The California Assocation of Realtor's posted this article on their website."For release:December 4, 2013 IRS and California Franchise Tax Board declare California distressed
home sellers not liable for federal or state income tax on short sales
LOS ANGELES (Dec. 4) – The CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.)
announced today it received a letter from the California Franchise Tax Board
(FTB), obtained by Board of Equalization (BOE) member George Runner, clarifying
that California families who have lost their home in a short sale are not
subject to state income tax liability on debt forgiveness “phantom income” they
never received in a short sale. Last month, in a letter to California Sen. Barbara Boxer, the Internal
Revenue Service (IRS)…
Foreslcosures are down across the nation! In Fresno, we currently have over 65% equity sales. As these bank owned properties continue to clear our market, they are leaving a shortage of inventory that has positivley impacted our pricing. Year of year meadians are showing close to 20% growth. This is well needed equity for most sellers.
The federal government has extended the HARP program to 2015. Many American's have been skeptical of most loan modifications or have been frustrated in the past by the run around from banks. The HARP program offers a potential solution that could end up saving you a lot of money on your monthly payments. If you have a loan that is backed by either Fannie Mae or Freddie Mac, the HARP program is worth looking into. Check out this link that gives you some specifics about the qualification for the program and frequently asked questions.
More and more in today's technological age,
buyers are first scouring the internet long before they view their first
property with a realtor. Researchers have been studying the behavior of these
buyers and have learned that 60% of their time is spent looking at the pictures
of a property and 95% spend 20 seconds viewing the first picture. With
this information, the first picture becomes a critical piece in a marketing
puzzle. Give our team a call today and we can help make sure that you have eye popping content for your listing. Here is a link to the full article.
As property values are increasing and interest rates are still at all time lows, many home owners are are looking to take advantage by refinacing. Here is a link to a very helpful article for all owners considering this step. http://www.inman.com/buyers-sellers/columnists/jackguttentag/avoid-overcharges-when-refinancing
As home pricing plummeted and inventory
levels shot through the roof, home builders were hit particularly hard. As a result, new home construction all but
stopped in most markets across the country.
Now as pricing begins an upward trend and inventory levels are
at incredible lows, many homebuilders are either getting back into the game or
ramping up production. Here is an
interesting article on how home builders will be a key to our continued economic