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First Time Homebuyers: Flagstaff, Parks and Munds Park Arizona home buying, real estate listings, and homes for sale in Coconino County, AZ

Welcome > For Buyers > First Time Homebuyers ...

Buying Your First Home? REALTORS® Are Your Professional Guides. Make Sure You Choose Top Experts.

You might be a bit afraid or intimidated by the whole process of buying your first home. As top Flagstaff, Parks and Munds Park real estate experts, it's our job to guide you, from beginning to end.

We will take the time to go through each and every step of the buying process. There are no dumb questions!

Together, we will consider:

- How much can you really afford?

- How to qualify for a mortgage.

- How much cash you should put down.

- How to buy a home with little or nothing down.

- What it takes to get approved for financing. What banks and other financial institutions are looking for.

- How much your payments will be.

- The tax advantages of buying.

- Is renting or buying better for you?

Tell us a bit about your situation below. We'll get right back to you. There is absolutely no charge, and we offer this to you with no strings attached.

New to the home buying process? Tell us your concerns. Ask us questions. It's our job to help! There's no obligation, and we promise to get back to you quickly...

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Tax Considerations >New 1031 Exchange Rules

One of the most popular "tax deferring" strategies for real estate owners who are selling one property and acquiring another is the use of Section 1031 of the Internal Revenue Code. It is an effective way to defer paying income tax on capital gain generated by the sale of a property when you intend to reinvest the proceeds in a similar, "like-kind" property. Almost any kind of real property is considered "like-kind" with any other real property.

A recently enacted law closes what was considered a loophole in the Section 1031 rules. In some cases, owners of investment real estate have used the 1031 Exchange to swap their investment property for real estate that could be readily converted to an owner-occupied residential property. After the exchange, they made the property into their principal residence, lived in it for a couple of years, then sold it. Now the American Job Creation Act of 2004 has ruled that properties converted from a 1031 exchange property into a residence must be held and used as a principal residence for at least five years to qualify for the tax exemption. Otherwise, the basic tax-deferring benefits of 1031 exchanges remain the same.

Consult your tax advisor for more detailed information.

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Q	What is currently the most sought-after amenity in the majority of upscale homes?
A	Technology that "enables" a home with features such as structured integrated wiring and broadband Internet access is the current amenity of choice.
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The Gary Nelson Group, REALTOR®, real estate agents and broker for Flagstaff, Parks and Munds Park Arizona home listings, property and land for sale - NUMBER1EXPERT(tm)

The Gary Nelson Group
Russ Lyon | Sotheby's International Realty
2076 S. Woodlands Blvd Suite 101
Flagstaff, AZ 86001
Phone #: (928) 779-5966
Fax #: (928) 556-3100
E-mail: garynelson@NUMBER1EXPERT.com
Let our team of experts help with the purchase or sale of your home! We are a team of an Associate Broker, a Marketing Coordinator, a Transaction Coordinator, and a Buyers Specialist. Together we have over 50 years of experience in the Northern Arizona real estate market. This extensive experience is an invaluable resource to buyers and home sellers. A life-long resident of Flagstaff, Gary Nelson is an Associate Broker at Russ Lyon | Sotheyby's International Realty. He is a Certified Residential Specialist and also has the GRI, e-Pro and ABR designations. He has served as Chair of the Northern Arizona Multiple Listing Service in 1998 and was President of the Northern Arizona Association of Realtors in 2001. He presently is a director with both the Arizona Association of Realtors and the National Association of Realtors.

www.GaryNelsonGroup.com is brought to you by The Gary Nelson Group
NUMBER1EXPERTS™ in real estate for Flagstaff, Parks and Munds Park, Arizona, Land, vacation, second home

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