Selling Property to Family Creates Tax Complications

Selling Property to Family Creates Tax Complications

Our Friend Karl from K.A.N. Accounting & Tax, Inc. Sent us this and we thought we should share! 

Selling property to a family member or loved one is deemed a related party transaction by the IRS. If contemplating a transaction like this, you need to review the tax consequences of your decision BEFORE you act. As you might imagine, related party transactions covers relatives like your children, grandchildren and siblings, but it also applies to business entities you own. Here are four common situations you may encounter, and tips to help you avoid tax trouble:

1. Installment sales. When selling your property over two or more years, your transaction is deemed an installment sale. With an installment sale you can defer tax on your gain until the tax years in which payments are actually received. However, if you sell the property to a related party who disposes of it within two years, the remaining tax is due immediately!

Tip: To solve this problem, insert language in the legal agreement with your related party that does not allow the disposition of the property within two years.

2. Selling at a discount. If you’re selling a house to a related party, you may wish to give that person a sweetheart deal. Unfortunately, the IRS may reclassify the transaction as a gift if the property is sold at considerably less than its fair market value (FMV). Fortunately, you have some wiggle room. If you discount the sale by less than 25 percent, you should be OK.

Tip: Err on the side of safety by having an appraisal of the property before the transfer date OR build documentation that justifies the FMV.

3. Transferring remainder interests. In some cases, a homeowner may transfer an interest in a home to his or her estate while continuing to live there. Although this may meet certain objectives, the estate can’t take advantage of the $250,000 home sale exclusion ($500,000 for joint filers). However, if the heirs subsequently meet the two-out-of-five-year ownership and use requirements, the exclusion becomes available.

Tip: Prior to transferring interest in your home to anyone (including a trust or an estate), understand the impact of this action on the tax-free home gain exclusion.

4. Like-kind exchanges. Often, instead of selling business or investment property, an owner may trade for another, similar property hoping to either defer or avoid taxable gains. Under recent legislation, tax-free exchanges of like-kind properties are eliminated, except for qualified real estate transactions. Tax is generally deferred until the replacement property is sold, but the tax law imposes a two-year holding requirement on the parties to the deal. Alternatively, you may qualify under a special exception, such as proving tax avoidance wasn’t the purpose of the sale.

Tip: Related property transactions of this type can get complicated. Ask for a review of your situation before trading any property.

Transferring assets, including property, to family gets the attention of the IRS. Should you be contemplating this, reach out for assistance before making the move.

502 So 1040 E H 143 American Fork Utah 84003

502 So 1040 E H 143 American Fork Utah 84003

502 So 1040 E  H 143 American Fork Utah 84003

Mt Timpanogos Village

 

Comparative Market Analysis and Broker Opinion of Value

502 So 1040 E  H 143 American Fork Utah 84003

Sold   $317,578

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502 So 1040 W H 143 American Fork Utah 84003

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Second Source Broker Value Report

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Welcome to our blog article about the exquisite Mount Timpanogos Village, located in the charming city of American Fork, Utah. This exceptional over 55 adult community offers a one-of-a-kind living experience with an abundance of desirable amenities. Whether you’re a nature enthusiast seeking scenic views or a social butterfly who enjoys clubhouse activities, Mount Timpanogos Village has something for everyone. Plus, with its perfect Walk Score, exploring the neighborhood and nearby attractions couldn’t be easier. Join us as we embark on a virtual tour, highlighting the exceptional features and qualities that make this community a true gem.

 

Exploring Mount Timpanogos Village: A Premier Over 55 Adult Community In American Fork, Utah

 

Nestled in the picturesque American Fork, Utah, sits an exclusive and sought-after over 55 adult community – Mount Timpanogos Village age. This premier community offers an exceptional living experience tailored to the needs and desires of its residents. From its prime location to its remarkable amenities, Mount Timpanogos Village is an idyllic haven for those seeking an active and enriching lifestyle in their golden years.

 

One of the most attractive features of Mount Timpanogos Villas is its proximity to the natural wonders of American Fork. The community is situated near the majestic Mount Timpanogos, providing residents with breathtaking views and ample opportunities for outdoor recreation. Residents can indulge in scenic hikes, leisurely walks, or simply basking in the serenity of nature. The surrounding area also boasts numerous parks, trails, and lakes, allowing residents to immerse themselves in Utah’s remarkable natural beauty.

 

In addition to its natural surroundings, Mount Timpanogos Village offers a myriad of amenities aimed at enhancing residents’ quality of life. At the heart of the community is a state-of-the-art clubhouse, which serves as a gathering place for socializing, fitness, and entertainment. Residents can engage in a variety of activities, from yoga and aerobics classes to card games and book clubs. The clubhouse also features a well-stocked library, a billiards room, and a theater, ensuring that there is never a dull moment.

 

For those who value an active lifestyle, Mount Timpanogos Villas provides an array of recreational amenities. The community boasts a fitness center equipped with the latest exercise machines and a swimming pool perfect for taking a refreshing dip or organizing water aerobics classes. Outdoor enthusiasts can indulge in tennis matches on well-maintained courts or enjoy a round of golf at nearby courses. With dedicated walking paths and bike lanes, residents can effortlessly practice healthy habits and stay active.

 

One of the standout features of Mount Timpanogos Villas is its outstanding Walk Score, reflecting its excellent location and accessibility to essential amenities. Within a short distance from the community, residents can find an abundance of shopping centers, restaurants, healthcare facilities, and pharmacies. The convenience of having everything within reach allows residents to effortlessly fulfill their day-to-day needs and enhances their overall sense of well-being.

 

Moreover, Mount Timpanogos Village fosters a strong sense of community through its various social events and clubs. Residents can engage with like-minded individuals by participating in organized activities such as art classes, cooking demonstrations, and wine tastings. These events not only facilitate social connections but also provide opportunities to discover new interests and passions.

 

The real estate options at Mount Timpanogos Villas are designed with comfort and functionality in mind. The community offers a range of spacious and well-appointed villas, providing residents with customizable living spaces to suit their preferences. Featuring open floor plans, modern appliances, and upscale finishes, these villas exude elegance and are tailored to meet the needs of today’s discerning adults.

 

When it comes to retirement living, Mount Timpanogos Village in American Fork, Utah, offers an unparalleled experience. Residents can revel in the tranquility of the surrounding natural beauty, enjoy a host of exceptional amenities, and embrace an active, social lifestyle. With its prime location, excellent Walk Score, and highly desirable villa options, this over 55 community truly encapsulates the essence of comfortable, fulfilling retirement living.

 

Discover The Benefits: Why Mount Timpanogos Villas Is A Perfect Choice For Active Adults

 

Mount Timpanogos Villas in American Fork, Utah, is a highly sought-after over 55 adult community that offers a plethora of amenities and a fabulous location. The community not only provides a serene and peaceful environment but also ensures a vibrant and active lifestyle for its residents. From the numerous benefits it offers, it’s no surprise that Mount Timpanogos Villas is considered a perfect choice for active adults.

 

One of the key advantages of choosing Mount Timpanogos Villas as a place to call home is its prime location. American Fork, Utah, is a picturesque city nestled at the base of the stunning Wasatch Mountains. The area is renowned for its natural beauty, with Mount Timpanogos serving as a majestic backdrop. This fantastic location provides residents with unparalleled access to outdoor activities and recreational opportunities.

 

For those who enjoy an active lifestyle, Mount os Villas is a dream come true. The community is designed to promote physical activity and social engagement, offering a variety of amenities that cater to the interests and needs of active adults. Residents can take advantage of the well-maintained walking paths, which make it easy to stay fit while enjoying the breathtaking views of the mountains and surrounding landscapes.

 

Moreover, Mount Timpanogos Village residents have access to a clubhouse that serves as the epicenter of socialization and community engagement. The clubhouse is a hub of activity, hosting various events, parties, and gatherings throughout the year. This vibrant social scene allows residents to meet like-minded individuals and cultivate meaningful friendships. From game nights to fitness classes, the clubhouse offers a range of activities that cater to diverse interests and ensure that there is never a dull moment for the residents.

 

In addition to its prime location and social opportunities, Mount Timpanogos Village also excels in providing top-notch amenities that enhance the overall living experience for its residents. The community features a fitness center, where residents can work out and stay active at their convenience. This onsite fitness facility eliminates the need for external gym memberships and makes staying fit a hassle-free experience.

 

For those who enjoy spending time outdoors, Mount Timpanogos Village boasts beautifully landscaped grounds and a community garden. Residents can indulge in gardening, soak in the natural beauty, or simply relax in the peaceful atmosphere. The community also features a swimming pool, allowing residents to enjoy a refreshing dip during hot summer days.

 

Safety and security are also a top priority at Mount Timpanogos Village. The community is equipped with state-of-the-art security systems and provides a secure living environment for its residents. With peace of mind, residents can fully enjoy their active and vibrant lifestyle without any worries.

 

Furthermore, Mount Timpanogos Village is in close proximity to various amenities and conveniences. From shopping centers to medical facilities, residents have easy access to all their daily needs. The nearby American Fork Hospital ensures exceptional healthcare services, providing an added level of comfort and convenience for residents.

 

In conclusion, Mount Timpanogos Village offers a wide array of benefits that make it an ideal choice for active adults. The prime location, abundant recreational opportunities, vibrant social scene, and impressive amenities make this over 55 adult community a haven for those who seek an active and fulfilling lifestyle. Discover the distinct advantages of Mount Timpanogos Village and embrace a new chapter of life in this exceptional community.

 

Unveiling The Walk Score: Embracing The Convenience And Accessibility In The Surrounding Area

 

Mount Timpanogos Villas, located in the charming city of American Fork, Utah, is an over 55 adult community that offers a unique blend of natural beauty, convenient amenities, and a welcoming atmosphere. One of the standout features of this community is its exceptional Walk Score, which allows residents to embrace a lifestyle of convenience and accessibility.

 

A Walk Score is a measure of how walkable an area is, with higher scores indicating that most daily errands can be accomplished on foot. This rating takes into account various factors, including the availability of essential services, proximity to shopping and dining establishments, access to public transportation, and the overall pedestrian-friendliness of the surroundings. For those seeking a vibrant and active lifestyle, a high Walk Score can make all the difference.

 

In the case of Mount Timpanogos Villas, residents enjoy a fantastic Walk Score due to the community’s strategic location in American Fork. Nestled near the base of the beautiful Mount Timpanogos, this community offers residents the opportunity to explore the surrounding area on foot and make the most of their everyday routines.

 

With a Walk Score of over 80 out of 100, Mount Timpanogos Villas boasts the convenience of having an array of amenities within easy reach. Imagine taking a leisurely stroll to the nearby grocery store to pick up fresh ingredients for a delicious home-cooked meal. Need to run some errands or do some shopping? The community’s proximity to various retail outlets ensures that residents can easily access everything they need without having to rely solely on driving.

 

Not only does this high Walk Score make daily errands more convenient, but it also promotes an active and healthy lifestyle. Residents can enjoy a brisk walk or bike ride along the scenic trails surrounding the community or take a serene evening stroll through the neighborhood. This not only benefits physical health but also fosters a sense of community as residents have more opportunities for interaction and social engagement.

 

One of the highlights of Mount Timpanogos Villas is its clubhouse amenities, which are within walking distance from the residences. The clubhouse serves as a central hub for social activities, events, and gatherings, providing residents with the perfect opportunity to meet their neighbors and establish lasting friendships. From fitness classes to game nights, the clubhouse offers a wide range of activities tailored to the needs and interests of the community’s residents.

 

In addition to the clubhouse, residents of Mount Timpanogos Villas can also take advantage of the beautiful outdoor spaces and recreational facilities nearby. Parks, golf courses, and hiking trails are all easily accessible, allowing residents to enjoy the natural beauty of the area while maintaining an active and fulfilling lifestyle.

 

Living in an adult community with a high Walk Score not only enhances convenience and accessibility but also promotes a sense of connection and community. Mount Timpanogos Villas provides its residents with a unique opportunity to enjoy a vibrant and fulfilling lifestyle, surrounded by the breathtaking natural landscapes of American Fork, Utah.

 

As the residents of Mount Timpanogos Villas embrace the convenience and accessibility offered by the community’s impressive Walk Score, they find themselves living in a place that truly feels like home. With every activity, errand, and social interaction just a short walk away, residents can make the most of their golden years and truly experience the joy of living in this exceptional adult community in American Fork.

 

Indulging In Clubhouse Amenities: Enhancing The Mount Timpanogos Village Experience For Residents

 

Nestled in the beautiful city of American Fork, Utah, Mount Timpanogos Village stands as an exceptional over 55 adult community that offers its residents an elevated living experience. Surrounded by stunning natural beauty and picturesque landscapes, this retirement haven is known for providing a peaceful and tranquil environment, perfect for those seeking to enjoy their golden years to the fullest. However, the allure of this community doesn’t stop at its breathtaking surroundings and spacious villas; it extends to the plethora of clubhouse amenities that have been designed to enhance the residents’ experience.

 

One of the standout features of Mount Timpanogos Village is its state-of-the-art clubhouse, where residents can come together, socialize, and engage in various activities. This vibrant hub serves as the centerpiece of the community, fostering a strong sense of camaraderie among neighbors and promoting an active and vibrant lifestyle.

 

Upon entering the clubhouse, residents are greeted by an elegant and welcoming interior, tastefully decorated to create a warm and inviting atmosphere. The clubhouse is thoughtfully designed to cater to a wide range of interests and preferences, ensuring there is something for everyone within the community.

 

For those who enjoy staying active, Mount Timpanogos Village boasts a well-equipped fitness center. This modern facility offers an array of exercise machines, free weights, and fitness classes, allowing residents to engage in their favorite workouts at their own pace. Whether it’s a cardio session, strength training, or a relaxing yoga class, the fitness center ensures residents have everything they need to maintain their health and wellness.

 

Beyond fitness, the clubhouse provides ample opportunities for leisure and recreation. The community features a billiards room, where residents can enjoy friendly games and engage in light-hearted competition with their neighbors. This space encourages a sense of friendly rivalry while fostering connections and new friendships among the residents.

 

For those who have a passion for arts and culture, Mount Timpanogos Village offers a designated arts and crafts room. This space provides a creative outlet for residents to explore their artistic talents, whether it be painting, pottery, or any other craft they might be interested in. The arts and crafts room is a sanctuary for self-expression and allows residents to tap into their creativity and expand their horizons.

 

To cater to residents’ intellectual pursuits, the clubhouse also features a well-stocked library and a cozy reading nook. This tranquil corner provides a peaceful retreat for book lovers, who can immerse themselves in a good novel or engage in stimulating conversations with fellow residents about their favorite literary works. The library serves as a hub for uncovering new knowledge, expanding horizons, and engaging in intellectual discussions.

 

In addition to these amenities, the clubhouse at Mount Timpanogos Village also offers a spacious lounge area, perfect for socializing and connecting with neighbors. This welcoming space is an ideal gathering spot for residents to catch up, share stories, and foster a true sense of community. Whether it’s a morning coffee, an evening game night, or a lively discussion, the lounge area facilitates memorable moments and lifelong friendships.

 

Furthermore, the clubhouse at Mount Timpanogos Village also hosts various community events and activities throughout the year. From holiday celebrations and parties to educational seminars and guest speakers, there is always something happening to keep residents engaged and entertained. These events offer residents the opportunity to socialize, learn, and create lasting memories with their neighbors in a vibrant and inclusive environment.

 

With its array of clubhouse amenities, Mount Timpanogos Village goes above and beyond to provide its residents with an exceptional living experience. From fostering social connections to promoting physical and intellectual wellness, the clubhouse serves as the heart of the community, enhancing the overall quality of life for its residents. Indulging in these amenities not only adds value to the experience at Mount Timpanogos Village but also creates a sense of fulfillment and joy for those who call this place home.

 

How we will Market your Property

 

Each Property Has a Single Site Web Page

We Carefully Advise You On Staging Your Home to Sell at Top Price and Attract Multiple Offers!

Strategic Timing Of Open House

Drone Footage of Home and Neighborhood Amenities

Professional Interior Photo Shoot Including Video

Full-Color Flyers

Tracking Of All Showings

Social Media Marketing

Experienced Veteran Broker with Proven Negotiating Skills, (Master Certified Negotiation Expert)

 

 

Your Checklist To Get Ready To Sell

Your Checklist To Get Ready To Sell [INFOGRAPHIC] | MyKCM

Some Highlights

  • When it comes to selling your house, you want it to look its best inside and out.
  • It’s important to focus on tasks that can make it inviting, show it’s cared for, and boost your curb appeal for prospective buyers.
  • Let’s connect to make sure your house shows well and catches a buyer’s eye.

 

Selling your Home in the Greater Wasatch Front

When you make the decision to sell your home, you, as a seller, find that their are three basic choices:  FSBO or For sale by owner. You may find or hear of a friend/neighbor/relative to possibly list with. Or, Better yet hire a thirty year proven real estate veteran team. The Gale Team are highly rated, top producing Realtors®.  We specialize in representing sellers. I would hope you would give our team a close look. “As a native Utahan I know about the Greater Wasatch Front market, areas, schools, and recreation”

Why Hire Us?

Representing Sellers is what we do best at Utah Realty.  Our past clients return to us because of our exceptional service.  Should you choose to list your home with us, you are guaranteed to have a professional exceptional experience.  You can count of us to get the job done!  Here is what you can come to expect on when we represent you in the sale of your home.

2024 Housing Market Forecast

2024 Housing Market Forecast

2024 Housing Market Forecast

Some Highlights

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM)

PSA  (Pricing Strategy Advisor)

General Contractor 2000 (in-active)
e-pro (advanced digital marketing) 2001
Certified Residential Specialist 2009

Certified Negotiation Expert 2014

Master Certified Negotiation Expert 2014
Certified Probate Specialist Since 2018

Senior Real Estate Specialist

Certified Divorce Specialist CDS

 

Contact me! 

 

 

People Are Still Moving, Even with Today’s Affordability Challenges

People Are Still Moving, Even with Today’s Affordability Challenges

People Are Still Moving, Even with Today’s Affordability Challenges

If you’re thinking about buying or selling a home, you might have heard that it’s tough right now because mortgage rates are higher than they’ve been over the past few years, and home prices are rising. That much is true. Take a look at the graph below. It breaks down how the current affordability situation stacks up to recent years.

The National Association of Realtors (NAR) explains how to read the values on the graph:

“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home.”

The black dotted line represents that 100 value on the index. Essentially, the higher the bar, the more affordable homes are. As you can see, the orange bar for today shows higher mortgage rates and home prices have created a clear challenge. But, while affordability is definitely tighter right now, that doesn’t mean the housing market is at a standstill.

According to NAR, based on the pace of sales right now, just under 4 million homes will sell this year. With some simple math, let’s break down what that really means for you:

  • 3.96 million homes divided by 365 days in a year = 10,849 houses sell each day
  • 10,849 divided by 24 hours in a day = 452 houses sell per hour
  • 452 divided by 60 minutes in an hour = about 8 houses sell each minute

So, on average, over 10,000 homes sell each day in this country. Whether you’re a buyer or a seller, this goes to show there are still ways to make your move possible, even at a time when affordability is tight.

An Agent Can Help You Make Your Move a Reality

You may be wondering how other homebuyers and sellers are making this happen now. One of the biggest game-changers in today’s market is working with a trusted local real estate agent. Great agents are helping other people just like you navigate today’s market and the current affordability situation, and their insight is invaluable right now.

True professionals will be able to offer advice tailored to your specific wants, needs, budget, and more. Not to mention, they’ll also be able to draw on their experience of what’s working for other buyers and sellers right now. This could mean broadening your search, if needed, to include other housing types like condos, townhouses, or neighborhoods a bit further out to help offset some of the affordability challenges today.

Bottom Line

You might think there aren’t many people buying or selling homes right now since affordability is tighter than it’s been in quite some time, but that’s not the case. It’s true that buying a home has become more expensive over the past couple of years, but people are still moving.

 

If you’re hoping to buy or sell a home today, know that other people are still making their goals a reality – and that’s happening in large part because of the help and advice of skilled local real estate agents. Want to talk to a trusted professional about your own move? Let’s connect.

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM)

PSA  (Pricing Strategy Advisor)

General Contractor 2000 (in-active)
e-pro (advanced digital marketing) 2001
Certified Residential Specialist 2009

Certified Negotiation Expert 2014

Master Certified Negotiation Expert 2014
Certified Probate Specialist Since 2018

Senior Real Estate Specialist

Certified Divorce Specialist CDS

 

Contact me! 

 

 

The Latest 2024 Housing Market Forecast – Utah Realty

The Latest 2024 Housing Market Forecast – Utah Realty

The Latest 2024 Housing Market Forecast

The new year is right around the corner, and you might be wondering if 2024 will be the right time to buy or sell a home. If you want to make the most informed decision possible, it’s important to know what the experts have to say about what’s ahead for the housing market. Spoiler alert: the projections may be better than you think. Here’s why.

Experts Forecast Ongoing Home Price Appreciation

Take a look at the latest home price forecasts from Fannie Mae, the Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR):

 

As you can see in the orange bars on the left, on average, experts forecast prices will end this year up about 2.8% overall, and increase by another 1.5% by the end of 2024. That’s big news, considering so many people thought prices would crash this year. The truth is, prices didn’t come tumbling way down in 2023, and that’s because there just weren’t enough homes for sale compared to the number of people who wanted or needed to buy them, and that inventory crunch is still very real. This is the general rule of supply and demand, and it continues to put upward pressure on prices as we move into the new year.

Looking forward, experts project home prices will continue to rise next year, but not quite as much as they did this year. Even though the expected rise in 2024 isn’t as big as in 2023, it’s important to understand home price appreciation is cumulative. In simpler terms, this means if the experts are right, according to the national average, after your home’s value goes up by 2.8% this year, it should go up by another 1.5% next year. That ongoing price growth is a big part of why owning a home can be a smart decision in the long run.

Projections Show Sales Should Increase Slightly Next Year

While 2023 hasn’t seen a lot of home sales relative to more normal years in the housing market, experts are forecasting a bit more activity next year. Here’s what those same three organizations project for the rest of this year, and in 2024 (see graph below):

 

While expectations are for just a slight uptick in total sales, improved activity next year is a good thing for the housing market, and for buyers and sellers like you. As people continue to move, that opens up options for hopeful buyers who are looking for a home.

So, what do these forecasts show? The housing market is expected to be more active in 2024. That may be in part because there will always be people who need to move. People will get new jobs, have children, get married or divorced – these and other major life changes lead people to move regardless of housing market conditions. That will remain true next year, and for years to come. And if mortgage rates come down, we’ll see even more activity in the housing market.

Bottom Line

If you’re thinking about buying or selling, it’s important to know what the experts are forecasting for the future of the housing market. When you’re in the know about what’s ahead, you can make the most informed decision possible. Let’s chat about the latest forecasts together, and craft a plan for your next move.

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM)

PSA  (Pricing Strategy Advisor)

General Contractor 2000 (in-active)
e-pro (advanced digital marketing) 2001
Certified Residential Specialist 2009

Certified Negotiation Expert 2014

Master Certified Negotiation Expert 2014
Certified Probate Specialist Since 2018

Senior Real Estate Specialist

Certified Divorce Specialist CDS

 

Contact me! 

 

 

Reasons To Sell Your House Before the New Year

Reasons To Sell Your House Before the New Year

Reasons To Sell Your House Before the New Year

As the year winds down, you may have decided it’s time to make a move and put your house on the market. But should you sell now or wait until January? While it may be tempting to hold off until after the holidays, here are three reasons to make your move before the new year.

Get One Step Ahead of Other Sellers

Typically, in the residential real estate market, homeowners are less likely to list their houses toward the end of the year. That’s because people get busy around the holidays and sometimes deprioritize selling their house until the start of the new year when their schedules and social calendars calm down. But that gives you an opportunity to get one step ahead.

Selling now, while other homeowners may hold off until after the holidays, can help you get a leg up on your competition. Start the process with a real estate agent today so you can get your house on the market before your neighbors do.

Get Your House in Front of Eager Buyers 

Even though the supply of homes for sale did grow compared to last year, it’s still low. That means there aren’t enough homes on the market today. While some buyers may also delay their plans to move until January, others will still need to move for personal reasons or because something in their life has changed.

Those buyers are still going to be active later this year and will be seriously motivated to make their move happen because they need to. Unfortunately, the challenge they’ll face is a shortage of available inventory to meet their needs. A recent article from Investopedia says:

“. . . if your house is up for sale in the winter and someone is looking at it, chances are that person is serious and ready to buy. Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer. Putting your home on the market at this time of year and attracting a serious buyer can often result in a quicker sale.”

Use Your Equity To Fuel Your Move

Keep in mind that homeowners today have record amounts of equity. According to CoreLogic, the average amount of equity per mortgage holder has climbed to almost $290,000. That means the equity you have in your house right now could cover some, if not all, of a down payment on the home of your dreams.

And as you weigh the reasons to sell before year-end, it’s important to remember the reasons that sparked your desire to move in the first place. Maybe it’s time for a new home in a location that suits you better, one that offers the perfect space for you and your loved ones, or maybe your needs have evolved over time. A local real estate agent can help you determine how much home equity you have and how you can use it to achieve your goal of making a move.

 

Listing your home before the new year can offer unique benefits. Less competition, motivated buyers, and your equity gains can all play to your advantage. Reach out, and let’s achieve your goals before winter sets in.

Marty Gale

Buy or Sell with Marty Gale

"Its The Experience"

Principal Broker and Owner of Utah Realty™

Licensed Since 1986

CERTIFIED LUXURY HOME MARKETING SPECIALIST (CLHM)

PSA  (Pricing Strategy Advisor)

General Contractor 2000 (in-active)
e-pro (advanced digital marketing) 2001
Certified Residential Specialist 2009

Certified Negotiation Expert 2014

Master Certified Negotiation Expert 2014
Certified Probate Specialist Since 2018

Senior Real Estate Specialist

Certified Divorce Specialist CDS

 

Contact me! 

 

 

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