Your Home, Your Life, 2020 by Lewiston Tribune

, E M O H R YOU E F I L Y O U R INGS REAL ESTATE H T L L A R O F E C R U O Y O U R R ES

AN ADVERTISING SUPPLEMENT OF THE LEWISTON TRIBUNE

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THE NOSE KNOWS: 4 THINGS YOU CAN'T SMELL IN A VIRTUAL TOUR THAT COULD COST YOU LATER By Lisa Marie Conklin Courtesy of Realtor.com

Odors—pleasant or unpleasant— are strongly tied to our emotions and can leave a lasting impression when it comes to buying a house. Especially bad ones. Because some odious smells can be indicative of larger (and costlier!) problems. "When we come across even moderately strong odors, the showing is basically over," says John Gluch, a Realtor® and founder of the Gluch Group in Scottsdale, AZ. "Reasoning with someone that the odors can be remediated is rarely fruitful. People just move on in search of a better-smelling home." But what's a potential buyer to do when you can't actually be there to smell all the smells? As the COVID-19 pandemic increasingly turns open houses and home tours into virtual events, it's more important than ever to ask your real estate agent to be your (very sensitive) nose. These are the odors your agent should sniff out for you to save you money—and big-time disappointment when you move in.

2. CIGARETTE ODORS

Coming in a close second is cigarette odor, Gluch says. Tobacco odors seep into porous surfaces like carpeting, drapes, rugs, walls, and especially ceilings. "Ceilings can be the biggest culprit in a persisting smoke smell in a home, as cigarette smoke tends to travel upward and latch onto the fi rst surface it comes in contact with," White explains. Professional cleaning is prudent, White says, since carpets have different fi bers that can be damaged with a DIY approach. And tobaccostained walls (including wallpaper and paneling) not properly cleaned and treated with a nicotine stain– blocking primer will come back to haunt you and bleed rusty stains through any newly painted walls. A smoker's house doesn't have to be a deal breaker, but there will be added costs and elbow grease to remove the odors.

4. ROTTEN EGGS OR

ASK ABOUT VISUAL EVIDENCE OF POSSIBLE ODORS

A SULFUR SMELL

First things fi rst. If your agent is overwhelmed by a rotten egg smell, he/she should hightail it out of the house for safety, since the odor might be a sign of a gas leak. However, if your agent smells a milder version of rotten eggs or sulfur, it could point to plumbing issues. If the house has been vacant for a while, the drainpipe water trap might be dried up, leaving the pipe without a water barrier to stop offensive odors from farther down the pipe wafting up. The real budget buster? If your agent notices the stench coming from multiple drains. "This could be a problem with the plumbing equipment or with the local sewer authority," says Mark Dawson, COO at Benjamin Franklin Plumbing. If the problem lies with the sewer, a sewer inspection—possibly digging in the yard or basement— might be needed to resolve the issue.

You put a lot of trust in your agent during your home-buying journey, but even more so when it comes to video tours. Expect full transparency, but also keep your eyes open for visual indicators of lingering odors. While your agent is showing you video of the house, don't hesitate to ask about odors—say, if you see a litter box in the laundry room, a dog bed in the living room, or an ashtray on the coffee table. When your agent shows you the basement, ask if there is an overwhelming musty odor.

YOU CAN HANDLE THE TRUTH! "I encourage clients to ask their agents to give them the pure, unvarnished truth when doing a video tour," Gluch advises. "That way, everyone can avoid wasting lots of time and energy on a house that the client will end up hating when they fi nally visit in person." Lisa Marie Conklin knows a little something about moving. She's moved eight times in the last ten years but currently calls Baltimore home. She regularly writes for Reader's Digest, The Family Handyman, The Healthy, Taste of Home, and MSN.

3. MOLD, MILDEW, AND MUSTY ODORS

These three odors not only smell bad, they also leave a seriously negative impression, regardless of 1. PET ODORS how attractive the house is. The "While doing in-person tours, the odors suggest uncleanliness and a most common odor complaint we damp, cold feeling—plus the scary get is pet odors—by a wide margin," possibility of mold growing beneath Gluch says. Lingering odors from pet the surface. "accidents"—especially dry cat pee "When we have mold, there (because ammonium salts form in is always a moisture concern residue)—are particularly pungent. somewhere. This needs to be And nasty! addressed fi rst, so the challenge Unfortunately, a typical bottle of does not reappear in the future," carpet cleaner isn't likely to remove White says. the odor. You'll have to call in the An indoor environmental pros. professional should be called in to Jack White, vice president of capture air and surface samples technical services at Rainbow to see what types of molds are International Restoration, says present and determine the type urine removal costs depend on of mold remediation necessary. At several factors, including the type the very least, call a pro to check of flooring, the degree of saturation, for leaks and professional cleaning and the materials used in installing of porous services, and then run a the floor. Even so, new carpet and dehumidifier. flooring might be the only route for a fresh start and peace of mind.

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WHAT YOUR REAL ESTATE AGENT WANTS YOU TO KNOW ABOUT THE HOUSING MARKET RIGHT NOW By Ana Durrani Courtesy of Realtor.com

Spring is typically a busy time for buying and selling homes, but the coronavirus pandemic has pushed homeowners and shoppers into new, uncharted territory. Shelterin-place orders and concerns about contagion have forced many real estate agents to cancel open houses, while unemployment is at a historically high level. But even in the midst of a deadly pandemic that is devastating the economy, many Americans still want or even need to buy a home in the near future. "I defi nitely have clients that are still interested in viewing homes but have been honest that they won't put pen to paper and write an offer until they know the health crisis has passed and they can

assess the impact on real estate and the economy,” says Noah Grassi, a Realtor® for Compass in San Diego.

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So, what does the current state of the housing market mean for buyers? With so much uncertainty these days, buying—or planning to buy—a home during a pandemic requires extra careful consideration. That's why we reached out to real estate agents to get their honest takes on what's really happening in the housing market in the time of COVID-19, how buyers can prepare, and what we can likely expect when the pandemic subsides.

THERE MAY BE SOME REDUCTIONS IN HOME PRICES

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The federal government has provided relief through cash payments, and lenders are also offering mortgage forbearance options. But with unemployment numbers rising, more people could be forced to sell their homes or enter foreclosure, potentially leading to reductions in home prices. “Due to millions of job losses per week, and the long-term impact of COVID, I expect housing prices to shift into a downward trend,” says Justin Brennan with Brennan Real Estate Group, Pacific Sotheby’s International Realty. “To what extent they go down will be determined by how many job losses become permanent versus temporary."

If the price cuts materialize, that would be good news for buyers in locations where affordability was already stretched thin.

MORE HOMES WILL COME ONTO THE MARKET A bigger inventory of homes on the market may soon be on the horizon for buyers. “There's an inventory of sellers on the sidelines, and it is growing every day,” says Grassi. “These are owners that still reside in their property and don't want strangers—agents and potential buyers—walking through their home at the moment due to the health crisis. Once it is clear the risk is minimal, I think we are going to see a big increase in the number of homes for sale.” There's a chance that buyers are also waiting in the wings for the coronavirus pandemic to end and the economy to get back on its feet. But the likely big inventory of homes for sale could put buyers in a good position.

MARKET

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WHAT IS A STRATIFIED MARKET? EVERYTHING YOU NEED TO KNOW AS A BUYER OR SELLER By Larissa Runkle Courtesy of Realtor.com

Buying or selling a house this year? Then you’re probably trying to wrap your head around all the real estate jargon. No doubt you've heard of a buyer's market and a seller's market. (A buyer's market benefits buyers, and a seller's market benefits sellers.) But have you heard of a stratified market? Don't worry—this is one of those terms that, while not immediately obvious, sounds a lot more complicated than it is. In fact, a stratified market means a city or town that isn't categorized as just a buyer's market or seller's market—it can show differing levels of supply and demand in different areas based on price range. Because variables make all the difference in a stratified market, there are a few key things you

should know about navigating one and making it work for you. Here’s what you need to know about buying or selling a home in a stratified market.

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WHAT IS A STRATIFIED MARKET? Identifying a market as stratified is a helpful organization tool for real

estate agents. “Certain parts of a city can vary drastically in home values, types of homes, and whether folks are moving in or out,” says luxury real estate agent Jamie Safier of Douglas Elliman. “A good example would be when an unusually large amount of wealthy buyers begin picking up [$1 million-plus] homes, creating a seller's market, and at the same time, more modest homes under $500,000 experience sluggish sales, which would be a buyer’s market." This would be considered a stratified market because both of these things are happening in the same metro area at the same time. Knowing this information isn’t just helpful for real estate agents; it can also improve your chances of getting the best deal on a home purchase or on the sale of your current one.

STRATIFIED

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HOW LONG CAN A SELLER TAKE TO RESPOND TO YOUR OFFER? HERE'S A REALITY CHECK By Larissa Runkle Courtesy of Realtor.com

There’s nothing worse than sitting around waiting—especially when you're waiting for a seller to respond to your offer on the biggest fi nancial decision of your life. Yeesh, it's excruciating. Unfortunately, waiting comes with the territory when you're buying a house. But how long you have to wait is the bigger question. While there’s no official rule on how long a seller can take to get back to you, there is an industry standard that most real estate agents and sellers tend to follow. Whether you just made an offer on a property or plan to in the near future, here’s everything you need to know about how long it might take to hear back from the seller.

HOW LONG CAN A SELLER TAKE TO RESPOND TO A BUYER’S OFFER? In theory, sellers can take as long as they want before responding. But in practice? Most sellers (or their agents) will usually get back to you within a few days. “As a courtesy, the Realtor® will notify the buyer's agent when the seller responds regarding an offer,” says Benjamin Ross, a Realtor with Mission Real Estate Group. As the seller’s agent, "we like to respond within 48 hours, but that also depends on when we get the seller’s response.” Some agents have even stricter expectations when it comes to response time. “Common courtesy dictates that

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a seller should respond within 24 hours or less,” says Karen Parnes, broker and owner of NextHome Your Way. “This gives them the time to think about your offer, sleep on it, and respond.” While 24 to 48 hours is the standard observed by many professionals in the industry, exceptions happen. Here are some of them.

WHEN MIGHT IT TAKE LONGER FOR A SELLER TO RESPOND? There are quite a few reasons why a seller might take longer than usual to respond to your offer. The fi rst is if they received multiple offers. “Typically, response time increases if there is more than one offer on the table,” says Ross. “Sellers may take their time to choose which offer is best for them.” Another reason your offer might go unanswered is if it’s too low. “If an offer is far from what a seller expected to receive, many times they won’t respond at all,” says Parnes. Other times you might not hear back for a completely unrelated reason—such as the seller is out of

town or on vacation.

CONSIDER SETTING A TIME LIMIT ON YOUR OFFER If you’re concerned about how long a seller might take to respond to your offer, work with your agent to fi nd out if you can set a contractual time limit on it. In some states these “offer time limits” are used by buyers and sellers to dictate how long the other party can take to respond. “Offer time limits are defi ned in the contract in the state of Georgia,” says Katina Asbell, associate broker at Real Living Capital City Realty. “The ‘time limit of offer’ is the period of time the offer is active and open for response, and once it’s expired, the contract is void and a new offer must be presented.” Whether or not your local legislature allows buyers to set time limits, Asbell cautions buyers to be strategic when using them. “The time limit can be a critical part of defi ning a buyer's success

RESPOND

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'HELP, MY HUSBAND AND I CAN'T AGREE ON A HOUSE!' By Sasha Brown-Worsham Courtesy of Realtor.com

wasn't big enough to be a bedroom and wasn't small enough to be a closet. In 1990, my family moved into a brand-new home. My father hired the contractor, and he and my mother built the home to their specifications. And yet, the house was still riddled with the same problems that most places have. It had leaks and peeling paint, and problems with the roof when the wind blew too hard. It was as much a money pit as an old house, if not more. Although we lived in that new house for just five years, the memory of it stayed. So why would I trade character and quirkiness for a cookie-cutter house that is guaranteed to be just as unpredictable?

My husband, Rob, and I have been together almost 20 years, and never once in those two decades have we agreed on a house. I hate a cookie-cutter home. Those rows and rows of suburban abodes all look like they were cut from the same mold, slapped with a few coats of gray and white paint and given a granite countertop or two and some new appliances. Voila, instant house! It's the kind of place I walk into and immediately want to leave. The problem? This is the kind of house my husband loves. This disagreement is a problem— especially since marrying in 2003, we have lived in five different houses in three different cities and two different countries. In other HOW WE COMPROMISED ON words, we house hunt more than OUR FIRST RENTAL your average couple. So this problem When Rob and I rented our fi rst keeps cropping up. Here's more place together in Boston, he fell in on why, and how, we've struck a love with a place that looked all new balance that I hope will help other inside—white walls, a minimalist couples do the same. aesthetic. I wanted something WHY MY HUSBAND AND Victorian and colorful, with history I HAVE DIFFERENT and maybe a ghost or two. The place we settled on TASTES IN HOMES had a little of both. Some new Perhaps the root to this problem construction to suit him and lots of comes from our childhoods: Rob old character to suit me. grew up in a 1970s home that calls to mind "The Brady Bunch" home, a HOW WE COMPROMISED ON ranch with central air conditioning OUR FIRST REAL ESTATE and a sprawling footprint. PURCHASE My childhood home, on the other When buying our fi rst house, we hand, was a 1920s house in Dayton, OH, with a small backyard, red brick butted heads yet again, and again front, and a series of built-ins on the ended up meeting in the middle. We bought an old triple-decker built in inside. the late 1800s, but with the kind of We moved when I was 11, but gutting inside that made it palatable I remember the home clearly: a to Rob. Granite countertops for him sunroom surrounded by windows, and an ancient, peeling porch for and a round table in the kitchen me. Perfect! jutting out from a built-in hutch Eight years ago, when we moved replete with thick shelves and heavy to New Jersey, I walked into one panels. It had a fi nished basement house and fell in love. The oven from I was terrified to enter, a room the 1940s, the ancient wallpaper, the over the garage with wall-to-wall original stained-glass windows from bookshelves, and a sewing room the 1920s—this was defi nitely up my beside the master bedroom that

alley. All my husband saw, however, were weekends wasted examining ancient plumbing, leaks that would reveal much bigger problems, electric wiring that would cost a small fortune to replace.

HOW WE STRIKE THE RIGHT BALANCE TODAY After my husband relocated for work, we decided to rent a house in the English countryside. We looked at 20 homes and settled on a manor built in 1867 because I couldn't live without it. I dreamed of this house my entire childhood, steeped in Jane Austen and Frances Hodgson Burnett. And luckily, Rob loves it, too. Now. But every few weeks, when something breaks—and something always does—he shares how happy he is that we don't own it. When the pipes run cold, the heat stops pumping, or the water heater leaks into his closet in the space that used to be the dumbwaiter, he is always

glad the problem isn't ultimately ours. Still, we are lucky we get to live here, even if only for a few years. We are scheduled to move back to the States in two years. We are already in hot discussions about our house hunt. The photos my husband sends are of houses built in 2010. They have pools in the backyard and open floor plans with a lot of light and neutral paint schemes. I am still enamored with the old Victorians with wraparound porches and fi replaces in every room. I am from Massachusetts, I tell him. When you think of my house, think of Louisa May Alcott, of cold nights by warm fi res. My husband's dream is more palm trees and built-in outdoor grills. How it all resolves itself is anybody's guess. We have two years—and our whole life together— to keep making these compromises and to keep discovering the way two people with opposing visions can come together.

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WHEN THE OUTSIDE MATTERS MORE THAN EVER: 6 CURB APPEAL TRICKS TO ATTRACT BUYERS By Lisa Marie Conklin Courtesy of Realtor.com

Curb appeal: It's the make-orbreak fi rst impression of your home. It either beckons a second look or turns buyers off entirely. And now, in the age of the coronavirus, curb appeal is more vital than ever—since buyers might not be able to tour your home and are placing more weight on the exterior, or might be limiting in-person tours to only their top choices. If you're trying to sell your home during this pandemic—and the

facade is a little worse for wear— don't panic! We consulted with Clint Robertson and Luke Caldwell of HGTV's "Boise Boys" to steal some tricks for curb appeal that's so irresistible, buyers will be clamoring to know what's inside.

1. KEEP THE YARD GREEN AND PRISTINE The lawn is one of the fi rst things buyers notice, whether they are pulling up to the curb or looking at an online listing. When it's lush and green, it creates a favorable

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impression. "One of the cheapest things you can do to enhance curb appeal is to keep your yard mowed and groomed," says Robertson, who also partners with Caldwell at Timber and Love Realty. "Hire someone to mow it and keep it tidy, or take the time to keep it pristine." You don't have to have a green thumb to get a lush lawn when you know these lawn care secrets.

2. MIND YOUR DRIVEWAY AND WALKWAY You might be inclined to overlook the driveway and front walk—how much can you really do to make concrete look good? But, truth be told, these areas are like the red carpet of curb appeal: They lead buyers to the main event, the inside of your home. A driveway and front walk with minor cracks and weeds popping up through the expansion joints (the straight lines that divide the driveway and walkway) are an eyesore. Luckily, it's an easy fi x. Remove the weeds, and patch the concrete with caulk, Robertson suggests. Hose it down or powerwash it. For extra pizazz, fi nish a concrete driveway or walkway with a clear, glossy sealer. (You can give faded asphalt driveways a face-lift with asphalt sealer.) At the very least, hose down the driveway and walkway before photos, or a video or in-person tour, to give it a fresh look.

3. FLAUNT YOUR NIGHTTIME APPEAL Prospective buyers might be driving by after dark see what your house looks like at night. Turn on

the charm with a warm glow from exterior lighting. "I like to do a 60-watt clear lightbulb on both sides of the door, but one that has a warmer tone so it doesn't feel like you have that overly LED blue light," Caldwell says. All exterior lighting on the house and garage should match or have the same style for continuity, if possible. Caldwell's partial to clear-glass fi xtures. "I love having glass fi xtures flanking the door because it's more welcoming when you see the actual light," he says. "Just make sure that all exterior lights—including the ones on the garage—have the same type of bulb for a unified glow."

4. DON'T FORGET THE GARAGE The garage is a key component in curb appeal, too, especially if it's attached to the house. But how do you spruce up this often dull space? Caldwell suggests painting the garage door the same color as the trim on the house. Garage doors with a row of windows are pleasing to the eye, too. "Sometimes garages feel dark and scary," says Robertson. "The light allows it to make it feel like it's more part of the home." DIY garage window kits are available for most newer garage door models and allow you to remove a row of existing panels and add glass inserts. If you're adding windows where people can see in, don't forget to stage inside the garage, too.

5. REPLACE OUTDOOR ACCENTS AND GIVE YOUR LANDSCAPING SOME LOVE A shabby doormat, dingy house numbers, and a rusty old mailbox are hardly deal breakers, but they do leave a stale impression. If your outdoor accents have seen better days, replace them. Then make sure your landscaping looks lush for any passersby. Prune overgrown shrubs and trees. Weed flower beds, and spread a layer of fresh mulch. "It's like getting a new haircut for your house," Caldwell says. Add pretty-looking annuals if

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Lewiston Tribune | June 7, 2020 | 11

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your yard is lacking color. Plant a Japanese maple to fi ll a bare spot and create symmetry. "It's low to the ground and doesn't require much light," notes Caldwell. Then wrap up by cleaning the windows and sweeping the cobwebs from the front porch. Tidy up and stage the front porch so buyers can imagine themselves relaxing there on a lazy Sunday afternoon.

evoke a warm and welcoming feeling. If there isn't room in the budget, rejuvenate your existing door with a fresh coat of paint and hardware. "A fresh pop of color in red, yellow, or blue can bring life to your house immediately and catches people's eyes as well," Caldwell says. "It feels like thoughtful consideration has been put into the home, and ultimately that's what we're trying to do—to let the home feel like a home that's been loved and cared for and thought about. A home that's been cared for stands out."

6. GIVE YOUR FRONT DOOR A FACE-LIFT Would a shabby door with peeling paint, rusty hardware, and scuff marks entice a buyer to go inside? "If you're going to spend money on one thing to add curb appeal, make it a new door," says Caldwell. Front doors with glass inserts

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Lisa Marie Conklin knows a little something about moving. She's moved eight times in the last ten years but currently calls Baltimore home. She regularly writes for Reader's Digest, The Family Handyman, The Healthy, Taste of Home, and MSN.

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You may be wondering if there are tax deductions when selling a home. And the answer is: You bet! Sure, you may remember 2018's new tax code—aka the Tax Cuts and Jobs Act—changed some rules for homeowners. But rest assured that if you sold your home last year (or are planning to in the future), your tax deductions when you fi le with the IRS can still amount to sizable savings. Want a full rundown of all the deductions (as well as tax exemptions or other write-offs) at a home seller's disposal? Check out this list to make sure you miss none of them.

1. SELLING COSTS These deductions are allowed as long as they are directly tied to the sale of the home, and you lived in the home for at least two out of the five years preceding the sale. Another caveat: The home must be a principal residence and not an investment property. “You can deduct any costs associated with selling the home— including legal fees, escrow fees, advertising costs, and real estate agent commissions,” says Joshua Zimmelman, president of Westwood Tax and Consulting in Rockville

Center, NY. This could also include home staging fees, according to Thomas J. Williams, a tax accountant who operates Your Small Biz Accountant in Kissimmee, FL. Just remember that you can’t deduct these costs in the same way as, say, mortgage interest. Instead, you subtract them from the sales price of your home, which in turn positively affects your capital gains tax (more on that below).

2. HOME IMPROVEMENTS AND REPAIRS Score again! If you renovated a few rooms to make your home more marketable (and so you could fetch a higher sales price), you can deduct those upgrade costs as well. This includes painting the house or repairing the roof or water heater. But there’s a catch, and it all boils down to timing. “If you needed to make home improvements in order to sell your home, you can deduct those expenses as selling costs as long as they were made within 90 days of the closing,” says Zimmelman.

3. PROPERTY TAXES This deduction is capped at $10,000, Zimmelman says. So if you were dutifully paying your property taxes up to the point when you

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WHAT IS A NO-FEE MORTGAGE? By Kristine Hansen Courtesy of Realtor.com

When you apply for a mortgage or renance an existing mortgage, you want to secure the lowest interest rate possible. Any opportunity a borrower can exploit to shave dollars off the cost is a big win. This explains the allure of no-fee mortgages. These home loans and their promise of doing away with pesky fees always sound appealing—a lack of lender fees or closing costs is sweet music to a borrower's ears. However, they come with their own set of pros and cons. No-fee mortgages have experienced a renaissance given the current economic climate, according to Ralph DiBugnara, president of Home Qualied. "No-fee programs are popular among those looking to renance ... [and] rst-time home buyers [have] also increased as far as interest" goes.

BE PREPARED FOR A HIGHER INTEREST RATE But nothing is truly free, and this maxim sold your home, you can deduct the amount you paid in property taxes this year up to $10,000.

4. MORTGAGE INTEREST As with property taxes, you can deduct the interest on your mortgage for the portion of the year you owned your home. Just remember that under the 2018 tax code, new homeowners (and home sellers) can deduct the interest on up to only $750,000 of mortgage debt, though homeowners who got their mortgage before Dec. 15, 2017, can continue deducting up to the original amount up to $1 million, according to Zimmelman. Note that the mortgage interest and property taxes are itemized deductions. This means that for it to work in your favor, all of your itemized deductions need to be greater than the new standard deduction, which the Tax Cuts and Jobs Act nearly doubled to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples fi ling jointly. (For comparison, it used to be $12,700 for married couples fi ling jointly.)

applies to no-fee mortgages as well. They almost always carry a higher interest rate. “Over time, paying more interest will be signicantly more expensive than paying fees upfront,” says DiBugnara. “If no-cost is the offer, the rst question that should be asked is, ‘What is my rate if I pay the fees?’” Randall Yates, CEO of The Lenders Network, breaks down the math. “Closing costs are typically 2% to 5% of the loan amount,” he explains. “On a $200,000 loan, you can expect to pay approximately $7,500 in lender fees. Let's say the interest rate is 4%, and a no-fee mortgage has a rate of 4.5%. [By securing a regular loan], you will save over $13,000 over the course of the loan.” So while you'll have saved $7,500 in the short term, over the long term you'll wind up paying more due to a higher interest rate. Weigh it out with your nancial situation.

CONSIDER THE LIFE OF THE LOAN And before you start calculating the money that you think you might save

5. CAPITAL GAINS TAX FOR SELLERS The capital gains rule isn't technically a deduction (it's an exclusion), but you’re still going to like it. As a reminder, capital gains are your profits from selling your home— whatever cash is left after paying off your expenses, plus any outstanding mortgage debt. And yes, these profits are taxed as income. But here's the good news: You can exclude up to $250,000 of the capital gains from the sale if you’re single, and $500,000 if married. The only big catch is you must have lived in your home at least two of the past five years. However, look for the rules of this exemption to possibly change in a future tax bill. Ralph DiBugnara, vice president at Cardinal Financial, says lawmakers might push to change this so that homeowners would have to live in the property for five of the past eight years, instead of two out of five. Margaret Heidenry is a writer living in Brooklyn, NY. Her work has appeared in the New York Times Magazine, Vanity Fair, and Boston Magazine.

with a no-fee mortgage, consider your long-term nancial strategy. “No-fee mortgage options should only be used when a short-term loan is absolutely necessary. I don’t think it’s a good strategy for coping with COVID-19related issues,” says Jack Choros of CPI Ination Calculator. A no-fee mortgage may be a smart tactic if you don't plan to stay in one place for a long time or plan to renance quickly. “If I am looking to move in a year or two, or think rates might be lower and I might renance again, then I want to minimize my costs,” says Matt Hackett, operations manager at EquityNow. But "if I think I am going to be in the loan for 10 years, then I want to pay more upfront for a lower rate.”

WHAT ADDITIONAL FEES SHOULD YOU BE PREPARED TO PAY? As with any large purchase, whether it’s a car or computer, there's no at “this

is it” price. Hidden costs always lurk in the ne print. “Most of the time, the cost for credit reports, recording fees, and ood-service fee are not included in a no-fee promise, but they are minimal,” says DiBugnara. “Also, the appraisal will always be paid by the consumer. They are considered a thirdparty vendor, and they have to be paid separately.” “All other costs such as property taxes, home appraisal, homeowners insurance, and private mortgage insurance will all still be paid by the borrower,” adds Yates. It’s important to ask what additional fees are required, as it varies from lender to lender, and state to state. The last thing you want is a huge surprise. “Deposits that are required to set up your escrow account, such as ood insurance, homeowners insurance, and property taxes, are normally paid at closing,” says Jerry Elinger, mortgage production manager at Silverton Mortgage in Atlanta. “Most fees, however,

MORTGAGE

continued on page 15

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WHAT IS A FORCE MAJEURE CLAUSE, AND WHAT DOES IT MEAN FOR MORTGAGES? By Tiffani Sherman Courtesy of Realtor.com

WHAT IS AN ACT OF FORCE MAJEURE?

In French, it means superior force. However, in legalese, the term force majeure refers to a clause that can allow a person or business to extricate themselves from a contract. “In general, it’s a force outside the control of a party,” says Denver, CO, contracts attorney Susan Goodman. “What the force majeure clause says is: If there's an act of force majeure, then performance is excused if the performance is affected by that act.” In even plainer English, it means: If something completely unpredictable occurs, a contract may be voided. The current pandemic certainly seems to fit the bill, and will have contract holders invoking force majeure for relief from creditors. However, mortgage holders looking for a way out of their debt obligations are likely to be out of luck when it comes to following the path of force majeure. Here's how force majeure works in a contract.

Contracts with a force majeure clause often list (very) specific potential calamities. If any of those calamities come to pass, a contracted party is allowed to back out of the deal with no penalty. Force majeure events often written into contracts include: • "Acts of God," which often include severe weather, floods, fires, etc. • Acts of war • Acts of terrorism • Acts of government authorities • Strikes or labor disputes • An inability to secure materials • Other causes beyond the reasonable control of a party

DO ALL CONTRACTS HAVE FORCE MAJEURE CLAUSES? Force majeure clauses are almost always written into business-to-business

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contracts. However, personal mortgages usually do not contain force majeure clauses. Neither do apartment leases or contracts for home improvements. Commercial leases and development projects often do, and those clauses may be invoked due to COVID-19. “You're seeing a lot of activity on the on the [commercial] leasing front now with the argument of force majeure,” says Jack Fersko, co-chair of the real estate department at the law firm Greenbaum, Rowe, Smith, & Davis LLP in New Jersey and co-chair of the American Bar Association’s real estate section committee. Businesses "can't use the space— whether it is because of the virus, which has closed operations down, or [because of local] government orders." Construction firms might also invoke the clause if they're unable to meet deadlines or milestones on a development project. Adding to the confusion is that each state has different requirements for force majeure clauses, which means there's no one-size-fits-all option.

INVOKING A FORCE MAJEURE CLAUSE

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By definition, an act of force majeure must prevent one or both parties from performing a service listed in the contract. But economic hardship is not a reason to invoke force majeure. “Anybody can always claim economic hardship. If your company goes into bankruptcy, that doesn’t void a contract, and you can’t get out of it by force majeure,” says Goodman. As always, the key for consumers is: Be aware of all terms in any contract.

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“Force majeure clauses are all written differently,” Goodman explains. She adds that she has seen some clauses with the word "epidemic," but none with the word "pandemic." That will change, of course, after the coronavirus outbreak. “Most force majeures after 9/11 added terrorism to the clauses. It was never in it before, because nobody really thought of it—because it wasn’t really part of our society,” Goodman says. “I think pandemics and epidemics are going to be added to every force majeure clause. Attorneys are already advising their clients to do that.” The key to a force majeure event is its unpredictability. However, if an unfortunate event or disaster was something that you could and should have prepared for, it's nearly impossible to invoke the clause. For more smart financial news and advice, head over to MarketWatch. Tiffani Sherman is a Florida-based writer who covers real estate, fi nance, and travel.

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Courts around the country are already investigating COVID-19 and how it might relate to force majeure. “I think it's important to point out that this is such a unique situation. We're already hearing that courts are treating things differently than one might expect—like not calling this an act of God,” Goodman says. Fersko adds that there isn't much legal precedent for the current crisis. “I guess we’ll look to fall back to the early 1900s with the flu. We’ll look to other events in history that may be akin to this, and see what sort of case law evolved from that,” he says. “In many respects, this being a worldwide pandemic, it’s certainly going to create some novel legal issues.”

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continued from page 7 In any marriage there are compromises. My husband hates broccoli and I love it, but I eat broccoli only when he is out of town. I hate action movies and death

STRATIFIED

continued from page 5 WHAT YOU NEED TO KNOW AS A BUYER IN A STRATIFIED MARKET Whether you’re a buyer or seller, getting the most out of a stratified market is all about understanding which segment you fall into. “A buyer can make more efficient use of their time by understanding what neighborhoods and areas of the city will have the home types and sizes that they are interested in and can afford,” says Matt Fuller, co-founder of Jackson Fuller Real Estate. Buyers should focus on these areas, he says, to more fully understand things like pricing dynamics and available inventory. “When deciding on offer strategy and price, make sure you’re comparing your potential home to the right type of properties in the relevant neighborhoods,” he says.

MARKET

continued from page 4 INTEREST RATES ARE LIKELY TO STAY LOW Over the past few months, mortgage interest rates have been lower than we've ever seen. And experts expect that trend to continue. “The general consensus of the experts is that mortgage interest rates will remain attractive for many months to come,” says Grassi. "If buyers are hoping to try to fi nd a deal on their mortgage during this health crisis, they should be writing offers now." If low mortgage rates and being stuck indoors have convinced you

Sasha Brown-Worsham has written for the New York Times, Self, Cosmopolitan, and other publications. She lives outside New York City with her husband, three kids, and menagerie of pets.

WHAT YOU NEED TO KNOW AS A SELLER IN A STRATIFIED MARKET As a seller, you’ll similarly want to look at what segment of the market your home falls in, since this can help you and your real estate agent come up with the best pricing strategy. “Make sure you’re basing your asking price on homes that are similar in location, size, condition, and fi nishes, and of the same property type,” says Fuller. “In my market, homes that are underpriced will be corrected by the market within a short time frame, while overpriced homes will languish before inevitably having their price cut or being withdrawn.” Understanding the patterns and trends of your current real estate market will help you and your agent come up with an effective marketing strategy, and ultimately help you sell your home at the top of its value.

MORTGAGE

continued from page 13 will be able to be covered by rolling them into the cost of the loan or paying a higher interest rate.”

WHEN DOES A NO-FEE MORTGAGE MAKE SENSE? For borrowers who want to save cash right now, but don’t mind paying more over a long time frame, a no-fee mortgage could be the right t. “If your plan is long-term, it will almost always make more sense to pay

RESPOND

continued from page 6 in negotiation,” she says. “If it’s too short, the seller may feel rushed or annoyed and give a harsh response. If it’s too long, then the buyer risks a multiple-offer scenario.”

TIPS FOR A SUCCESSFUL NEGOTIATION Ultimately, the process of getting an offer accepted is all about being a good negotiator—and for this you’ll

the closing costs and take a lower rate,” says DiBugnara. “If your plan is shortterm, then no closing costs and paying more interest over a short period of time will be more cost-effective.” For more smart nancial news and advice, head over to MarketWatch. Based in Milwaukee, Kristine Hansen writes about food, design, drink, and travel for publications ranging from Travel + Leisure's website to a restaurant trade magazine. She lives in a 1924 bungalow and loves DIY projects.

want to work with an experienced real estate agent. “The best success I have found in gauging appropriate and amiable timelines is a very open and honest conversation with the seller's agent,” says Asbell. “Buyers have one chance at a fi rst impression and to set the stage for the remaining negotiation process, and timeline matters greatly in conveying this tone.” Larissa Runkle is a writer living on the road. She specializes in fi nance, real estate, and branded content creation.

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KEEP IN TOUCH WITH YOUR MORTGAGE LENDER Serious buyers should always have their mortgage lender on speed dial, but in these unprecedented times, this advice is more relevant than ever. “Make sure you are constantly speaking with your lender on updates in the lending market,” says Brennan. “If you fall in love with a home, focus on the long term and getting a great interest rate and payment versus trying to time the market.” Anayat Durrani is a freelance education reporter for U.S. News and World Report. Her work has been featured in Military Officer, California Lawyer, the American Scholar, and PracticeLink magazines.

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