Now May Be The Time To Sell Your Hoboken Home

By
Real Estate Agent with RE/MAX Gold Coast Realty

new taxRegardless of your political affiliations and your like or dislike for the Affordable Care Act (a.k.a. "Obamacare") there are items contained within its pages that may impact your real estate plans. In the bill is a tax that all homeowners need to be aware of, especially those in the Hoboken area where home values average above $440,000.

Beginning in 2013, homeowners who meet specific criteria will be responsible for paying a 3.8 percent tax on "unearned income" under the new health care law. This means if you sell your home beginning in 2013 you could be paying this 3.8 percent tax, but selling this year may save you a lot of money and it may not be too late if you take action now.

 

The way the tax is written into the bill a married couple making more than $250,000 in adjusted gross income who sell a primary home for more than $500,000 will be subject to this tax -- which in this case would be $19,000. A single person with an adjusted gross income of $200,000 who sells a home with a sale price exceeding $250,000 will also fit the criteria and would have to pay a $9,500 tax. These are rough examples of course, intended to give you a basic idea of the amount of money involved.

So if you fall into this income bracket, your home value exceeds the amount listed and you have been toying with the idea of selling your Hoboken home now may be the time to act. In many cases people who have been left alone through divorce or the death of a spouse or those who have found themselves in a state of deteriorating health have put off selling because of the work involved. Don't despair, there is help available, in addition to the advice and expertise that your real estate broker offers, there are professional organizers and home stagers who can make all the difference in how your home looks and remove a huge burden from your shoulders.

A professional organizer can come in to your home and de-clutter your space, maybe relieving you of years of collected junk that you might have packed up and moved to your new home. Even if your home is older and needs updating, a professional home stager can refresh and rearrange your home to give it a cost effective updated look that more closely meets the current demands of the market. It helps if a potential buyer can see the potential of your home to be better and to become their space. Professional packers are always available through moving services as well, so there is no excuse not to act. Don't miss the chance to move to a beautiful Hoboken brownstone, make the decision, put your home in the hands of the professionals and I will help you to move to your next great Hoboken home.

About Eddie:Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker – REALTOR. His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County. You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

 

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re/max, logoEddie Perezfacebook, logo
Broker - REALTOR
RE/MAX Gold Coast Realty
56 Newark St.    ·      Hoboken, NJ 07030
Phone (201) 344-2886   ·   Office (201) 795-5200 ext 423


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Praful Thakkar
Keller Williams Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Eddie, you reminded me of my NY/NJ days where I'd take the PATH train (is that correct?) from Hoboken...

And selling in 2013 becomes expensive....interesting law....

Jul 11, 2012 10:42 PM #1
Rainmaker
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Edward Perez
RE/MAX Gold Coast Realty - Hoboken, NJ
NJ Luxury Group - Serving Hoboken & Northern NJ

You may want to make sure your clients learn about this tax in case they fit into this criteria. Thanks for the comment.

Jul 15, 2012 08:46 PM #2
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Edward Perez

NJ Luxury Group - Serving Hoboken & Northern NJ
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