Will the Holiday Season Push People Over the Edge?

 





Will the Holiday Season Push People Over the Edge?


Introduction to Holiday Financial Struggles
The holiday season pushed people over the edge of credit and money and all that other stuff. On top of that, we're talking about capital gains tax when you sell your house and list price reductions and highs and lows. Let's get moving.

Consumer Credit Spending Insights

We've had more. Consumer credit spending this year than we've ever had since credit's been around since the 60s. People are living paycheck to paycheck and living off their credit cards this holiday season is going to be different because people have to tighten their belts. Not everybody, like people here. You're living and you're gainfully employed and you're making good money but outside this Bay area, people are starting to struggle. 

So the idea here is, are you having trouble with it? Are you having issues living under your means? 

Living Below Your Means

There are, Cash or money counselors that help you walk through creating a budget and live underneath your means, etc This thing goes off on a different tangent But what I wanted to talk about today is if you're having money issues and Can't seem to keep money in the bank and it keeps going through your fingertips There's a lot of us out there and Was there many years ago, so it's not that it's impossible.

It's just something where you have to suck it up, be a little disciplined and plan for the future and live below your means If this is a bad Christmas, it's a bad Christmas, but five years from now, you're going to be enjoying yourself a whole lot more. So there you go.

If you want more information, go to the link here or talk to me and I'll put you in touch with somebody local. 

Understanding Capital Gains Tax
Capital gains. I get this question all the time. And the truthful answer is I can only point you towards a tax guy Capital gains are anything that. You sell that has a huge amount of money and you have to pay for it whether it is stocks a house Investments, etc. Uncle Sam waSam that money, and there are different ways of working around it.

There's 1031 exchange There's reeds. There's all these different things you can do. So make sure that you understand it completely now you get a five hundred thousand dollar tax Exemption when you sell your primary residence, if you're a couple, if you're single, it's 250, 000. If you've lived in that house and it's been a primary residence for two of the last five years, and it doesn't have to be consecutive, it could be six months, six months, six months, however, you want to do it.

As long as you can prove residency for two years of the last five, that's the one main thing. If you move to a different city state or house, you can also sell it three years from now and still get that exclusion. You've claimed the available exclusion on another home in the two years before selling this current home. You get it once every two years. If you're using it as a 1031 exchange, it gets tricky because you buy it as a 1031 exchange, which is an investment property. Then you move into it two years later, wait two years, keep it your primary residence for two years, and then you can sell it.
So that's four years. You absolutely have. That's a staggered, Strategy and you can absolutely do that. You also have to pay expatriate tax, which is something new. Your capital gains are 15 to 20%, depending on your tax bracket I can't tell you what it is because you have to call and talk to somebody who knows your scenario. As a tax accountant or a tax bookkeeper licensed tax There are a lot of different ways to avoid it, but make sure you do it the right way because Uncle Sam will figure it out and come and get you.

And if you've gotten away with it, maybe you can call me and brag about it, and then I'll turn you into the, no kidding. 

Home Inspection Checklist
This segment is brought to you by the home inspection checklist. If you're thinking about selling your house, this inspection checklist is what all the inspectors will look at.

For the most part, you won't go underneath the house or in the attic, but it allows you to understand what inspectors will look at and you get them fixed before the inspector comes it'll make your house look better and your house will sell for a little bit more.

What is this one? 

Real Estate Listings and Market Analysis

Los Gatos home of the week. This is via real drive in Saratoga, three bedroom, two bath, not my listing. 1800 square feet was built in 1962. It's been on the market for 158 days because it was listed at 3.5 million. And it looks like it's right by some railroad tracks. Perfect example of buyers determining the sales price, not the sellers, If your house is overpriced, they'll move along.

Now, this is a pretty house—a really nice-looking house, right? It's not completely updated; it has original cabinets and tile. It looks like they updated the stove and the oven, but they haven't been updated since the 50s or 60s. Wallpaper, right? If your house hasn't sold after 158 days, there's something wrong with it, and that's the price.
We can do all the marketing. We can strong-arm agents. We can go out and sell. But at the end of the day, if people aren't buying it is because it's overpriced period. And there's nothing wrong with this house. It just needs to come down and look at the pricing. So they dropped it down 300, 000 because it's near the tracks.

Highs and Lows of the Real Estate Market

Oh, this is the highs and lows. Las Gatos Gato'sof the week is this one. San Benito, not my listing six bedroom bedrooms baths, 5, 700 square feet, a mere 4 1918, completely updated. The reason why I picked this is because it's walk-in within g distance too. Downtown Los Gatos on Santa Cruz Ave and it's been the market the 112 for ys.

Let's see the original list price is 4. 3. Now it's a poultry for 106 years old. I don't know if we look into this.

It's a nice house. Looks like it was updated, years ago.

I wonder if I'd call that detached. I don't know why we have a little cabin there. Maybe there's an ADU. I didn't look.
Yeah, there's two apartments. On top of that, you also get to be a landlord with that one. The high sole price is 5. 9 and sold 90 percent of the list price. And the lowest sold price sold at 600, 000.

The activities are still the same from the last couple of months. This one's Hamilton Avenue in Palo Alto. It has four bedrooms, three and a half baths, 3, and 300 square feet. Took 54 days to sell. It was sold. Original 6. 5 and then it sold for 6 million. There are no pictures to see because they want to have their privacy. Look at this. 600, 000. It's amazing. 

Comparing Housing Markets

Looking at buying a house for my parents in Vegas, possibly trying to talk them into moving to Vegas from Knoxville, Tennessee. So my sister can be with them and watch over them in their older years.

For 600, 000 here in San Jose, you get a 600 or 562-square-foot house.

Next to the freeway that needs work. Look at this thing. It's just screaming for help. Like the roof is out. So you're basically buying it for the lot for 600, 000. Cause you have to tear that sucker down. One bedroom, one bath right next to the freeway. All right. I'm Vito with Abitano. We'll see you out there.

Vito Scarnecchia Real Estate Broker, Veteran, Dad DRE#: 01407676 408-705-6817 Vito@abitano.com Website: abitano.com https://www.onereal.com/vito-scarnecchia-1 update your home value: https://hmbt.co/bT7qRJ RELOCATION@ABITANO.COM FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents! Book appointments here: https://calendly.com/abitano/15min Home Buyers Course YT YouTube.com/SanJoseLiving IG https://www.instagram.com/abitanogroup/ FB https://www.facebook.com/vito.scarnecchia/ LI https://www.linkedin.com/in/vito-scarnecchia/ Blog http://blog.abitano.com/ POD https://spotifyanchor-web.app.link/e/oxdH1Hwfcvb Professional Photography by Kim E https://photosbykime.com / Local Real Estate Market and Home Value Report https://hmbt.co/bT7qRJ Financial Intelligence https://docs.google.com/forms/d/e/1FAIpQLSc0R5pjHIAPguZ5GDEB-fTbGJXKpWK3coK9Khymv_GTWkMnyQ/viewform?usp=send_form https://www.onereal.com/vito-scarnecchia-1 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg

Silver Tsunami, Jason Walter, home staging kitchen, Cost Of Living Calculator, Fraud, Homebuyer workshop, Bay Area housing stats, Veteran Home, best time of the year to buy a house, Bay Area Luxury homes, next housing crash prediction, housing market projections, Should I Buy A House Now Or Wait?, should I buy a house now or wait until 2024, Why You'll Regret Buying A House in 2024, Housing Market 2024: 5 Options If You Regret Buying a Home, when will the housing market crash again


Comments

Post a Comment