I am selling my home to downsize and included this phrase in my listing: "Homeowner to remain in home up to 120 days post sale." This didn't seem to discourage buyers as I got a contract in 7 days at 10K above original asking price. We negotiated a rent back amount (50% of comp rent), and this has taken a lot of pressure off of finding another home.
If I sell my house in LA, and try to buy it back. I would not be able afford it. There’s no crash coming, some areas might even out or correct but if your current home offers you stability, that all facets of our lives currently can not promise from health to inflation, why sell? Prioritize stability.
WOW I am glad I bought a replacement home last year, and I am just now getting around to selling my main home that's been my primary residence for 10 years. I love using flat fee MLS entry service for a few dollars to sell my homes as opposed to a traditional high commission agent, but I just spent all day working on my disclosure package and it's finally completed so I have everything ready before I put my listing on MLS, and I have to say California is the most difficult state to sell a home in with the amount of legal paperwork a seller needs to fill out so my hat is off to you and all other real estate agents doing business in CA!
@@janereinhardt4715 oh joy more CA residents selling their million dollar homes and quite literally pricing first time home buyers out of my home state of AZ. You people are awful.
We are a first time buyer and feel so underwater....I had a house for 1o years with no equity gain then was forced to sell in 17 because of a bad renter....missed out on 200+ more in equity and now trying to get back into the same market...
Ouch, that sucks but if at the time it took the stress off your shoulders to sell then is fine too, I am selling for that reason not so much for profit.
Jeb I have an agent that I am working with and unfortunately our strategy at first was a bit high hoping for that someone would fall in love with it but it didn’t work. We went to high. Started marking the price down and we are at a much reasonable price now but still not too much interest. We dropped the price about 7 times and I’m ready to go. Many homes in the area are selling for way over price but also not being bought, but my is I believe priced right to get a fair but best price. Where do I go from here? Homes been on the market just over 4 months and I don’t want to loose this window to get out of this traumatic place my family and I have experienced so much in. We need the reset and I know it’s time to go. But I need the right sale price to make things work in a much cheaper market where we are going so I can start over. I wish someone would see the gem of a home this is and give me what I’m looking for to move on. What do I do?
I’ve heard of cases where people sell without planning where they are going to move to next. They only consider the sales money. But then they end up stuck in line with all the other buyers and trapped in a high-priced rental market. I’m guessing plenty of marriages have been ruined that way.
Such a great video with spot on information and recommendations! The market in the southeast is unlike anything I’ve witnessed in 25 years. It’s going to be interesting to see what happens going in to the spring and Q2 with the feds raising the interest rate with several more rate increases predicted for 2022. Definitely a interesting time in real estate 🏡
Me and my wife build our home and we are planning on either getting a loan to buy another property or selling this property to buy the property. I’m not sure yet house worth quite a bit of money but I build it from ground up and thank you for the capitals gain video
Why does ppl try to time the market or try to compare housing to stocks? If you buy a home is because you can make the mortgage payment it doesn’t matter if it’s up or down
I've been noticing a lot of sellers listing their homes for way more than they are worth and they are sitting. inventory more than doubled where I live, could be a spring market thing too. I think higher interest rates have put us at an inflection point. don't see a catalyst yet for prices to fall especially in hot markets. I've been seeing a lot of people cash out on equity and buy stuff though so that is a little worrysome. in the 1970s wage inflation was insane and it really is not that high now especially since income has been lagging for years. if wages start to spiral i would keep your house because that is where inflation picks up home prices further. if wages do not spiral there will be downward or stagnant pressure on home sales because people cannot afford them with their wages and higher commodity prices and inventory will grow. educate yourself and watch this market carefully. home equity looks nice but you are buying into the same market. dont let outside forces and FOMO guide you. buy what works for you and your family.
i just sold my rental home in riverside made about $250k my reason to sell was to use the proceeds and build a rental unit on my house in San diego i believe i made the right decision but only time will tell. thankfully won’t have to pay any capital gains tax we listed the home on feb 15 we had about 10 offers within 2 days and choose one on the 3rd day. we got about 30k over asking.
Hey Jeb, Martin here we met at the home In lakewood, Autry listing. It was a pleasure meeting you. Did your client find a home. I just got an offer accepted in this crazy market!
What if you’ve not lived in the home for the full 2 yrs and sell? Is there a base tax rate? What’s the $ amount of improvements to the home you need to provide proof of?
It's not too late to sell your home and make especially when you own your home outright not everyone has a mortgage on their and people are still out buying Nevada has such a hot market it only took two weeks to sell my home and I have four offers and my house sold over asking
Make sue you have somewhere to go your house will sell too quickly like mine did in two days and had nowhere to go tried to cancel my sales contract but no go because rent was double what is was five years ago
Cutting in price $-35k when they’re already overpriced to begin with by over $100+. It looks attractive to the buyer, but seller still comes out ahead.
Single people always get screwed on taxes. They get screwed in the military as well. Anymore, singles are paying as much to live as married couples with kids. It’s an old law or laws that should be updated from the 1920’s. BTW, you’re rockin that beard. Makes me want to grow mine.
Jeb, love your videos. But I really wish you and other UA-camrs would spend more time in the video specifically addressing the question you ask in the title. LOL I"m a simple man and need a yes or no answer, haha :) Keep up the good work.
I’m thinking of selling my parents house I inherited back in 2007-08. It’s been a rental property since then so I assume I can’t save any money on capital gains taxes since it hasn’t been my primary residence.
Thanks for the informative video. I’m in SoCal thinking of selling my home would like downsize and not have any mortgage. Is this the right market environment to do it? since I will pay cash do I have an advantage over people that has mortgage with rates climbing? since it such slim pickings would like to assess my chances before I sell.
Yes, it's a great market to do that but it won't be easy in most cases. Yes, cash should have an advantage but you'll still have to write competitive offers to get considered. Happy to chat in more detail if you reach out.
In Socal cash buyer are the norm. i dont know the market well but I think higher rates will deter buyers and we may see more inventory on the market. that way you can choose a better property. even if your house value goes down the one you buy will too so its all relative. I imagine for you its more about finding the best home and a low inventory market may not be the best place.
We are looking to sell our home in the Richmond, VA area. We are in the process of interviewing several local realtors. First, before meeting with any realtors, my first thought was that we need to paint and replace the carpet. LOL Our home was built in 2018. So it’s not terrible. Where do we find your list of recommended realtors. I have a few UA-camr realtors in mind in central Florida, where we want to move, but I am open to suggestions. Thanks again 🙏🏼 😊
My recommendations come from high level networking groups that I'm a part of, I meet with these Realtors a few times a year where we strategize, etc.....I have a great Realtor in Richmond if you need one so reach out.
We live in a part of the country (Northwest) where 2 - 2.5 months max out of the year need air conditioning. We've always used the mobile units in a couple of rooms and it is sufficient. Our basement has not needed air. We are considering selling our home, and whether buyers will want air conditioning. We are now looking at bids and our lowest is in the $6,500 range. We are retired, and our home value is a big part of our "savings." Is getting air conditioning worth it if you are going to sell a home? The other question is those split systems in a wall. HVAC people have said that these don't work well or are even more expensive. I'm wondering if HVAC companies in our area just don't know how to install hem or if they will make less money, so they are saying that. What are your thoughts on split units for homebuyers? Any other input on air and home value?
Thank you for sharing knowledge. I am a seller looking to sell my home this summer. Would you recommend hiring an appraiser to determine fair market value?
@@JebSmith nothing goes up without correction. This rise is not sustainable. The people buying way overpriced houses are going to hold the bag for years.
That's not true either about capital gains because I sold the house about a year ago for $360,000 and the tax guy said you had to make an another income over 40,000 another income before you could be taxed with capital
We’re going to list our very lovely home soon. I could use your opinion on replacing a large insulated dining room window that has started to fog up. There are no other houses for sale in our whole subdivision. Do you think it is necessary? Thanks!
That's a tough one, fogged glass is a normal problem to face......It likely won't keep someone from making an offer but they may come in and ask for you to fix/replace. With that said, I'd likely wait and see what a buyer requests but it's hard to say without seeing it.
@@JebSmith Thanks, Jeb. My husband agrees with you, but I am worried that buyers may think there might be other deferred maintenance. Love your channel! I’m tired of listening to all the sky is falling predictions about the housing market. You have common sense.
@@JebSmith I’m thinking of selling to lock in equity. I’m located in Castaic north of LA and wondering how to determine the capitol gain amount. Would like to talk at some point if you have a few minutes. Thanks.
I have my house paid off and I’m tempted to sell now but I would most likely rent an apartment till prices go down but I’m not sure when I’ll be able to repurchase. Not sure how long ill be renting and waiting for that house market drop.
Does finishing a basement help? I have 700sqft of unfinished space. Most of the homes in my neighborhood that are selling high have a finished basement. I’m just wondering if I can recoup the investment. Thanks in advance.
Jeb, one question if you can. Are gains occurred on bare land that was never developed. I have a lot in a private community that I purchased for cheap a few years ago and am thinking of selling for likely 3X of the original price. Want to use the money to upgrade my primary residence. Thanks.
I'm in Phoenix and had been planning to sell right now. But values are going up so much right now (4.2% past month) I'm putting it off. We could be up 20% by June so I'm not seeing a reason to sell. Sure things may slow down. I don't agree with almost everyone talking like inflation and interest rates are definitely going up, that values will crash and other nonsense. There's kind of lot going on in world so I certainly can't see "definitely" what's going to happen 10 months out. I've sold in flat markets before. It's not the end of the world.
I just bought in PHX six weeks ago. Our house went up 23k on Redfin two weeks after we closed. Rents went up too. So glad we got in. This is going to be a crazy spring.
With homes selling 25% above mkt value, are Buyers able to get financing? As a Seller, this concerns me. The overbid sounds great til you find out no bank’s willing to overpay. Which means cash buyers only.
I'm single and can make 160k if I sell. I only had the house 2 years. The value really went up. Should I sell? What ya'll think? My plan is to live out of my semi truck, I'm a truck driver.
How long do you plan to live out of your truck? $160k sounds nice, but inflation will be eating away at your cash. And once you decide to buy again, most likely your $160k won’t have enough buying power like it once does due to home shortage, higher interest rate, and competitive market. Just my 2 cents.
@@michaelaugust2035 I wouldn’t just because the 160k you’re seeking from selling this house is technically yours just in assets instead of liquid. Living in a truck isn’t sustainable. Unless you need the money for emergent reasons, I wouldn’t do it.
Hi Jeb. My girlfriend and I purchased a house and have been living in it for 6 years. So the house is under our name. We are thinking about selling the house. Are we exempt from paying taxes up to 250k or 500k?
I live in Elgin I’ll 60124 we live in a beautiful community built in 2005 and they renovated everything on the first floor and second however I want to list my house around 800,000 but houses nearby have sold for a little less that being said they have not done any kind of renovations if anything pure lipstick job compared to all the money that we’ve put into this home including Boston down walls and opening up for plan. Our house is about 3700 ft.² even though if we could get what we would want for the property were very concerned about being able to buy something else 800,000 just doesn’t get me near anything I’m used to with this house. Your thoughts.
That's part of the problem that I mentioned...........finding a suitable replacement in this market is tough. If you get your value on your home, where do you go? You may be able to speak to a realtor to find off market homes but that's your best bet in this environment with slim pickings
Jeb let me start out by saying you guve great information. Now here is my question: I have 2 homes in my name. The first one already has a contact in it and we should be out by the end of May. We have lived in the home for almost 3 years. The second home we hopefully will have it sold by the end of June beginning of July atvyhe latest(due to renters being in the home) we have owned since 2011. I want to buy a new home (new construction) but how will that effect my credit score? If one home is sold in May and the other in July and I don't purchase until July will all that good credit history be gone?
Jeb, What do you think where the market will be in three years in SoCal? If you’re in my shoes what would you do? The choices are either downsize now sell at the top of market then rent, wait for better inventory but buy within 2 years using prop 19. Or sell in three years hope that it’s a better market to buy in SoCal and avoid renting. Thanks.
Tough question..............I personally don't like the idea of selling and going to rent as the market can stay irrational longer than you can stay solvent meaning prices could continue to go up and potentially price you out. If you're just going to sit on the money, why sell unless you think a pull back is coming and I'm not jumping on that train quite yet.
@@JebSmith im going to sell and rent somewhere else because I want to move to a different state. Do you think that's a dumb move? I dont really need to move but want to
I’m thinking about doing something crazy selling my home buying new truck and truck camper pay off all day by small piece of land wife works from computer I would start start side hustle sounds like an adventure any thoughts? Travel for a year or two then buy another house maybe in Utah and prices drop
I have a question, I bought my house in LA for 320k, I was there for 5 years sold it last month for 650K, I’m planning of buying a house away from LA, how much would I pay in taxes? And how long do I have to purchase another property?
Hi Jeb, My home is in Dallas, Tx near whiterock lake 75228 zip. I want to sell it for the highest price with the least amount of repairs. It is one of the only homes in the area with a pool. The pool needs to be resurfaced. 3 bath, 3 br all hardwood floors. I wanted to market the house to new comers from California. I understand many want to live in this area die to the bike trails, lake and mature trees. The prices in Dallas have gone beyond high. Im not sure what to do first. I want to sell as close to “As Is”as possible. Am I asking too much ? Where do i begin? Thank you 🙏
sell.... but one still has to buy, so id have to find my next house, which I will compete with 20 buyers , one will win and the 19 others will go to the next house for sale etc. .does one want to give up a 3.125 % and low tax base to go to a tax base 4 times my current house
Honestly not sure, I guess it all depends on what your selling and the price point. There's definitely more inventory in that market now but there is still demand although it's down a bit. I'm happy to connect you with a local expert that can guide you further if you need, just go to jebsmith.net/referral
@@JebSmith my guess is consumers will have less cash on hand due to inflation and having to pay higher prices at the pump and buying groceries etc. That will make it harder for newer homeowners to get into the market which will decrease demand, pair that with rising interest rates and homes become less and less affordable which will cause the market to begin to correct slightly, then go look at the lumber chart because that’s not sustainable which then decreases homes more. By now homeowners are wondering do I sell because the longer I wait the less my house is worth, enough people will want to sell which will add more homes to the market and add even more homes to the market so people don’t have to bid over the asking price anymore MAYBE they can put in an offer for less because there isn’t as much competition. The last 2 years the Fed has been littering the US with nothing but cash so Ofcourse this is an artificial rise. Stocks will eventually fall when the Fed raises rates by .5 at any given meeting and the Fed has to taper. It’s the natural cycle in order for it to work. Either way when people start seeing their investments go lower they will reassess things and nothing is wrong with taking some profits but eventually there could be some deflation. I don’t have the slightest as to what’s going to happen it’s just a possibility that does exists. I don’t think it’s sustainable you seen how the bubble in stocks got popped houses could be next and that could be the icing on the cake for investors. I wish everyone a happy life. That’s the ultimate goal. Right now people are not happy.
Lord save me - I have a home I am trying to sell. there is a stipulation on the contract " All parties agrees that if the appraised price is below Sales price, buyer is willing to gap in the amount to not exceed $10,000. The amount is added to the appraised price to not exceed the Sales Price of $605,000. " - My realtor is now telling me I am obligated to sell at 585k, and if I do not. I will be in breach of contract. Is this true based on this verbage?
When I initially read it, I thought you wouldn't need to lower your price to match their value plus the $10k but the more I read it, the more I believe your agent is correct in that you have now agreed to sell it for whatever the appraisal was plus $10K not to exceed the original sales price. It reads like that is what you've agreed to
I sold my house with absolutely NO Plan. Don’t do what I did. My Son, Daughter-in-law and my first Grand baby are now very happily living in it. They had to get out of NYC ASAP. My Father built the “Mid Century Modern California Ranch” himself in 1956. I didn’t make a big profit on the house 😂.
The tables “could” turn for these greedy investors desperately trying to sell while the market is still hot. Unless of course a desperate buyer willing to pay above what it’s really worth
Perhaps opportunity to unload some of their unwanted stocks while it’s still relatively a seller’s market. If this approaching recession ends up anything like 2008 then it’s another upside down
I am selling my home to downsize and included this phrase in my listing: "Homeowner to remain in home up to 120 days post sale." This didn't seem to discourage buyers as I got a contract in 7 days at 10K above original asking price. We negotiated a rent back amount (50% of comp rent), and this has taken a lot of pressure off of finding another home.
Nice...............congrats. Now the fun part begins, good luck!
You probably could have stayed for free
Glad you wernt so concerned about getting free rent. There are so many greedy sellers who seem to want to bankrupt buyers.
@@jessicabixler1658 Buyers are not being forced into anything, if a few months rent will bankrupt them , they may want to rethink things.
We made up the 50% rent in other concessions, plus selling price was 342% more than I paid for this house in 7/2013.
You deliver some of the best , well informed content on UA-cam . Thank you for giving accurate information 🙌🏽
🙏
Sell sell sell!!! I bought my townhouse six years ago for 150,000 and I just sold it for close to 400,000. 💵💵
Hey 💜
Reach me above for coaching&investments💬#
If I sell my house in LA, and try to buy it back. I would not be able afford it. There’s no crash coming, some areas might even out or correct but if your current home offers you stability, that all facets of our lives currently can not promise from health to inflation, why sell? Prioritize stability.
100%
WOW I am glad I bought a replacement home last year, and I am just now getting around to selling my main home that's been my primary residence for 10 years. I love using flat fee MLS entry service for a few dollars to sell my homes as opposed to a traditional high commission agent, but I just spent all day working on my disclosure package and it's finally completed so I have everything ready before I put my listing on MLS, and I have to say California is the most difficult state to sell a home in with the amount of legal paperwork a seller needs to fill out so my hat is off to you and all other real estate agents doing business in CA!
I bought my house in Arizona before we listed my deceased parent's old house in O.C. I love being out of CA. Hopefully for the last time!
Congrats California is a miserable hell hole
How much is the average price range in AZ lately compare to California?
@@Joshua-ie3jc I would say in the Phoenix area, about 50% less expensive here for a house purchase.
@@janereinhardt4715 oh joy more CA residents selling their million dollar homes and quite literally pricing first time home buyers out of my home state of AZ. You people are awful.
california sucks man
We are a first time buyer and feel so underwater....I had a house for 1o years with no equity gain then was forced to sell in 17 because of a bad renter....missed out on 200+ more in equity and now trying to get back into the same market...
Ouch, that sucks but if at the time it took the stress off your shoulders to sell then is fine too, I am selling for that reason not so much for profit.
That’s not the case in July. There are no multiple offers and there are no buyers.
Jeb I have an agent that I am working with and unfortunately our strategy at first was a bit high hoping for that someone would fall in love with it but it didn’t work. We went to high. Started marking the price down and we are at a much reasonable price now but still not too much interest. We dropped the price about 7 times and I’m ready to go. Many homes in the area are selling for way over price but also not being bought, but my is I believe priced right to get a fair but best price. Where do I go from here? Homes been on the market just over 4 months and I don’t want to loose this window to get out of this traumatic place my family and I have experienced so much in. We need the reset and I know it’s time to go. But I need the right sale price to make things work in a much cheaper market where we are going so I can start over. I wish someone would see the gem of a home this is and give me what I’m looking for to move on. What do I do?
Last 3 houses I sold ( 2021 ) in San Berdu went for 10 to 13 % over list.
sold another off market this week. 5 more to go. 👍
Congrats!
I’ve heard of cases where people sell without planning where they are going to move to next. They only consider the sales money. But then they end up stuck in line with all the other buyers and trapped in a high-priced rental market. I’m guessing plenty of marriages have been ruined that way.
I'm not sure about marriages but I'm seeing this scenario play out all the time. No plan = disaster.
Such a great video with spot on information and recommendations! The market in the southeast is unlike anything I’ve witnessed in 25 years. It’s going to be interesting to see what happens going in to the spring and Q2 with the feds raising the interest rate with several more rate increases predicted for 2022. Definitely a interesting time in real estate 🏡
Me and my wife build our home and we are planning on either getting a loan to buy another property or selling this property to buy the property. I’m not sure yet house worth quite a bit of money but I build it from ground up and thank you for the capitals gain video
I have been following you since I got my license. I’m going on 2 years and thanks to all your videos I am a better agent here in CO.
Thanks Lorena. That means a lot.
Why does ppl try to time the market or try to compare housing to stocks? If you buy a home is because you can make the mortgage payment it doesn’t matter if it’s up or down
Hey 💜
Reach me above for coaching&investments💬}
I've been noticing a lot of sellers listing their homes for way more than they are worth and they are sitting. inventory more than doubled where I live, could be a spring market thing too. I think higher interest rates have put us at an inflection point. don't see a catalyst yet for prices to fall especially in hot markets. I've been seeing a lot of people cash out on equity and buy stuff though so that is a little worrysome. in the 1970s wage inflation was insane and it really is not that high now especially since income has been lagging for years. if wages start to spiral i would keep your house because that is where inflation picks up home prices further. if wages do not spiral there will be downward or stagnant pressure on home sales because people cannot afford them with their wages and higher commodity prices and inventory will grow. educate yourself and watch this market carefully. home equity looks nice but you are buying into the same market. dont let outside forces and FOMO guide you. buy what works for you and your family.
Great advice.
Not in Charlotte NC houses are way over price.
i just sold my rental home in riverside made about $250k my reason to sell was to use the proceeds and build a rental unit on my house in San diego i believe i made the right decision but only time will tell. thankfully won’t have to pay any capital gains tax we listed the home on feb 15 we had about 10 offers within 2 days and choose one on the 3rd day. we got about 30k over asking.
How long did you have this rental and why you don't have to pay capital gain?
Jeb you always produce the most informative and concise videos. And, this is the perfect topic. Just listed...wanna share with you soon.
🙏
Hey Jeb, Martin here we met at the home In lakewood, Autry listing. It was a pleasure meeting you. Did your client find a home. I just got an offer accepted in this crazy market!
What if you’ve not lived in the home for the full 2 yrs and sell? Is there a base tax rate? What’s the $ amount of improvements to the home you need to provide proof of?
I don’t know what I like more. The video content or the flawless beard haha. Thanks for the information. I really appreciate it
It's not too late to sell your home and make especially when you own your home outright not everyone has a mortgage on their and people are still out buying Nevada has such a hot market it only took two weeks to sell my home and I have four offers and my house sold over asking
Make sue you have somewhere to go your house will sell too quickly like mine did in two days and had nowhere to go tried to cancel my sales contract but no go because rent was double what is was five years ago
Good advice, that's what I'm preaching here.
I've noticed that the prices of homes are being cut by $-10K, $-25K, $-35K ....owners were asking way too much
Exactly. I see 2 to 3 homes come back on the market weekly.
People are still going to bid over that price. It’s just a slightly lower starting point.
Cutting in price $-35k when they’re already overpriced to begin with by over $100+. It looks attractive to the buyer, but seller still comes out ahead.
What city/state?
@@JebSmith Metro Atlanta. Northern burbs.
Single people always get screwed on taxes. They get screwed in the military as well. Anymore, singles are paying as much to live as married couples with kids. It’s an old law or laws that should be updated from the 1920’s. BTW, you’re rockin that beard. Makes me want to grow mine.
How do they get screwed in the military single?
Honestly it was easier Single than married.
hahaha, thanks Michael. We'll see how long I can keep it.
@@JebSmith grow it out and get a beard barber to shape it. would look amazing. getting a good beard oil and balm will help with itch and hair health.
@@thegreatgatsby9583 or maybe he meant single military gets more opportunities screwing? 😆
People have realized it is a bad idea to sell their primary residence in this market. Hence the low supply.
that's definitely a piece of the puzzle.
Jeb, love your videos. But I really wish you and other UA-camrs would spend more time in the video specifically addressing the question you ask in the title. LOL I"m a simple man and need a yes or no answer, haha :) Keep up the good work.
Another great content! I’ve learned so much through you and Josh. Could not be more thankful!
I appreciate that!
The beard of Zeus! Respect
hahahaha, Thanks.
It's artificial demand due to low interest rates and investors buying up a large percentage of homes in certain markets.
so if i bought my house 17 years ago and lived in i paid 358,00 and selling it for 362,50 would i have to pay a capital gains tax?
What if you sell 5 weeks short of the 2 years of living/owning the home?
I’m thinking of selling my parents house I inherited back in 2007-08. It’s been a rental property since then so I assume I can’t save any money on capital gains taxes since it hasn’t been my primary residence.
Thanks for the informative video. I’m in SoCal thinking of selling my home would like downsize and not have any mortgage. Is this the right market environment to do it? since I will pay cash do I have an advantage over people that has mortgage with rates climbing? since it such slim pickings would like to assess my chances before I sell.
Yes, it's a great market to do that but it won't be easy in most cases. Yes, cash should have an advantage but you'll still have to write competitive offers to get considered. Happy to chat in more detail if you reach out.
In Socal cash buyer are the norm. i dont know the market well but I think higher rates will deter buyers and we may see more inventory on the market. that way you can choose a better property. even if your house value goes down the one you buy will too so its all relative. I imagine for you its more about finding the best home and a low inventory market may not be the best place.
Should we replace older kitchen or assume buyers will want to replace ? Beautiful home in primo neighborhood in a college town.
We are looking to sell our home in the Richmond, VA area. We are in the process of interviewing several local realtors.
First, before meeting with any realtors, my first thought was that we need to paint and replace the carpet. LOL Our home was built in 2018. So it’s not terrible.
Where do we find your list of recommended realtors. I have a few UA-camr realtors in mind in central Florida, where we want to move, but I am open to suggestions.
Thanks again 🙏🏼 😊
My recommendations come from high level networking groups that I'm a part of, I meet with these Realtors a few times a year where we strategize, etc.....I have a great Realtor in Richmond if you need one so reach out.
We live in a part of the country (Northwest) where 2 - 2.5 months max out of the year need air conditioning. We've always used the mobile units in a couple of rooms and it is sufficient. Our basement has not needed air.
We are considering selling our home, and whether buyers will want air conditioning. We are now looking at bids and our lowest is in the $6,500 range. We are retired, and our home value is a big part of our "savings."
Is getting air conditioning worth it if you are going to sell a home?
The other question is those split systems in a wall. HVAC people have said that these don't work well or are even more expensive. I'm wondering if HVAC companies in our area just don't know how to install hem or if they will make less money, so they are saying that. What are your thoughts on split units for homebuyers? Any other input on air and home value?
Thank you for sharing knowledge. I am a seller looking to sell my home this summer.
Would you recommend hiring an appraiser to determine fair market value?
I am a buyer. Everyone is nuts. I am signing another rental agreement. F this market.
No, not necessary. Hire a local professional and save the costs. In addition, many appraisers can't nail down value in this market anyway.
@@JebSmith nothing goes up without correction. This rise is not sustainable. The people buying way overpriced houses are going to hold the bag for years.
That's not true either about capital gains because I sold the house about a year ago for $360,000 and the tax guy said you had to make an another income over 40,000 another income before you could be taxed with capital
You need a new tax guy.
Thank you for sir! Very good information as a first time seller (potentially)!
Glad it was helpful!
We’re going to list our very lovely home soon. I could use your opinion on replacing a large insulated dining room window that has started to fog up. There are no other houses for sale in our whole subdivision. Do you think it is necessary? Thanks!
That's a tough one, fogged glass is a normal problem to face......It likely won't keep someone from making an offer but they may come in and ask for you to fix/replace. With that said, I'd likely wait and see what a buyer requests but it's hard to say without seeing it.
@@JebSmith Thanks, Jeb. My husband agrees with you, but I am worried that buyers may think there might be other deferred maintenance. Love your channel! I’m tired of listening to all the sky is falling predictions about the housing market. You have common sense.
Very good tips! Thanks, Jen.
🙏
Hi Jeb, I would like to know what are the additional expenses considered to deduct from the net income to be Pre approved for a mortgage loan?
Thank you. Very informative, useful information. Can you touch on difference between selling your primary residence and selling a probated property?
There's not a lot of difference other than the court is involved but I'll see if I can come up with something to go through the details.
Gracias
@@JebSmith I’m thinking of selling to lock in equity. I’m located in Castaic north of LA and wondering how to determine the capitol gain amount. Would like to talk at some point if you have a few minutes. Thanks.
Why would someone want me to sign a contract before they send an inspector to check out my house and property?
I'm putting FU prices on my rental properties and seeing if I get any bites
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What if you live in The State of Indiana?!'
Hi Jeb have you heard about HOME EQUITY INVESTMENT can you please share your thoughts on it we don’t want to sell just want to cash out
It’s seller’s market if you have at least a 2-bedroom condo. Not so much for 1-bed/1-bath condos in 95054.
1 beds are always a bit hard to sell imo, just like studios.
I have my house paid off and I’m tempted to sell now but I would most likely rent an apartment till prices go down but I’m not sure when I’ll be able to repurchase. Not sure how long ill be renting and waiting for that house market drop.
That's the big question and why many sellers will stay put.
Does finishing a basement help? I have 700sqft of unfinished space. Most of the homes in my neighborhood that are selling high have a finished basement. I’m just wondering if I can recoup the investment. Thanks in advance.
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That beard game 🤘 Nice work bro
Great advices, thank you
You are so welcome!
Jeb, one question if you can. Are gains occurred on bare land that was never developed. I have a lot in a private community that I purchased for cheap a few years ago and am thinking of selling for likely 3X of the original price. Want to use the money to upgrade my primary residence. Thanks.
Yes, land is included
I'm in Phoenix and had been planning to sell right now. But values are going up so much right now (4.2% past month) I'm putting it off. We could be up 20% by June so I'm not seeing a reason to sell. Sure things may slow down. I don't agree with almost everyone talking like inflation and interest rates are definitely going up, that values will crash and other nonsense. There's kind of lot going on in world so I certainly can't see "definitely" what's going to happen 10 months out. I've sold in flat markets before. It's not the end of the world.
Great perspective.
I just bought in PHX six weeks ago. Our house went up 23k on Redfin two weeks after we closed. Rents went up too. So glad we got in. This is going to be a crazy spring.
Why would any seller deal with contingency offers in a sellers market
What about if my house is all paid off? Can I sell ?
With homes selling 25% above mkt value, are Buyers able to get financing? As a Seller, this concerns me. The overbid sounds great til you find out no bank’s willing to overpay. Which means cash buyers only.
Appraisers simply state the price offered. It’s a joke.
I closed on a house December 2021 but I still watch all the videos!! Don’t ever shave that beard lol
There’s a 300k spread in potential comps in my area.
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I'm single and can make 160k if I sell. I only had the house 2 years. The value really went up. Should I sell? What ya'll think? My plan is to live out of my semi truck, I'm a truck driver.
Is 160k worth selling?
How long do you plan to live out of your truck? $160k sounds nice, but inflation will be eating away at your cash. And once you decide to buy again, most likely your $160k won’t have enough buying power like it once does due to home shortage, higher interest rate, and competitive market. Just my 2 cents.
Do you need the money? How long can you stay in your truck? What happens if market keeps appreciating?
Go for it bro. Trust your gut.
@@michaelaugust2035 I wouldn’t just because the 160k you’re seeking from selling this house is technically yours just in assets instead of liquid. Living in a truck isn’t sustainable. Unless you need the money for emergent reasons, I wouldn’t do it.
Hi Jeb. My girlfriend and I purchased a house and have been living in it for 6 years. So the house is under our name. We are thinking about selling the house. Are we exempt from paying taxes up to 250k or 500k?
Great job jeb
well informed content on UA-cam
I live in Elgin I’ll 60124 we live in a beautiful community built in 2005 and they renovated everything on the first floor and second however I want to list my house around 800,000 but houses nearby have sold for a little less that being said they have not done any kind of renovations if anything pure lipstick job compared to all the money that we’ve put into this home including Boston down walls and opening up for plan. Our house is about 3700 ft.² even though if we could get what we would want for the property were very concerned about being able to buy something else 800,000 just doesn’t get me near anything I’m used to with this house. Your thoughts.
That's part of the problem that I mentioned...........finding a suitable replacement in this market is tough. If you get your value on your home, where do you go? You may be able to speak to a realtor to find off market homes but that's your best bet in this environment with slim pickings
Why you selling if you’re happy there? Just because the equity you have? Makes no sense
Jeb let me start out by saying you guve great information. Now here is my question: I have 2 homes in my name. The first one already has a contact in it and we should be out by the end of May. We have lived in the home for almost 3 years. The second home we hopefully will have it sold by the end of June beginning of July atvyhe latest(due to renters being in the home) we have owned since 2011. I want to buy a new home (new construction) but how will that effect my credit score? If one home is sold in May and the other in July and I don't purchase until July will all that good credit history be gone?
Jeb, What do you think where the market will be in three years in SoCal? If you’re in my shoes what would you do? The choices are either downsize now sell at the top of market then rent, wait for better inventory but buy within 2 years using prop 19. Or sell in three years hope that it’s a better market to buy in SoCal and avoid renting. Thanks.
Tough question..............I personally don't like the idea of selling and going to rent as the market can stay irrational longer than you can stay solvent meaning prices could continue to go up and potentially price you out. If you're just going to sit on the money, why sell unless you think a pull back is coming and I'm not jumping on that train quite yet.
Thanks Jeb, Love your videos. We’ll sit still.
@@JebSmith im going to sell and rent somewhere else because I want to move to a different state. Do you think that's a dumb move? I dont really need to move but want to
I think I have a buyer for our home in very Southern NJ without listing it....What should I expect to pay a lawyer to handle the transaction?
Honestly I have no idea as I'm not sure what an attorney would charge. Here in CA, I would do the paperwork for 1% in those cases.
Foreclosures way up! Fed adjusts rate! Watch home values plummet between now & 2024. All that panic buying is gonna bite a lot of a ppl in the ass!
Foreclosures WON"T affect prices at all, fyi. They will sell at market value.
@@JebSmith It’s not a good sign! They can’t afford what they’ve bought, prices are bound to fall.
@@decarlocalloway01 how do you know people can’t afford the properties? They got approved or are paying cash.
Very good info!
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Thank you and I live in Franklin Tn,
Would you please referral a knowledgeable selling agent for us 16 yrs beautiful home. Thanks
I’m thinking about doing something crazy selling my home buying new truck and truck camper pay off all day by small piece of land wife works from computer I would start start side hustle sounds like an adventure any thoughts?
Travel for a year or two then buy another house maybe in Utah and prices drop
To each is own..............that sounds easy and great but not sure it's quite that simple.
@@JebSmith right there would be many challenges, thanks for your reply
Good info master Jeff .
Your beard shows wisdom. 😀
I have a question, I bought my house in LA for 320k, I was there for 5 years sold it last month for 650K, I’m planning of buying a house away from LA, how much would I pay in taxes? And how long do I have to purchase another property?
way too broad of a question...where would you be moving to?
Fontana
Yes but a little scared. 😬
Hi Jeb,
My home is in Dallas, Tx near whiterock lake 75228 zip. I want to sell it for the highest price with the least amount of repairs. It is one of the only homes in the area with a pool. The pool needs to be resurfaced. 3 bath, 3 br all hardwood floors. I wanted to market the house to new comers from California. I understand many want to live in this area die to the bike trails, lake and mature trees. The prices in Dallas have gone beyond high. Im not sure what to do first. I want to sell as close to “As Is”as possible. Am I asking too much ? Where do i begin? Thank you 🙏
Great video! Quick question, is it possible to qualify for gsfa platinum program with a non occupant who is a coborrower that owns a home already?
With a conventional loan that is
Yes, absolutely. They just need to be able to qualify with their DTI
@@JebSmith thank you so much!! We just got preapproved and are so excited to start our journey!
sell.... but one still has to buy, so id have to find my next house, which I will compete with 20 buyers , one will win and the 19 others will go to the next house for sale etc. .does one want to give up a 3.125 % and low tax base to go to a tax base 4 times my current house
that's the reason that inventory is going to stay on the lower side.
Get a real estate lawyer and sell /buy your own home without the hassle of using non-essential salesmen
Do I have to pay taxes if my house is already paid off?
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Not if u r in Cali!!!!
Is it a good time to sell your home in Arizona it’s early July I noticed this video was three months old la can happen in three months lol
Honestly not sure, I guess it all depends on what your selling and the price point. There's definitely more inventory in that market now but there is still demand although it's down a bit. I'm happy to connect you with a local expert that can guide you further if you need, just go to jebsmith.net/referral
@@JebSmith thank you for your time and response. I appreciate it.
home prices keep going up. it's not too late to sell.
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Jeb's beard grows 3 inches a day.
Perfect time to sell. Stocks going lower. People can sell and have loads of cash to buy the dip.
When is the dip coming? I'm curious.
@@JebSmith my guess is consumers will have less cash on hand due to inflation and having to pay higher prices at the pump and buying groceries etc. That will make it harder for newer homeowners to get into the market which will decrease demand, pair that with rising interest rates and homes become less and less affordable which will cause the market to begin to correct slightly, then go look at the lumber chart because that’s not sustainable which then decreases homes more. By now homeowners are wondering do I sell because the longer I wait the less my house is worth, enough people will want to sell which will add more homes to the market and add even more homes to the market so people don’t have to bid over the asking price anymore MAYBE they can put in an offer for less because there isn’t as much competition. The last 2 years the Fed has been littering the US with nothing but cash so Ofcourse this is an artificial rise. Stocks will eventually fall when the Fed raises rates by .5 at any given meeting and the Fed has to taper. It’s the natural cycle in order for it to work. Either way when people start seeing their investments go lower they will reassess things and nothing is wrong with taking some profits but eventually there could be some deflation. I don’t have the slightest as to what’s going to happen it’s just a possibility that does exists. I don’t think it’s sustainable you seen how the bubble in stocks got popped houses could be next and that could be the icing on the cake for investors. I wish everyone a happy life. That’s the ultimate goal. Right now people are not happy.
@@JebSmith hey Jeb you finally awake yet? Look back at my previous comment from 3 months ago.
Yes get that money !
and do what?
Lord save me - I have a home I am trying to sell. there is a stipulation on the contract " All parties agrees that if the appraised price is below Sales price, buyer is willing to gap in the amount to not exceed $10,000. The
amount is added to the appraised price to not exceed the Sales Price of $605,000.
" - My realtor is now telling me I am obligated to sell at 585k, and if I do not. I will be in breach of contract. Is this true based on this verbage?
When I initially read it, I thought you wouldn't need to lower your price to match their value plus the $10k but the more I read it, the more I believe your agent is correct in that you have now agreed to sell it for whatever the appraisal was plus $10K not to exceed the original sales price. It reads like that is what you've agreed to
I sold my house with absolutely NO Plan. Don’t do what I did. My Son, Daughter-in-law and my first Grand baby are now very happily living in it. They had to get out of NYC ASAP. My Father built the “Mid Century Modern California Ranch” himself in 1956. I didn’t make a big profit on the house 😂.
hahaha, sounds like the family is in a good spot though.
Live with them !
Who’s asking that
You're asking and I'm answering.
I dont think housing crash is coming due to historically low inventories
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I find you very this aunste stopped use asker tactic.
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🤝 agree
I'm single no kids . No girlfriend imma sell my house and get an rv .park on the street then wait it out tell the market crashes..
Enjoy the stree life
Just for views? Maybe wait until you have something worth the time.
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The tables “could” turn for these greedy investors desperately trying to sell while the market is still hot. Unless of course a desperate buyer willing to pay above what it’s really worth
Why would an investor sell property in an inflationary environment when they have a fixed cost?
Perhaps opportunity to unload some of their unwanted stocks while it’s still relatively a seller’s market. If this approaching recession ends up anything like 2008 then it’s another upside down
🕶
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Hello Jeb, I just sent you an email, could you please check that? :)
done.