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Inspectors

Home Stagers

REFERENCES

Concierges

Real Estate Attorneys

Capitol Gaines Tax

A capital gain occurs when you sell an asset for a price higher than its basis. If you hold an investment for more than a year before selling, your profit is considered a long-term gain and is taxed at a lower rate. Investments held for less than a year are taxed at the higher, short-term capital gain rate.

TAX RATE

Single

Head of Household

Married filing jointly

Married filing separately

0%

Up to $40,400

Up to $54, 100

Up to $80, 800

Up to $40,400

15%

$40,401 to $445,850

$54,101 to $473,750

$80,801 to $501,600

$40,401 to $250,800

 

You're only liable to pay CGT on any property that isn't your primary place of residence - i.e. your main home where you have lived for at least 2 years.

Excise Tax

  • Real estate excise tax (REET) is a tax on the sale of real property. All sales of real property in the state are subject to REET unless a specific exemption is claimed. The seller of the property typically pays the real estate excise tax, although the buyer is liable for the tax if it is not paid. Unpaid tax can become a lien on the transferred property.
  • REET also applies to transfers of controlling interest (50% or more) in entities that own real property in the state.

Beginning Jan. 1, 2020 through June 30, 2023, 1.28% of the state tax collected by counties is retained to cover administration costs.

Of the net proceeds to the state:

  • 1.7% goes to the public works assistance account.
  •  1.4% goes to the city-county assistance account.
  •  79.4% goes to the general fund.
  •  Remaining amount goes into the educational legacy trust account.
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WHY HOME STAGING IS IMPORTANT

Relative to the amount of time and money involved, staging may be one of the most lucrative projects you ever undertake. Potential buyers aren't just looking for a structure to inhabit, they're also looking for a way to fulfill their dreams and improve their lifestyles. Staging can create a more emotional purchase for the buyer, which ultimately can generate more money for the seller. Buyers don't want to see work that needs to be done upon moving into the home. For every problem they see, they’ll deduct its cost from their offering price. If they see too many problems, they may pass on buying the home completely.

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Step 2: Determine Selling Price

Knowing how to price your home is one of the most important parts of the selling process. When you set a fair price in the beginning, you’ll get the most interest from other real estate agents and prospective buyers. Overpricing your home could lead to reduced interest, and underpricing leads to receiving less than what your home is worth. Working with a real estate agent is the best way to determine the right selling price for your home. An agent with experience can determine what other comparable homes are selling for, evaluate the current market, and may even suggest a home appraisal.

STAGING TIPS

While there are plenty of room-specific staging tips, if you're on a limited budget, it's best to focus on big-picture improvements and on the areas that will make the biggest difference in your home's selling price.The exterior and the entryway are an important point of focus because they can heavily impact a buyer's first impression.The living room, kitchen, all bathrooms, the master bedroom, and outdoor living space, such as a back patio, are also important.

DECLUTTER

The most essential task when staging a house involves purging and deep cleaning, an empty-as-possible house looks bigger. Remove knick-knacks and personal items from all surfaces. Don’t just put them in closets; potential buyers usually look in those, and you want yours to appear roomy. Box up spare belongings and get them out of the house.

CLEAN

In the kitchen, many potential buyers are looking for new appliances that come with the home. If you can't purchase new appliances, make sure the ones you have are spotless. Make sure your bathroom sparkles, from the corners of the tub, to the sink drain, to that spot behind the toilet you don't think anyone can see. Your goal should be to make everything look new.

DEPERSONALIZE

Buyers need to be able to envision themselves in your home, so remove all the family photos, refrigerator art, put away all the toys and anything else that is highly personal or evocative of the home's current inhabitants.

REMOVE ODORS

Pets, kids, cooked food, a moist bathroom, smoking, your sink, trash and many other conditions can make your home smell. You are immune to your home's aromas, ask a friend or neighbor to get their opinion. Air out the entire house by opening the windows air fresheners or scented candles can trigger allergies, and you don’t want prospective buyers feeling itchy.

If you have pets, wash everything they touch. Consider hiring a professional.

DEFINE ROOMS

Make sure that each room has a single, defined purpose. And make sure that every space within each room has a purpose. This will help buyers see how to maximize the home's square footage. A finished basement can become an entertainment room, and a junk room can be transformed into a guest bedroom. Even if the buyer doesn't want to use the room for the same purpose, the important thing is for them to see that every inch of the home is usable space. This includes alcoves, window seats, corners, breakfast nooks, etc.

WALLPAPER AND PAINT

Take advantage of your home's natural light. Open all curtains and blinds when showing your home. Add supplemental lighting where necessary. Outdated or broken light fixtures can be cheaply and easily replaced. If you think your existing fixtures are fine, make sure to dust them including light bulbs and clean off any grime. Play with different color temperatures of lighting, the whiter the light, the more it looks like daylight. 

LIGHT & BRIGHT

Take advantage of your home's natural light. Open all curtains and blinds when showing your home. Add supplemental lighting where necessary. Outdated or broken light fixtures can be cheaply and easily replaced. If you think your existing fixtures are fine, make sure to dust them including light bulbs and clean off any grime. Play with different color temperatures of lighting, the whiter the light, the more it looks like daylight.

FURNITURE

Make sure furniture is the right size for the room, and don't clutter a room with too much of it.

A good rule of thumb is to remove about half your furniture. Furniture that's too big will make a room look small, too little or too small furniture can make a space feel cold. Don't use cheap furniture, either. You don't have to pay a lot of money to switch out your existing furniture. (You may even be able to rent the furniture you stage your home with). Either way, make sure the furniture looks nice, new, and inviting. You'll also want to arrange the furniture in a way that makes each room feel spacious and homey.

The NAR survey found the living room is the most crucial space to stage, next comes the master bedroom, followed by the kitchen. Your last priority can be any extra bedrooms.

WALLS AND CEILINGS

Cracks in the walls or ceiling are red flags to buyers because they may indicate foundation problems. If your home does have foundation problems, you will need to either fix them or alert  potential buyers to them; fixing any foundation problems would be better in terms of getting the home sold. If the foundation only looks bad but has been deemed sound by an inspector, repair the cracks so you don't scare off buyers.

CURB APPEAL

Your home's exterior will be the potential buyer's first impression. It may even determine their interest in viewing the inside. Make sure your lawn, hedges, trees, and other plants are well-maintained, and neatly pruned and eliminate any weeds. Make sure the sidewalk leading up to the house is clear and clean. To brighten windows, wash them well, and consider adding flower boxes or add potted plants on your front stoop.Power wash your home's exterior can make it look almost freshly painted but with less effort and expense. If you have a pool, showcase it by making sure it's crystal clear. 

FINAL TOUCHES

Just before any open house or showing, make sure that your staging efforts have the maximum impact with a few last-minute touches that will make the home seem warm and inviting. These include putting fresh flowers in vases, letting fresh air into the house for at least ten minutes beforehand so it isn't stuffy, and putting new, plush, nicely folded towels in the bathrooms and closing the toilet lids.

THE BOTTOM LINE

Even if you have plenty of cash, don't put too much money into the staging process. You want to emphasize the home's best features, but keep in mind that what sells the home and what will make the home usable for the buyer are not necessarily the same thing. Overall, to get the most bang for your buck, your home staging efforts should be designed to appeal to the widest  possible range of buyers. The more people willing to submit purchase offers for your home, the higher the selling price will be.

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