The Biggest Mistakes Home Buyers and Sellers Make
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Here's your Money Briefing for Thursday, September 23rd. I'm J.R. Whelan for The Wall Street Journal. The white-hot housing market in the U.S. cooled off a bit last month, with existing home sales falling 2%. But inventory is still limited, and homes are sitting on the market for an average of just two and a half weeks, so it's still an ultra-competitive game. But homebuyers and sellers often make simple mistakes that can cost them money.
Some people waive the inspection because it makes their offer more attractive to the seller. But that can really come back and bite them down the road.
Coming up, we'll discuss some home buying and selling missteps and how to avoid them with WSJ contributor Beth DeCarbo. That's after the break.
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What is the current state of the U.S. housing market and why is it still competitive?
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In the current housing market, sellers may have the upper hand, but many make mistakes along the way that can cost them. The same goes for home buyers, who are in some cases competing with several others to make one of the biggest investment decisions of their lives. WSJ contributor Beth DeCarbo wrote about the biggest mistakes that buyers and sellers make and how to avoid them. And she joins me now. Beth, thank you so much for coming on the show.
Thanks for having me.
Okay, Beth, let's start with sellers. No doubt they want their home to look as good as possible for prospective buyers, but it's easy to look past certain flaws. So how can they ensure they don't do that?
It happens a lot. Sellers are often in love with their houses and it lets them kind of overlook some of the flaws. The best way to bypass that is for sellers to get some feedback from potential buyers or their agents. Or if a buyer commissions an inspection that kills an offer, find out what that deal breaker was. It doesn't mean you have to fix it, but it means that you can be upfront about it if it's something with the roof or the mechanical system.
Right. And if there are flaws, it's important to be upfront about them.
That's right. Sellers are legally obligated to disclose known deficiencies. So by fudging flaws, you're eroding the trust between buyer and seller, and the buyer may just actually take a harder look at everything in your house or even walk away from the deal. You could also face legal action if you don't disclose something after the sale closes.
Now, whether a seller is going to take the proceeds from this sale to turn around and buy a new house or hold on to the funds, they're potentially dealing with a large amount of money as well as taxes. What mistakes do people make when managing proceeds from a sale?
The seller should know that if a home has appreciated in value, that profit could be subject to capital gains taxes. So somebody who has a profit that exceeds the $250,000 maximum for individuals or $500,000 maximum for married couples could face a hefty tax bill. The best way to offset that is while you own the house and live in the house is to keep any receipts that show capital improvements.
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