Tax day and the week of April 15th has in my own experience always been one of the slowest days in real estate. Homebuyers are not to be found. Instead they are fretting having their taxes out in the mail and want to know how much they have to pay out. It is a time of high anxiety for sure especially if you are paying. In that sense, I am sure this year is no different from other years past. However in real estate ther emay be some differences.
Years ago...a few days after the taxes were filed the phones would normally start ringing again. Persons that had to pay taxes and were renting would normally come out and buy a home. Their CPA would have advised them that they had no write offs or deductions and were just throwing their money away on rent. Then again, Turbo Tax and online tax services won't do that! So in that sense it may be different this year. Persons may not want to rush out and buy if there is a possibility their investment may go down. Another item to note is that many persons are borrowing from their SEP IRAs, retirement funds, and IRA's. The problem with this is that there are very hefty tax penalties for doing that. let's see what activity occurs in the coming week. Today will be a day of reckoning for many!
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Jim
Today is the Day.
Good luck and success.
Lou Ludwig
The Hump Day...of any week for a realtor, real estate broker, agent...is it Wednesday Jim Crawford, Atlanta Real Estate Broker? Know what you mean about April 15th and traditionally slower phone/email day due to last minute distraction and desiring that post mark on taxes to be under the wire, just in time.
Goodness gracious. I would be having a heart attack if I waited until today to file my taxes.
Hi Jim,
I guess it depends on who you are working with! I've got a couple who came in from Florida (they filed their taxes in Feb) and we are going back to a house tonight to write an offer. I got an offer this morning on a new listing that is cash (I guess their accountant gave them a go ahead) and I just entered a new listing in today and already have 2 showings scheduled. I could not have slept last night if I hadn't had my taxes already turned in!!
Hi Jim..It was not slow for me..I scheduled two settlements today for my buyers ..both were going to file for the $8000 tax credit..a day they will always remember (I Hope)
HELPFULHANNAH
Andrew Mooers | Northern Maine Real Estate / Aroostook County Broker (MOOERS REALTY) It is the number one deadline for many folks! They are overwhelmed.
Ellie McIntire Real Estate in Howard County Maryland (The McIntire Team of Long & Foster) I did mine a few weeks ago and I am glad I did. I was not happy, but glad to get it behind us.
Dorie Dillard: Canyon Creek & NW Austin Living (Coldwell Banker United) It is sooooo smart to get them out of the way!
Hannah Williams (Re/Max affiliates NE) Wow! I need to be in your market. Atlanta has picked up a little but not that much.
Jim - efiled my federal return and dropped my state return off at the post office, all before 9:30 yesterday morning. And then I went a played some golf. Phone rang off the hook but it was because of a couple of negotiations going on.
People are feeling some sense of urgency to get under contract by Apr. 30th, but not too much. We also need to make sure people are aware of it getting more expensive to purchase because of increasing interest rates as well as new FHA guidelines.
You gotta love government. The more you spend on a house, the bigger the deduction. The more money you make, the higher your tax bracket. So basically our policies encourage people to work less and spend more-great!! Next thing you know, they'll be using our tax dollars to subsidize fattening food...like corn syrup.
Interest rates are going up and tax subsidies are going away. People that are waiting to sell their home better be saving to write a bigger check! ...but hey, at least they only rented the bank's money and didn't throw it away renting the house!
Yesterday was one of the busiest days of the week. I did pass the main post office and saw a very long line of last minute tax payers. Glad I wasn't one of the people in line.
Jim,
Well, we all got through yesterday...and let's stay positive for good news. Everyone will be getting money back, will want to invest and consume and BUY Real Estate! ;o)
Mike Saunders (Keller Williams Realty - Greater Athens) Mike it sounds like that you had a great day.
charles I totally agree.
Kay Van Kampen, CDPE, Broker, Springfield Missouri Real Estate (RE/MAX Solutions) We completed our taxes about 4 weeks prior. I hate last minute filings.
Michelle Pimentel ASP, IAHSP Empire Home Staging (Empire Home Staging Solutions) I like your attitude! Way to go!
Good point Jim, I was at our Parade of Homes this weekend and it was crazy busy, not just with lookers either!
JIm
That makes a lot of sense. Mine are done and after some legal tweaking it was not as bad as I thought it would be.
Honestly I never really noticed that at all. I guess it could be true though. I always have my taxes down well in advance of the deadline so it is just another day to me.
Jim: I know it's after the fact now but maybe everyone has filed and those who are fortunate enough to be getting a refund will find a wise way to invest the money - in real estate of course! Maybe, it was just the calm before the storm!
Jim Turbo Tax makes everyone think they are an accountant. I tried to use it once and gave up. Got a much larger return using my CPA.