I recently published a book!
WHAT YOU NEED TO KNOW WHEN BUYING OR SELLING A HOME…
Before, During and After
Over the years I have worked with many different buyers and sellers and every situation is different. Some clients like to know everything that is going to happen all up front so they know what is coming and others would rather just be lead along the way. Depending on your personal situation, this is a perfect book for anyone thinking of buying or selling a home. I wrote an easy to read, step by step account of what will happen during the buying or selling process. Although every transaction has different specifications, the time line and process is always the same.
The book even has an additional section that helps both buyers and sellers prepare for the move including packing tips. Although the book was written so someone with no real estate knowledge will easily understand everything, the back of the book has a complete glossary of real estate terms to help you navigate the real estate language.
Any of my clients that will buy or sell a home using me will receive a FREE copy of WHAT YOU NEED TO KNOW WHEN BUYING OR SELLING A HOME…Before, During and After
The book can also be purchased on http://www.amazon.com (search Kari Cross).
Writing this book was a long process and I am so excited to say that I finally completed it. I look forward to sharing this tool with my clients and hope it helps remove some of the stress that comes when embarking on one of the biggest transactions most people make.
For more information:
Intero Real Estate Services
Rock singer Kid Rock is selling his 5 Bedroom, 5 Bathroom, 8,305sqft Balinese-style mansion in Malibu.
28830 Bison Ct.
5 Full Bathrooms
Built in 2002
The private oasis features the quintessential California fusion of seamless indoor/outdoor living, and an enormous open kitchen and dining room. A tropical sanctuary located on idyllic Point Dume, a private/gated custom designed home with beautiful executed details throughout. A charming guest house overlooks the pool with shower. Riviera 3 Beach key
Awesome Pool and guest house
Huge Kitchen and Dining room
Master Bedroom and Bathroom
Large sitting area and
Bedrooms with full length sliding windows/doors
For more information Contact
Intero Real Estate
The home tour has something for everyone……..but, if you are thinking about buying or selling a home make sure you call to see how you can participate in this years Home Tour.
The Home Tour is a day of fun, FREE activities for the whole family
Saturday September 15
Home Tour 11:00-3:30
Concert at the maria 4:00-7:00
Lions Club Motorcycle Run and Car Show
Showcasing Discovery Bay homes and lifestyle the Home Tour starts at the Yacht Club with music, food, fun and prizes. Tour all that Discovery Bay has to offer with homes on the water, on the golf course, as well as gated and non-gated homes.
SELLERS: If you are thinking about selling your home, call now to get your home on the market and included in this years home tour…..you don’t want to miss out on the added exposure the home tour offers!
BUYERS: Make an appointment today to get a sneak peek of this years homes for sale and help to find exactly what you are looking for!
- KARI CROSS
- INTERO REAL ESTATE SERVICES
- Facebook: Kari Cross
- Website: www.countoncross.com
- Author: What you need to know when buying or selling a home
If you’ve been following housing market news this year, you may have been surprised by the latest home sales numbers to come out this week. Sales of existing homes stalled at 4.92 million, dropping 0.6% in March from February.
With the recent market recovery of 2013 and the anticipation of a hot spring real estate market, many people are wondering what is going on?
THE PROBLEM IS LACK OF HOMES. There’s plenty of demand from buyers, but just not enough to choose from on the market. Most areas are experiencing multiple bids, and many buyers are waiting daily for new homes to come up for sale.
Some sellers are also being affected as well. Sellers are seeing how difficult it is to find a home right now and they are not confident that if they sell their home they will be able to find a new one to move into.
Despite the decline in March sales from February, home sales were still 10.3% higher than the same month a year ago, marking the 21st consecutive month of year-over-year increases. That’s good news, and a good indicator of how the market is trending in the big picture.
Demand is still strong, according to the National Association of Realtors, which reported buyer traffic is 25% above a year ago. But the drop in available homes has put upward pressure on prices. And some buyers are getting frustrated and priced out.
SELLERS: If you didn’t have enough equity to sell your home last year, you may be able to sell now. Talk to a Realtor today and take advantage of the recent up turn in pricing and the current surplus of buyers. Find out if you have enough equity in your home to make the move you have been waiting for.
BUYERS: It is very important to have a Realtor send you homes daily as they come on the market. If you are looking to buy a home right now you will have to be fast and be prepared for the current conditions. Your local Realtor will help you navigate today’s market.
- Kari Cross
- Intero Real Estate Services
WOULD YOU RATHER BUY A HOME FOR $200,000 OR $150,000?
What if I told you $200,000 would be better and that if you are interested in purchasing a new home in the near future…..now will be better than later.
LET ME EXPLAIN!
Many people look at only the current Real Estate Market conditions when deciding if they should purchase a home or not, but the most important thing to look at right now is INTEREST RATES. In California interest rates are at an all time low and some people forecast rates to increase in time. If interest rates do increase the home you can afford to purchase today will be “out of your price range” tomorrow.
(everyone’s specific situation will vary, but this is an example of one client)
Current interest Rate 3.25% – Monthly Payment $875.00 – Purchase price $200,000
interest Rate Example 5.25% – Monthly Payment $875.00 – Purchase price $150,000
With the above example…..if you would like to stay with a monthly payment of $875.00 you can no longer afford the $200,000 home.
With the unknown interest rate future and home prices beginning to increase, if you are thinking of buying a home….make sure you call today to review your options.
- Kari Cross
- Intero Real Estate Services
Prices in many real estate markets may be close to bottoming out….we hope. So the old adage about buying low may be something to consider if you have a kid who will soon be heading off to college. The idea is to buy a condo or small home for the kid to live in while attending school. That way, you’ll avoid paying huge dorm room or apartment prices with no hope of any profit. And….if you buy a small home with some extra space, you can rent it out to your kid’s friends and offset some of the ownership costs.
Lots of parents have made good money by following this strategy for the four or five years their kids spent in college and then selling the home after graduation. Of course, the longer you can hold onto the property, the better the odds of cashing out for a profit. The other key factor to consider is the tax benefits. Here’s what you need to know…..
DEDUCTING COLLEGE HOME OWNERSHIP EXPENSES:
The tax rules generally prevent you from deducting losses incurred from owning and renting out a residence that’s used more than a little bit by you or a member of your immediate family. However, a favorable exception applies when you rent at market rates to a family member who uses the property as his or her principal home. In this case, you can deduct tax losses from the rental activity (subject to the passive loss rules, which I’ll explain later). This beneficial loophole is open for you if you buy a condo and rent it out to your college-going child (and roomies, if any) at market rates.
You can deduct the mortgage interest and real-estate taxes. If you pay mortgage points, you can amortize them over the term of the loan. You can also write off all the other operating expenses -like utilities, insurance, association fees, repairs and maintenance, and so forth. As a bonus, you can depreciate the cost of the building (not the land) over 27.5 years, even while it is (we hope) increasing in value.
So where will your poverty-stricken son or daughter get the money to pay you market rent for the home? The same place he or she would get the cash to pay for a dorm room. In other words, from you! You can give your kid up to $13,000 annually without any adverse federal tax consequences. If you’re married, you and your spouse can together give up to $26,000. Your child can use that money to write you monthly rent checks. Just make sure he or she actually sends the checks and make sure they say they are for rent. Also, it’s best if you open up a separate checking account to handle the rental income and expenses. Taking these simple steps will help keep the IRS off your back if you ever get audited.
PASSIVE LOSS RULES MAY POSTPONE TAX LOSSES:
If the home throws off annual tax losses (which it probably will after counting depreciation deductions), the passive activity loss (PAL) rules generally apply. The fundamental PAL concept goes like this: you can only deduct passive losses to the extent you have passive income from other sources -like positive taxable income from other rental properties you own or gains from selling them. fortunately, a special exception says you can deduct up to $25,000 of annual passive losses from rental real estate provided (1) your annual adjusted gross income (before the real estate loss) is under $100,000 and (2)you “actively participate” in the rental activity. Active participation means being energetic enough to at least make management decisions like approving tenants, signing leases, and authorizing repairs. You don’t have top mop the floor or snake out the drains.
If you qualify for this exception, you won’t need any passive income from other sources to claim a deductible rental loss of up to $25,000 annually (your loss probably won’t be that big). Unfortunately, however, if your adjusted gross income (AGI) is between $100,000 and $150,000, the special exception gets proportionately phased out. So at AGI of $125,000, you can deduct no more than $12,500 of passive rental real estate losses each year (half the normal $25,000 maximum). If your AGI exceeds $150,000 and you have no passive income, you can’t currently deduct any rental real estate losses. However, any disallowed losses are carried forward to future tax years, and you’ll be able to deduct them when you sell the home. All in all, this is not a bad tax outcome.
FAVORABLE TAX RULES WHEN YOU SELL:
When you sell rental real estate that you’ve owned for over a year, the profit (the difference between sales proceeds and the tax basis of the property after subtracting depreciation) is long-term capital gain. However, part of the gain (the amount equal to your cumulative depreciation write-offs) can be taxed at a maximum federal rate of 25%. The rest of the gain will be taxed at a maximum federal rate of no more that 15% under the current rules (which I hope will be extended to post 2012 years)
Remember those carryover passive losses that we talked about earlier? You get to use them to offset any gain from selling the home.
*Information provided is for reference only, consult your tax advisor for information on your person situation, different states and counties have different rules.