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Lance@tampa2enjoy.com
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5 Great Reasons to Sell Now
Published by Lance Mohr | Filed under Selling Tips
The market is down, pricing are falling and inventory is up….could there possibly be a good reason to sell your Tampa home now? Surprisingly the answer is Yes! Keep reading to find out who should consider selling their Tampa condos or other Tampa real estate before the end of 2008.
1. Anyone that anticipates large future Capital Gains taxes. Investors or others that may be subject to large capital gains taxes in the future may be wise to sell now. President elect Obama has made it clear he intends to let current reductions in the Capital gains rate expire and may raise taxes for higher income households. Additional taxation could easily eliminate higher profits derived from waiting the market out; in fact, the higher the sales price the higher the overall rate of taxation.
2. Anyone that has used a property for investment and personal use. Vacation home owners or others that used a property as an investment prior to transferring it to personal use may do well to sell sooner rather than later. Legislation passed with the Housing and Economic Recovery Act of 2008 pro-rate the exclusion of Capital Gains after the end of this year.
3. Anyone that may be forced to move or relocate in the next year. Interest rates are low (and therefore more affordable to would-be Tampa buyers and investors) while prices are holding steady. However, inflationary pressures continue to give cause for concern especially related to the housing market. Interest rates may begin rising at any time making homes less affordable.
4. Anyone that needs to offset major losses in the stock market or other investment areas. Households in higher economic brackets may be positioned to offset gains with losses in stock, bond or other investment instruments.
5. Anyone considering a 1031 exchange. Those who have maxed out depreciation or in the market for a 1031 exchange could find themselves in a win-win situation by selling prior to the end of the year. Not only would they be able to reap the tax and other benefits derived from closing prior to the end of the year but also retain the ability to lock-in rates at historical lows.
Selected Tampa Areas: Brandon homes for sale | Carrollwood homes for sale | Channelside condos | Citrus Park homes for sale | Fishhawk homes for sale | Land O Lakes homes for sale | Lutz homes for sale | New Tampa homes for sale | Riverview homes for sale | South Tampa homes for sale | Sun City homes for sale | Valrico homes for sale | Wesley Chapel homes for sale | Westchase homes for sale
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