Homeowners that have lived in their home for two out of five years, there will be a capital gain exclusion law that will let them deduct up to 0, 000 of the earnings from capital gains.  This means lower taxes for homeowners.

Over years real estate always gains, this is not like a car or a boat, the home value will always increase.  Except for some dips in the market.  When viewing all the benefits of building a home, this should be a topic that is thought of well.

Don’t forget your obligation to look after upkeep. Not having enough money in the bank account isn’t a satisfactory excuse. When you hire a home, you give the owner a check. When you purchase a home, you have to guarantee that all costs are met and managed every single month, forever. Infrequently it’s month to month ; sometimes it is a twelve month lease. But, regardless of what, there’s always a way out.

Think about your monthly payments on your home as rent.  This makes it easier to pay off your home.  Every cent that you put against your mortgage, it increases the equity on your home.

When you buy your own home you can call it yours, you can paint whatever you want, and you can remodel they way that you choose.  You will no longer have any landlords as we all love them.

Well, as you no doubt already know, neither is a great option and if there’s anything you can do to avoid then, do it. However, if you are facing the possibility of losing your home then it’s certainly a legitimate question.  So which do you choose?

Here are a few things to consider when trying to make a decision between a short sale and foreclosure:

Some of the benefits of doing a short sale include:

• You are in control of the sale, not the bank.
• You may sleep better at night knowing who is buying your home.
• You will spare yourself the social stigma of the “F” word, foreclosure.
• Contrary to popular belief, you can be current on your payments and still effect a short sale.
• Your home sale will be handled like any other home sale.

How would either a Short Sale or a Foreclosure affect your credit?

While a short sale is not necessarily a derogatory mark on your credit because credit bureaus do not show the word “short sale” on your credit report, tt may say “pay as agreed” or “paid as less than agreed.” Some clients have reported drops in their crediting rating, anywhere from 50 points to 130 points.

In terms of the affects a foreclosure would have, a  number of sources have reported that FICO scores usually drop anywhere from 200 to 400 points after a foreclosure, and a foreclosure will typically remain on your credit report as a public record for 10 years.

So while the ultimate decision is one you’ll need to consider carefully, in most cases a short sale is usually ‘the best of the worst’ and for most people is a much smarter decision than a foreclosure.

“City leaders approved a public financing package for Riverwalk, the 1,000-acre project that could bring new life to the old Celanese textile site at Cherry Road and Interstate 77. Plans call for an industrial park, retail shops and hundreds of home sites — which developers say could represent a $600 million redevelopment.”

While the entire project isn’t scheduled to be completed until 2028, construction could begin as early as next summer on some key components of the project. One interesting piece of the project will be the east coast’s only velodrome, which is an oval bicycle race track.  It’s one of the projects slated to begin next summer and could be completed by as early as 2012.

Overall, the project is expected to attract around 4,000 new jobs which is certainly good news for both Rock Hill SC and Fort Mill SC.  With the real estate activity already picking up, knowing this project is coming along with all of the associated benefits I can only expect it will continue to help the housing market.

You see, even in this challenging economy real estate is still moving.  People are still buying and selling houses so there’s no reason to think your home couldn’t be one of them.  Sure, it’s a little more difficult to sell a house today than it was just a few short years ago, but by making sure you do a few things correctly it’s not unreasonable to expect your home to sell.

So, here are 5 reasons why your home may not be selling:

1. Your home isn’t in top condition. If you want to sell your home fast and for top dollar then it absolutely MUST be in tip top shape.

   While there might be a few people looking to find a home that requires some TLC, most people in today’s marketplace are looking for homes that are move-in ready.  This means no holes in the walls, freshly painted walls, floors that are in good shape, and very little ‘updating’ required.

   If your home leaves buyers feeling like they’d have a lengthy list of chores to do before they moved in then chances are you’ve pinpointed a big reason why your home hasn’t sold yet.

2. Not enough photos OR badly taken photos. Because more than 80% of all house searches begin online, you have just a few seconds to capture the attention of potential buyers.  As a result, it’s absolutely crucial that the first photos they see show your home in it’s best light.

   This means taking the photos at the right time of day so the light is at its best, removing any obstacles that could block a full view of the house, and making sure the driveway is clear of cars, bikes, or other vehicles.

   You also want to make sure you have enough photos to give prospective buyers a good feel for your home, as well as what they can expect to see when they actually do come see it in person.

3. You aren’t doing enough to market your home. Nowadays you simply can’t list a house on the MLS system and expect it to sell.  To sell a home quickly and for top dollar in today’s marketplace you’ve got to employ as many marketing methods as possible.

   This means an extensive listing in the MLS, listing it on real estate websites, sending postcards to neighbors, running ads in the newspaper, holding open houses, networking with other agents, etc.  There are way too many methods available to rely on just one or two to get your home sold.

4. You hired the wrong listing again OR haven’t hired a real estate agent at all. Yes, you can sell your home as a ‘for sale by owner’, but it’s not easy. 

   That being said, if you do decide to hire a real estate agent you definitely want to make sure you’ve hired the right one for the job. Interview a handful of agents and ask them lots of questions. What’s their plan to market your home? How many listings have they sold in the last 6 months? What have their previous clients said about their experience working with them?

   If you don’t get the answers you want to hear, don’t be afraid to interview more agents.  Remember, when it comes to selling your home a quality real estate agent can be more than worth their weight in gold, but you might have to do a little panning to find the right one for you.

   Be sure to learn about why you should hire Sharon Salisbury to help you sell your home!

5. Your home isn’t priced correctly. In most cases, this is the biggest reason why real estate doesn’t sell.  A home that is priced correctly will generate a high amount of interest as well as qualified offers.  If you try to price your home too high hoping to be able to negotiate a final price that’s lower than what it’s listed at, chances are you won’t have much luck.  Home buyers nowadays typically look at the listing price as a starting point and if it’s outside of what they think it should be, they won’t even give it a second look.

   So, price your home competitively and watch as the qualified buyers come running and chances are you’ll very soon be entertaining offers to sell!

Remember, there’s a lot that goes in to selling a home quickly and for top dollar so don’t expect it to happen overnight. However, by avoiding these 5 mistakes there’s really no reason why you shouldn’t expect to sell your home for a dollar amount you’re happy with and in a time frame that makes you jump for joy!

Why inspect if you can’t negotiate?

Foreclosure homes are usually “as-is” sales. This means that buyers cannot negotiate for the cost of needed repairs, as they may do in a traditional home purchase. Buyers must absorb repair costs themselves and consider this in their purchase offer at auction. So why get a professional inspection on a foreclosure property?

Too many foreclosure buyers think they’re getting a deal when, in fact, they might be purchasing a property with substantial and costly defects. The repair of these major issues could exceed the savings gained in buying a foreclosed property.

Sellers at foreclosure auctions are not usually obligated to disclose defects. But buyers can empower themselves by getting a professional property inspection before the auction that will provide valuable insights about the condition of the home. If pre-auction property inspections are not permitted at the foreclosure sale, buyers will need to weigh that risk carefully.

Knowledge is Power

Even with a significant influx of newly foreclosed properties due to the sub prime mortgage mess, the foreclosure market can be competitive, and it is often dominated by experienced real estate investors. Armed with the right information you can make informed bids and find the best home at the best deal. After all, a bargain isn’t a bargain if it costs more than expected down the line.

Remember, buying foreclosed properties can be a risky business, so be certain to consult with needed professionals, including a reputable, certified home inspector, to address questions about specific issues. More homebuyer and home maintenance tips are available online at housemaster.com.

This information is provided for general guidance purposes only. Neither DBR Franchising, LLC nor the local HouseMaster® franchise warrants its accuracy and assumes no liability related to its use. Contact the local franchise office and/or qualified specialists for advice pertinent to your specific house or circumstances. © Copyright 2008 DBR. Each HouseMaster franchise is an independently owned and operated business. HouseMaster is a registered trademark of DBR Franchising, LLC.

* * This information is provided with permission from HouseMaster.com. * *