Tag Archives: Real Estate

How the tax bill impacts homeowners, buyers and sellers via Chicago Tribune

(Getty)

We thought this article provided a good concise overview of the tax bill and changes for homeowners, buyers, and sellers. Check out the list below and see how the final version of the tax bill can affect you.

The post below was originally published via The Chicago Tribune

“Standard deduction: The new law increases the standard deduction to $12,000 for single filers and $24,000 for joint filers. For many homeowners it no longer makes sense to itemize deductions.

Mortgage interest deductions: The new law caps the limit on deductible mortgage debt at $750,000 for loans taken out after Dec. 14. (Loans made before that date can continue to deduct interest on mortgage debt up to $1 million.) Homeowners can refinance mortgage debts that existed before Dec. 14 up to $1 million and still deduct the interest as long as the new loan does not exceed the amount refinanced. The interest on a home-equity loan can be deducted as long as the proceeds are used to substantially improve the home. Mortgage interest on second homes can be deducted but is subject to the $750,000 limit.

State and local property taxes: The new law limits the property tax deduction to $10,000. The bill specifically precludes prepaying 2018 state and local taxes in 2017.

Capital gains exclusion: Home sellers can exclude up to $500,000 for joint filers or $250,000 for single filers for capital gains when selling a primary home as long as the homeowner has lived in the residence for two of the past five years. An earlier proposal would have increased that requirement to five out of the last eight years but it was struck down.

Deduction for casualty losses: The law restricts the deduction to only losses attributable to a presidentially declared disaster.

Moving expenses: The law eliminates the deduction except for members of the military.

Estate tax: The law doubles the estate tax exemption to $11.2 million.

Historic Tax Credit: The HTC has been used to fund renovations in more than 40,000 historic structures since 1981. The law continues to provide a 20 percent credit when the certified historic property is placed into service but the new law spreads the deduction over five years.

Low-Income Housing Tax Credit: The bill retains the 4 percent LIHTC, which funds about a third of all affordable housing construction.”

When Is The Best Time to Buy or Sell a Home?

Since November 1, Go Brent Team has assisted 5 buyers and 13 sellers go UNDER CONTRACT!

While many consider the spring season as the prime time to buy or sell, it’s important to note that homes sell all year long. And while homes with spring blooms do look pretty, homes sell when there’s snow on the ground and yes, over the holidays too. The best time to buy or sell a home is when it’s right for YOU.

We are currently working with a number of clients who are preparing for a move in the beginning of 2018. How can we help you next year? Contact us for a no-obligation consultation to discuss your timeline. And if you are thinking of buying or selling during the spring market, now is the time to start planning!

Contact Us Today!

Why Good Property Photography Matters

You’ve seen them and laughed – horrible real estate photos. Those really outlandish property photos will be featured on blogs and lists, but what about those photos that just look dark, are taken from the wrong angle, or look as if the real estate agent just didn’t care?

Bad Photography Examples

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Photographer in the Photo

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Bad Angle Photo

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Sad Living Room Photo

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According to the National Association of Realtor, 95% of all buyers actively looking to buy a home search via websites and almost 90% of all buyers use photos and virtual tours to gather information about homes in which they have interest.

So that means photos and virtual tours are extremely important. In most cases, they are the buyers FIRST IMPRESSION!

That’s why Go Brent Team agents walk with sellers through their own home to discuss how to prepare for photographs and ensure the house is photo and web ready. From de-personalizing to de-cluttering to furniture placement, our agents work to present your home at it’s very best – both for online and in-person visitors.

We work with professional photographers to draw floor plans, photograph rooms, and produce virtual tours. Sure, iPhones take great photos but we’re real estate agents, so we leave photography to the experts. We also accompany the photographers during the photo shoot to ensure they capture your home’s best features.

Check out our recent listings and you’ll see how amazing our clients’ homes look!

Thinking of selling and interested in talking to us about our marketing strategy, which includes top-notch photos? Contact us today!

Why Buy A Home With Go Brent Team?

As a homebuyer, Go Brent Team offers you value. We are all full-time agents who have an unrivaled command of the local market.

We will:

  • Provide you with a free consultation to get a clear picture of your ideal home.
  • Help you choose an experienced lender.
  • Offer on-going updates of properties in your target neighborhoods, schedule appointments, and assist you to compare homes.
  • Advise you on offer terms, prepare an offer, and negotiate on your behalf.
  • Assist you with vendor selections and coordinate services.
  • Coordinate preparation for settlement and complete the transaction.
  • Serve as an on-going resource.

As your buyer agent, we’ll work to ensure you are aware of the best properties available in your desired area, price range, and location. We can also suggest other neighborhoods that you may have overlooked but might want to consider. Often times, we also learn of new listings before they actually hit the market which can offer you an advantage.

Recently Sold To Go Brent Team Buyers!

We assisted our buyers with the purchase of these homes.

We negotiated the sale of these homes for our buyers before they hit the market.

Thinking of buying a new home?

Please contact us to schedule a free consultation! Our team is licensed in Maryland, Virginia, and Washington, D.C. and our buyer agents, Tammy Thomas, Debbie Gerald, and Cari Jordan, look forward to working with you.

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New Real Estate Pricing Stats for Mid-Year 2017

Can you believe we’re more than halfway through 2017? Our real estate pricing stats are updated through mid-year 2017. The stats cover the past ten years of home sales. We have stats available for zip codes in Silver Spring, Takoma Park, and Kensington. Some zip codes show that home prices are near, or exceed, where we were at the top of the market.

We’re happy to share this data with you! Fill out the form below to request your copy.

The Advantage of Pre-Sale Home Preparation

Pre-sale home preparation is one of the most important things you can do to add value in the mind of the buyer. Go Brent Team’s home preparation can raise the value of your property by leading the eye to attractive features while minimizing flaws.

We offer advice regarding all phases of property preparation. While some sellers paint, refinish floors, and take on other major projects, some clients do very little. We will advise you on which improvements will add value and, if appropriate, arrange for the work and oversee the contractors.

Even if major improvements to the house are not on your agenda, we can recommend minor changes and inexpensive adjustments that can make a big difference in attracting buyers. Cleaning, small repairs, and landscaping can go a long way in making an appealing visual statement, both in online photos and in person.

Considering selling? Ensure your home makes the best impression when it hits the market. Contact us for a free consultation today!

“We dreaded going through the prep work to get ready to sell. The fact that Go Brent Team could arrange for the contractor, mover, hauler, cleaner, and window washer was a huge load off our minds. You really, really surpassed our expectations. We thank you!”

— Ken Brown & Donna Creedon, sold in Silver Spring after just 5 days on the market

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Montgomery Co Tax Bills Are Coming – Are You Receiving the Homestead Tax Credit?

Tax Bills are Here – Ensure You’re Receiving Tax Credits!
Homestead Property Tax Credits and New Mo Co Tax Credits for Elderly & Military Retirees

It’s July, for Montgomery County homeowners this means that tax bills will be arriving in your mailboxes shortly – the County estimates mailing bills in mid-July (bills will also be available via the County website).

Homestead Property Tax Credits

Tax Bill Example
click to enlarge

When you receive your bill you should look to see if you are receiving the Homestead Property Tax Credit (you’ll see “County Property Tax Credit”). This tax credit was established to help homeowners deal with large assessment increases on their principal residence. The Homestead Credit limits the increase in taxable assessments each year to a fixed percentage.

To prevent improper granting of this credit, a law was enacted in 2007 that requires all homeowners to submit a one-time application to establish eligibility for the credit. There are several criteria to be met, but the main conditions are that the property is your principal residence and you must have lived in it for at least six months of the year, including July 1 of the year for which the credit is applicable.

If you are not seeing a homestead property tax credit on your tax bill, you should determine the status of your Homestead eligibility by looking up your property on the Real Property Database.

Homestead Exemption Example
Click to Enlarge

Look at the bottom of the page, where it says Homestead Application Status. If it says “No Application,” then you should reapply to capture this credit on future tax bills.

For more info, check out frequently asked questions about Homestead Property Tax Credit, or contact the Homestead unit directly at 1-866-650-8783 or visit their website.

Tax Credits for Elderly & Military Retirees

Earlier this year the Montgomery County Council also enacted new legislation granting property tax credits for elderly individuals and for military retirees. Owners who are 65 or over and who has owned and lived in the dwelling for at least 40 consecutive years or those who are 65 or over and a military retiree may qualify depending on the assessed value of the home.

For 2017 taxes only, applications will be accepted until September 1, 2017. If you wish to receive a credit for your 2017 taxes, you must apply by September 1, 2017. For all other tax years, you must apply by April 1. This tax credit will not be issued on the July property tax bill; instead it will be calculated and issued on a subsequent revision of your tax bill, with the tax credit appearing as a line item deduction on the bill.

You can read more about the new tax credit and how to apply here.

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Boomers, Millennials, and the McMansions No One Wants via Realtor.com

photo via Tom Merton/iStock; hobo_018/iStock; pamspix;iStock

We recently came across this article from realtor.com that digs into the current housing market for both baby boomers and millennials.

“Younger and older generations alike are gravitating toward smaller dwellings in more urban, walkable suburbs and cities, with restaurants and coffee shops around the corner.” – Realtor.com article

“This is spot on,” per Liz Brent. “The outer zip codes of Silver Spring have not recovered from the crash in 2008 and unless there is significant development other than housing and transportation fixes, they likely will not recover. Meanwhile, what we are seeing the innermost zip codes, in Takoma Park (20912) and Silver Spring (20910, 20901, and parts of 20902), is that very few houses stay on the market for any length of time and we continue to see multiple offers, particularly on renovated houses.”

YTD Market Stats Round Up

Below are data statistics for single-family home sales year to date in 20910, 20901, 20912, and 20895.

Interested in what’s happening in another zip code or are you looking for information on the market in your specific neighborhood? Contact us for local market insights.

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73 Homes Sold in 20910

Highest Priced Sale – $1,213,990
Average Home Sold Price – $637,453
Average Days on Market – 22

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136 Homes Sold in 20901

Highest Priced Sale – $805,334
Average Home Sold Price – $471,015
Average Days on Market – 29

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46 Homes Sold in 20912

Highest Priced Sale – $1,050,000
Average Home Sold Price – $536,202
Average Days on Market – 28

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110 Homes Sold in 20895

Highest Priced Sale – $1,575,000
Average Home Sold Price – $623,168
Average Days on Market – 32

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Will Tesla’s New Solar Roof Drive Sales?

image via Tesla.com

Car manufacturer Tesla is looking to drive sales with their new solar roof product, which offers a seamless blend of both solar and normal tiles. The company is hoping a beautiful solar roof will attract customers, especially those who consider the current “add-on” panel option clunky. In an effort to make solar roofs more appealing to homeowners, Tesla is planning to offer four types of shingles, which will better blend aesthetically with home styles. A lifetime “infinity” warranty is also catching people’s attention. Business Insider offered some great information on Tesla’s new product.

Forbes recently estimated the total cost of installing a new Tesla roof with Powerall battery at about $58,200. Wow, can you say sticker shock! So, maybe you aren’t going to get a new Tesla solar roof, but you are interested in more traditional solar panels. There are tax benefits and energy savings opportunities that are appealing to homeowners, but what about when it’s time to sell your home?

image via Tesla.com

Go Brent Team agents discussed solar panels at our last team meeting. Here’s what was said:

  • When considering a home with solar panels, buyers typically have questions regarding who owns the panels and how things will work when they purchase the property.
  • Most buyers aren’t specifically looking for a home with panels; some may see them as a nice perk, others may not like the look of the panel and decide against a home because of it.
  • Listing agents don’t feel that there’s a local sales track record demonstrating if the market sees solar panels as a plus or minus.

Marty Stanton, title attorney at KVS Title LLC, said they have begun dealing with more home sales that involve solar panels. “Solar panels are considered a fixture, meaning they convey with the home. When sellers own the solar panels, it’s straightforward, they convey and become the property of the new homeowner. The agreement to maintain the panels and the warranty for the panels are simply assigned to the new owner. He cautions buyers, “If the solar panels are leased, prospective buyers should request to review the lease agreement. Essentially, the panels will convey with the home but the new homeowner then becomes responsible for the terms and conditions of the lease, which may include the remaining balance for the panels.”

image via Solar City

Stanton says a cost-benefit analysis can help buyers to determine if the panels will provide them with a real benefit. “Real estate agents can assist buyers to negotiate the panels’ lease as part of the home sale contract. If the buyer ultimately chooses to assume the lease, they’ll need to sign some additional documents at closing. It’s not complicated, but buyers should be aware they are entering into a legal agreement with a third-party and ensure they understand their legal and financial obligation.”

It will be interesting to see how Tesla influences the solar roof market. As more homeowners consider “green” options, this too will shape the local real estate market.

You can be assured that Go Brent Team is always working to keep up with the latest shifts in the real estate market. Whether you are considering solar panels or other home improvement options, we’re always available for free consults to discuss how decisions you make may affect your home’s value.