Miami Springs Real Estate Market Report March 14, 2022

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Inherit a House and Sell It, How Are the Profits Taxed?

If you sell your house and make a profit, you must pay capital gains tax—so does the same rule apply when you inherit a house from a deceased relative? The truth is that inheriting property can be taxing—both emotionally and financially.

The amount you must pay when you sell an inherited property can indeed take a toll on your bottom line. But before we discuss the details, let’s take a closer look at what capital gains tax actually is.

If you inherit a house, do you pay capital gains tax?

Typically when you sell a home for more than you paid for it, you have to pay capital gains tax. It can range from zero to 20%, depending on your income. Your capital gain on your home sale is determined by subtracting the purchase price from the home’s current value. And you could be eligible for an exclusion up to $250,000 ($500,000 for a married couple) if you’ve lived in the property for at least two of the previous five years.How much tax do you have to pay when inherit a house and sell it?

However, if you inherit a house and sell it later, you will pay capital gains tax based on the value of the home on the date of the owner’s death.

“This is known as the ‘stepped-up’ basis for paying taxes on an inherited home,” says Michele Lerner, author of “Homebuying: Tough Times, First Time, Any Time.”

People who inherit property aren’t eligible for any capital gains tax exclusions. But if you sell the home for…READ MORE


 

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All aspects of your real estate experience will be accompanied by Results through exceptional Service and Honesty. From the onset of our marketing meeting, we are dedicated to achieve your goals. 


 

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are 16 active listings in the MS/VG market this week. Inventory has averaged under approximately 18 listings the last several months, which makes for a very tight market for Buyers. Values remain very, very strong in Miami Springs and Virginia Gardens. There are still many qualified Buyers out there! It is still a Sellers' market. Please refer to the articles posted on our website.

All sixteen (16) listings are priced over $500,000. Three (3) properties are listed over $1,000,000. Five (5) active listings have had a price reduction (0 this week). We remain in a very strong Sellers' market with high demand and higher interest rates coming in 2022. We anticipate that inventory will increase later this year.

MULTIPLE OFFERS ARE BACK AND LISTINGS KEEP SELLING OVER LIST PRICE!!

Mortgage interest rates have started to increase but remain historically low. There are still serious Buyers looking for the right property. Timing is everything! The demand is high, especially for properties under $500,000. There are no listings under $500,000. This low inventory makes it difficult for most first-time Buyers, with competition from multiple offers expected.  No properties (0) are priced between $400,000-$500,000;  three (3) properties are priced between $500,000-$600,000; four (4) properties are priced between $600,000-$700,000; three (3) properties are priced between $700,000-$800,000; one (1) property is priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; and three (3) are priced over $1 million.

SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates  = Seller's Market.
SELL NOW!


During the period of March 4, 2022 through March 11, 2022, there were reported 1 new listing, 6 closed sales, 2 pending sales, 2 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 0 price reductions, and 2 price increases. 


HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, March 11, 2022. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  charlie@leonardrealestategroup.com

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