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GREAT FALLS BPA FEATURED ARTICLE: Sponsored by The Thompson Team: Linda Thompson.
DECISIONS, DECISIONS, DECISIONS: To Buy or Not to Buy?
Do you plan on selling and buying in the same general market? Then yes, it will do you good to get the tax deductions for your move (consult your tax attorney) – both mortgage interest (included in points paid as either a buyer or seller) and capital gains exemptions. Then start your new base with your new house. It matters little whether you are at the final bottom of the market or not since the discount you are taking on your sale will be overshadowed by the discount in what you buy. Decide what works best for you now. Your agent can advise you on how to make the transition smoothly. Do you want to buy investment property? Perhaps wait until the investment interest starts to reflect the latest Fed movements. There are great opportunities in the foreclosures or pre-foreclosures (short sales) but the way is rocky and you’ll need an experienced agent to scout your path through some of the banks mitigation departments. There are unusually long wait times for banks responding either to an offer or as a third party approval contingency. If you want to sell but don’t “have to” and are moving out of the area where the prices are beneficial to you, you may want to consider renting your home for a couple of years and then sell prior to 3 years so that you can still take advantage of your capital gains exemption. If you need the money in order to buy, just accept what the market value is and sell. Houses are still selling at the right price. Hire an agent who has gone through a tough market before!
• For more information visit our website by clicking in the following link: www.lindathompson.com |
