Pasadena Real Estate Blog

April 15 provides an annual reminder about the tax benefits of owning a home:

Most people know that mortgage interest and property taxes are deductible in most cases, as is the interest paid when homeowners borrow against the equity in their home. What they may not realize is that the Tax Payer Relief Act of 1997 provides that owners who have lived in their home for more than two years don’t have to pay taxes on the first $250,000 of profits (if they are single) and $500,000 of profits (if the owners are married) when they sell the home.

This year might be a particularly good time to buy, considering that we are pretty close to the “bottom” of the market.  And, you’ll never know that the market has hit bottom, until it starts to go up.