Nope..... personal home can qualify as well. Talk with a Tax lawyer ( which I'm not)
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Real estate rant..... ************!
- Thread starter GeauxLSU
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I'm interested... maybe. If you wanted to PM an address I could tell you real quick if I was. Thank you
I have used a 1031 exchange at least 6 times and just did one 3 weeks ago. Never heard of anyone using a personal residence and don’t know why they would when they have up to a $500k exemption. Maybe there is an exception.
If you sell enough homes, I.E. one in more then 5 years, then the $500K ($250K if Single) exemption won't apply on the second home, so a 1031 exchange is better. I've seen people use it more on their second homes that they rented out then their primary but I know it's possible.
Prices should start dropping soon. Be patient. https://www.cnbc.com/2022/05/19/exi...-to-lowest-level-since-start-of-pandemic.html
"Inventory at the end of April stood at 1.03 million homes for sale, which is down 10.4% from April 2021. At the current sales pace that represents a 2.2-month supply."
Inventory is still to low. Nees to get up past 3 month supply IMO. Also, with inventory so low, homes can't sale if there are no homes to sell.
if you need to buy to live or just found the perfect spot, then price and interest rates are less of a consideration since youre gunning for utility. that said, i find it myopic for people to be discussing purchasing in terms of 1-3 years all the while locking in a 30 year mortgage (commitment). sure you can pay off early or restructure the loan, but if 30 years is the term then thinking in terms of "RIGHT NOW" isnt the best play IMO
i know what im doing, im not buying during the panic (thats what this is) because regular people are still jumping about it. it was the same with crypto, the time to get in was way before everyone was trying to buy it. i sold most of my crypto when i hear the guys in construction talk about it, i knew the market was capped out right then and there if skoal, mountaindew and football was going to be buying in
normies follow trends and dont have patience for the long haul.
I agree. That’s why I was saying be patient. The stock market is heading towards a recession which will lead to job loss, inflation through the roof and gas having the possibility of doubling will all have an effect soon. Fear will set into the market and paying almost 100% over what home prices were 2 years ago should fade quickly. I sold a month and a half ago. The realtor told me 2 years ago he would have been surprised if I had got half of what I closed for had I sold then. I may be wrong but it looks like the dominos are lined up waiting on the first one to get knocked over.
I agree and disagree. While our government is setting us up for a major failure, all contractors and suppliers are raising there prices. I seriously doubt they are going to reduce their prices IF the market “corrects” itself. You cannot build a home or even remodel a home for last year’s prices or before, with or without a good supply of homes.
Prices will reset to some extend. ductile iron pipe is being sold off a price based on the scrap value index and you don’t know what it cost until its delivered, 30 weeks from now. Housing sales are going to slow and developers will not being willing to take the risk. At that point suppliers will start committing prices and they will start to come down.
