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All agents are NOT alike! Find out why I am a top real estate expert. Call me: 888-440-2121
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Buyers Want Your Home for as Little as Possible.
Are you thinking of selling your home? You should know exactly what it's worth before making such an important decision.
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Find Out More About the Harrah, Choctaw and Eastern Oklahoma County Area Economy & Job Market
Come On Down!! The local economy is booming here! We have been experiencing an upward to steady economy now since the early 1990's. It appears that it will continue as evidenced by the building and development going on. Tinker Air Force Base and General Motors, plus their satellite suppliers are major employers. Oklahoma City is the State Capitol and it has many, many State offices employing thousands of people. On September 25, 2001, Oklahomans voted in "Right To Work" and that change is expected to positively affect all of Oklahoma's economy with a booming ripple effect.
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Tax Considerations >Tax Deductions
Here is a question which is often asked about real estate sales: which home loan fees are deductible for income tax purposes? It is good to know the answer to this question before you sign on the dotted line. It may influence which loan you will choose. Loan fees for certain services are not itemized on your fee statement, but are grouped together into a single category.
The most obvious deductible fee is the loan fee paid to acquire a mortgage for a principal residence. The IRS recently ruled that the buyer could deduct the fee in the first year, even if the seller paid it! Other deductions include pro-rated property taxes and mortgage interest. On these items, the buyer may only deduct their share.
Most of the other closing costs are not deductible, but you may add them to your home's adjusted cost basis when calculating appreciation. Among these costs are appraisal, attorney, and inspection fees, as well as title, recording and notary fees. Fire insurance fees are neither deductible nor do they figure into the cost basis. If you are not sure which fees are deductible, consult a professional tax advisor.
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| Q |
What are considered the ideal conditions for a buyer's market?
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| A |
In a buyer's market, there are more houses for sale than buyers, homes take longer to sell, and sellers may have to cut prices. |
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