Home values can rise (and fall) over time as neighborhoods change. Just because the home down the street sold for a record amount six months ago doesn't mean yours will net the same amount when you're ready to sell. Because of this, it's important to not only maintain and care for your house as you would any major asset, but also to know exactly the best way to earn your money back if the time to sell your real estate ever comes.

Similar to reviewing your retirement portfolio with your financial adviser, it is important to keep a check on your home's market value for the different changes that happen in your life. Whether you plan to sell now or in 10 years, knowing what your home is worth is crucial to your finances. Here's why you should keep a pulse on the market and regularly ask the question. What is my house worth?

You'll get a better return on your upgrades

Sure, you've been dying to rip out your old countertops and replace them with chic soapstone complemented by a sleek glass tile backsplash. But if every other home in your neighborhood still has the same kitchen you have, it might be in your best interest to skip the pricey remodel. It's useful for a homeowner to consult with their real estate broker before they make any upgrades to the home. Some upgrades have a higher return on investment than others. There is also the risk of over-improvement. If a homeowner upgrades their home above the norm in their neighborhood, they may have to wait until those types of upgrades are more common to see a return.

You'll know when to sell ... and when to stay put

Sometimes when a market is hot, putting your home up for sale makes more sense than staying put. If that's the case, knowing what your investment is really worth can make you think differently about whether it's time to move. It's important to have a good grasp of your home value in the same way you need to know how much any of your assets may be worth. Additionally, if life circumstances change, a homeowner may be in the position to make a quick decision to sell or not. Having good data and an experienced broker to help you assess value is key to making the best decision possible.

You can see if a home equity loan makes sense

Besides needing to know if an upgrade or renovation makes sense, it's also important to know what your home's true value is before applying for an equity loan to put on an addition, complete renovation work, or upgrade that kitchen. Most banks will let you apply for an equity loan up to 80% of your property value, and there are some that will even go to 90%. If you are thinking about obtaining a loan, it is important to understand your home value before you go through the stress and hassle of filling out the paperwork and paying the fees for an equity line application.

You'll know when you can stop paying Private Mortgage Insurance

Many mortgage companies will charge private mortgage insurance (PMI) if the buyer puts less than 20% down. However, once you have reached 20% equity, either by payments or appreciation, you can usually apply or refinance to remove the PMI. Knowing your home value will help to know when to touch base with your lender about removing this payment.

You'll be able to maximize your list price

Overestimating your home's worth, or mistiming the listing, can be detrimental to making a sale. Besides losing interest from potential buyers because you may have outpriced them from the get-go, your home will also probably sit on the market longer, which can be a listing's scarlet letter in the real estate world. Overpricing your home actually loses you money. Many buyers won't even want to tour an overpriced home because they see it as a waste of time. Being overpriced typically leads to longer market time and more holding cost. As we all know, once a home sits on the market for a long period of time, it starts to raise questions with potential buyers on why it hasn't sold yet.

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Make a few strategic upgrades and add big value to your home. A clean, well-maintained home in tiptop condition will yield maximum profit when it comes time to sell. However, you don't have to shell out the big bucks to make sure your house is in mint condition. There are a number of upgrades you can do for under $1,000 that will impress buyers and prompt strong offers. Whether you're a condo owner in Seattle, WA, or prepping a home for sale in Charleston, SC, you have plenty of ways to increase your home values with budget-minded, strategic upgrades.

Add a water filtration system

Installing a whole-house water filtration system is a serious game changer. Additional filtering to remove pollutants and chemicals from our drinking water has become necessary in many cities across the U.S. However, many homeowners have been dealing with the issue on their own, by either using a clunky, refillable filtering pitcher or purchasing drinking water in environmentally unfriendly plastic bottles. Increase your home's value and impress buyers with filtered water directly from any faucet in the house -- it's pure luxury, and this amenity will pay off now and in the future when it's time to sell.

Install a programmable thermostat

According to the U.S. Department of Energy, heating your home accounts for more than 40% of its total energy usage. Programmable thermostats allow you to customize a temperature profile throughout the day. Reducing the temperature inside your home by a degree or two while you sleep can lead to huge savings on a monthly basis. And with energy costs on the rise, many buyers will appreciate your forward thinking in assisting them with long-term savings -- especially if you put in a Wi-Fi–enabled thermostat that can be controlled by your smartphone or computer.

Add more grounded outlets, or upgrade the outlets you have If you live in an old house, chances are, two-prong-receptacle outlets outnumber grounded, three-prong outlets in your home. Adding more three-prong outlets is a small project that can greatly improve the functionality of your home. It's possible to retrofit a new three-prong or GFCI receptacle into the two-prong outlet box without rewiring, as long as the box itself is grounded. Or if you're happy with the electrical structure you have but are sick of looking at dingy tan switches, consider updating to new white ones. You can even add fancy new outlets that have USB ports or timers to control lights.

Update your fixtures

Updating tired, worn fixtures will breathe new life into any space. Give your bathroom and kitchen a critical look -- could the drawer pulls and cabinet handles use an update? If new kitchen cabinets are outside your budget, new hardware is a simple way to update the room's entire look and feel. What about the faucets? A sleek new kitchen faucet with a sprayer combines practicality with design and will be appreciated by buyers. Anticipating and tackling these smaller projects will have a big selling impact. And -- bonus! -- You can enjoy them in the meantime.

Replace the toilet

Replacing an old, cracked, or outdated toilet can make a significant impact on your bathroom aesthetics. Purchase a stylish new one for a few hundred dollars or take the environmentally friendly route and opt for an almost-new secondhand toilet (just be sure to buy a new seat). Repurposed construction material outlets offer a variety of well-priced goods.

Reglaze the bathtub

You can see buyers hold their breath as they slowly pull back the shower curtain, hoping for a sparkly new tub. Exceed their expectations for just a few hundred dollars by reglazing your existing bathtub. The process can be accomplished in a day and will be ready to use in just a few days. Roll up your sleeves for a DIY weekend or call in the professionals; either way, you'll come in under budget.

Install a tile floor

A shiny new tile floor can breathe life into the darkest bathrooms. They're easy to clean, resist microbes and allergens, and wear well in high-traffic areas, making them a perfect material for the bathroom. Flooring liquidators typically sell a variety of quality tile, so start there. If your bathroom is small, you can probably even splurge on some designer options! Then save the rest of your budget for a professional installation.

Add new blinds or plantation shutters

Is your home still sporting aluminum blinds or old-school vertical blinds? Consider replacing them: New window coverings can really modernize a room. If your windows are a standard width, you can buy basic wood blinds at a home improvement store (and most allow you to customize the length). If your window size is irregular, you'll have to special-order them. To add a truly upscale look to a room, try plantation shutters -- they can be a major selling point with the next people to own your home.

Replace the front door

The front entry is the focal point of your home's curb appeal. Give your home a face-lift and replace -- or repaint -- the front door. With security and safety in mind, choose a door that will appeal to a buyer's practical side (and don't forget to consider new hardware too). Another way to add interest and style to your home is by adding color to make your front door a statement.

Add a walkway

A new path leading to the front door can really elevate the look of your home. While brick pavers add a traditional and classic look to the exterior of your home, you can also choose stone, concrete, or even rocks -- just make sure the look of the pathway matches your home's style. Regardless of the material, a walkway is a welcoming feature, beckoning guests (and buyers!) inside to have a look around.

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You assume the IRS wants as much information about your financial life as possible. And that's typically true -- except when you sell that Atlanta, GA real estate and make a profit of less than $250,000 (or less than $500,000 when you file a joint return with your spouse). If you meet those qualifications, and if you have lived in that home for two of the five years before you sell, the IRS doesn't want to hear about your home sale, because the profit you make is excluded from being taxed under U.S. Code Section 121.

The IRS grants some tax deductions for home sellers. Getting the deductions requires that you itemize your taxes, admittedly a tedious job, but one that is probably worth your while. Here are five tax deductions you should take this year.

If you don't qualify for the 121 exclusion, you will owe taxes on any profit, so make sure you deduct all your selling costs from your gain. You can deduct the following, according to Nolo:

• Your real estate agent's commission • Legal fees • Title insurance • Inspection fees • Advertising costs • Escrow fees • Legal fees

And there's another consideration. You might qualify for a partial exclusion if you sell your home due to circumstances involving divorce, change in employment, change in health, or other unforeseen circumstances.

If you have to sell your house because you're relocating for work, you might be able to deduct some of your moving expenses, says Chantay Bridges, a licensed senior real estate agent in Los Angeles, CA.

"You can deduct your property taxes for the portion of the year that you owned the home up to, but not including the date of the sale," according to the IRS. The buyer pays beginning from the sale date.

If you make home improvements that help sell your home (like replacing a leaking roof or defunct HVAC system), and if they are made within 90 days of the closing, they are considered selling costs, which are deductible.

If you paid mortgage points to lower your interest rate when you refinanced your home, you might qualify for an additional deduction, says Bridges. Because you can deduct a proportional share of the points until the loan is paid, when you pay off the loan through a sale, you can "deduct the remaining value of those points," says Goodwin.

Tax deductions are fickle. They "can vary from state to state and from year to year," says Bridges, who suggests that home sellers check with a tax expert to confirm the deductions are still available at the time of the sale.

There is also some confusion regarding deductions. Sean P. Storck, a certified financial planner and enrolled agent with Rawdin-Baron Financial in California, explains that the biggest misconception concerns repairs, and that "generally speaking, anything done in the course of maintaining property for normal use is nondeductible.

New Mexico Mountain Properties in Taos and Angel Fire, NM will gladly assist you in locating that perfect piece of Taos or Angel Fire Real Estate. We have scenic mountain land for sale in Angel Fire and Taos, or perhaps our off-the grid homes for sale in Taos might give you that serenity you've always wanted. For excitement and smaller living, try our condos for sale in Angel Fire or Taos Ski Valley. Whatever you're looking for, we at New Mexico Mountain Properties are here to help to find your dream. Our knowledgeable brokers go that extra mile so you don't have to. Give us a call at 575-377-2626 in Angel Fire, 575-758-5852 in Taos or 575-770-3306 and speak directly to a Broker. We are here to serve and welcome you to this breathtaking mountain area

Although interest rates have rebounded, banks are still experiencing post-traumatic stress disorder (PTSD) from the foreclosure crisis. They are painfully aware that loose lending kicked off the nasty economic domino effect that ended in millions of foreclosures and billions of real estate dollars lost. As a result of this mortgage PTSD, banks have raised the bar on what it takes to get a loan. They know the riskiest borrowers, the ones who walked away from their homes when values plummeted, are typically the ones who weren't as invested in home ownership and didn't put a down payment on that Austin, Texas real estate.

Fortunately, the reverse is also true: The more you can prove that you pose a low risk of defaulting on your mortgage, the more likely you are to qualify for a (great) loan. Even if you already have a good enough credit score, boosting it by even a few points to the magical prime loan qualifying range of 700 to 740 can get you a lower interest rate -- and save you thousands. Here are five additional tips that will help you improve your candidacy for a home loan.

1. Conduct an audit

Many prospective borrowers who know they have good credit just call the mortgage broker, submit the loan application, get their rate quote, and start house hunting or get the refinance underway. But if your score is 690, a quick audit resulting in even a single correction or deletion of a derogatory item can add 10 points to your credit score, saving you as much as a quarter-point on your interest rate! Order your annual complimentary report and check for accounts that don't belong to you, or derogatory items that should have already "aged" off your report. If you're in a rush, ask your mortgage broker to submit a "rapid rescore" request to the credit bureaus. Yvonne Hemmingsen, a licensed mortgage broker in Pleasanton, CA, says that with a letter or documentation from the creditor, a consumer can get the bureaus to correct errors, but it takes two reporting cycles -- as long as two months. "With a bureau direct re-score submitted by a mortgage broker, on the other hand, the derogatory information should be deleted in less than a week," Hemmingsen says.

2. Pay down a few bills

Depending on how much debt you have and how you reduce it, paying down some credit card balances may boost your credit score. Additionally, reducing your debt will decrease your debt-to-income ratio and allow you to qualify for a larger mortgage. Paying off debt takes some strategy, though: Involve your mortgage professional in the conversation. They can tell you which bills, reduced by how much, will have the biggest impact on your score -- and how long it will take for you to see a difference.

3. Spread your debt around

A high credit score isn't just a sign that you're good with money -- in that case, debt-free people would have sky-high credit scores. But that's not how the scores work. Credit scores document that you have a habit of being smart and active with your use of credit. In fact, the score-setting algorithms target an ideal credit utilization ratio of 30%. This means maintaining a balance of 30% of your credit limit or less on any given card, and 30% usage of your overall available credit.

If you're an airline-miles junkie who uses one credit card to death and the others not at all, spread your debt around to all of your cards, targeting a 30% balance on as many cards as possible. This not only activates cards that are subject to being closed from nonuse (which can reduce your score by reducing your available credit), but also it prevents any single card from looking like it's maxed out.

4. Get a gift

Banks typically require a down payment, with the exception of some VA and profession-specific loans that still offer 100% financing. Many buyers buy with whatever savings they currently have, so long as it's more than the bank's 3.5% bare minimum. However, the best interest rates require a full 20% down payment. If you've got a relative who'd like to help out, this could be the perfect gift. Most lenders will allow some or all of the down payment to come from a gift, as long as you can produce a "gift letter" from your benefactor confirming your relationship and that the money is a gift, not a loan. Touch base with your mortgage pro to see what your particular loan program guidelines around gift funds are -- before you deposit the check!

5. Bump your down payment to 20% with a little help from your IRA or 401(k)

Currently, you can withdraw up to $10,000 from your traditional IRA for your down payment on your first home without penalty (although you will incur income tax). You can withdraw as much as you want from what you've contributed to your Roth IRA without being taxed, and an additional $10,000 in Roth IRA earnings without penalty. With your 401(k), it's a bit different -- some providers will allow you to borrow against your own account and repay yourself over time with interest.

If you can borrow from yourself instead of a lender, it probably makes better sense to repay yourself-- especially if you can borrow enough from your retirement savings to put you over the 20% mark, so you can get a lower interest rate on the entire mortgage balance. Of course, consult your CPA or tax adviser before applying retirement account funds toward the purchase of your home.

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