DEBBIE BURNESS REAL ESTATE GROUP
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Category: Uncategorized
Gift Amount Increased for 2022
The limit for tax free gifts for 2022 is $16,000 and no tax is due to the donor or the donee. There are provisions that would allow gifts higher than this amount providing the total lifetime gifts above the annual exclusion of $12.06 million… Continue Reading “Gift Amount Increased for 2022”
Housing Affordability – Call to ARMs
Housing Affordability is negatively affected by both rising home prices and mortgage rates. A 20% increase in nominal home prices and a 2% increase in the 30-year fixed rate mortgage since January have contributed to a 46 point drop in the NAR Housing Affordability… Continue Reading “Housing Affordability – Call to ARMs”
Surviving Spouse Sale Period
Married couples who own a home as joint tenants with rights of survivorship, the surviving spouse inherits the home, along with their basis, and it does not trigger a taxable event. Unfortunately, the capital gain exclusion is reduced to a single person’s share unless… Continue Reading “Surviving Spouse Sale Period”
Are prices and rates going to continue to rise?
One of the most talked about questions in the real estate market has to do with "Will prices continue to rise now that interest rates have increased dramatically this year?" It is understandable to think that if the Federal Reserve is using interest rate… Continue Reading “Are prices and rates going to continue to rise?”
Indecision Can Be Expensive
With all that is going on in the world, a global pandemic, supply chain issues, highest inflation in 40 years, the economic effects of a war in Ukraine, it can be overwhelming to think about when the right time is to buy a home.… Continue Reading “Indecision Can Be Expensive”
Good Records Can Reduce Capital Gains
Regardless of whether you’re entitled to $250,000 or $500,000 of exclusion when you sell your home, prices have gone up so much in the past two years, you may be approaching the limit where you might have to pay tax on the excess when… Continue Reading “Good Records Can Reduce Capital Gains”
Moving Down in an Up Market
Selling and buying a lower priced home in an "Up" market can be to your advantage. The advantage is to maximize the sales price on your existing home and replace it with a less expensive one. Moving down in an "up" market may be… Continue Reading “Moving Down in an Up Market”
Showing How Earnest You Are
The expression "putting your money where your mouth is" demonstrates a monetary sincerity to what could be empty words. In today’s competitive market where multiple offers are common, sellers want as much assurance as possible that the buyer is sincere and will close on… Continue Reading “Showing How Earnest You Are”
Is Your Home Inventory Up To Date?
A current inventory of all the personal items in your home is important and even necessary, if you are faced with filing a police report or insurance claim. The homeowner is usually asked if they have a home inventory. If not, the homeowner can… Continue Reading “Is Your Home Inventory Up To Date?”
Difficult to Buy What Is Not For Sale
Buyers are becoming discouraged there are not enough homes on the market, especially, in certain price ranges. When they do find something they want, there may be multiple offers and they end up losing to another buyer. Some buyers after experiencing several of these… Continue Reading “Difficult to Buy What Is Not For Sale”
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