Mortgages & Finances

Now's the time to sell your home!

2020 Is the Year to Sell Your Home! It's a Seller's Market....

The Northern Vermont Board of Realtors tells us that January started off strong for the housing market in the region, with healthy buyer demand and strong market fundamentals.

New Listings decreased 14.6 percent for single-family homes and 41.3 percent for townhouse-condo properties. Pending Sales increased 8.0 percent for single-family homes but decreased 18.6 percent for townhouse-condo properties. Inventory decreased 56.7 percent for single-family homes and 65.4 percent for townhouse-condo properties. Overall, the signs point to a continued Seller's Market.

More specifically, in Chittenden County:

The Median Sales Price for a Single Family home saw a 1.8% increase year-to-date versus 2020.

While the Median Sales Price for a Condo/Townhouse also saw a 1.8% increase year-to-date.

Chittenden County continues to outpace price increases for the entire Northern Vermont region and sellers are seeing significant benefits to selling in today's market.

Worried about finding your next home? Don't be! That's what our team is here for, too. We have the knowledge and expertise to find that next safe spot to land when your current home sells! 

 

 

 

COVID has changed our lives and how we want to live

COVID continues to affect our world and lives in many ways, leaving us separated from many of the people, places and things that we love and value. What it's led us to see more clearly is that we may want to live differently, in a space that better fits our needs. Well, the good news is that the market remains active and home prices remain strong, while interest rates remain low. A win/win for sellers and buyers.

https://www.keepingcurrentmatters.com/2020/10/22/home-values-projected-to-keep-rising/?utm_campaign=&utm_medium=social&utm_source=Facebook&utm_content=DailyBlog

Prepaid Interest - What is the Point?

Take note!

sticky note

 

Prepaid interest, sometimes called points, is generally tax deductible when a person pays them in connection with buying, building or improving their principal residence. When points are paid on a refinance, they are not a current deduction but have to be taken pro rata over the life of the mortgage.

For instance, if $3,000 in points were paid on refinancing a 30-year mortgage, a deduction of $100 per year is allowed. When the loan is paid off or replaced by refinancing again or the home is sold and the mortgage paid off from the proceeds, the balance of any un-deducted points may be taken in that tax year. Your tax professional needs to be made aware of any of these situations so that he or she can accurately reflect the deductions in your return.

Currently, the most common situation is homeowners may be refinancing their home for the second, third or even, fourth time. If there are points that have not been completely deducted, they need to be treated in the year of refinancing. For more information, see points in IRS Publication 936; there is a section on Refinancing in this publication. For advice considering your specific situation, contact your tax professional. Need to find one? Click here for additional information.

photo credit: J_O_I_D via photopin cc