Here are some things to consider as 2019 comes to a close:
THE “MARKET” – The overall real estate market had been slowing down earlier this year. Inventory and interest rates were up, the stock market was fluctuating wildly due to the uncertainty over the trade war with China, the inverted yield curve, and all the political uncertainty over the Russia probe and possible impeachment of Trump. Buyer activity dropped and then prices dipped, but have since recovered. Prices are still high for the average buyer based on their income, and that can limit future price increases unless we see a rise in income.
SHOULD WE LEAVE OUR HOME ON THE MARKET OVER THE HOLIDAYS? – I get this question quite a bit every year about this time. If you really don’t have to sell and you don’t have a hard deadline to meet, you may want to take it off the market and go back on the market in January or February because there are fewer buyers looking during this time. However, sometimes we see a spike in inventory in January so you may have more competition then. If you have a hard deadline to meet to sell, then go ahead and leave it on the market because it certainly won’t sell if it’s NOT on the market!
TAX CONSIDERATIONS – Check with your tax professional to see if you would benefit by paying your January 2020 mortgage payment in December of this year. Also, if you don’t impound your property tax payments through your lender, you can consider paying the 2nd installment of your property taxes (which aren’t due until February) in December. This will pull more expenses into the 2019 tax year to give you more write-offs this year. The downside to this is you will then have fewer deductions for the 2020 tax year, so you’ll have to weigh which year you’d rather have those deductions.
If you have questions about real estate, call me at (925) 240-MOVE (6683). Voted “Best of Brentwood” multiple times. To search the MLS for free, go to: www.SharpHomesOnline.com. Sharp Realty. #01245186