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Perhaps you have determined that it is time to sell your house. Whether you need to sell your home and relocate due to a job transfer, maybe you need a larger home to accommodate a growing family, or perhaps your children have moved out and you want to down size to a smaller house. There are a ton of reasons why people sell their homes and no matter what the reason, it is in your best interest to be knowledgable about the process and encouraged to consult with a Real Estate Professional that can assist you through the process.
As you begin in your quest for information on selling your home, make sure to take into account the whole picture which include factors such as market conditions, your home’s value, costs in selling, and tax implications. We always suggest talking to your tax preparer as there are may be a tax liability upon selling your home. This can include whether you purchased the home or inherited it, if you used your home for business or rental purposes, costs associated with selling your home, and any home improvements and additions that you’ve undertaken. Did you know that tax rules differ when you sell a home you inherited and beyond general rules, it is wise to discuss your home’s sale with your tax professional that can advise on tax benefits in more detail.
Most often, sellers finance their next home purchase with the sale of their present home. Usually, they put the home on the market before they begin their search for a new home. Learning the price you can expect from the sale can help determine your purchase power and price point for your home search. It may not be wise to wait until the close of escrow on your present home to look for your next home. Timing your search with the buyer’s transaction can make a difference on having your funds available to buy your next home and minimizing the time period between homes.
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