You’ve probably heard the term “capital gains” float around when it comes to selling real estate, by do you know what it really means? More specifically, are you familiar with the taxes that may have to be paid on these gains, and how they can affect how much money you wind up with?
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Just about every room in your home could be spectacular, but if the kitchen is ho-hum, there’s lost value there. The kitchen truly is the center of a home. It’s not just where dinner is prepared; it’s also where people tend to gather. Property values are largely dependent on the quality of the kitchen, so if yours needs a little TLC, now’s the time to bring it up to par.
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Finally, some relief is on the horizon for homebuyers in California. According to the California Association of Realtors (CAR), 22 out of 29 counties in the Golden State experienced an improvement in housing affordability over the first quarter of 2016 compared to the same time last year, thanks to higher wages and a slight decrease in home prices.
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Savvy scammers are always on the lookout for a way to swindle money from unsuspecting victims, and the real estate industry is by no means off limits. Of course, the overwhelming majority of buyers, sellers, agents, landlords, and others involved in real estate transactions are honest, but there are a few bad apples out there who spoil the bushel.
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The housing market continues to sizzle in many cities across the US, but it’s not just domestic buyers that are fueling the fire. Foreign real estate investment continues to be a major player in US real estate, and is expected to pick up the pace throughout the remainder of 2016. Chinese investors, in particular, have their sights set on the US. Many wealthy Chinese investors have been dealing with obstacles stemming from the economic crisis in China, and have been looking outside of their borders to plant their capital.
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If you’re looking to buy a condo in California in the near future, you’ll soon be informed whether or not the condo association is approved for Federal Housing Administration (FHA) or Veterans Administration (VA) mortgages. As of July, changes to pre-sale disclosures in the Golden State will come into effect, and will obligate all condos to make this information known to buyers.
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The first thing that prospective homebuyers see when they visit your home is the exterior. From the lawn, to the bushes, to the walkways, and finally to the front door, all these components make up the ‘curb appeal’ of your home, which you want to be certain is nothing short of impressive. Some buyers can be so turned off by the front lawn of a home that they don’t even bother checking out what’s behind the front door.
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With mounds of student debt and sky-high housing prices, millennials have certainly had the odds stacked against them when it comes to getting into the housing market. And after seeing their parents deal with the recession back in 2008 after which millions of Americans lost their homes, millennials have been nervous about becoming homeowners themselves.
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You’re opening the doors to your home to let curious buyers have a gander at your place, which will hopefully peak someone’s interest enough to put in an offer. After all, the more eyes that see your home, the better. That’s the point of an open house.
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INFOGRAPHIC: C.A.R. Survey Reveals Investor Activity in California. Reasons for investment property purchases include good location, rate of return, good price, future development potential, and size.
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