According to a newly released study by ATTOM Data Solutions, selling your home in the month of May will net you an average of 5.9% above estimated market value for your home.
Tax season can be stressful for the millions of Americans who owe money to Uncle Sam. Every year, the average U.S. household pays more than $5,700 in federal income taxes, according to the Bureau of Labor Statistics. And while we’re all faced with that same obligation, there is significant difference when it comes to state and local taxes. Taxpayers in the most tax-expensive states, for instance, pay three times more than those in the cheapest states.
Surprisingly, though, low income taxes don’t always mean low taxes as a whole. For example, while the state of Washington’s citizens don’t pay income tax, they still end up spending over 8% of their annual income on sales and excise taxes. Texas residents also don’t pay income tax, but spend 1.86% of their income on real estate taxes, one of the highest rates in the country. Compare these to California, where residents owe a little over 4% of their income in sales and excise taxes, and just 0.79% in real estate tax.
As this year’s tax-filing deadline, April 17, comes closer, it’s fair to wonder which states give their taxpayers more of a break. WalletHub searched for answers by comparing state and local tax rates in the 50 states and the District of Columbia against national medians. To illustrate, we calculated relative income-tax obligations by applying the effective income-tax rates in each state and locality to the average American’s income. Click Here for the complete ranking, commentary from a panel of tax experts and a full description of our methodology.
Posted in #downsizing, Home Sellers, real estate, Relocation, retirement, Uncategorized
Tagged #housing, Baby Boomers, relocattion, retirement, Seniors, taxes
With a seller’s market in many places across the country, why are so many homeowners reluctant to sell? Nearly 80 percent of more than 1,000 homeowners recently surveyed say they believe now is a good time to sell a home, but many don’t plan to list their homes anytime soon.
Numerous would-be sellers say they’re holding off because of the high price they’d have to pay for their next home, according to ValueInsured’s latest quarterly Modern Homebuyer Survey.
Out of the homeowners who say they are interested in selling their home to upgrade or downsize, the survey found:
72 percent say they are concerned with timing the real estate market.
63 percent say now is a good time for them to sell, but not to buy, due to high home prices.
61 percent are “waiting until prices to buy are better to make a move.”
“Homeowners in many cases are eager to sell but don’t want to become buyers,” says Joe Melendez, CEO of ValueInsured. “These homeowners have experienced a lot of home value volatility and see more uncertainties looming—tax reform, for example. By hesitating, these homeowners are actually controlling the market on both sides. Reassuring these individuals is the key to unlocking inventory.”
Melendez says the survey discounts the notion that low refinance interest rates were keeping homeowners from selling. Only 18 percent of homeowners looking to sell say they haven’t done so because they don’t want to give up their current low mortgage payment.
Twenty-six percent of potential home sellers admit that they second-guess their desire to sell because they don’t want to pay broker fees, new mortgage closing costs, capital gains taxes, or other associated expenses that could possibly weaken their buying power for their next home, according to the survey.
Fifty-seven percent of all homeowners surveyed who say they are interested in selling and moving say it’s likely that they will eventually move from their current home within the next three years. However, some say they plan to rent out their home or pass it on to family instead of selling it.
Daily Real Estate News | Thursday, November 16, 2017
Jeff Stone of Coldwell Banker RB, Proudly Presents, A Real Estate Seminar for BOOMERS & SENIORS! It’s ALL about Downsizing, Relocation & More. Listen to a Panel of Industry Experts, Discuss Topics of Interest for the 50+ Homeowner and their Adult Children. Hosted by Jeff Stone of Port Washington NY, Nationally Recognized as the Seniors Real Estate Specialist SRES Recipient of the Outstanding Service Award in 2014.
Posted in #downsizing, Home Buyers, Home Sellers, real estate, Relocation, Reverse Mortgage, Seniors Real Estate Specialist, Uncategorized
Tagged #coldwellbanker, #downsizing, #homebuyers, #homesellers, #housing, #jeffstone, #portwashington, #realestate, #Seniorsrealestatespecialists, #sres