Selling Your Home

You may wonder why we have a page on tips for “selling your home”. After all, our bread and butter is getting homeowners to authorize us to file a property tax grievance on their behalf, challenge their property tax assessment, and obtain a property tax reduction for them.

But we have our reasons. When you consider that the second-most asked question from a prospective homebuyer is usually “what are the taxes” (“what is the asking price” is #1), it makes sense to make every effort to ensure you have the lowest property tax assessment on your home possible. Simply, lowering property taxes increases the value of your home, and its attractiveness, to prospective buyers.

Our experienced staff understands that selling your home is one of the most important financial decisions you will ever make. We can provide you with some useful home selling tips. There are a variety of tips for selling your home that can help you along this path and lead you in the right financial direction. Some home selling tips include understanding your seller’s real estate listing agreement, setting a price for your home based on viable home appraisal values in your area (among other factors), and realizing the impact of taxes on the sale of your house. We can offer advice on dealing with these issues in addition to providing industry insider tips for selling your home, ideas for home curb appeal and information on home appraisal values.

The seller’s real estate listing agreement is a binding legal contract and should be carefully reviewed and discussed before you sign. Remember to go over the term of the agreement (the amount of time the realtor has to sell your property), the sales commission (generally 6% of the sales price), whether or not the agent will be listing the home on a multiple listing service (MLS), and whether or not you will be using a lockbox so your agent has access to your home when you are not there.

The tax implications on the sale of your house have substantial impact on your finances. You should check with your tax consultant about the various factors that affect your specific situation. Some factors that may affect you include:

  • Was your home purchased or was it part of an inheritance or gift?
  • Did you use your home for business?
  • Was this a rental property?
  • Did you make any home improvements that may offset your capital gains taxes?
  • Are there any Federal Tax Benefits you may be entitled to?

For more information and helpful home selling tips as well as additional information on home appraisal values, call us at (516) 889-5500 and talk to our experienced staff.