11 Aug What’s the Latest in Real Estate?
Many things are happening in the real estate industry these days. Due to the pandemic, a lot of things have adjusted, and we’re now seeing the effects. So today I have a few notes about what’s happening in the real estate environment. I’m discussing appraisals, terms, and capital gains.
To learn more about these changes, watch this short video: https://youtu.be/DK77RSiVU1I
Appraisals have become a large issue lately because homes are selling for more than what they appraise for. We’re great at countering so the buyer knows that we’re not splitting the difference; they’re responsible for covering the difference in price. We’re very clear in the terms and conditions that there are no appraisal contingencies.
You should also keep the terms in mind. There are many opportunities for sellers to make the most out of their investment. This may mean a free, two-month rent-back or a variety of other things we can adjust in the terms. Both the price and terms are essential.
“We’ll be seeing changes in the real estate market in the next six months to a year.”
If you’re single and have lived in your house for two of the last five years, you’re allowed to exclude up to $250,000 worth of capital gains tax. If you live with a partner or spouse, you can exclude up to $500,000. Right now we’re seeing a lot of people sell their property, take the $500,000, and put it toward buying a new home.
We’ll be seeing changes in the real estate market in the next six months to a year because there are a lot of people currently out of work.
The decision to buy or sell a home shouldn’t be made lightly. Here at Shay Realtors, we want to help make that decision easier by providing you with relevant, educational information about San Diego real estate and the San Diego real estate market right here on our YouTube channel. Whether you’re looking for helpful tips about buying a home, selling a home, or the latest market statistics, we’re here to bring that information together all in one place. We have a passion for helping home buyers and home sellers achieve their goals and we’d love to talk to you about how we might help you achieve yours. If you have any real estate-related questions for us, don’t hesitate to reach out to us via phone or email today.
We want you all to be safe; we care about you. When you go out, please wear a mask—they don’t look that bad. If you have any questions about the topics I discussed today or real estate in general, please call us at (858) 449-4970 or email us. We would love to help you.