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Category: Buying A Home

IRS rules about capital gains may lead to questions. We have answers.

IRS rules about capital gains may lead to questions. We have answers.

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Over the past few weeks, we’ve fielded a number of questions about how to prove the cost of improvements and calculate the capital gain of real estate.

Home prices have skyrocketed over the past 10 years. Given how fast home prices have climbed, it’s clear sellers are concerned about saving on the capital gains tax bill they may eventually owe.

According to the Federal Reserve Bank of St. Louis, the median home sales price in the first quarter of 2009 was $208,400. In the fourth quarter of 2021, the median home sales price was $423,600, more than doubling in 13 years. But that doesn’t tell the whole story.

Over the past few years, home prices in certain locations have risen far faster. According to Redfinthe median home price in Los Angeles has risen 14 percent compared with last year. Zillow reports that the

Biden admin: Stop flood insurance for new, risky homes

Biden admin: Stop flood insurance for new, risky homes

The Biden administration is proposing a massive overhaul of federal flood insurance that would prevent the government from insuring newly built homes in flood-prone areas and would drop coverage for homeowners who receive repeated claims payments.

The administration also is proposing a nationwide disclosure law that would require homebuyers and renters to be told about a property’s flood history before they buy or lease a residence. And no new federal flood insurance policy could be written for any commercial building, regardless of its location or construction date.

The proposals, contained in a 104-page legislative package sent recently to congressional leaders, are the most dramatic attempt to restructure the government’s National Flood Insurance Program since its creation in 1968.

The NFIP provides most of the nation’s flood insurance, covering nearly 5 million properties. It also has historically charged discounted premiums that do not reflect the actual flood risk of properties. The

5 hot towns in a cooling housing market

5 hot towns in a cooling housing market

North Jersey’s housing market is showing signs of stabilizing after two frenzied years, thanks to rising mortgage rates.

But when you’re hot, you’re hot.

Whether due to location, luxury offerings, access to New York or other factors, some towns remained in demand last month, even as the market normalized following the Federal Reserve’s biggest interest-rate hike in 22 years.

Compass Real Estate of Ridgewood compiled data on home-price appreciation in Bergen County for May, using the New Jersey Multiple Listing Service Inc. Using a cutoff of at least 10 closed or pending sales in each municipality, we identified these five municipalities where prices kept jumping. Compass agent Max Stokes explained their appeal:

Fair Lawn

The historic Radburn area of ​​Fair Lawn.

The borough, known for easy highway access and shopping, is centrally located in the county and convenient to downtowns such as Ridgewood and Glen Rock. The median sale price of the 33 homes sold in Fair

Waterfront homes go for a premium in Maine’s esteemed Lakes Region

Waterfront homes go for a premium in Maine’s esteemed Lakes Region

The BDN is exploring Maine’s housing crisis from every possible angle, from how it affects home prices, to what it means for Mainers across the state. Read our ongoing coverage here and fill out this form to tell us what you want to know.

Loons, dragonflies and lapping water are drawing buyers to Maine’s lakefront properties, which are seeing strong sales at up to double the price of homes not on the water.

Comprising 60 lakes across 20 towns, the Lakes Region of southwestern Maine saw all lakefront homes sell for over the asking price in 2021 for the first time, said real estate agent Diane Monaco, who compiled data on the region for her employer, Maine Real Estate Choice. The region includes Sebago Lake, Maine’s second-largest lake after Moosehead.

“People want to boat and sit out on their dock and enjoy the peace and quiet,” she said. “It’s a

Homes That Sold for Around $1.5 Million

Homes That Sold for Around $1.5 Million

Every week, our survey of recent residential sales in New York City and the surrounding region focuses on homes that sold around a certain price point, allowing you to compare single-family homes, condos and co-ops in different locales.

The “list price” is the asking price when the property came on the market with the most recent broker. The time on the market is measured from the most recent listing to the closing date of the sale.

Connecticut | 4 BEDROOMS, 2 BATH

An 82-year-old, 2,500-square-foot Cape Cod-style house, with a living room that has a fireplace, a formal dining room with a bay window, a kitchen with a range-topped island and a bluestone patio, on 0.2 acres.

A 900-square-foot condo, with a living room that has floor-to-ceiling windows, a kitchen with granite counters, a washer and dryer and a balcony, in a 1980s doorman