Thursday, January 24, 2019 / by Exit Homevets Realty
The IRShas confirmed amid the government shutdown that tax season will begin on January 28, 2019. If you’re in real estate it’s useful to brush up on specific tax tips for real estate agents so you can file correctly and on time. Whether you’re preparing your taxes on your own or having an accountant help you, these tips are useful to keep in the front of your mind.
Important tax tips for real estate agents to remember
We asked real estate and tax professionals across the country for their very best tax tips. Here’s what they said.
1. Don’t forget your mileage
“Many real estate agents leave money on the table when it comes to their mileage,” says Thomas J. Williams, an enrolled agent and tax accountant who operates Your Small Biz Accountant, LLC, a virtual boutique practice with a focus on rental real estate. “Depending on where you work on a regular basis, the tax deduction may include attending meetings, putting up for-s ...
Wednesday, January 23, 2019 / by Exit Homevets Realty
For centuries, people in this country have seen homeownership as part of the American Dream. Whether they were born here or immigrated from another country, they wanted to own a piece of America. With so many prominent societal changes over the last few decades, it is fair to ask if people in America still feel the same way about owning a home. The answer was made abundantly clear in two separate reports released earlier this month.
In their market trends report, As Housing Trends Shift, So Does Renter, Buyer and Seller Sentiment, Trulia revealed that:
“After two years of no change, the share of Americans who say that homeownership is part of their personal “American Dream” ticked up from 72 percent to 73 percent of Americans.”
At the same time, the National Association of Realtors released their Aspiring Home Buyers Profile. As the report explained:
“For both homeowners and non-homeowners alike, homeown ...
Monday, December 17, 2018 / by Exit Homevets Realty
Here are five reasons listing your home for sale this winter makes sense.
1. Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing inventory is still under the 6-month supply that is needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon.
Wednesday, December 12, 2018 / by Exit Homevets Realty
Every year around this time, we take time to reflect and plan for next year. If you are renting your current home but have dreams of homeownership, your plan for the new year may include buying, and you wouldn’t be alone!
According to the 2018 Bank of America Homebuyer Insights Report, 74% of renters plan on buying in the next 5 years, with 38% planning to buy in the next 2 years!
When those same renters were asked why they disliked renting, 52% said that rising rental costs were their top reason, and 42% of renters believe that their rent will rise every year. The full results of the survey can be seen below:
It’s no wonder that rising rental costs came in as the top answer! The median asking rent pricehas risen steadily over the last 30 years, as you can see below!
There is a long-standing rule that a household should not spend more than 28% of its incomeon housing expenses. With nearly half of renters (48%) surveyed already spending more ...
Wednesday, December 05, 2018 / by Exit Homevets Realty
The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate, the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.
Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook.As you can see, interest rates are projected to increase steadily throughout 2019.
How Will This Impact Your Mortgage Payment?
Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly. But don’t let the prediction that rates will increase stop you from purchasing your dream home this year!
Let’s take a look at a historical view of interest rates over the last 45 years.
Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than you ...