Kathy Foran - REALTY EXECUTIVES Boston West



Posted by Kathy Foran on 10/18/2020

Photo by Dave Frisch from Pexels

If you've inherited a house you'd rather not live in, here are some things to consider—before you accept it. Before we get to the selling or renting part, calculate the cost of:

  • Repairs and renovations.
  • Any debt that would pass to you with the home.
  • Annual property taxes.
  • Yes, you may decline your inheritance if it's too burdensome to accept, as long as you're not already named on the deed, and as long as you meet applicable deadlines for submitting a notarized disclaimer of interest form. 

    Now let's look at selling or renting.

    1. Selling an Inherited Home Can Produce High Tax Savings. 

    The federal tax treatment of an inherited home, when sold, can be highly supportive of a deceased homeowner's loved one or family. 

    Under IRS stepped-up cost basis rules, you may sell without paying tax on the gains that accrued since the deceased homeowner first bought the house. You'll pay capital gains tax only on any increase in the property's value between the time you inherited and the time you sold. These savings alone can be a great gift to you. 

    Inheritance taxes are not a major factor for most homes, and that factor is easily checked.

    2. Working Out a Shared Inheritance Commonly Means Selling.

    Are you one of several beneficiaries? Does everyone agree on what to do? One sibling may wish to sell. Another might want the house. These factors typically mean someone will sell their inherited interest.

    Selling after a loved one has passed away is quite often the best decision for all concerned. It relieves family or other loved ones of the costs of repairs and upkeep, utilities, taxes and insurance. It also ensures that everyone receives an equal share of the gift.

    3. You Could Have a Choice of Which House to Sell or Rent. 

    If you inherit a free and clear title, you can move into your inherited home, and enjoy it without debt, while selling your current home. Be sure to use the time when the home is in probate to speak with your real estate agent about preparing the home for sale.

    Renting out the house for investment income is another option. Your real estate agent can check for any zoning restrictions and offer you further pointers.

    Tip: If you rent out the home it won't be a primary residence, so it won't get the capital gains tax benefit when you ultimately sell the home. Yet certain rental property spending is tax-deductible, and rent-related income has a low tax rate.

    Need Advice to Fit Your Situation and Today's Market? We're Here to Help.

    Inheriting real estate can put a lot on your plate. Your real estate agent can advise you step by step, offering indispensable knowledge when you need it most. 





    Posted by Kathy Foran on 10/4/2020

    Image by Pexels from Pixabay

    Virtual reality (VR) may not be in every household in the country, but it's becoming more mainstream by the day. And contrary to popular belief, it's not just video game experts who want to get their hands on the latest technology. See how VR can inspire better offers from motivated buyers, leading to a bidding war that ends in your favor

    The Case for VR Over Video 

    From drone shots to interior tours, there's no doubt that video has proved effective at showcasing the size of the home. However, VR has the edge because it helps people feel as though they're already living in the home. Instead of having to watch other people at Open Houses parade around, the buyers feel as though the home is already theirs. 

    VR can also streamline the sale process because buyers can get answers to their questions upfront. Videos have limitations when it comes to showing the scope and details of certain parts of the home, but VR gives buyers the true experience of being there. 

    Convenient & Memorable 

    Homebuyers are inundated with properties when they're on the hunt. Eventually, one house can start to blend in with the next. Instead of scrolling through countless photos online or attending their fifth Open House of the day, VR gives buyers time to inspect the home without having to leave the comfort of the agent's office.   

    Considering this technology is still not widely being used, buyers are virtually guaranteed to remember your home from the rest of the pack. Plus, if your home is attracting interest from outside the state (or even country), VR is the next best thing if they can't attend in-person. If out-of-state buyers are inspired to make the trip, it's almost certainly to make an offer.  

    More Than a Tour 

    VR technology for luxury homes can do much more than just give the home buyer a tour. Some programs allow the buyer to decorate rooms, allowing them to see how they're preferred color scheme and furniture placement would look.

    VR can also show the details of the neighborhood, such as the ratings of the school systems, nearby shopping, etc. Finally, VR can help people calculate their future mortgage and property taxes, so they understand the financial side before making an offer. 

    This technology is still largely being used for luxury homes only, though it should be noted that the technology is becoming more widely available (and affordable) with every passing year. It's an effective and fun way to get people interested in your property. 




    Categories: Uncategorized  


    Posted by Kathy Foran on 9/27/2020

    As a home seller, it generally is a good idea to consider the buyer's perspective. That way, you can determine why buyers may consider your house over other available properties and map out the home selling journey accordingly.

    Now, let's take a look at three tips to help you assess the buyer's perspective before you embark on the house selling journey.

    1. Analyze Your Home

    Think about why you decided to buy your home in the first place. By doing so, you may be able to discover what makes your house unique from other properties so you can promote your residence to the right groups of prospective buyers.

    Don't hesitate to take an objective view of your home's interior and exterior too. Remember, your goal as a home seller is to generate as much interest as you can in your house. If you take a critical view of your house, you can identify problem areas and work to correct various issues as quickly as possible.

    2. Review the Local Housing Market

    The local housing market may favor buyers or sellers. By reviewing housing market data, you can find out whether a buyer's or seller's market is in place. Plus, if you evaluate the local real estate sector, you can understand how your residence stacks up against the competition.

    Analyzing the local housing market also may help you establish a price range for your home. As you check out the prices of comparable houses in your city or town, you can use this information to set an aggressive initial asking price for your residence. And as a result, you may be able to stir up lots of interest in your home among potential buyers.

    3. Consult with a Real Estate Agent

    If you are unsure about how buyers may perceive your house, it may be beneficial to have a housing market expert at your side. Luckily, real estate agents are available in cities and towns nationwide, and these housing market experts are happy to help you find ways to generate interest in your residence.

    A real estate agent will learn about you, your home and your house selling goals. Next, he or she will craft a personalized house selling strategy designed to help you achieve your desired results. After a real estate agent puts this strategy into action, it may be only a matter of time before you receive offers to purchase your residence.

    Let's not forget about the assistance a real estate agent provides after you receive an offer to purchase, either. At this point, you'll have to decide whether to approve, reject or counter a buyer's proposal. Meanwhile, a real estate agent can provide an honest, unbiased recommendation to help you make an informed decision about a homebuying proposal.

    Want to streamline the home selling journey? Use the aforementioned tips, and you can incorporate the buyer's perspective into your home selling strategy and increase the likelihood of enjoying a fast, profitable house selling experience.




    Categories: Uncategorized  


    Posted by Kathy Foran on 7/26/2020

    If you want to streamline the home selling journey, it usually is a good idea to develop goals. That way, you can identify any potential home selling challenges and address them before you list your residence.

    Ultimately, there are many problems that may arise during the home selling journey, and these include:

    1. Poor Curb Appeal

    How your home looks to buyers is key. If your residence fails to impress buyers when they see it for the first time, these individuals are unlikely to schedule a house showing. As a result, your home may linger on the real estate market for an extended period of time.

    Devote time and energy to improve your house's curb appeal you will be happy you did. By mowing the lawn, removing dirt and debris from exterior walkways and performing other home exterior upgrades, you can make your home an attractive option to buyers. You may even differentiate your residence from the competition something that may lead to a successful home selling experience.

    2. Cluttered Interior

    If your home is full of personal belongings, you may want to remove some of these items. By doing so, you can show buyers the full potential of your residence.

    For those who want to cut down on clutter, there are many options. Oftentimes, it helps to rent a storage unit that allows you to keep your belongings safe until your residence sells. On the other hand, if you want to get rid of excess items, you can host a yard sale, list your items online or give these items to family members, friends or local charities.

    3. Exorbitant Home Price

    An exorbitant initial home asking price may be an instant turn-off for buyers. Fortunately, if you analyze the local housing market and your residence, you can establish a competitive initial asking price for your home.

    Evaluate the prices of available homes in your area that are similar to your own. Also, you may want to conduct a house appraisal and review an appraisal report. With this information at your disposal, you can price your house competitively.

    As you get set to enter the housing market, you may want to employ a real estate agent, too. This housing market professional will help you establish realistic home selling goals, as well as determine the best steps to help you achieve your aspirations.

    A real estate agent is committed to a home seller's success, and he or she will do what it takes to help you thrive. If you want to sell your residence as quickly as possible, for instance, a real estate agent can help you do just that. Or, if you want to optimize your house sale earnings, a real estate agent will ensure you can get the best price for your home.

    Ready to add your home to the real estate market? Develop home selling goals, and you may be better equipped than ever before to enjoy a fast, profitable house selling experience.




    Categories: Uncategorized  


    Posted by Kathy Foran on 7/5/2020

    Selling a home is a big decision with far-flung ramifications. If you're on the fence about selling your house, there is no need to wait. In fact, there are many reasons why now may be the right time to list your residence, and these include:

    1. You can upgrade or downgrade.

    Although your current home has served you well for many years, now may be a good time for a change. Fortunately, you can sell your residence and move into a bigger or smaller home that will suit you perfectly.

    It often won't take long to transition from one home to another. In many instances, individuals simultaneously sell their current house and search for a new home. This generally enables an individual to seamlessly relocate from his or her current house to a bigger or smaller residence.

    2. You can move closer to family members and friends.

    If you find your current home is far away from family members and friends, don't stress. For those who sell a home, it may be only a matter of time before you can enjoy convenient access to loved ones.

    By selling your current home, you can explore houses in cities and towns where your loved ones reside. Then, if you purchase a house close to family members and friends, you can visit these loved ones without having to worry about a long commute.

    3. You can receive plenty of support throughout the home selling journey.

    Listing a home may seem virtually impossible, particularly for someone who previously has never embarked on the property selling journey. Lucky for you, help is available to ensure you can quickly and effortlessly sell your home and maximize its value.

    Working with a real estate agent typically is a good idea for first-time and experienced home sellers alike. With a real estate agent at your side, you can get the assistance you need to achieve your property selling goals.

    A real estate agent understands the assorted pitfalls that a home seller may encounter. As such, he or she works with a home seller to help this individual address potential problems before they escalate. A real estate agent will collaborate with a property seller to craft a house selling strategy. Next, a real estate agent will put this plan into action and do everything possible to promote a house to prospective buyers. And if a seller receives an offer to purchase, a real estate agent will help this individual review his or her options and determine how to proceed.

    In addition, a real estate agent provides a housing market resource unlike any other. He or she is available to respond to a seller's concerns and questions. Plus, a real estate agent is happy to provide home selling recommendations.

    Take the guesswork out of selling your home hire a real estate agent, and you can receive extensive support as you navigate the property selling journey.




    Categories: Uncategorized