Jeremy Walsh Real Estate

Are you looking to buy a home during the Spring? If yes, this article will provide you tips on how to successfully buy a home during the busiest real estate season- Spring.

Spring is the busiest real estate season because buyers are going from property to property to calculate the best deal based on mortgage pre-approval funds. Often during this season home sellers whom have been renovating for months finally put their homes on the market for sale. Some examples of renovations are fences, budding gardens and hard wood floors, all of which buyers value when shopping for their dream homes.

While this can be an exciting time to buy a home, spring also gives home sellers the option to make a home look great but have hidden problems to it. Here below are ways to be a smart and successful first-time buyer of a home:

House-Flipping Dilemma

Home renovation is a very thriving $300 billion industry in the United States (U.S). Some homes will be put on the market at an overvalued price. Some basic renovations that should be in the norm of market prices are freshly paint rooms, new flooring or molding and light fixtures. These jobs can be done in a weekend.

When looking for homes do not fall in love with the book covers, open the books. Look at the corners of the walls for cracks (usually painted over). Look for gaps in flooring and the walls. If something looks out of place, take a second look. Often home sellers will do anything to make a home hide flaws to sell it. It is highly recommended that you bring a level with you to a view a home. Use the level to see if countertops, shelves and ledges are completely flat.

If surfaces are warping or uneven, there might be water or foundation damage.

Beware of Home Staging

Home Staging has become very popular to give homes on the market an illusion of being in perfect condition and raising profit from sale to 15% more than without staging.

Here are some questions to ask so you will not be fooled during a home staging:

· How old is the home?

· When was the furnace installed and last inspected?

· What are the average annual property taxes?

· Does the neighborhood have a high crime rate?

· What are the utilities costs for each season?

· Do any of the appliances have warranties?

Never be afraid to ask questions. It is better to know what you can expect before placing a deposit and signing paper work.

Successfully and wisely buy a home this Spring with Jeremy Walsh Real Estate.

If you have any questions, please contact Jeremy Walsh Real Estate by calling 443-610-5722 or click here today!

You need to be exclusively represented and have Jeremy Walsh (located in Baltimore, Maryland) on your side to handle all of the important details for you!

You can also follow me on Facebook, Twitter and LinkedIn as well!

Source: Tips For Spring Home Buying

Getting ready to buy a new home and need to put your present home up for sale on the real estate market? If yes, we are here to help you successfully sell your home for its value by providing information on how home appraisals work. Read to become informed before putting your home up for sale.

The value of your property is what determines how much a lender is willing to give you to buy real estate property. It is important to know whether a home is overpriced or under-priced in the real estate market.

A home appraisal protects the bank and you from buying property that is worth less than what was invested. You never want to pay too much for a house.

The following are factors included in a home appraisal:

The Home Appraisal Methods

A home appraisal is usually done at the time of closing. It cost on average $300 or more depending on the price of property.

There are two main appraisal methods – sales comparison approach and cost approach. Sales comparison approach compares property of three or four similar homes sold in the area. Cost approach is only used for new property and based on reproduction costs. Basically the question the appraiser wants to answer is how much would it cost to replace the structure of a home on property, if it were destroyed. Land value and depreciation are used to determine worth.

What The Appraisal Report Includes

The following are included on the Appraisal Report:

Ø The size and condition of the house and its permanent fixtures.

Ø Improvements to the home and the materials used in the improvements.

Ø Structural Problems in the foundations such as cracks and wet basements.

Ø An evaluation of recent market trends and how it can affect property value.

Ø A Comparative market analysis.

Ø Maps, Photographs and Sketches.

It is important to have the home appraisal completed to obtain a loan amount that will give you the ability to buy your dream home.

If you have any questions, please contact Jeremy Walsh Real Estate by calling 443-610-5722 or click here today!

You need to be exclusively represented and have Jeremy Walsh (located in Baltimore, Maryland) on your side to handle all of the important details for you!

You can also follow me on Facebook, Twitter and LinkedIn as well!

Source: How Home Appraisals Work

Looking to sell your home this year? If yes, we are here to help you. This article will provide you information on how to calculate the real cost it will take you to sell your home and help you sell quicker. Read below to get informed.

To calculate the true cost of selling your home you will need to review realtor’s commission, repairs, and house closing costs. We will give you details on each category.

Realtor’s Commission

When you list your house for sale, you will have to mark up the price right away to cover commission. Commission can be 6% or more to make sure you do not lose your profit margin. For example a $200,000 house would cost a realtor $12,000 to sell the home.

Repairs

Repairs to home property can be costly in both time and money.  Repairs can include new paint jobs, new carpet, new flooring, landscape work and other remodeling factors. Repairs could cost you hundreds and thousands of dollars. Repair cost all depends on the size and the age of your home. For example, an older home is more inclined to need major repairs on plumbing, electrical or HVAC systems.

House Closing Costs

When you finally close a house, fees will be associated with the closing. As a home owner, you will need to go to the Realtor’s title company and pay fees. You will also need to pay the Mortgage Company and miscellaneous fees. House closing costs are 3 to 5% of a home’s sale price. Going back to the example of selling a $200,000 home, the closing costs could be an additional $6,000 to $10,000.

Sell your home without losing your investment, with Jeremy Walsh Real Estate.

If you have any questions, please contact Jeremy Walsh Real Estate by calling 443-610-5722 or click here today!

You need to be exclusively represented and have Jeremy Walsh (located in Baltimore, Maryland) on your side to handle all of the important details for You!

You can also follow me on Facebook, Twitter and LinkedIn as well!

Source: The True Costs to Sell A Home

Do you know if you qualify to exclude your gain, after selling your home? If you do not know whether you would qualify to exclude gain on your taxes after selling your home, then we are here to help by providing you a few real estate tax tips. Read below to get informed.

You can qualify to exclude from your income all or part of your gain, once you sell your home.

To be excluded, you are required by law to meet the ownership and use tests.  The ownership and use tests mean before the 5-year period before the sale of your home you must meet the following requirements:

· You must have owned your home for two years; this will make you pass your ownership test.

·You have to have lived in your home for at least two years to pass the use test.

Gain

If you gain from the sale of your home, you could be qualified to exclude up to $250,000 of the gain from your income. If you are able to exclude all the gain, you will not need to report anything abut the sale on your tax return. If you cannot exclude the gain, it is taxable. It would be reported as a Schedule D (Form 1040).

Loss

You will not be able to deduct a loss from the sale of your main home.

To be sure you get the most out of the sale of your home, contact Jeremy Walsh Real Estate.

If you have any questions, please contact Jeremy Walsh Real Estate by calling 443-610-5722 or click here today!

You need to be exclusively represented and have Jeremy Walsh (located in Baltimore, Maryland) on your side to handle all of the important details for You!

You can also follow me on Facebook, Twitter and LinkedIn as well!

Source: Sale of Residence- Real Estate Tax Tips