If you’re selling in 2018, be very happy. The Housing Market looks good for Home sellers in 2018 thanks to low inventory, still-low interest rates and a lot of Millennial interest. If you sold your home in 2017, you were probably happy. If you’re selling in 2018, get ready to be very happy. Home prices [...]
Here's what you need to know before selling a home that was willed to you. There are a few steps you have to take before you can sell the home that was left to you in a will, even if you were the sole heir of the home and other assets. Q: A friend [...]
When it comes to selling an inherited home, especially if it is out of state, consider how it will impact your taxes. Q: We live in North Carolina but I also own a home in New York City with my four siblings. We inherited the home from our parents and now each of us own [...]
Selling a home for less than it is worth, even to a family member, has implications for your taxes. Q: My nephew bought my mother’s house four years ago for around $400,000. At the time, my mother was having financial issues and needed money. He is now willing to sell it back to her for [...]
When you sell your home, you have to pay taxes on the sale. As in this reader's case, factors like a transfer of homeownership can affect the taxes you pay. Q: I have read several questions on your site related to quitclaim deeds and the cost basis when the house is sold. My question is [...]
Prepayment Penalty: Will I Have To Pay a Prepayment Penalty If I Close Before The Penalty Period Is Up?
We often get questions about prepayment penalties and whether the penalty period will apply if a homeowner sells the home rather than just prepays the mortgage. Q: I just signed a contract on my house with a closing at the end of next month. I also bought a new house with same closing date. I [...]
When the weather in much of the country turns colder, people increasingly choose indoor activities. Weather affects activity on the housing market as well. Demand for houses often conforms to business-driven “on” or “off” seasons, so the sale of your home is affected both by nature and what we do during each season. Which season [...]