6 points to ponder about selling your home NOW – PLUS…3 ways to prep for April 15th

Many homeowners ready to sell are instead waiting a couple of months until the popular Spring home selling season begins. But the fact is, in many locations, NOW may be the right time to put that property on the market. Here are 5 things to think about:

1. Pay no attention to media reports on nationwide statistics for the housing market. They mean nothing to you as a seller because real estate markets are purely local.

2. Remember, the ratio of supply to demand is key to the health of your local real estate market. So no matter what you read about the housing market nationally, the local facts determine your chances of making a sale at any point in time.

3. So, the first question to ask your Realtor is how much competition you’d have if you put your home on the market now, before the Spring activity begins.

4. Because not many sellers put their homes on the market the first few months of the year, the inventory of homes for sale usually dwindles during the winter months. So, if your area is shy on inventory of good homes, now could be a good time to sell.

5. Interest rates are low but won’t stay that way forever. There could be a fair number of savvy buyers in your market who know this and want to take advantage of the situation now.

6. Many experts believe that the big price declines are behind us. More than a few buyers are beginning to realize this and are taking a good look at today’s market.

Preparing your tax return needn’t be an annual ordeal. Getting organized can take a whole lot of stress out of the process. Now is the time to gather the information you’ll need to do your return or hand over to your tax professional. There are just three categories:

1. Paperwork:

  • Last year’s return
  • All income info: W-2 forms, 1099 forms, alimony, self-employment income
  • Any 1098 forms: mortgage, educational institution statements, etc.
  • IRA info
  • Savings and investments info

2. Deductions:

  • Charitable contributions
  • Job hunting costs
  • Moving costs
  • State and local income taxes and sales taxes
  • Real estate and personal property taxes
  • Home mortgage interest and investment interest
  • Points on a home mortgage or refinance
  • Casualty and theft losses not covered by insurance
  • Non-reimbursed business entertainment and travel expenses, including car use
  • Business use of home
  • Medical expenses
  • Educational expenses

3. Miscellaneous expenses:

  • Tax preparation and tax advice fees
  • Safe deposit box rental
  • Investment fees and expenses, including service charges on dividend reinvestment plans and trustee’s fees for your IRA, if separately billed and paid
  • Convenience fees charged for paying income tax, including estimated tax payments, by credit or debit card
  • Appraisal fees for a casualty loss or charitable contribution
  • Ask a tax professional about other expenses you can deduct if you have extensive investments, or estate, trust, IRA or Social Security issues

The above are only guidelines to help you organize some of the information you’ll need to prepare your tax return. If you have any questions about these or other tax matters, always consult with a qualified tax professional.

… Have a great day!

PS.  With today’s mortgage rates at historic new lows and the most affordable home prices ever, many people are upsizing, downsizing or refinancing. Please call or email us now to discuss your situation.

Michelle Castle provides mortgage loans to all of North Texas and Southern Oklahoma. Call Michelle Castle at (903) 892-1998 if you are looking for a home loan in North Texas and Southern Oklahoma.

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