Happy April Housaveraries everyone!!
Celebrating my clients who have bought and sold during the month of April. It has been a pleasure helping you make your moves. Cheers!
Happy April Housaversaries!
Category Archives: 1031 Exchanges
Happy March Housaversaries!
Happy Winter Housaversaries!
Price is What You Pay. Value Is What You Get. -Warren Buffet
Did you know there 35 points of negotiation in a Fairfield real estate sale? These terms can go your way…or not.
As a home buyer, you likely feel it’s a challenge to find a home in this market. As home seller, you may find it daunting to prepare your home for the market and you want to ensure your home is priced, presented, and marketed strategically so that you get the highest return and the best terms. Your trusted agent will help you accomplish both monumental endeavors.
Yet the process from contract to close can be the most challenging and vulnerable phase of your transaction.
Your agent must navigate and negotiate all the details and variables, both the anticipated and the unexpected, when working toward your successful sale.
There are 35 points of negotiation!
- Price
- Proof of funds, pre-approval
- Timeline
- Possession
- Occupancy
- Deposit money
- Appraisal
- Financing
- Contingencies
- Deadlines
- Inspections
- Repairs, remediation, or credits
- Closing agency
- Closing costs
- Title search results
- Survey
- Permits
- Property lines
- Fences, trees, sheds
- Easements, wetlands
- Elevation certificate, elevation
- Personal property
- Insurance, property, flood
- Home warranty
- Other warranties- roof, mechanicals, builder
- Water systems
- Septic or sewer systems
- Utilities
- Prorations- oil, water, taxes
- System or service leases- solar, water heaters, pest treatment
- Assessments
- Associations
- Property disclosures
- Walk-through
- Closing!
There are many things that can go your way or not in your Fairfield real estate sale! You don’t want to pay the price without getting the value. With more 80 online testimonials and over $73M in sales, rest assured I will work tirelessly for your successful move just as I have done for all my other clients. Reach out to me today, and let’s discuss your plans.
Did You Know: Referrals Are A Win-Win!
You may not be aware of this, but real estate agents make referrals all the time, and you should too! You will help your friend and your REALTOR® when you do!
When I’m guiding you through your move, I don’t stop at the town line. I get you where you want to go.
Maybe you want to sell your Fairfield condo, move back west, and get a vacation condo in Saint Martin.
Perhaps you want to move from downtown Westport to a waterfront home an hour up the coast.
Or maybe you want to move out of Connecticut to New York or Florida.
When I help you make your big move, I work with you to get the top dollar and optimal terms for the sale of your Fairfield-Westport area home, and if your desired destination is beyond my direct service area, I refer you to an expert in the place you want to buy in. I oversee the process and ensure you are happy with your other agent. I coordinate timing and work together with the other parties to make the process as seamless and stress-free for you as possible.
Let me get you to your happy place.
I have helped many of my clients sell their homes and move locally or out of the area. With William Raveis, we have 140 offices with 4,400 agents in eight states (Connecticut, New York, Massachusetts, Rhode Island, Vermont, Maine, New Hampshire, and Florida). We are also proud to partner with the invitation-only Leading Real Estate Companies of the World global network spanning 55 countries with 4,000 offices and 128,000 overseas sales associates. Your luxury listing is represented with over 200 selected luxury affiliates through our membership with Luxury Portfolio International, the global gold standard in luxury real estate. Tap into my extensive network of elite local, regional, and global brokerages to help you move around the corner or around the world.
Referrals? Yes, Please!
Most of my business comes from referrals from clients and repeat clients. If you want to help a friend make a successful and low stress move, refer them to me. As always, I promise to take excellent care of them. They will be grateful to you, and so will I.
Referrals are a win-win, so share the love! ❤️ ….Did I mention that referrals are a win-win?
Ticket to Ride!
Like so many others, you’re tired of shelling out money for taxes, maintenance, insurance, and a mortgage for a home that is no longer best serving your needs. Maybe you’ve been waiting on your move due to uncertainty about changing market conditions or your own personal or professional landscape.
You, like many others feel it doesn’t make sense to continue living in a house that is no longer aligned with your lifestyle and current priorities. Your opportunities and needs have changed. Maybe you don’t have the rooms you need for peace, quiet, focus, exercise, or whatever it may be. You’re stressed by the interruptions from kids or dogs. Or maybe you have wasted space that you no longer use. Your commuting needs have changed, and you need or long for different surroundings. Maybe you are simply in need of something new. You have hopes and dreams about a new home but, you are not sure about the path for how to make it happen.
Your home is your ticket to ride!
As a homeowner, you may be surprised to find out how much equity you have available to you. At the end of 2021 homeowners with a mortgage across the United States gained an average of $57,000 in equity since the end of 2020, with some homeowners gaining $90,000 or more!
A jump in equity means you can cash out and go where you have been yearning to be!
But you’re thinking, “Why would I want to buy now when there is nothing available, and home prices are up?”.
While it is true that the inventory of homes for sale is at an all time low, what most people don’t realize is that this inventory is made up of mostly new listings! The average market time is short, so there is a fresh selection of homes on the market every day.
Appreciation is forecast to continue for years to come.
More good news: Appreciation is predicted to continue, offering continued equity growth in your new home. Experts forecast additional equity gains of 24 to 63 percent by 2026. So it makes sense to get into your new home ASAP and start enjoying your equity growth there while you embrace your new lifestyle.
You don’t want to sell when the 10-year Treasury and inflation are going up? History shows that home value appreciation has consistently stayed ahead of inflation since the 1970s.
Homeownership has been a hedge against inflation for decades.
But like most would-be home sellers right now, you’re worried about the craziness of the current market, the stress of preparing your home for sale, and the question of where to go once you sell and cash out. This is totally understandable, and everyone who has recently sold and achieved their goals had the same concerns.
This winter provides the perfect storm for you to sell!
Yet this winter market actually presents the perfect storm for you to sell. Not only is your equity at a high, but so is the buyer demand for your house. There are many serious buyers looking for a home right now. At the same, time you will benefit from the low interest rates seeming to have already peaked and buyers getting used to the ‘new normal‘. Add to this the perk of having almost zero competition for your house!
Your qualified agent is here to get you the best terms on your sale and the smoothest process.
That’s what your agent is here for, to find the right strategy for your priorities and wishlist and guide you through the path of least resistance. I have the tools for helping to get your house de-cluttered, spruced-up, repaired, and/or staged. Whatever is needed, I have the resources to manage what it takes to get it done. I can enable you to enjoy the best terms for your sale, the most seamless transaction possible, and the path to your dream-come-true!
If I Sell My Home, Where will I go?
My clients have done a variety of things. Take a look here for some scenarios that worked out great! I am prepared to discuss your plans and how to get you there. Call me today for a no-obligation consultation.
The real question is where do you want to go? Because you have your ticket to ride!
Looking for a Hot Investment Property for 2022? 963 Fairfield Beach Road, Fairfield CT!
Get your Slice of Paradise on the beach and put your vision into motion!
Historically, this home has been one of the most popular academic rentals in town, affectionately known as “The Shocker“! Earn rental income with academic and summer leases, rent for the winter and have fun all summer long, or build your brand new cherished beach home.
Walk, swim, paddle board, and watch the 4th of July fireworks from your own backyard! This exceptional location ensures quick access to the vibrant downtown shops, chic eateries, and train. Stunning sunrises, sea breezes, and the endless joy of beach living are here for the taking.
This property is a rare find, offering a quarter-acre of prime beachfront with stunning and dynamic views of the Long Island Sound and coastline, the Penfield Light House, and the Port Jefferson Ferries. The property includes an additional .08 acre space with a two-car garage across the street. The house also has ample space with 10 rooms including five bedrooms, a bonus room, and two and a half baths.
Use the property across the street for guest parking and extra storage, or additional parking income. Bring some TLC to the existing house, or turn this into your new dream home of ~4,000+ square feet with parking underneath.
The views and possibilities are endless, but the window of opportunity is now!
Call today for more information or to request a showing ==> 203-912-4440. Feel free to send a note below.
Matchmaker Mystery: Do You Have What I’m Looking For? 🏡❤️
Let’s work on this matchmaker mystery together!
One of the challenges buyers are facing, along with would-be sellers, is that they can’t find what they are looking for on the market.
Many agents are sharing the criteria their buyers are looking for with the hope that someone who is thinking of selling may have a match to add to the market.
Here is my urgent buyer wish list,
- Westport – New or contemporary style, ~4,000 square feet, 4+ bedrooms, $1,500,000-$1,800,000, (Need two of these!)
- Westport – Renovation project or tear-down, 1+ acres, preferably with no wetlands, price flexible.
- Westport – Renovation project or tear-down, any property size, preferably with no wetlands, price flexible.
- Fairfield – Beach, town, Southport, or University areas, new or like-new home, 4,000 square feet, up to $1,700,000.
- Fairfield – Home with charm and character, preferably in the beach area, but open to anywhere in town, 3+ bedrooms, at least 1,400 square feet or room to expand, $700,000-$850,000.
- Fairfield – Home with charm and character, high ceilings, preferably in the beach area, center of town or Stratfield areas, 3+ bedrooms, at least 1,400 square feet or room to expand, finishable basement and/or attic, office space, level yard of .16 acres or more, $500,000-$640,000.
- Fairfield – Beach area, near Penfield, .23+ acres on which to renovate or build new, under $700,000.
- Fairfield – Town center, new or move-in ready 2-bedroom condo for rent, or sale up to $350,000.
- New Canaan – Walk-to-train location, 3 bedrooms, preferably new or move-in ready, high ceilings, up to $1,500,000.
If a matching property is found for the buyer needs above, the following new listings will in turn be added to the market,
- Westport – Gorgeous new construction home, likely with 4,000+ square feet and 5 bedrooms.
- Westport – ANOTHER gorgeous new construction home, likely with 4,000+ square feet and 5 bedrooms.
- Westport – Lovely 4-bedroom, move-in-ready home with lovely property in the Greens Farms area.
- Fairfield – Charming cape in the beach area.
The lack of inventory is limiting the market despite the opportunity of very low interest rates and an excellent time to sell for all interested home owners.
So if you have something, say something! 😃 If you know of something, say something! 😃 Want to talk options? Say something. I’m here to help, 203.912.4440.
Save Money, Have Fun, Do a 1031!
If you own an investment property and are thinking of selling it to buy a different one (or two), you can do a 1031 Exchange and enjoy great benefits! What’s so great about it, and how do you do it?
Here’s how it works-
- With IRS code 1031, owners can defer paying all capital gains on investment
property. This means that if you own property used for business or investment, you can sell it and use the proceeds from the sale to reinvest in another investment property of greater or equal value to defer paying taxes on your profit. - You have to declare that you are doing a 1031 Exchange before you close on the sale.
- You have to meet the 180-day rule: Investors have 180 calendar days to complete the exchange and close on all intended purchases.
- You have to meet the 45-day rule: Identify up to three possible replacement properties within the first 45 days of the 180 day period. You can also sell multiple properties and buy one big property. If you identify more than three properties, the total cost of the identified properties can’t be more than twice the value of what you are selling. If you identify more than three properties and they end up totaling more than 200 percent of what you are selling, then you have to buy 95 percent- worth of the properties you identified in order to complete the exchange. Your replacement property must cost more than the net sale price of your existing investment property for full tax deferral.
- You Must use a Qualified Intermediary (QI) to facilitate the 1031 exchange. The QI takes care of everything for you including preparing the exchange agreement, handling escrow, and coordinating with the closing agents. The QI must be a third party to the transaction. He or she can’t just be an attorney or a Realtor® in the transaction that puts the sale proceeds and funds in an escrow account, nor can the QI be a relative. These are IRS regulations.
- You cannot have access to the proceeds from your sale. It must be held by a qualified third party until it can go directly toward your purchase(s).
And here are six amazing benefits of doing 1031 Exchanges-
- You enjoy huge savings on taxes.
- You can shelter your earnings in real estate, legally!
- You can diversify or consolidate your investment property.
- You can gain buying power by reinvesting.
- You can create more income to build your wealth.
- There’s no limit to the frequency or quantity of 1031 exchanges you can do.
- You can have the property(ies) you want to have.
Consider an “equity build strategy” suggested by the Midland company (referenced below) that looks like this:
- Defer paying up to 25 percent in taxes on your gains.
- Sell a moderately producing property to buy a higher income-producing property and increase your monthly income.
- Pay no federal, state, capital gain, or income taxes on the sale of the property.
- Do 1031 exchanges over and over for a lifetime, and the tax liability will never be passed on to your heirs.
- Base your strategy on cash flow, and you will have success in any market. The key is to get the highest percentage income on your purchase. Even if the dollar amount is small, it will grow over time. For example, if you can sell a property making seven percent cash-on-cash and buy a property that makes 23 percent cash-on-cash, you are well on your way to implementing an excellent equity build strategy!
It’s a good idea to use a QI that is local or that works in many states and is familiar with the varying regulations and taxes in different states. You want a QI that has experience and is bonded and insured. You also want to look for one that is a member of the National Federation of Exchange Accommodators and that is a Certified Exchange Specialist (CEC).
Here are some resources to get you started:
Midland Self-Directed IRAs & 1031s
For help selling and locating properties, please reach out to yours truly!
Linda Raymond Real Estate Blog, Fairfield, Westport & More 