Category: (3)

Do you have a rental home in Johnston County?

by char-maccallum-real-estate-group-inc

When to Sell the Temporary Rental 

Temporary Rental2.pngSome Johnston County homeowners who were not able to sell during the recession, chose to rent their homes instead.  In some cases, they didn’t need to sell their home at the depressed prices and opted to rent it until the market recovered.

It’s a valid strategy but there are time restrictions that could have serious tax implications for some homeowners.

The section 121 exclusion for gain in a principal residence requires that the home is owned and used as a main home for at least two years during the five year period ending on the date of the sale.  This allows a Johnston County homeowner to rent their home for up to three years and still have some part of the exclusion available.

The sale of a home with a $200,000 gain that qualifies as a principal residence would result in no tax being paid by the owner.  Comparably, a rental property with the same gain could have a $30,000 or higher tax liability depending on the length of ownership and tax brackets of the investor.

The Johnston County housing market has dramatically improved in the last year.  If you have a gain in a home that has been your principal residence and it has been rented less than three years, you might want to consider selling it while you qualify for the exclusion.

If you are considering a sale on your principal residence that has been rented, consult with your tax professional for advice on your specific situation.  For additional information, see IRS Publication 523.

We’ve all seen Olathe homes selling quickly lately.  If you are looking for a home, but not sure of the area, take a look at our community maps.   Thinking of selling and want to see what else is on the market?  We want to help educate our buyers and sellers the best we can.  If you have a specific scenario or Olathe Home for sale you would like to talk to us about, please call the Char MacCallum Real Estate office 913-782-8857

Springtime Tips & To-do’s for your Home

by char-maccallum-real-estate-group-inc

Even though some days it doesn’t feel like it, Spring is FINALLY here!  If you are a homeowner, there are a few to do’s to help you get your home ready and organized for spring.

1.  Have your roof checked for any possible winter damage.  Spring rain will be here before we know it!  Check for shingles that may have been blown off.  Look in your attic area to detect potential leaks from ice damage.

2.  Time to freshen up the mulch beds, put down fertilizer and appropriate weed control to your lawn.  Having the outside of your home looking great will boost your curb appeal and you’ll enjoy having your home look great!

3.  Get your lawn tools out and tuned up!  Almost time to get the lawn mower out…  Remove the blade, get it sharpened. Ensure you have NEW gas mixture for your mower.

4.  Change out your A/C Filters, dust around the air condition vents / intakes and ceiling fans.  They’ve been collecting dust for a few months.  Having these cleaned will help ensure that when you do turn on the air conditioning, you won’t be circulating extra dust & pollen throughout your home.

5.  Check the batteries to your smoke detectors, carbon monoxide detectors as well as a sump pump battery back up if you have one.

Enjoy the Spring weather and time at home with your family!

If during your spring cleaning, you find any damage to your home or you need the assistance of a general contractor, feel free to call The Char MacCallum Real Estate Group at 913-782-8857.

Looking for an Olathe or Kansas City Home for Sale?

Bankruptcy Buyers are Bouncing Back

by char-maccallum-real-estate-group-inc

Waiting periods.pngWe’ve heard statistics lately that homeowners who had to surrender their homes to bankruptcy or short sale due to various situations will be BACK and eligible to purchase again.  It’s estimated that 10% of the homes sold in 2013 will be to buyers who lost a home in the past five years.  Approximately 500,000 buyers who may have thought they wouldn’t own a home anytime in the near future will be homeowners again.

It’s estimated that several million of these previous homeowners will purchase again in the next eight years.  This kind of activity will contribute significantly to the housing recovery.

Some people thought that the housing crisis would cause a shift in values placed on owning a home but the boomerang buyers definitely don’t support that theory.  Having a home of your own, where you can raise your family, share with your friends and feel safe and secure is still part of the American Dream.  Which is still a strong foundation that our Char MacCallum Real Estate Group in founded on!

The rising rents, increasing prices and low, low mortgage rates are also influencing buyers into the market.  In many cases, it is cheaper to own than to rent.  Many of the homeowners who lost homes due to bankruptcy or short sale have been working hard to repair their credit standings and are bcoming able to purchase again.  This should help our Olathe and Kansas City Real Estate areas significantly!

All new buyers, including those who have experienced foreclosures or bankruptcies, must have good credit history and the ability to repay the loan.  It just may not take as long to reestablish the credit as some would-be buyers might have thought.

Looking for an Olathe or Kansas City Home?