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That sacred cow, the home mortgage deduction, is likely headed for the slaughterhouse. As Congress explores ways to raise revenue, analysts agree that the deduction is likely to be trimmed.
If so, property values could erode as much as 15%, warns the National Association of Realtors (though others believe the effect could be muted).
Get ahead before a reduced deduction becomes a reality by refinancing now, especially if you want to extract equity to finance improvements. Appraisers will have to take into consideration the ripple effect of any change in the deduction on home values, and that could undermine your future ability to get the financing package you need.
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Home Buyers Seek Low Carrying Costs
Price is the number one factor for home buyers, according to the annual Profile of Home Buyers and Sellers recently released by the National Association of Realtors (NAR).
No surprise there—except total purchase price isn’t the overriding factor; more important to buyers is how that price breaks down into monthly carrying costs.
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What “By Owner” Services Won’t Tell You
For the DIY-minded, it makes perfect sense. If you’ve fixed up the house on your own, why shouldn’t you sell it on your own too?
Like starry-eyed television shows that portray renovation almost as a heat-and-serve proposition, selling ‘by owner’ usually involves fees that popular websites don’t mention.
Photo: zdblaw.com
Here’s the breakdown on how you can capture the greatest ROI for selling DIY:
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Experts agree that the housing market has touched bottom in most markets. With values stabilizing, now is a good time to explore opening a home equity line of credit (HELOC).
Photo: wachusettmortgage.com
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