Rising mortgage rates are causing some would-be buyers to pause their decisions until they determine whether rates are going to come back down. While it may be possible, the probability is that prices are going to continue to increase. On December 23, 2021, the 30-year fixed-rate, according to Freddie Mac, was 3.05% and is at … Continued
Items to Check before a Home Inspection
Selling a home can be a stressful time, there is so much to think about; keeping the home clean, heading out on a moment’s notice to accommodate last minute showings, not to mention planning a move. It’s natural to feel overwhelmed.
Then you get that great offer and enter escrow. You’re relieved until you realize there’s a home inspection coming. Even a home meticulously maintained can have hidden issues. The good news is that you can prepare for the home inspection and make sure you pass with flying colors.
Items to Check before a Home Inspection!
Doors, windows, cabinets and drawers – check that they slide smoothly
Run water in sinks, tubs and showers – snake any that drain slowly
Evidence of water leaks – Garage ceiling, under sinks, around water heaters, etc.
GFIs – check your local code and put GFI plugs where required
Smoke and Carbon Monoxide Detectors must be in working order
Gutters and Roof – replace any missing roof tiles and clean gutters
HVAC – Consider a HVAC servicing to replace filters and check for problems
Water Heater – is it properly strapped and vented
Deferred maintenance – anything that has been neglected should be addressed before
the home inspection
The best defense is a good offense. This is true in home inspections too! The best way to ensure you have a great home inspection is to have a pre-listing home inspection. It could be the best couple hundred dollars you can spend – uncover the issues before the buyer does.
Owners directly control four of the five factors that affect the sale of any home: price, location, condition, terms, and the agent you select. The one thing you can’t control is the location of the home, but you can adjust the other factors to compensate for failings. The seller controls the price of the home … Continued
$480,000 3 Beds | 3 Baths (2 Full 1 Partial) SqFt: 2,536 Sq Ft | Acres: 0.33 Subdivision: Cambridge Farms Ph 7 Sec 1 Zoned for the new Liberty Creek Middle and High School. Beautiful open concept and recently updated! Gorgeous new luxury vinyl hardwood throughout main floor! Massive fenced in back yard with storage … Continued
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 for 2022 has not been met. The donor and donee can … Continued
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 Index. The Index was 143 in June 2021 and is 98.5 … Continued
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 the survivor disposes of the property in the granted time. Married … Continued
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 increases to slow consumer demand, that it would also slow homebuyer … Continued
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. On a local level, there is a pent-up demand for homes … Continued
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 you sell. Any improvements you have made to the home during … Continued
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 to your advantage in multiple ways. It is possible that your … Continued