New 3.8% Tax scare

New tax on home sale profits-

Just to clarify something you may have heard or received in an email about.

There has been talk about a 3.8% tax on any profit made on a home sale which was hidden in the recent health bill. For example, if someone sold their home for $350,000 and, after closing costs, had a profit of $100,000, $3,800 would go to Uncle Sam. As I understand it, this is NOT true. This tax only applies to any one individual making over $200,000 a year (or $250,000 if filed jointly) and only if that profit exceeds $250,000 (or $500,000 if filed jointly). Any profit made after the initial $250,000 will then be hit with the 3.8%.

So, if a single person that makes $201,000 a year sells a piece of Albuquerque Real Estate and walks with $350,000, he/she will have to pay the $3,800 ($350,000 - $250,000 = $100,000 x 3.8% = $3,800). This is how I understand it. If you need further clarification, please consult your CPA.

This all just seems to be another media scare tactic. If you receive any type of email that you find hard to believe, I suggest researching it before you share it with your friends.

Thanks!!

New Purchase Agreements for Albuquerque Home Sales

Be very care when using The New Mexico 2010 revised Residential purchase agreements! Be very, very, careful!

When I came home Friday night I updated my wife about my day. During the course of this particular day I learned about the new purchase agreement that was placed on the state site for immediate use. At lot has changed. This form places the burden of inspections entirely on the purchaser. (Well, that isn't entirely correct, there is a very small area dedicated to Seller paid inspections).

The buyer is now responsible for not only choosing the inspector (that's ok), but paying for the inspection. Nothing is mentioned about setting up the appointments for the inspectors. It causes me to wonder how this all is going to take place! This really needs to be negotiated clearly on an addendum!

My wife, being the intelligent lady she is, pointed out that many in our industry are probably not even aware of the changes to the purchase agreement and that I needed to be aware as well.

If you purchase a home, condo, or Albuquerque foreclosure, be sure to utilize a Realtor that is updated on the new Purchase Agreement. We would love to help you buy real estate in Albuquerque, New Mexico.

I love my job!

From the mouth of my Babe (er…Wife)

I came home from work last night and asked my wife what she thought the most important item to do was when placing a home on the market. My wife is a nurse by profession but right now she is caring for me and our three young children. She has no real estate experience. The first thing on her list was to verify ownership. I thought that was really a good idea so I quickly made a mental note! Then she said she would measure the house to make sure of the size.

The size of a home is important!  Many times the value is based on the heated square footage of the house.

So what should every buyer do? Have someone measure the house or make the seller verify the size before the buyer closes. Most of the time, it costs less than $75 to have this accomplished.

As a seller, adding a scan of the floorplans to the MLS listing might give an extra thought to a buyer looking at Albuquerque homes for sale.

My wife is really smart, good looking, and I really hope she reads this……

Selling real estate in Albuquerque is great!

I love my job!
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Posted by Tim :-)

The Albuquerque Lifestyle

Albuquerque - What a place!

Selling Albuquerque real estate is a wonderful job. But certain times of the year it is really cool! Whenever clients come to town to visit our city and purchase their next home, I like to look around to see what events are occurring that we could see. Obviously the balloon fiesta in October is tops on the list, but all during the summer months there are events happening that are really fun!

The Isotopes play all summer and into the fall, and this is a wonderful way to watch some great baseball and enjoy a cold one with a hotdog. It’s the next best thing to watching the pros!

The concerts at the zoo are great for all the ages and occur throughout the summer months. My family enjoys the zoo and all they offer all summer.

My December clients have all been impressed by the luminaria, but the one place they just have to see during Christmas is the Old Town/Albuquerque Country Club Luminaria Walking Tour on Christmas Eve. Christmas is special in our great city.

I have learned a long time ago that I don’t just sell homes; I sell Albuquerque!

I love my job!

Posted by Tim
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Great places to eat in Albuquerque New Mexico

Last week while showing Albuquerque real estate I was reminded that we are so fortunate to have so many fine places to eat.

My clients and I stopped by Sushi and Sake on Academy NE and Wyoming NE. The service was great and the variety of “specialty rolls” was unbelievable! We were able to socialize, eat, and talk business without interruption.

 
Another great place to take clients for a break during a day of looking for homes for sale in Albuquerque is Papa Nachos on 7648 Louisiana NE. It is a family run Mexican food restaurant with different levels of “heat”. It was an adventure with wonderful results! My out of town clients said it was perfect!


I love my job!
Posted by Tim

The Albuquerque Real Estate Market- What Is It Going To Do?

As a real estate broker in Albuquerque, New Mexico I hear this question or similar questions on a daily basis. My remark is really simple now; “Why do you ask?”

If it is casual conversation they are seeking I can point to many positives that have occurred recently; low rates, steady sales, the focus on reviving sales nationwide. If it’s conversation that feeds the negative beast I simply do not engage.

But if the person asking the question tells me they need to sell or buy a home I always give them words of encouragement. The market is what it is. Who knows, this could be the new norm! I try to discover their needs, offer real life solutions, and hopefully they will feel comfortable enough to allow me the opportunity to find them a home in Albuquerque, and be the real estate broker to help them realize their real estate dreams.

I love my job!

Posted by Tim Fish

Snake, Rattle, and Roll in Albuquerque

American International Rattlesnake Museum

One of Albuquerque's unusual attractions sits on the edge of its famous Old Town. The American International Rattlesnake Museum may not attract some folks, but 50,000 plus people a year seem to be drawn to get up front and personal with the museum's scaly residents.

Bob Myers opened his museum almost 20 years ago, and says rattlesnakes have earned an inaccurate reputation for being agressive. He says most rattlers will avoid people and will only strike if cornered or threatened.

There usually are around 34 rattlers on display at the museum, which is home to a number of rare species like a striped western diamondback rescued from a rattlesnake roundup and a viritrox, which is a cross between a prairie rattlesnake and a diamondback. There are also a number of non-rattlers, like the tri-colored Arizona king snake and a striking (no pun intended) white Texas rat snake - not to mention a number of New Mexico natives that don't fall into the snake category, like a friendly faced Gila monster named Mollie and a whiptail lizard.

The Rattlesnake Museum has a gift shop, and all kinds of displays full of reptile-related artifacts like snake-oil bottles and such. If you are one of the few who like snakes, or are just curious about our rattling residents, it's an interesting way to spend a day with the kids.

American International Rattlesnake Museum

202 San Felipe NW  Suite A
Albuquerque, New Mexico  87104
(505) 242-6569
www.rattlesnakes.com

SEPTEMBER-MAY HOURS

Monday-Friday...11:30am to 5:30pm
Saturday...10am-6pm
Sunday...1pm-5pm
(School Groups...Mon-Fri...10-11:30am)

SUMMER HOURS
Monday-Saturday...10am-6pm
Sunday...1pm-5pm
Closed Major Holidays, Field Trips and Animal Rescues

Kids $3 • Adults $5 • Seniors, Military, Students $4
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