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Michigan Real Estate BLOG
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Mobile Overview:
Weve taken www.TimSova.com curbside with the new TimSova.com mobile website. You now have access to millions of listings on TimSova.com, anytime, anywhere from any smartphone. The new TimSova.com mobile site gives our clients the convenience to search properties by area or address, browse listings photos and request more information. Mobile Highlights: Search millions of properties anytime, anywhere from any smartphone. Browse through listings photos and request more information. No flyers? No Problem! The Search by Address feature gives you quick access to listing details. How Does it Work? Simply enter TimSova.com in your mobile browser. Your browser will automatically detect that you are accessing the site from a mobile device and therefore, will display the mobile version of TimSova.com
Feel free to reach us any time.we are happy to help! The Tim Sova Team Tim Sova, Associate Broker/Listing Specialist
Brittani Simone, Realtor/Buyer Specialist
Colleen Sova, Client Care Specialist
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So you've purchased an investment property and you're ready to sell it and buy another. Did you know that in the United States, you could defer taxes on some of these transactions? That's the case with a Section 1031 Exchange, also known as a tax-deferred exchange, which is a way to sell one investment property and acquire another within a certain time frame to defer tax payments.
This type of transaction is ideal for someone who has built up some equity in a property and expects his or her income to decrease over time.
The main advantage is that you defer the taxes on the profits from the sale until you ultimately sell it down the road. By deferring the taxes, you have more money available to invest in another property.
A 1031 exchange isn't for everyone and there are certain requirements to qualify for this transaction, such as:
- The value of and equity in the replacement property must be equal to or greater than that of the property you sell.
- The debt on the replacement property must be equal to or greater than the debt on the sale property.
- All of the net proceeds from the sale of the property must be used to acquire the replacement property.
- You have 45 days after the date that the sale property is transferred to identify potential replacement properties. The exchange must be completed within 180 days after the transfer of the sale property, or the due date of the taxpayer's federal tax return for the year in which the sale occurs, whichever is earlier. No extensions are available.
The key to a successful 1031 exchange is to work with an experienced RE/MAX associate. He or she can refer you to a trusted, experienced Qualified Intermediary who must facilitate the exchange and hold the sale proceeds, preventing inappropriate receipt of funds from the transaction. The Tim Sova Team is experienced and knowledgeable in this area of real estate and would love to be your trusted resource to guide you through your next investment. Feel free to call us any time. The Tim Sova Team Tim Sova, Associate Broker/Listing Specialist
Brittani Simone, Realtor/Buyer Specialist
Colleen Sova, Client Care Specialist
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Indulging your sweet tooth can be a rewarding experience. On Aug. 5th your Dairy Queen indulgence can become a treat for your whole community.
Proceeds from every Blizzard purchased at a participating Dairy Queen store will help children at your local Children's Miracle Network hospital. Visit miracletreatday.com to find a participating DQ location near you. You also can make an online donation directly to Children's Miracle Network. RSVP for Miracle Treat Day on Facebook. Spread the word on Twitter using hashtag #miracletreatday.
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If you were to put your home on the market today, why wouldnt you use an active realtor that knows his or her stuff in the marketplace and gladly pay them commission?
OR you could ask why would I do that if I could just sell it myself and save the commission?
Here's the problem with that theory. If I sell it myself, I am exposed only to the buyers that I can attract from my newspaper ad, maybe a Craigslist ad, and those that drive by the front of my house. If you list with a high quality real estate team (The Tim Sova Team), you get the advantage of being exposed to our entire pool of buyers. But most importantly, we will list it in the multiple listing service. A FSBO listing won't be there. If you use a realtor and have a thousand potential buyers, and you only get three potential buyers from a FSBO, who has a better chance of selling the house? Who has a better chance of getting the best price? Market exposure is everything.
Add to that the fact that you'll probably do three of these transactions in your life, and The Tim Sova Team averages a transaction every week. You will make several mistakes, but a pro will walk you through it. Research has shown that, between mistakes, lack of negotiating skills, pricing errors and general exposure on the market, you'll cost yourself more than the realtor commission.
One more thing If you are selling a house by way of FSBO, potential buyers think they can get that house cheaper because they don't have to pay a realtor fee. But you think you can sell it for more because of that same reason, and we can't save the same realtor fee. You'll come out slightly better and with a lot less hassle to use a top-shelf team of realtorsThe Tim Sova Team! Were here to help! Please contact us anytime at 810-844-2316
The Tim Sova Team Tim Sova, Associate Broker/Listing Specialist
Brittani Simone, Realtor/Buyer Specialist
Colleen Sova, Client Care Specialist
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Investors: make the most of todays real estate market
This is a moment of challenge and opportunity. - Margaret Kelly, CEO, RE/MAX International Whether youre looking to divest or invest in residential or commercial properties, The Tim Sova Team can expedite the process. We are here to help you reach you real estate investment goals. We are trained in bank-owned properties, foreclosures and more. We specialize in Short Sales. Feel free to call us any time. The Tim Sova Team Tim Sova, Associate Broker/Listing Specialist
Brittani Simone, Realtor/Buyer Specialist
Colleen Sova, Client Care Specialist
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The waiting game Despite the good news, housing recovery depends on two factors: jobs and consumer confidence. Positive Projections Two top economists recently offered encouraging news for the housing market. NAR Chief Economist Lawrence Yun and Moodys Economy.com Chief Economist Mark Zandi are predicting a slightly stronger demand for housing going into 2011. The two expect mortgage interest rates to remain historically low and the availability of jumbo loans to improve. They differ on the impact of foreclosures on home price stabilization. Yun predicts a fairly even level of foreclosures, with home prices potentially rising 2 to 3 percent this year. Zandi forecasts a rise of foreclosures later in 2010 before easing in 2011 and predicts home prices may weaken this year. Source: NAR
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Freedom is essential to the American way of life. Today we celebrate those who dared to declare our independence and ensure our right to pursue happiness and the American dream.
We wish you a happy and safe Independence Day, and we're truly honored that you've chosen us for all of your real estate needs. Feel free to call us any time. The Tim Sova Team Tim Sova, Associate Broker/Listing Specialist
Brittani Simone, Realtor/Buyer Specialist
Colleen Sova, Client Care Specialist
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Close by Sept. 30 to Receive Homebuyer Tax Credit U.S. homebuyers who are eligible for a Homebuyer Tax Credit have until Sept. 30 to close the transaction and receive the credit.
Congress has extended the closing deadline, which had been June 30, by three months. The action affects an estimated 180,000 homebuyers who, because of circumstances beyond their control, had been unable to close on their purchase by the original deadline.
One factor in the backlog is that many of these transactions are Short Sales that often require extended time to complete.
Buyers who secured a purchase contract by April 30 are eligible to receive the credit. This is money that never has to be repaid, provided you live in the home for three years.
Qualified first-time buyers can receive a credit of 10 percent of the home price up to $8,000. You are considered a first-time buyer if neither you nor your spouse has owned a principal residence in the U.S. in the last three years. Homebuyers who owned and lived in their principal residence for five consecutive years of the last eight are eligible for a credit of up to 10 percent of the purchase price, up to $6,500.
The National Association of Realtors estimates that 4.4 million people have received the credit since it was made nonrefundable in 2009. That includes 2.9 million first-time buyers and 1.5 million repeat buyers.
Other facts about the Homebuyer Tax Credit: - The upper income limit to receive the full credit is $125,000 for individuals and $225,000 for couples.
- If the purchase price is more than $800,000, you are not eligible for the credit.
- You can apply the credit to the 2009 or 2010 tax years. There is no minimum income for claiming the credit. You qualify for the full credit even if you wont owe any taxes for 2009 or 2010.
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The Associated Press: The Senate approves home tax credit extension
Posted on: June 16, 2010 Senate approves home tax credit extension By ANDREW TAYLOR (AP) 2 hours ago WASHINGTON The Senate on Wednesday approved a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale. The proposal, approved by a 60-37 vote, would only allow people who already have signed contracts to finish at the later date. About 180,000 homebuyers who already signed purchase agreements would otherwise miss the deadline. Reid, D-Nev., added the proposal to a bill extending jobless benefits through the end of November. Nevada has the nation's highest foreclosure rate, and Reid is facing a tough re-election campaign. The Realtors group has been pushing hard in Congress for the extension. Mortgage lenders, the trade group says, have been swamped with borrowers trying to get approved by the end of the month. Many potential borrowers are unlikely to make the deadline. "If Congress fails to act promptly, then prospective homebuyers might not get the benefit of the homebuyer tax credit, even though they have completed contracts," the Realtors said in a letter to lawmakers. First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500. The $140 million cost of the measure would be financed by denying businesses the ability to deduct from their taxes punitive damages paid when losing lawsuits or judgments. Copyright 2010 The Associated Press. All rights reserved.
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| Best Father's Day Quotes | |
Fatherhood is pretending the present you love most is soap-on-a-rope.....Bill Cosby
When I was a boy of 14, my father was so ignorant I could hardly stand to have the old man around. But when I got to be 21, I was astonished at how much he had learned in seven years.....Mark Twain
Life was a lot simpler when what we honored was father and mother rather than all major credit cards......Robert Orben
He didn't tell me how to live; he lived, and let me watch him do it.....Clarence Budington Kelland
My father used to play with my brother and me in the yard. Mother would come out and say, "You're tearing up the grass." "We're not raising grass," Dad would reply. "We're raising boys." ......Harmon Killebrew
A father carries pictures where his money used to be......Author Unknown
A father is always making his baby into a little woman. And when she is a woman he turns her back again......Enid Bagnold
By the time a man realizes that maybe his father was right, he usually has a son who thinks he's wrong......Charles Wadsworth
It is not flesh and blood but the heart which makes us fathers......Friedrich von Schiller
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Direct 810-844-2316
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