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"Ron, you couldn’t have been more right..."
"I just wanted to let you know that I count you among our blessings in 2008. We are extremely comfortable in our new home. We give you credit for helping us with this home and the builders and, of course, we appreciate all the hard work you did to help us sell our beloved Erdenheim home. If we had to do it all over again, we would have listened to your expert advice a wee bit sooner. Carol, our home sold for the exact price that you told us in the first meeting. Ron, you couldn’t have been more right about the staging. I tell everyone I know how our house received multiple offers within days of having it professionally staged. All in all, we are glad we chose Keller Williams (the Ron and Carol Young Team). Our former neighbors on Harston Lane have a red and white sign on their lawn and now it seems like your signs are everywhere—sure looks like the company is growing. I wish the both of you the best."
Chris & Julius Webb, North Wales form’ly Erdenheim
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First Time Buyers >Your Principal Residence
The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.
Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.
Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.
Consult your tax advisor for advice about your particular circumstance.
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| Q |
What are considered the ideal conditions for a seller's market?
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| A |
In a seller's market, prices are firm and good houses are sold before advertised or as soon as they show up in the MLS. |
 See More Real Estate Trivia > |
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  This
information has been reprinted from the Economic and Market Watch Report with
permission from TREND.
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- NUMBER1EXPERTS™ 
