Now is the Time to Move-Up – If you’ve been hanging on to that smaller house a little longer than planned, now is the time to sell and move-up to the bigger house. Entry-level homes are in tremendous demand from investors and 1st-timers, while mid-range homes are not moving quite as quickly. Homes under 1600 square feet went up 23% in Sacramento County last year, compared to 15% for larger homes 1600-2600 square feet. This allows you to command the highest price possible for your old home, and better chances of scoring a deal on your next house.
Make Demands – This isn’t about greed or bullying, but today’s market enables sellers to be very firm on what terms they accept. Don’t be bashful about waiving appraisal contingencies, demanding higher deposit amounts, and listing at aggressive prices.
Know the Code (tax code, that is) – The tax rules on short-sales are constantly changing. Due to the fiscal-cliff negotiations at the beginning of 2013, short-sales are still exempt from federal income tax. However, state legislation made so such extension. Before you look to short-sale your home, get in touch with a trusted CPA and real estate attorney to know your options and outcomes.