— Real estate sales are growing at a rate of 10% per month and rental prices are increasing, according to the National Association of Realtors.
But if you’re looking to get in on the Nashville real estate market, here are the steps to take.
What are the rules for real estate sales?
The sale of real estate is legal, but you must register with the National Real Estate Association (NREA) before buying a property.
The NREA says it takes the following steps to register:Check your state’s Real Estate Code.
Find the city or county you live in.
Make sure your property is within the NREBG code.
Fill out a real estate purchase agreement that includes your name and address.
Sign up for a newsletter with NREAs rules.
Get your home appraised.
The National Association says appraisals should be done every six months, but can vary based on a variety of factors.
The goal is to find a price that’s “reasonable” based on the market.
What is the tax on real estate?
Real estate sales generally don’t pay a sales tax.
However, a buyer will be required to pay a 10% sales tax on any purchase that exceeds the purchase price.
The sale tax is assessed on property that is over $750,000.
If you’re interested in buying, you can get more information about the sales tax rates on the NAR’s website.
What should I know about real estate taxes?
Real Estate Tax Credits are available for property valued at $500,000 or more, as well as property valued over $1 million.
The credits apply to a buyer’s tax liability.
They’re paid at a higher rate than regular sales taxes and may also include a special handling fee that can be used to offset the buyer’s property taxes.
If you’re considering buying real estate and are not sure whether you qualify for a tax credit, you should contact the NAREA.
You’ll be asked to provide information about your income, savings and other financial resources.