Many homeowners ready to sell are instead waiting a couple of months until the popular Spring home selling season begins. But the fact is, in many locations, NOW may be the right time to put that property on the market. Here are 5 things to think about:
1. Pay no attention to media reports on nationwide statistics for the housing market. They mean nothing to you as a seller because real estate markets are purely local.
2. Remember, the ratio of supply to demand is key to the health of your local real estate market. So no matter what you read about the housing market nationally, the local facts determine your chances of making a sale at any point in time.
3. So, the first question to ask your Realtor is how much competition you'd have if you put your home on the market now, before the Spring activity begins.
4. Because not many sellers put their homes on the market the first few months of the year, the inventory of homes for sale usually dwindles during the winter months. So, if your area is shy on inventory of good homes, now could be a good time to sell.
5. Interest rates are low but won't stay that way forever. There could be a fair number of savvy buyers in your market who know this and want to take advantage of the situation now.
6. Many experts believe that the big price declines are behind us. More than a few buyers are beginning to realize this and are taking a good look at today's market.
STEP UP TO THAT TAX RETURN!
Preparing your tax return needn't be an annual ordeal. Getting organized can take a whole lot of stress out of the process. Now is the time to gather the information you'll need to do your return or hand over to your tax professional. There are just three categories:
1. Paperwork:
Last year's return
All income info: W-2 forms, 1099 forms, alimony, self-employment income
Any 1098 forms: mortgage, educational institution statements, etc.
IRA info
Savings and investments info
2. Deductions:
Charitable contributions
Job hunting costs
Moving costs
State and local income taxes and sales taxes
Real estate and personal property taxes
Home mortgage interest and investment interest
Points on a home mortgage or refinance
Casualty and theft losses not covered by insurance
Non-reimbursed business entertainment and travel expenses, including car use
Business use of home
Medical expenses
Educational expenses
3. Miscellaneous expenses:
Tax preparation and tax advice fees
Safe deposit box rental
Investment fees and expenses, including service charges on dividend reinvestment plans and trustee's fees for your IRA, if separately billed and paid
Convenience fees charged for paying income tax, including estimated tax payments, by credit or debit card
Appraisal fees for a casualty loss or charitable contribution
Ask a tax professional about other expenses you can deduct if you have extensive investments, or estate, trust, IRA or Social Security issues
The above are only guidelines to help you organize some of the information you'll need to prepare your tax return. If you have any questions about these or other tax matters, always consult with a qualified tax professional.
... Have a great day!
PS With today's mortgage rates at historic new lows and the most affordable home prices ever, many people are upsizing, downsizing or refinancing. Please call or email us now to discuss your situation.
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