be able to buy again." However, if your property has been foreclosed on, it is possible you can buy again--but a lot will depend on your circumstances and the mortgage interest rate you are willing to pay. "Generally, most lenders will consider your request for a home loan two to four years after your foreclosure," says Litzner. The past two years are what most lenders focus most heavily on, and foreclosure can lower your credit score by anywhere from 200 to 300 points for the first two...
29
Five Ways to Turn a Resolution into Reality
While approximately 90 percent of Americans break their New Year's resolutions by January 31, there are strategies to help you stick to your guns and make your goals for 2012 a reality. Consider these tips from life coach, Dr. Maya Bailey: • Be clear and specific. Dissect general resolutions, such as "I want to be more successful," to come up with the specific steps to reach that goal. For example, define what success means to you: More money? More time to spend with family? More notoriety? This will help clarify the necessary steps for reaching your goal, says Bailey. • Confront your mental blocks. Ask yourself what blocks and obstacles you will have to overcome to reach your goals, advises Bailey, and take inventory of your own self-limiting beliefs. Uncover the beliefs that have historically blocked you from moving forward and replace these with new, positive thoughts right away. • Determine where you need improvement. Once you've conquered your self-limiting beliefs, figure...