The Tax Credit That Could Make It Easier To Sell Your House This Summer

Summer vacation is coming soon, and all the parents are complaining.  One of your coworkers is mad because her children’s summer camp starts even earlier than their school, and it doesn’t have a bus.  Another is annoyed that, except on the days when her teens are on lifeguard duty at the neighborhood pool, they will lie around all day, play video games, and devour even more snacks than they do the rest of the year, and Heaven knows that groceries aren’t cheap these days.  All you can do when you hear these petty complaints is say, “Bless your heart,” as polite Southern ladies do.  Kids are plenty annoying in the summer, but your coworkers get to stay in their homes this summer; they might even get to do some decluttering on Saturday mornings while their kids sleep late.  Their husbands are there to help them cope with the astronomical cost of groceries and the “I’m bored.”  You can only wish you had those problems.  Not only are you going through a divorce, but you must also sell your house and move out.  Any of those problems is difficult on its own, but when you put them together, they are downright overwhelming.  To navigate the arduous process of selling a house during divorce, contact a Birmingham divorce lawyer.

Selling a House During Divorce Is Not Easy, Especially This Year

In today’s housing market, no one sells a house in order to make money; interest rates are so high that they make your monthly mortgage payment hundreds of dollars higher than it would be if you had bought the same house in 2021.  If it were up to you, you would refinance the house in your own name after your divorce, but you can’t afford that, either, not with your income and your amount of home equity.  Selling your house and dividing the proceeds is the only option.

Selling a house this year is not easy, with so few buyers who can afford to buy.  The IRS has added an incentive for you to do it, though.  If you sell your house to a first-time homebuyer, you get a $10,000 tax credit.  Perhaps the silver lining in this is that you can help a family achieve the dream of homeownership, perhaps a family that is tired of paying unaffordable rent for an apartment in a Northern city and wants to move to the Sun Belt so their kids can be closer to their grandparents.  If you put the proceeds of the sale in the bank and move in with your parents, then in a year’s time, you could be the one making offers to buy a house.

Contact Peeples Law About Selling Your House

A Birmingham family law attorney can help you communicate with real estate agents and your ex-spouse as you try to sell your house so you can finalize your divorce.  Contact Peeples Law today to schedule a consultation.

Source:

businessinsider.com/home-sellers-summer-disappointment-mortgage-rates-house-prices-real-estate-2024-5