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In 2024, homeowners contemplating a sale have a unique opportunity due to the proposed amendments in the More Homes on the Market Act (H.R. 1321). This act, to alter the 1989 Internal Revenue Code, could significantly enhance the financial benefits of selling a home. Let’s explore how this proposed legislation could impact your home-selling journey this year. Decoding the More Homes on the Market Act The More Homes on the Market Act, introduced in March 2023, proposes substantial changes to increase the housing supply by incentivizing homeowners to sell. The key amendments include: Adjustment in Capital Gains Exclusion: The Act seeks to amend the 1989 Internal Revenue Code by increasing the capital gains tax exclusion. It proposes to adjust the $250,000 exclusion for individuals to $500,000 and the $500,000 exclusion for married couples filing jointly to $1,000,000. This amendment could significantly increase the tax-free profit for homeowners, making selling more financially attractive. Annual Inflation Adjustment: An innovative aspect of this Act is the addition of an annual inflation adjustment to the exclusion amount. Considering the ever-changing economic landscape, this helps make sure that the benefits stay relevant over time. Additional Incentives: The Act also plans to broaden the home mortgage interest deduction scope and introduce a new tax credit for seniors looking to downsize. Advantages for Home Sellers With H.R. 1321 under review, its potential benefits for home sellers are notable: Enhanced Profitability: The proposed increase in capital gains exclusion means homeowners could see a more significant portion of their sales as profit, free from tax. Favorable Market Dynamics: The Act could motivate more homeowners to sell, potentially increasing the housing supply. This shift might favor buyers, giving sellers more room for negotiation. Tax Benefits: Expanding a mortgage interest deduction and introducing a downsizing tax credit could provide additional financial incentives for selling. Current Status and Prospects As of January 2024, H.R. 1321 is still in the proposal stage, with the House Ways and Means Committee reviewing it. Its final approval and implementation are pending, but its potential impact is significant. Strategic Considerations for Sellers For those considering selling their homes, staying informed about the Act's progress is crucial. Its potential impact could reshape the housing market, influencing your selling strategy. Consulting with financial or real estate experts is advisable for personalized guidance. Consult the Experts Beyond Brokerage As a licensed Real Estate Broker in California, I have knowledge and experience in real estate transactions. However, if you require legal, insurance, title, or tax advice, it is recommended that you seek the assistance of a professional in those specific areas. Making an Informed Decision Selling your home is a significant decision. The potential enactment of the More Homes on the Market Act, alongside other market factors, should be considered carefully. By staying well-informed and weighing all aspects, you can navigate the complexities of the housing market effectively.  In conclusion, 2024 offers a promising landscape for home sellers, partly due to the proposed changes with the More Homes on the Market Act. While the Act's future is uncertain, its introduction signals a potential shift in the real estate market, making this year a possible opportune time for homeowners to consider selling. Born Real Estate will continue to help you stay informed and aligned with the evolving market to maximize the success of your home-selling experience.

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Navigating the complexities of property management in California can be challenging for landlords. To help you maintain your property effectively and legally, here are essential questions to ask your property manager. Ensuring these aspects are covered will not only protect your investment but also enhance your relationship with your tenants. Licensing and Insurance for Workers Should I require people working on my home to be licensed and insured? Absolutely. Verify that your property manager sources licensed and insured vendors and contractors. Working with professionals reduces your risk and liability, ensuring high-quality workmanship. Property Inspections Should I expect the property manager to visit my California property? Yes, annual inspections are crucial. Property managers should regularly assess the property to ensure it meets California’s code requirements. Pre-Rental Property Inspection Report Should I have a property inspection report before renting out my property? Definitely. Conducting a thorough inspection and documenting the property’s condition before a new tenant moves in is vital. This proactive approach helps in resolving future disputes over security deposits. Annual Maintenance Costs Do I need to pay for annual maintenance such as gardening, plumbing, and electrical work? Yes, landlords are responsible for property upkeep. Rely on your property manager to recommend reputable local service providers for regular maintenance. Tenant Responsibility for Utilities When it comes to utilities, should tenants pay? Tenants should arrange and pay for utilities like electricity, water, and garbage services before moving in. This establishes responsibility and avoids future confusion. Rent Control Laws Are there rent control laws in California? Yes, California has rent control laws, but they vary by city. Understanding these laws is crucial for compliant property management. Unwarranted Appliances What appliances are considered unwarranted? Typically, unwarranted appliances include washers, dryers, refrigerators, stoves, ovens, and microwaves. Clarify this with your property manager to avoid misunderstandings. Security Deposit Limits What is the limit of security deposits in California? In California, landlords can charge up to two months' rent for an unfurnished unit and three months' rent for a furnished one. Conclusion As a landlord in California, asking these questions to your property manager will help you manage your property more effectively and legally. Born Real Estate emphasizes the importance of thorough communication and legal compliance in property management. Consider these points for a hassle-free and profitable property management experience.

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In the dynamic world of property rentals, finding a service that aligns the interests of property owners and prospective residents is crucial. Enter "The A-List," an innovative solution by Born Property Management. This carefully curated database is designed to enhance return on investment for property owners while assisting residents in finding their ideal home. Let's delve into how "The A-List" is changing the game. What is "The A-List"? "The A-List" is more than just a database; it's a streamlined approach to property management. By matching the right property with the right resident, Born Property Management has created a fast, efficient, and confidential process benefiting all parties involved. How to Use "The A-List" Accessing "The A-List" is straightforward: Visit one of our websites: BornSF.com, JasonBornPM.com, BornManagement.com, BornMalibu.com, BornSD.com Find the tab featuring "The A-List" image and input your rental home criteria. Begin receiving priority email alerts that match your search. Key Benefits of "The A-List" Early Access with Priority Alerts: Gain a competitive edge as a rental property owner with priority alerts on new listings, ensuring your property reaches prospective tenants ahead of others. Maximizing Occupancy Rates: "The A-List" helps reduce vacancy periods, resulting in consistent rental income and a heightened ROI. Keep your properties filled and profitable. Streamlined Tenant Selection: Attract genuinely interested tenants, making the screening process more straightforward. This efficiency helps in quickly securing the right tenants for your properties. Conclusion "The A-List" by Born Property Management represents a significant step forward in property management. Focusing on the needs of both property owners and tenants it ensures a more satisfactory and profitable rental experience for everyone involved. For those looking to elevate their rental business or find their dream home, "The A-List" is your go-to resource.

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