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You might be a Homebuyer IF. . .

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Real Estate Agent

 Comic, Jeff Foxworthy, has made more than one American chuckle with his, “You might be a redneck IF. . .” 

Let’s see if we can bend Foxworthy’s famous line and put it into real estate terms, “You might be a Homebuyer IF...”



The list is lengthy, but here are a few to get you thinking:

  • If you are in a high income tax bracket, but have few exemptions.  Mortgage Interest on homes continues to be tax deductible, and Property Tax is also deductible.
     
  • You wish to build a nest egg by building equity for yourself, rather than building it for your landlord.

  • You want to feather a nest that is yours, rather than someone else’s.  Homeownership allows you the ability to improve, upgrade, and express your pride of ownership. 

  • You yearn to be in control of your monthly payment, rather than worrying if a landlord will raise your rent.

  • You are tired of hunting for coins to do your laundry.  With your own home you can do laundry anytime you like with your own washer and dryer. 

  • You are tired of writing that check for rent each month, knowing that it is gone forever.

 

In addition to the items listed above, there are other great advantages to homeownership.  One of the most important comes when it is time to sell.  With a principal residence that you have owned and occupied for at least two of the past five years, you are able to earn you up to $250,000 tax-free for IRS purposes on the sale of that house.  That’s if you are single – BUT if you are married that tax advantage doubles to $500,000 tax-free.

And it gets better – You can do this as often as every 2 years for the rest of your life.

 

You do not need to re-invest, and you don’t have to be 55 years of age.  The tax rules were changed in 1997 to enhance the benefits of homeownership for you.

I continue to be surprised by the number of folks that aren’t aware of these beneficial tax law changes, even though they have been in effect for well over a decade. 

So, “You might be a Homebuyer IF. . .”  Give it some thought!

Posted by

Myrl Jeffcoat ActiveRain Signature
  

Comments(25)

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Lisa Wetzel
RE/MAX Realty Affiliates - Carson City, NV
CDPE, SFR carsonvalleyland.com

Myrl ... Great blog about, You might be a homeowner if"  Love the humor but it packs a ton of interesting and thoughtful information!  Great Job!  As usual ... you write a wonderful blog!  I'm recommending you for a feature! 

Nov 13, 2011 05:11 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Myrl,

Great post, and wonderful humorous notes.  I am suggesting.  Thanks A

Nov 13, 2011 06:04 AM
Mark Delgado
houses for rent, Solano County & Glen Cove - Benicia, CA
Benicia and Vallejo, Property Management, rental h

I love this!  What a clever idea. I hope you don't mind if I borrow the idea for some hyper local posts for renters? It will take me a while to be nearly as clever as you though. 

Nov 13, 2011 10:10 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

The less I have to think about Jeff Foxworthy, the happier I am! LOL.

Of course, if you're in Sacramento, the motto is:

You might be a homeowner in Sacramento if you're home is underwater. Did you see that blurb in the Sac Bee business section a few days ago, based on Zillow, half of the homes in Sacramento are underwater?

Nov 13, 2011 10:47 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Rhonda - I could certainly live within my means with Jeff Foxworthy's income. . .LOL

Christiansen Team - Money spent for rent is never going to be seen again!

Larry - This current time offers an incredible window of opportunity for homebuyers.  Low prices, good inventory, low interest rates.  What's not to love!

Nov 13, 2011 11:21 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

William - As has been the case with these current times, the middle class has taken it on the chin.  Homeownership with it's interest deduction has traditionally been one of those tools that has helped the middle class in the past.  If the "super committee" caves to special interests (as politicians usually do), then I too worry about what will come with the committees handiwork.  The clock ticks.  Just a few more days left until the end of the month.  Will they come to good resolution or not!

Kristin - "You might be a Bank of America Short-Saler" would be an apt group of thoughts all by theirself.

Lisa - Thanks for the "suggest". . .It's greatly appreciated!

Nov 13, 2011 11:27 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Alexandra - Thanks for the "suggest". . .It's greatly appreciated!  I hope you had a great weekend!

Mark - Certainly feel free to use any material I present for your use.

Elizabeth - You don't care for Jeff Foxworthy???  Now I wonder how that can be. . .LOL 

Nov 13, 2011 12:00 PM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

I love the angle, Myrl.  And these are all excellent reason to consider home ownership.  

Nov 13, 2011 02:47 PM
The Scott Loper Team Bux-Mont Premier Properties
Keller Williams Real Estate - Montgomeryville - Lansdale, PA

Hi Myrl,

Very cute!  I love Jeff Foxworthy's routine and you caught my attention and got me reading yours.  Very well done!

Lisa

Nov 14, 2011 12:43 AM
Roy Kelley
Retired - Gaithersburg, MD

Excellent post, Myrl.  I put it on my list to re-blog.

Dolores and I took advantage of the beautiful Sunday weather and visited the National Zoo in Washington, DC.

Yellow Chrysanthemums

The Chrysanthemum Festival at Longwood Gardens, October 29 - November 20, 2011.  Our visit was on Tuesday, November 8, 2011.  Longwood Gardens is located in Kennett Square, PA.   Photograph by Roy Kelley using a Canon PowerShot G11 camera.

 Roy and Dolores Kelley Photographs

Nov 14, 2011 02:34 AM
John Cannata
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance

Great list Myrl and so very true. Renters should stop throwing that money away.

Nov 14, 2011 07:26 AM
Erika Rogers
Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage - Saint George, UT
St George Utah Real Estate & Relocation Specialist

Hi Myrl, this is a wonderful list and great reasons to become a homeowner! 

Nov 14, 2011 10:55 AM
Tony & Darcy Cannon
Aubrey and Associates Realty - Layton, UT
The C Team

Myrl, Great post!  I like it!  In many markets, it is a great time to buy if you're able to do so!

Nov 14, 2011 12:53 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Jane - Thank you, Kind Lady!  I hope you are having a GREAT week!

Lisa - I'm a big Jeff Foxworthy fan too!

Roy - Thanks for putting it on your "reblog" list.  I certainly like that yellow flower. . .It reminds me of my dad.  Yellow was his favorite color.



Nov 15, 2011 09:42 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

John - The thought of throwing money away on rent soured with me early on.  When I was a bride, we paid rent for the first 3 years, and then bought our first home.  I have been a homeowners since.

Erika - Thank you!  I hope you are enjoying your day!

Tony and Darcy - I tell people that I haven't seen a window of opportunity like this one in the 30 years I've been in this business.  Great prices, low interest rates, good inventory. . .What's not to love!

 

Nov 15, 2011 09:45 AM
Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-739-3843

Mryl, I bought my first home at the tender age of 26 with money that I received from someone running into me in a car accident! It was a private contract back in the early 80's, a dirty deal, but I learned and I LOVED being a homeowner. I have bought and sold many since (long before getting into real estate) and I did most of it as a single woman. SO.... people CAN do it. It's the best investment you can make, besides in yourself, and I firmly BELIEVE THAT.

Nov 15, 2011 02:54 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Gayle - I was 24 when I became a homeowner.  I was a bride back then.  We had a little money (not much).  But we managed to pull a few hundred dollars from our parents for a down payment.  We assummed the old FHA loan (you could easily do that back then).  And we moved in.  We paid our parents back within 6 months.  The house was just 7 years old, but hadn't been really cared for during that time.  We put in carpet, painted inside and out, and bushwacked the landscape.  We were there 3 years, built up a little equity and moved up.  My current home, I bought as a single gal.  It was a cosmetic fixer too.  But I've added on, improved, and made it comfortable over the years.

Nov 16, 2011 01:39 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

What a great list of reasons that people should consider when thinking about purchasing a home!

Nov 17, 2011 01:00 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Love this post Myrl, suggested it for feature.  Great take on Foxworthy!

Nov 17, 2011 01:03 AM
Jenifer Lower
Bozeman Montana Real Estate .net - Bozeman, MT
Your Dream. Our Passion.

Very cute!  Way to make it a fun read for those considering a home purchase.

Nov 17, 2011 01:38 AM
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