How to Sell & Avoid Paying Taxes on Your Gain

Question: “Hi Gary.  My wife and I plan to sell our home and we’re pretty sure we’re exempt from paying taxes on our gain.  How does that work?” Answer: In 1997, Congress gave you and me a particularly generous tax break.  IRS Code Section 121 lets you sell your principal residence and exclude all your
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Choosing Between Offers on Your San Diego Home

Question: “Hi Gary. I know you have a lot of experience. Suppose you have multiple offers on a home you’re selling. Other than price, what do you look for to decide which offer to accept?” Answer: Excellent question, because there is much more to an offer than price. I also look at: Any costs the
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How to Fire a Realtor (Good Luck!)

Question: “Re: how to fire a realtor.  Went online and got some vague answers.  Wish to cancel my listing based on realtor’s breach of contract and lack of communication.  Any advice???” Answer: Good luck. Listing contracts make it virtually impossible to fire an agent who isn’t performing. That’s why you don’t want to just use
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Why You’re Not Getting Offers on Your Rental Property

Question: “I’ve got my fourplex for sale, but nobody’s made an offer.  I don’t get it.  You get almost nothing with your money in the bank, and I hear that most properties are getting multiple offers.  Why do you think I’m not getting any offers?” Answer: While what you’re stating is true, it doesn’t mean
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Is Now a Good Time to Sell Your San Diego Home?

Question: “I had my home on the market in 2011, but it didn’t sell because no one would pay what it was worth. Do you think it’s a good time to sell now?” Answer: Wikipedia, the ultimate source of all knowledge, defines value this way: Fair market value (FMV) is…what a knowledgeable, willing, and unpressured
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Selecting a Range for Value Range Pricing

Question: “I’m trying to figure out value range pricing. If I feel my home is worth $500,000. What range would I ask?” Answer: Great question. Your desired price should be around the middle of the range. That allows for an attractive lower end of the range to draw interest, and a higher range to give
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Why Price Per Square Foot Is Bad—& Some Agents Use It Anyway

Question: “My home is in North Park and it’s 3,400 square feet. The average price per square foot in the neighborhood…” Answer: Whoa! Stop! Halt! Before you go any further, I want to save you some time and trouble and correct your faulty premise. Many real estate agents, appraisers, and homeowners too clever for their
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No Right of Rescission on Real Estate Contracts

Question: “I signed a contract to sell my home yesterday, but I changed my mind and want to cancel using my 3-day right of rescission.” Answer: Not a question, but let me address this. While many (most?) types of contracts in California have a 3-day right of rescission, real estate contracts do not. So unfortunately,
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How Much Value Will My Kitchen Remodel Add?

Question: “How much value will I add if I remodel my kitchen?” Answer: I know of a woman in Pacific Beach who had her kitchen remodeled. When it was done, though it was nice, she didn’t like it and remodeled it again. …Then she did it one more time for good measure. Assuming her kitchen
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Adjusting the Comps on Your San Diego Home

Question: [Email from someone wanting to price a one-story home.] “After looking at the comps, only property #5 seems comparable enough to be relevant. None of the others are single story. ” Answer: Indeed, the more comparable the “comps,” the better. So it would be preferable if we had more one-story comps to use, but
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