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September 14th, 2013

VIDEO: Should You Sell Your Condo?



Hey, guys. Welcome back to my video blog!

Recently, I had a friend ask me whether he should sell his condo to move into a single-family home.

This is an interesting question. The local condo market here has been very flat, lately. Homes, though, have been appreciating.

So, if you are thinking about selling your condo to move into a home, do it quickly so you earn appreciation on your new home.

If you are thinking about selling your home and downsizing to a condo, try and wait a little longer so you can add appreciation to your home and get more money for your sale.

If you have any more questions about appreciation or where our market is going, please don’t hesitate to give me a call!

August 29th, 2013

VIDEO: Is Fall a Good Time to Sell?

Welcome back to my video blog! I can’t believe summer is almost over!

With fall right around the corner, a lot of people have been asking me if the fall months are a good time to sell.

That’s an interesting question. The time to sell is less seasonal now and more about market conditions. What does this mean?

In the fall, there are fewer showings per contract. Buyers looking during the summer months are very different than buyers in the fall. In June, July and August there are a lot of people on vacation and they are viewing homes with this emotional charge; rarely, though, do they actually purchase a home.

During the fall, however, buyers are more strategic. They have an actual plan to view and buy a home. So, while the summer has more activity, the net sales of both seasons are nearly the same.

So, yes, fall is a good time to sell, but it very much also depends on your situation. You need to look at the market conditions.

If you have a desire to sell, call me at 843.251.2693 or email me at greg@gregsisson.com I can do a market analysis and we can create a plan that is best for you based on your situation.

July 30th, 2013

VIDEO: Mid-Year Myrtle Beach Market Update 2013

Hello and welcome back to my Myrtle Beach real estate video blog where I am bringing you relevant topics about our local market. Thanks, as always, for joining us!

I’m asked all the time how the market is doing. When asked that, it’s common for agents to attach their personal production to the state of the market. The two, however, aren’t necessarily direct reflections of each other, though. Just like life, there are ups and downs in businesses that don’t always represent what is going on in the market as a whole.

So today I wanted to give you some statistical information and recap these past six months of 2013 and compare them to the first six months of 2012. Let’s start with single family homes. The number of units sold from January through June of 2013 was up 16% from last year and the sales price was up 4.5%.

Now the next area is why it’s good not to attach opinion. I thought the price of condominiums would have increased; however, data shows prices remained flat. The number of units sold was up by 5% while the inventory has decreased by 11%. So there are quite a few less condos on the market this year than there were last.

Distressed sales are down by 24% which is great. There is still a tremendous amount of inventory, over 3,000 lots for sale! In the first six months of this year, 686 lots sold! Here’s the weird part, that’s the exact same number of lots that sold in the first six months of 2012.

So, in a nutshell, you have a stable market. I’m very excited! If you’re a buyer, it’s time. If you’re selling, take advantage of low inventory; interest rates have crept up and buyers are feeling a sense of urgency. So, give me a call at 843.251.2693 or send me an email greg@gregsisson.com I’d be more than happy to help you get started with your next real estate move. These last six months of 2013 are going to be great!

July 4th, 2013

VIDEO: How Will Rising Interest Rates Affect the Market?

Lately, I have been hearing the same question: how will rising interest rates affect the market? Interest rates have crept up in the past 30 days from a little below 4% to about 4.5% now. Because of this, there is a great sense of urgency for buyers. They want to avoid the possibility of paying a higher interest rate if they wait. This is great news for sellers on the market now.

If interest rates increase to 5%, the market will slow down a bit, but with current interest rates, buyers are ready to purchase your home. If you have any real estate questions or are looking to buy or sell, please don’t hesitate to call or email me.

Read The Full Article Here

May 29th, 2013

VIDEO: How to Take the Uncertainty Out of the Transition

Brightwater Living is an independent senior living retirement community in the heart of Myrtle Beach. I met with Barbara Gans from Brightwater because there are so many questions on how the transition of moving from a home to a facility like Brightwater transpires.

According to Barbara, interested parties should look at as many independent living communities as possible. When you visit, there are many questions you should ask. We’ll look at three key ones. How do you like the community? Can you afford it and can you afford not to move to in? What about the “what ifs?”; what’s available if you need specialized care? Here’s a summary of the advice Barbara shared.

Question 1:  How does the community make you feel?

The best way you can figure this out is by experiencing the environment. You can do a tour, stay in a guest suite, participate in activities and enjoy meals there to see if you want to truly explore it. The best things you should look for you can’t taste and see. It all comes down to how the environment makes you feel. 

Question 2:  How much does it cost and can you afford it? 

Get all the facts and figures. To do so, ask lots of questions. Who owns the property? How long have they been in business? How are they licensed by the state? Ask for occupancy agreement templates to share with financial advisors, attorneys and family members. What are the home prices? What is the financial model? For example, there are many, such as life care, equity, and deed-based models so it’s very important to get all that clarified. Does the family have any liability when you leave the community? Make sure your salesperson is transparent. And, finally, ask for the complete cost analysis upfront. When you take into account all the services, you may be pleasantly surprised because it may be less than it is to maintain your own home.

Question 3:  What about the what-ifs?

What if you need a higher level of care? Be sure to ask about assisted living, memory care, skilled nursing, long-term care and physical therapy. What do these areas cost? Can you use long-term care insurance and how does Medicare factor in? Tour these areas, even if you don’t need those areas now. At Brightwater we offer a full continuum of care.  

Read The Full Article Here

May 19th, 2013

VIDEO: How to Use a 1031 Exchange to Save a Bundle When Buying Investments

If you’re a real estate investor or thinking of becoming one, then you can definitely take advantage of this law, and I recommend you do so.

Basically, the “1031” allows you to sell one property and buy another without incurring capital gains taxes.
You simply have to re-invest all your profits into the next property (or properties) within a specific timeline (described later).

However, the property must be “qualifying property.” This is property held for investment purposes or used in a taxpayer’s trade or business.

Investment property includes real estate, improved or unimproved, held for investment or income producing purposes.

Be aware that real estate must be replaced with like-kind real estate. This means that “like-kind replacement property” can be any improved or unimproved real estate held for income, investment or business use.

Here are some examples:
·    Improved real estate can be replaced with unimproved real estate and vice versa.
·    A 100% interest can be exchanged for an undivided percentage interest with multiple owners and vice-versa.
·    One property can be exchanged for two or more properties.
·    Two or more properties can be exchanged for one replacement property.
·    A duplex can be exchanged for a fourplex.
·    Investment property can be exchanged for business property and vice versa.

Be Aware: Your personal residence can’t be exchanged for income property, and income or investment property cannot be exchanged for a personal residence in you’ll reside!

What Are the Types of 1031 Tax Deferred Exchanges?

There are three types of 1031 tax deferred exchanges that can take place:

– Straight exchanges—two parties trade properties of equal or approximate value. This is the simplest exchange.

– Multi-party exchanges—this involves three or more parties buying, selling, or exchanging properties. Don’t attempt these exchanges without the aid of a tax professional; they tend to be very complex.

– Delayed exchanges—this exchange allows the sale of the relinquished property and the buying of the replacement property to occur at different times as long as stringent rules are followed. This is the exchange most often used.

What’s the Advantage of the 1031 in Terms of Taxes?

As the law’s title indicates, the capital gains tax is deferred, but not eliminated.

However deferral is a great way to leverage small real estate holdings into larger ones!

Since you can postpone gains, you’re able to use a tax-deferred exchange strategy to transfer equity to a larger property, all without paying taxes!

Another advantage is that there’s no limit on exchanges. This means you can make as many exchanges as you want!

So, over the course of your lifetime, you can keep growing income and appreciation by adding new properties without having to pay the capital gains tax!

If you specialize in buying and renovating properties and want to keep reinvesting your profits into larger properties, then this strategy is especially attractive.

Note: If you don’t keep reinvesting, you risk being classified as a real estate dealer by the IRS and will not be able to participate in exchanges.

What Are the Basic 1031 Qualification Rules?

There are some basic rules that must be followed in order to qualify for a 1031 exchange. These include the following:

·    The properties to be exchanged must be located in the United States. Note: You can exchange foreign property for foreign property and domestic for domestic. However, you can’t mix these exchanges together.
·    You must trade only like-kind real estate.
·    An exchange must be made that’s equal to or greater in both value and equity. Any cash or debt relief received above this amount is considered “boot” and is taxable.
·    The like-kind property must be identified within 45 days of the closing on the initial property.
·    All proceeds from the initial sale must be turned over to a “qualified intermediary” (also called a QI, facilitator, exchanger, etc.) who is the person or company playing the role of middleman.
·    Any of the proceeds not under the control of the middleman are subject to taxation.

The middleman holds the funds from the initial property in escrow until such time as the closing on the second property occurs.

The middleman also assists the owner with the preparation of paperwork and other services to ensure the transaction progresses in a smooth manner.

The closing on the second property must take place within 180 days following the close on the first property.

Wow, as you can tell, this is pretty complex subject and can’t completely covered here! But if you’re an investor or plan to be one, I hope I whetted your appetite for this subject. To learn more, contact me at insert link.

Read The Full Article Here