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Home Sellers: Tax Benefit of Selling Your Home

by Galand Haas
 

I am asked regularly about the tax consequences involved in selling a home.  The following will give you some information on this subject

Your home may not always be your "castle", but if it is your principal residence, there is one very significant tax benefit when you decide to sell.

The Taxpayer Relief Act of 1997, signed by President Clinton on August 5, 1997, terminated both the roll-over and the once-in-a-lifetime exemption, which were the existing tax benefits at that time. In its place, the law substituted a more beneficial approach for American homeowners.

When you sell your home, married couples can exclude from their taxable income up to $500,000 of gain. Individuals filing separate returns can exclude up to $250,000. Unlike a deduction, which allows you to take a percentage off your gross income (based on the tax rate bracket in which you fall) the exclusion means that the profit you make up to the statutory ceiling is not even included in your income for tax purposes.

There are two important conditions:

  • You must have owned and used the home as your principal residence for two out of five years before the sale. If you are married, although both husband and wife must meet the "use" test, only one of you must meet the "occupancy" test. Marital status is determined on the date the house is sold. In the event of a divorce where one spouse is given ownership pursuant to a divorce decree or separation agreement, the use requirements will include any time that the former spouse actually owned the property before the transfer to the other spouse.
  • The exclusion is generally applicable once every two years. However, if you are unable to meet the two year ownership and use requirements because of a change in employment, health reasons or unforseen circumstances, then your exclusion may be prorated.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING! 

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89025 Sky High Dr
Price: $895,000 Beds: 2 Baths: 3 Sq Ft: 2850
Beautiful Sanctuary with Pristine Views! In a gated community offering privacy and seclusion, this 30 acre property is one of a kind! Open floor plan, walls of windows, granite counters, tile floors, high ceilings, gourmet kitchen, office and bonus/...



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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Bone Marrow Registry

by Galand Haas
VideoVideo

Good Monday Morning!

I received an e-mail this morning from a fellow Keller Williams Real Estate agent in Park City Utah.  The e-mail was not about the Real Estate market or home sales.  It was about his wife's current battle with leukemia which she was diagnosed with just a few days ago. Now their search has started for a bone marrow transplant match. This is a long process and it can be successful, but not always. This e-mail served as a reminder to me as to how important it is for all of us to register with the national bone marrow registry www.marrow.org/ 

My attention was brought to the national bone marrow registry several years ago when my daughter was ill with a rare bone marrow disease and was in need of a bone marrow transplant. (my daughter is completely healthy today). There is less that 2% of the population in the U.S. that have registered and because of this finding the right match is often difficult or impossible.  It is easy to register and the process for determining bone marrow type involves only a mouth swab.  By registering you have the opportunity to save a life.  That life could be someone in your family! www.marrow.org/

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

 
 

Video Link: http://eugeneoregonhomesforsale.com/video/Knock-Out-Blood-Cancer-with-Robert-Guerrero-and-Be-The-Match

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56411 McKenzie Hwy, Unit 1
Price: $237,500 Beds: 2 Baths: 2 Sq Ft: 891
Wonderful condo on the river! Enjoy the great view of the mountains and trees as you relax in this cozy townhouse-style condo! Cedar cabin with fireplace, loft and large screened-in porch. All furnishings included! Make this yours today!!!...



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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A Short Video Documentary - Texting While Driving

by Galand Haas
VideoVideo

Good Monday Morning!

A little over a year ago I sent out this short video documentary about teen drivers and texting while driving.  My response was impressive.  After several recent auto accidents locally with young people where texting was a suspicion I have decided to send this video out again.  Please watch this video, have your teens and other young drivers watch this and then pass it on. 

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

 
 

Video Link: http://eugeneoregonhomesforsale.com/video/ATT-Dont-Text-While-Driving-Documentary-2

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4020 Hampshire Ln
Price: $165,000 Beds: 3 Baths: 1 Sq Ft: 1132
Established and comfortable neighborhood! Underground irrigation in front garden, fenced backyard with deck. Home offers living room, family room with pellet stove and slider to back, kitchen with laundry area, and dining area. Some updates includin...



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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The Benefit of Professional Home Inspectors

by Galand Haas
VideoVideo

Good Monday Morning!

One of the most important things you will want to do when purchasing a home is to have it inspected thoroughly by a professional home inspector.  Not only will your home inspector be able to find any damage such as dry rot or pest infestation but they can also find potential probelms with heating systems, roofing, plumbing electrical, appliances, etc.  Serious problems with homes do not just show up with older homes, but newer homes as well.  Don't ever feel that the home you are purchasing is in great shape without a thorough inspection. This is one thing that you never want to leave to chance.  Home inspectors can also point out areas that might need attention down the road and give you helpful information on how to maintain your home and service systems such as heating, plumbing and electrical.

When choosing a home inspection provider, it is adviseable to ask your Real Estate agent as to who they recommend.  Once you have ordered the inspection, it is also a good idea to meet with the inspector at the home and follow the inspector as they perform their inspection. This way your inspector can actaully show you problem areas and talk with you about how to do routine maintenance.  Once the home inspector has completed the inspection, they will generate a written report.  It is also adviseable to sit down with your home inspector and go over the inspection report.  Investing some time and money with a whole house inspection is one of the best investments you can make when purchasing a home. 

If you are considering selling a home, one of the best investments you can make as a seller is to have your home inspected before you place it on the market.  By having your home inspected ahead of time you can address any major repair issues prior to going on the market. This alone will save you time and greatly lessen your stress in selling.  It will take away the pain of negotiating repairs with a buyer part way through your sales transaction.  I find that pre-inspected homes sell faster and for more money than those that have not been inspected. 

If you would like to connect with a prefessional home inspector in the Eugene and Springfield market area, please contact me.  I would be happy to furnish you with a list of home inspectors that we have found to do a great job.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-US-February-2013

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165 Wilkes Drive
Price: $145,000 Beds: 3 Baths: 2 Sq Ft: 1245
Cozy Home with Privacy! Open floor plan/great room is perfect for entertaining. Kitchen with island and eating bar and dining area with slider opens to living room with large window. Master bedroom with bath. Great office with floor-to-ceiling built...

Why did my home not sell?

by Galand Haas

Good Monday Morning!

Why did my home fail to sell?  This is a call that I get frequently from homeowners who have had a home on the market and it did not sell. The answer to this question is often not simple, but typically a little bit of investigation will reveal the most likely cause.  Nine times out of ten the problem is that the price was too high.  In this market, if you miss the market with pricing your home is going to just sit and not get offers.  Many times the home owners will see many showings and just no serious interest.  This simply means that would be homebuyers are finding other homes equal to or better than this home at a more attractive price. It can be hard to hit pricing perfectly, but once a home is on the market, if we look at what takes place with showings and interest it will soon tell us the story as to whether we have hit pricing right or not.

The largest mistake home sellers make is to not watch the market and to not drop the price quickly enough needed.  Failure to do this may cost homesellers large amounts of money and the opportuity to sell.

Also, if you are considering putting your home on the market and don't want to join the ranks of the unsold homes be cautious when you interview Real Estate agents.  Be cautious as to not pick your agent based solely on the price they give you for your home.  Many agents will inflate this price to get your business.  Good agents will price your home correclty to start with and then watch the market for any changes and advise you quickly if an adjustment is needed.

The keys to selling a home for top dollar value in any market are to:
  1. Price correctly with the market and adjust quickly if offers don't materialize.
  2. Stage your home.  Get rid of clutter, paint, do yard work, needed repairs and make your home as appealing as possible
  3. Make your home accessible.  If your home is easy to show you will get maximum exposure
  4. Make sure that your agent is getting feedback from showings and sharing this feedback with you.  Listen to the market and adjust accordingly.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

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87904 Oak Hill Dr
Price: $385,000 Beds: 3 Baths: 2 Sq Ft: 1573
Seclusion and tranquility! Features large windows and skylights throughout. Sunken living room with fireplace opens to kitchen with eating bar, double oven, pantry and wet bar. Dining room with fireplace and storage. Master bedroom has slider with d...



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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Monday Morning Coffee

by Galand Haas

VideoVideo

Good Monday Morning!

It is a fact!  90% of all home searches conducted nationally begin online.  Searching for homes online is by far the easiest and most efficient way to look for homes.  Long gone are the days where interested home buyers ride around town with their Realtor viewing home after home while thumbing through the pages of an MLS book.  Online home shopping is convenient and it allows the prospective home buyer the ability to keep up with current listings and prices.

There are may resources that will alow you to search for homes online and some are much easier to navigate and have more options than others.  We have found that here in the Eugene and Springfield market area the best home search site is www.forhomeinfo.com.  This state of the art site will allow you to search properties on line based on your search citeria and then save your search so that you are not re-entering it every time you conduct a search.  This site also offers you the ability to set up a property alert, which will automatically e-mail you inofrmation on new properties meeting your search criteria as they hit the market.  

Now is an excellent time to be shopping for a home.  With home price remaining low and mortgage interest rates at historic low levels, there is great oppourtunity and www.forhomeinfo.com is a great tool to use during your home search.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-US-January-2013

Image Unavailable
165 Wilkes Drive
Price: $165,000 Beds: 3 Baths: 2 Sq Ft: 1245
Cozy Home with Privacy! Open floor plan/great room is perfect for entertaining. Kitchen with island and eating bar and dining area with slider opens to living room with large window. Master bedroom with bath. Great office with floor-to-ceiling built...



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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Each Fall and Winter I see the inventory of homes for sale in the Eugene and Springfield market areas hit their lowest levels.  This year is no exception and as we enter into Winter we are experiencing the lowest inventory of available homes that we have seen in years.  Typically, I encourage sellers to keep their homes on the market throughout this time period because the chances of selling increase dramatically with the lower competition levels.  

This year if you are thinking about selling your home I would advise you to get your home on the market now.  Not only are we experiencing low home inventories, but historic low mortgage interest rates have buyers out there ready to buy.  The truth is that for the first time in years we are seeing multiple offers and we have buyers that we actually can't find homes for.  Why not put your home on the market during a time when you actually have the best opportunity to sell.  The odds are that your home will sell faster and for more money than if you wait for Spring.

With the uncertainties of the fiscal cliff and the economy that could send mortgage interests rates spiraling higher, it makes sense to take action now.

If you would like to find out what the market conditions look like for your home, please call me today at 541-349-2621 or e-mail at [email protected].  I promise no pressure to list your home, just the information you need to help you make the best decision.

 

 

 

 

 

Measure 79 on the Oregon ballot

by Galand Haas

Good Monday Morning!

If you have not already researched Measure 79 on the Oregon ballot, it would be a good idea to do so.  http://www.yesonmeasure79.com/issue.html.  This measure stops the State of Oregon from being able to assess a Real Estate transfer tax on home sales.  A transfer tax is a tax imposed upon homeowners and is assessed at the time of sale.  It is typically calculated as a percentage of the sales price.  Be careful on this one.  A vote in opposition is actually a "YES" vote on the ballot.

Have and Awesome Week!

THIS WEEKS HOT HOME LISTING!

 
 
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5248 G Street
Price: $152,500 Beds: 3 Baths: 2 Sq Ft: 1194
Attractive home with abundant garden! Light and bright home features great room with skylight, vaulted ceiling, dining area with slider plus kitchen with island, eating bar and pantry. Plus laundry area. Master suite with large closet. Through the s...



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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Monday Morning Coffee

by Galand Haas
VideoVideo

Good Monday Morning!

Our gorgeous Fall weather just keeps coming.  Enjoy the sun while it lasts!

Whenever I find an article or a video piece that I feel is great information I try to include it with this weekly Real Estate update for the Eugene and Springfield area. The video that I have posted this week is an interview by Dr. Joseph Mercola with Dr. Devra Davis, who is an expert on the dangers of cell phone use.  You need to listen to this interview and then pass it on and share it with relatives and friends.

Have An Awesome Week!


Video Link: http://eugeneoregonhomesforsale.com/video/Dr-Mercola-Interviews-Dr-Devra-Davis-About-the-Dangers-of-Cellphone



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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Cell Phone Dangers

by Galand Haas
VideoVideo

Good Monday Morning!

This week I am going to stray away from my normal information about the Eugene and Springfield Real Estate market.  I recently watched the video that I am sending you in regards to cell phone use.  I was shocked at what I learned from this.  I was especially troubled by the impact that cell phone use may be having on our children.  I hope that you can take a few minutes and watch this informative video report on the dangers of cell phone use.

Have An Aweome Week!

 
 

Video Link: http://eugeneoregonhomesforsale.com/video/Cell-Phone-Dangers-Dr-Devra-Davis-National-Institute-of-Environmental-Health-Sciences-NIEHS

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2434 Royalann Ln
Price: $295,000 Beds: 4 Baths: 2 Partial Baths: 1 Sq Ft: 2339
Beautiful home in Cherry Hill Estates. Features gorgeous wood floors and great separation of space. Living room with fireplace, large kitchen with granite counters, eating bar & pantry. Large master suite with walk-in closet plus bonus room! Family ...



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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Haas Real Estate Team
Keller Williams Realty Eugene and Springfield
2645 Suzanne Way Suite 2A
Eugene OR 97408
Direct: (541) 349-2620
Fax: 541-687-6411

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