Now that the election is over, everyone is talking about the Fiscal Cliff. Sounds scary, right? What is the fiscal cliff and does it have any bearing on San Antonio homeowners who are ready to sell their house now?
First the bad news. In January of the new year there is a very real possibility that the American taxpayer will see an average of $3500 in new taxes. Unfortunately the hardest hit will be folks making between $40K and $65K per year.
Obama and Congress (a largely unchanged political scenario) will have to work together to prevent that from happening. Judging by the last four years, who knows if that’s possible?
In any case, the time may be perfect for selling your house right now. Yes, I’m talking before the end of 2012.
Here are the top 4 reasons to sell your house for cash right now:
1. TAXES: Unknown tax rates coming in less than 2 months. Within the next 6 weeks or so (less if you figure in Christmas break) Congress and President Obama will have to decide on two things:
1. whether to keep, change or eliminate the Bush tax cuts across the board for all income levels.
2. Simultaneously they must decide what to do about the looming debt ceiling. Remember that old pesky number? Well, we’re once again nearing our borrowing limit: 16.4 trillion, unless we raise it again. If Congress decides that is the answer, then we’re looking at possibly the second downgrade of our nation’s currency in two years. Before that happens, your house may be at its highest value you will see for quite some time. Get fast cash for your house in San Antonio before 2013 begins.
2. TIMING: If you want to apply for any type of loan modification before the end of this year (a short sale or a renegotiation with your bank) you’ll pay less taxes. You can read here about the benefits of any debt relief you may obtain. Don’t put this off one more minute if you are even considering restructuring your mortgage with your bank. The tax advantages are outrageous if you get this done before Dec. 31, 2012. After Jan 1, 2013 any relief you get will be taxed at your current income tax rate. That’s a lot of money out of pocket!
3. THE HOUSING MARKETS: San Antonio is showing a strong seller’s market right now. Typically home sales taper off during the winter months. However decreasing inventory, especially of single family houses, means buyers must move fast or miss out on the best opportunities. According to a local REALTOR® Stephanie Kelly there are 9,462 active listings, compared to 10,771 one year ago. With more competition among buyers, your house sells faster for more money.
4. THE RENTAL CLIMATE: Rental properties are HOT. Nationally, rentals are becoming more popular than home purchases. In fact, growth for the single-family rental market has expanded 16 percent since 2007. May qualified homeowners are playing it safe. Note for example the trend among young families who are not ready for the long-term commitment of a mortgage. That house you own (but don’t want anymore) may be someone’s dream rental. It may even qualify for a subject-to mortgage in the right situation. Imagine someone simply taking over your house payments while you take a break from the stress and commitment of a mortgage…It spells total freedom for someone in need of financial relief.
Take care of yourself. The future financial health of America is unclear, so your personal situation should take precedence. If you’re going to sell your house so you can have cash in hand, the sooner the better. 2012 is slipping away.
We can buy your house fast in Texas! Markette Properties presents an unique, simple approach for selling your home! We are real estate investors. We buy houses in Texas just like yours! We are dedicated to the highest professional real estate standards for all of our clients.
Do you want to sell your house fast in Texas for top dollar with the least hassle? Give us a call! (210) 853-2788 or click the button below.
Photo Credit Flickr CC: John