By Julie Gerstein | Realtor.com
Maryland home inspector Welmoed Sisson recently met homebuyers who were about to purchase a house at the very top end of what they could afford.
“They told me at the start of the inspection that they had pretty much no budget for repairs,’” Sisson says.
Although their finances were stretched thin, they were hoping it would be OK since, as Sisson recalls, “the real estate agent swore the house was move-in ready.”
Even though the house looked fine to the untrained eye, Sisson could instantly tell the property was riddled with problems that would cost a bundle to fix.
“Just in walking around the exterior, I spotted at least $50,000 worth...
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By our friends in KCM
When you read about the housing market, you’ll probably come across some information about inflation or recent decisions made by the Federal Reserve (the Fed). But how do those two things impact you and your homebuying plans? Here’s what you need to know.
The Federal Funds Rate Hikes Have Stalled
One of the Fed’s primary goals is to lower inflation. In order to do that, they started raising the Federal Funds Rate to slow down the economy. Even though this doesn’t directly dictate what happens with mortgage rates, it does have an impact.
Recently inflation has started to cool, a signal those increases worked and are bringing inflation back down. As a...
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By Jillian Pretzel | REALTOR.COM
Something about the word “tax” makes even the most ardent financial wizard’s eyes glaze over. We get it: It’s no fun to think about the money you have to hand over to Uncle Sam.
Yet, when it comes to real estate, understanding your tax basis is like knowing the rules of the game. Your tax basis is a fundamental factor that can significantly affect your finances when it comes time to sell your property.
However, tax basis is more important to some homeowners than others. Read on to find out everything you need to know.
What is a tax basis?
Tax basis, also known as cost basis,...
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