A 1031 Tax Deferred Exchange is sometimes mislabeled as a tax-free exchange. The initial thing you should understand is that the taxes are deferred, not removed. This is probably the biggest misconception of a 1031. The term “1031” comes from the section of the IRS internal revenue code where the rules and regulations are outlined. In general terms, a 1031 Exchange is when someone sells an investment property for a financial gain and instead of immediately paying taxes on the gain,
When looking to buy a condo in Athens, GA, working with an experienced real estate agent like Scott Talley can be a game-changer. Scott is a licensed real estate agent who has worked in the industry for several years. He has an in-depth understanding of the Athens real estate market, and he can help you find the right condo that meets your needs and budget.
You may be reading headlines and hearing talk about a potential housing bubble or a crash, but it’s important to understand that the data and expert opinions tell a different story. A recent survey from Pulsenomics asked over one hundred housing market experts and real estate economists if they believe the housing market is in a bubble. The results indicate most experts don’t think that’s the case
While you may have seen recent stories about the volume of foreclosures today, context is important. During the pandemic, many homeowners were able to pause their mortgage payments using the forbearance program. The goal was to help homeowners financially during the uncertainty created by the health crisis.
Over the course of 2021, we saw substantial changes to the real estate market. The low supply of homes for sale coupled with pent-up demand made buying a home a daunting task not only for the home buyer but for sellers as well. One out of every two homes sold for over asking price and in most cases with multiple offers. We found that many home buyers were losing out on multiple properties and in some cases they would get so discouraged that they decided to quit and leave the housing market all together.
As you can see, there has been a drastic increase in property tax revenue over the last 5 years. In fact, that revenue stream has far out paced the other areas of revenue as demonstrated in the graph. This graph shows the real story of our local tax increase which has been $20,000,000 of increased revenue over 5 years
Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, real estate had one of its best years ever. Home sales and prices were both up substantially over the year before. 2020 was so strong that many now fear the market’s exuberance mirrors that of the last housing boom and,