Real Estate News – Extended Mortgage Debt Relief Act, PMI Tax Relief and Capital Gains Tax Rates

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Now that we are well into 2013, there will be some changes to our real estate outlook with some familiar programs back in action. With all the talk about the impending Fiscal Cliff, it is no wonder that homeowners everywhere are wondering how the outcome will impact them individually.

But first, we want to congratulate our lucky friends from Facebook that have won some exciting prizes in our latest drawing! We hope you have a great time enjoying your prizes and we appreciate your support, keeping up to date with us on Facebook!

Now, back to the latest and great news in real estate. Here are three recent changes and/or updates to the programs available out there that will have a significant impact on our marketplace this year and moving forward. This is good, folks!

Mortgage Debt Forgiveness Act Extended Through 2013

On the minds of many homeowners that have mortgages falling short of the current value of their homes, the Mortgage Debt Forgiveness Relief Act was set to expire on December 31, 2012. Among the many issues discussed within Congress during the last few hours of 2012 was the extension period of this important tax relief for distressed homeowners. Primarily as a means to help consumers faced with hardships overcome their financial difficulties when they incur forgiven debt – the Act serves to waive tax implications on what otherwise would be considered taxable income.

Private Mortgage Insurance Tax Relief Now Applies to Fiscal Years 2012 and 2013

Each year millions of homeowners look forward to the tax relief that comes with being able to write off their private mortgage insurance premiums. By the end of 2012, no one was sure the American Taxpayer Relief Act of 2012 would be extended to include the coming year. Once again, at the final hours of negotiations the Act was extended through fiscal year 2013 to allow homeowners paying private mortgage insurance to deduct that amount when filing their income taxes.

Capital Gains Tax Rates Increased from 15% to 20%

A topic of confusion for many, the capital gains tax increase set for higher income levels is more lenient than most people realize. Though the theory is that this increase in tax impacts individuals and households with higher income levels, the truth is the income and gains cap is relatively high. The capital gains tax increase will only apply to individuals earning an Adjusted Gross Income of $400,000 or more. Furthermore, people in these income brackets will incur the capital gains tax only on income earned above and beyond the cap which is $250,000 or more for individuals and $500,000 or higher for households. 

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If you would like to discuss these or any other issues in the real estate marketplace or if you are considering buying or selling a home – contact us today! We would love to help make your real estate dreams become a reality!

Happy 2012 Holidays and Warm Season’s Greetings!

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To all our cherished friends, neighbors, family and clients – we are so proud to have been able to work with you and be a part of your lives! As we end this year and turn to the exciting time and events that 2013 holds, we just wanted to take a moment to thank you for all that you bring to our lives.

We have some really great plans in the coming year to bring more success to all your real estate endeavors. And with each transaction that makes it to the closing table in the coming months and years ahead – we know that there will continue to be new and exciting things to follow for all of us.

On behalf of the entire group – Happy Holidays, Season’s Greetings, Peace and Joy!

The Importance of Staging Your Home and How the Professional Presentation of Your REALTOR® Go Hand in Hand

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As we prepared for our photography session we realized just how vital it is to present a solid first impression. Not just in the real estate industry, but overall. In fact, we wanted to share the immense professionalism and high-level talent of our photographer to demonstrate as a fantastic example, just how important first impressions can be.

The very fabulous Tim Coburn of Tim Coburn Photography in Washington DC took us into his studio and took photographs of us. But there was much more to it than just shooting the camera. In face, when we arrived at his studio we were taken in by his hair and makeup department. The consummate professional, Tim Coburn realizes the importance of first impressions and he puts in a lot of work behind the scenes to accomplish that result.

It’s really no different with real estate. When we stand in front of you and show you the comparable sales data on your home, for instance, it may look like a simple comparison of recently sold homes but a lot more goes into the process than meets the eye. When we advise our sellers to prepare their home for sale and even perhaps consider staging the home to sell it effectively, it’s no accident that we are again thinking about those first impressions.

Any way you cut it, professional presentation entails so much more than just that first impression but that initial glance is extremely important. We invite you to come in and meet with us so we can have that opportunity to share with you what we offer, provide you a glimpse of our “behind the scenes” and get to work achieving your real estate goals. Contact us today!