Posts Tagged ‘news’
Wayback Wednesday… Recovery?
- Image by kenjonbro via Flickr
Recovery… In it or do we need to go to it? That was my question two years ago this week… and it is STILL a valid question. And two years ago, I don’t think there were many people (including me) that were expecting the housing slump to last this long.
But here we are, not knowing if a bottom to the market has been established or if there is more blood that needs to run in the streets.
At least now, more of us in the real estate community have figured out that stimulus and incentives aren’t the answer… JOBS are the answer. There are too many potential buyers out there that are worried about the security of their jobs. Demand can’t rise until buyers don’t feel threatened.
And that means that the Supply side of Supply/Demand will be out of whack… even thought the supplies have be mostly dropping for well over a year (compared to the previous year). And even though supply has been coming down, there have been reports of a wave of foreclosures just out of sight over the horizon (those reports have been with us for well over a year, too).
On the flip side, there are some pretty good deals. Mortgage rates are ROCKING… I heard a report today that rates hadn’t been this low in 60 years. If you ARE in a position to buy, it might be the best time in a generation. If not, I understand…
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View CommentsThere IS a New Real Estate Transfer Tax in the ObamaCare Law
- Image via Wikipedia
One of the forums in which I participate has had stories on both sides of this issue for a couple of months… with the more conservative members saying that there is a 3.8% sales tax on the sale of homes, and those that are more supportive of the President and his policies saying that there isn’t.
Neither side was real specific about their information source… talk radio for some, blogs for others… nobody seemed to be going to the source… the 20,000+ page law signed by the President. In all fairness, there is a LOT of room in 20,000 pages to hide a lot of little Easter Eggs like this. And being fair to the other side, if there isn’t a tax, the bill isn’t going to say “there is not a tax” anywhere…
I have an answer…
There is indeed a tax on the sale of real estate. It doesn’t apply to many people, but it WILL apply to some people that have profit from the sale of their homes. Starting in 2013, those with incomes over $200,000 will have to pay a 3.8% tax on profit from the sale of their primary residence or investment properties. The exact amount will be based on a formula that includes the profit from the property and the income above $200,000. The tax is not an income tax, but rather it is a “payroll tax”… officially it is a Medicare Tax.
It does not just apply to real estate, but also applies to investment income and dividends.
The bottom line is that both groups are right… and both are wrong.
But…
It will drive another nail into the luxury real estate market. It has been in the doldrums for a while. Adding new taxes will not get it going again. And if you are thinking that this only affects ‘the wealthy’, think again. Those homes are not built by ‘the wealthy’. Those homes are not renovated by ‘the wealthy’. Those consumers are more likely to hire contractors to do improvements. And they are more likely to update more often… They are a driver in the housing sector. This added tax is NOT putting gas in the tank…
View CommentsRe-alignment…
- Image by lane.bailey via Flickr
The time has come. I will be re-aligning my blogs and websites to be more subject specific. I have a lot of presence on the web, and for too long they have had overlapping content. As we get through this re-alignment of the sites, each will be more focused on a specific purpose. There will still be connections between the sites, but the content will be less connected…
Some of the sites that will be part of the re-alignment are:
- LaneBailey.com
- LaneBailey.info
- GwinnettGarageGuy.com
- UltimateHomeMarketing.com
- GarageHomesUSA.com
- LilburnDwellings.com
I might also be re-designing the looks of the sites at the same time… It will be fun…
Buford, GA Market Report – March 2010
Buford, GA is a suburb of Atlanta in Gwinnett and Hall Counties. The population is 2000 was 10,668, but that only included the area inside the city limits, and it had seen tremendous growth since that census. Buford is home to Lake Lanier, one of Georgia’s premiere recreational areas, and Lake Lanier Islands. Recently, the City of Buford has revamped their old town. It is also home to Buford (Buford City Schools aren’t a part of Gwinnett County Schools), Mill Creek, Mountain View and Lanier High School (Lanier will open for the 2010-11 school year).
View CommentsSugar Hill, GA, Market Report – April, 2010
Sugar Hill, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 11,399, but that only included the area inside the city limits. The name comes from a bag of Sugar that spilled on a hill while in transit between Cumming and the railroad in Buford. And while it is actually a big market, it is in the shadows of Lawrenceville, Duluth and Suwanee… which all are nearby. That also makes it a great location, as it is close to everything that Gwinnett County, GA has to offer.
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Lane’s New Video Channel
I have just struck a deal with The Video Connector to provide video content for my sites. Look for lots of cool videos from Tara and TJ from Reel Productions. They have been the providers of my video tours for a couple of years now, and really have a handle on the real estate market. Enjoy.
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