If you’re wondering whether selling your home in Raleigh is a good idea, the answer is yes! That’s because the Raleigh housing market is on steady growth.
According to a report, Raleigh home prices were up 15.7 percent compared to 2020, selling for a median price of $376,000. What’s more, the properties in Raleigh spend an average of 31 days on the market, compared to 42 days last year.
The real estate market boost is due to several reasons, which include:
- A high proportion of homebuyers with a credit score above 700
- Mortgage shopping before looking for a home
- A 20 percent down payment
Besides, an analysis from Apartment List suggests that the city is experiencing a boost in rental rates.
Be that as it may, selling your home in Raleigh can be complex — especially if you’re a first-time home seller. First, you have to figure out the Raleigh real estate market condition. For example, is it a buyer’s market, seller’s market, or neither?
You also have to identify the best time of the year to sell your property. Other general hassles include picking a realtor, pricing your property, and getting the home ready for sale.
Yes, it sounds like a complicated process. So let’s make things simpler, shall we?
Five Things to Remember When Selling Your Home in Raleigh
Here are five things to remember when selling your Raleigh property.
1. Choose a Sales Options That Maximizes Profit
The first thing to consider when selling a house is whether or not to hire a licensed realtor.
Experienced real estate agents come with deep marketing and negotiation skills to help you get the maximum profit for your home. Furthermore, they usually have a strong network of contacts to find potential buyers for your Raleigh house.
It’s no wonder that 89 percent of sellers in the U.S. were assisted by a real estate agent when selling their property.
With that said, using a realtor doesn’t always guarantee more profit. That’s why a few sellers choose the For Sale By Owner (FSBO) option to avoid paying the realtor’s commission fees. Another viable sales option is the Open-door option, which involves receiving a cash offer for your home.
2. Curb Appeal to Sell Faster
As said earlier, an average house in Raleigh only spends about a month on the market. But, the time could reduce if you would curb appeal significantly.
In other words, it’s best to dress your house up to attract potential buyers. Admittedly, this could involve expensive renovations such as landscaping, paint job, or a full-scale bathroom remodel. However, curbing appeal could also be as simple as organizing your house. It includes:
- Cleaning the exterior surfaces in your home
- Decluttering the rooms
- Using a mild air freshener
- Add a new doormat
- Keeping personal belongings in the storage
Of course, these practices will make your home appear roomier to potential buyers. But, it’ll also save you the headache of packing all over again when you’re ready to move out.
3. Take as Many Photos as Possible
A 2018 survey revealed that 93 percent of buyers used the internet to search for their next home. That means you would be doing yourself a disservice by not uploading visuals of your home into websites.
Consider taking crisp pictures of your home during the day — with plenty of natural light. You also want to focus on creating photos or videos that’ll show off your property’s best asset.
The good news is your smartphone cameras can help snap as many pictures as you might want. However, it’s best to hire a real estate photographer for a more professional look.
4. Capital Gains Tax on your Raleigh House Sale
According to the current tax laws, you could enjoy a significant tax break after selling your home in Raleigh.
Your home is a capital asset that’s subject to the capital gains tax. That means you have to pay taxes on your property when it appreciates. But there’s an exemption.
With the Taxpayer Relief Act of 1997, homeowners don’t have to pay capital gains tax on the first $250,000 profit if they’re single. Similarly, married couples can enjoy as much as $500,000 exemption if they file jointly. However, there are a few conditions.
For one, you must have used the house as your principal residence for at least two of the previous five years to qualify for the capital gains exclusions. Also, you can only use this tax law to your benefit once every two years.
5. Price Your House Correctly
It’s best to have an in-depth understanding of your home’s worth when selling your home.
Your first instinct may be to overestimate your house, hoping that an uneducated buyer may pay more than the property is worth. But that’s a terrible idea.
Indeed, 70 percent of real estate agents said that overpricing is the number one mistake sellers make. Chances are you won’t find someone willing to pay for an overpriced property, leading to a longer sales time.
Expectedly, the extended time on the market will force you to lower your asking price. However, it would only make prospective buyers even warier, and you’ll end up getting less than your Raleigh property is worth.
Wrapping Up: Selling Your Raleigh Property Can Be Stress-Free
Your reason for selling your Raleigh house may vary — from buying a bigger home to moving to a new city.
Whatever your motive is, it’s essential to generate interest in your property. After all, attracting more potential buyers increases your chance of selling the property.
So, choose the best sales option that maximizes profit and improves the property to increase appeal. Also, upload as many photos of the property as you can on the internet and price the property correctly.
Yes, selling a home can be challenging. However, the tips above could help simplify the process.