Serving the real estate needs
of Salt Lake's GLBT community since 1992
and the rest of the alphabet too.
No hype, no bogus awards, no team members or assistants.
Just me making it happen for you.
Salt Lake Real Estate Myths
Buyer's Myth: I'll get a better deal if I just call the agent shown on the yard sign.
Fact: Not necessarily. That listing agent has a contractual and ethical obligation to get the best price for the seller (their client). Even under the condition of Limited Agency that agent is not allowed to discuss price with you.
Seller's Myth: I need to sell my house before I can buy another.
Fact: Consider turning your current home into a rental property and buying the next home with a low down FHA loan. This is a classic way to build a real estate portfolio. In most cases, if you still want to sell the first home you can take up to 3 years to do so without the profit being treated as taxable captol gain.
Buyer's Myth: There is no way that I can buy and move in to my new home the same day that I sell and move out of my old home. Hotel and storage cost will cost a fortune.
Fact: The coordination of selling, move-out, buying, and move-in does not necessarily need to be sequential. A good real estate agent knows how to plan a seamless move to your new home without you and your family sleeping in the back of a U-Haul.
Seller's Myth: I would like to sell my home and get something smaller but the capital gains tax would kill me.
Fact: The tax laws allow a single home owner to profit up to $250,000 (couples up to $500,000) on the sale of a primary residence TAX FREE. It just isn't going to get any better than this. Talk to your tax advisor for specifics.
Buyer's Myth: If I call an real estate agent to help me buy a home, they will try and sell me only their broker's listings.
Fact: All MLS Realtors® have access to all multiple listing service listings. An ethical agent would never limit your home selection to those of one brokerage. This is one of the reasons that choosing the right Realtor for you is so important. A good Realtor does not "sell" you a home but rather works as your agent, sifting through all the available homes, finding those that meet your requirements, and then negotiating a contract in your best interest.
Seller's Myth: If I sell my rental income property I have to perform a complicated and risky 1031 exchange or pay big time in capital gains tax.
Fact: Two thoughts: first, a 1031 tax deferred exchange is not that scary when handled by a real estate professional. Second, theoretically one could convert a rental property to your primary residence for a qualifying time period and sell it paying no tax -- a loophole that may not last forever. (insert the painfully obvious "talk to your tax advisor" disclaimer here)
Whether you're moving up, moving in or just moving on, call me today!
9 Mistakes That Salt Lake Home Sellers Should Avoid What's In It For Me?
Who Is Brad? Salt Lake Neighborhoods
Stonebrook Real Estate
6375 South Highland Dr.
Salt Lake City, Utah 84121
24/7 phone or text: 801.550.0330