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Banks are concerned about making loans that will be repaid not about making loans that are tax deductible for homeowners.   It is good business for the bank but how is the homeowner supposed to know? Most homeowners and potential homeowners are aware there are tax benefits associated with ownership.   For instance, mortgage interest and property taxes have been deductible expenses from federal income tax since it was enacted in 1913.   The current law provides that homeowners can deduct the interest on Acquisition Debt which is the amount of debt incurred to buy, build or improve a first or second home up to $750,000.   The amount of acquisition debt decreases as payments are made and it cannot be increased unless the additional funds borrowed are used for capital improvements. It is not uncommon for a homeowner to refinance their home for any number of reasons.   It could be to get a lower interest rate that would lower the payments or remove mortgage ins...

The concern today when putting your home on the market should not be whether you'll get a contract; it's whether you are going to recognize the majority your net proceeds without any unnecessary delays. What you realize from the sale of your home has to do with maximizing the sales price while minimizing the sales expenses.   Interestingly, the buyers will be trying to minimize the price they have to pay for your home and possibly, have you pay some of their expenses. Taking a few pictures with a cell phone and putting a sign in the yard may be enough to get a buyer but successfully selling a home in today's market requires expert marketing and expert negotiations.   Marketing begins with the preparation of the property to optimize the first impressions it makes to potential buyers.   A skilled professional can make recommendations that can help the home sell for the most money and in the shortest amount of time.   Cleaning, painting, depersonalizing, removing ...

Just like buyers should be pre-approved before they begin to look at houses, Sellers should have their home pre-approved.   The reasons are similar: appeal to the "right" buyers, discover issues with the home early, improve marketability, increase negotiations position and close quicker. For the seller, there are few things that need to be done before the sign goes in the yard and definitely before prospective buyers see the home.   The first is to understand that once you decide to sell the home that it needs to appeal to the broadest base of buyers and that means depersonalizing your home. Once the home is sold, you will need to pack your things for the new home.   Think of this as starting the process early.   Get moving boxes and make decisions on what you intend to give away or discard in each room and closet.   Identify and pack those items before the home goes on the market. This will be the first wave of making your home more marketable. When your ...

More and more homeowners are employing smart home technology within their homes.  It may start with a video doorbell or lights and progress to other devices.  The smart-home device market is rapidly growing and Forbes research expects it to grow from $55 billion in 2016 to $174 billion in 2025. The popularity of these high-tech features will require a few additional steps to consider when selling a home.  The seller should determine which items will and will not stay with the sale of the home and identify them in the listing agreement. Confusion can arise when a home's marketing mentions its smart-home technology and is unclear if a piece like the hub, which is easily considered personal property but is integral to the working of the system.  Some might consider it an accessory and others a component. A smart home can contain multiple technology devices connected to the Internet that allow them to be controlled or accessed from computers, tablets or most common...