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  • August 30, 2011 at 12:57 PM #19084
    treehugger
    Participant

    I closed on my house May 3, 2010. I paid $350,000 and got the $8,000 fed tax rebate and the $10,000 state tax credit paid out $3,333 per year for 3 years of which I have collected 1). Great house, nice area of Vista. We gutted it and fixed up including granite, stainless, and landscaping. Refinanced it 1 year ago appraised value for the refi was $440,000 and we have done improvements since then. We want to move back to Carlsbad or closer to the Calavera nature preserve that we love to hike, run, and mtn bike. Plus my husband’s ex -wife lives in Encinitas, so there is a lot of back and forth with the 2 kids. In order to buy another house I need money….which means I need to sell this one.

    I sat down and crunched the numbers, we did majority of work ourselves, with a buddy who is a licensed contractor helping out on the big stuff dirt cheap. It looks like we spent ~$18-20,000.

    Trying to figure out what the tax penalties are going to be of my selling it now? The realtor commisions? Basically trying to figure out what I need to sell it for to break even? To make money?

    We love the house and yard, it is just a bit far for everything we do and hauling the kids back and forth to Encinitas for school and soccer is a pain. Not a pressing need to sell and I won’t if I don’t make a small profit.

    I have a realtor coming over tonight and have some more interviews lined up. trying to get an idea from them what they think my house’s market value may be? Our neighborhood is strange, there are houses that sell in the $500’s and some that sell in the $200’s, so really hard for me to assess value. My opinion is it is only worth what someone is willing to pay.

    Thoughts?

    August 30, 2011 at 2:48 PM #726285
    sdrealtor
    Participant

    Without knowing more, my immediate thought is wait until next Spring so you can sell at best time of year rather than now which is the worst. Make sure you close after 5/3/2012 so you will be able to take all your gains tax free. You will likely get/get to keep more of those tax credits too.

    August 30, 2011 at 2:48 PM #726369
    sdrealtor
    Participant

    Without knowing more, my immediate thought is wait until next Spring so you can sell at best time of year rather than now which is the worst. Make sure you close after 5/3/2012 so you will be able to take all your gains tax free. You will likely get/get to keep more of those tax credits too.

    August 30, 2011 at 2:48 PM #726972
    sdrealtor
    Participant

    Without knowing more, my immediate thought is wait until next Spring so you can sell at best time of year rather than now which is the worst. Make sure you close after 5/3/2012 so you will be able to take all your gains tax free. You will likely get/get to keep more of those tax credits too.

    August 30, 2011 at 2:48 PM #727130
    sdrealtor
    Participant

    Without knowing more, my immediate thought is wait until next Spring so you can sell at best time of year rather than now which is the worst. Make sure you close after 5/3/2012 so you will be able to take all your gains tax free. You will likely get/get to keep more of those tax credits too.

    August 30, 2011 at 2:48 PM #727501
    sdrealtor
    Participant

    Without knowing more, my immediate thought is wait until next Spring so you can sell at best time of year rather than now which is the worst. Make sure you close after 5/3/2012 so you will be able to take all your gains tax free. You will likely get/get to keep more of those tax credits too.

    August 30, 2011 at 4:11 PM #726325
    enron_by_the_sea
    Participant

    Remember you will lose ~4%-6% to transaction cost (i.e. commissions, moving expenses, fixups, seller paid costs etc.) when you sell and move. That is what will not be available to buy your new house.

    August 30, 2011 at 4:11 PM #726408
    enron_by_the_sea
    Participant

    Remember you will lose ~4%-6% to transaction cost (i.e. commissions, moving expenses, fixups, seller paid costs etc.) when you sell and move. That is what will not be available to buy your new house.

    August 30, 2011 at 4:11 PM #727012
    enron_by_the_sea
    Participant

    Remember you will lose ~4%-6% to transaction cost (i.e. commissions, moving expenses, fixups, seller paid costs etc.) when you sell and move. That is what will not be available to buy your new house.

    August 30, 2011 at 4:11 PM #727169
    enron_by_the_sea
    Participant

    Remember you will lose ~4%-6% to transaction cost (i.e. commissions, moving expenses, fixups, seller paid costs etc.) when you sell and move. That is what will not be available to buy your new house.

    August 30, 2011 at 4:11 PM #727541
    enron_by_the_sea
    Participant

    Remember you will lose ~4%-6% to transaction cost (i.e. commissions, moving expenses, fixups, seller paid costs etc.) when you sell and move. That is what will not be available to buy your new house.

    August 30, 2011 at 4:25 PM #726330
    joec
    Participant

    I think the fed 8k rebate has a 3 year holding period so factor in having to pay back the 8k as well as a minus…Good luck!

    August 30, 2011 at 4:25 PM #726414
    joec
    Participant

    I think the fed 8k rebate has a 3 year holding period so factor in having to pay back the 8k as well as a minus…Good luck!

    August 30, 2011 at 4:25 PM #727017
    joec
    Participant

    I think the fed 8k rebate has a 3 year holding period so factor in having to pay back the 8k as well as a minus…Good luck!

    August 30, 2011 at 4:25 PM #727175
    joec
    Participant

    I think the fed 8k rebate has a 3 year holding period so factor in having to pay back the 8k as well as a minus…Good luck!

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