When it comes to comparing the costs of buying versus renting a home, Charlotte area residents are likely to find a better value in buying, according to the results of a recent study, reported by
10 Good Reasons To Sell Your Home This Fall
There's no denying it's a seller's market right now. Demand is strong and values are up, making the fall of 2017 a great time to consider putting your home on the market.
Here are 10 good reasons to call your real estate agent and get them to help you list your home today!
1. Starter Homes are in Short Supply
Real estate inventory levels are down all over the country and the greater Charlotte area is no exception. And, like in the rest of the U.S., the Queen City's modest starter homes are selling the fastest.If you're ready to move up from your starter home to something bigger, newer or all around better, now could be a great time to sell your starter and put the profit toward a down payment on your move-up purchase.
2. Beat the Holiday Lull
While a few people do shop for homes around the holidays, for the most part, autumn is the last hurrah for yearly home buying activity before it picks up again the following spring. If you can get your home on the market by the end of September, you'll help add to the fall inventory and hopefully attract the attention of buyers who want to get settled in a new home before the madness of the holidays begins. This strategy also puts an urgency on the process, hopefully enticing the buyer to move negotiations, paperwork, inspections and closing a little faster.
3. Home Values are Rising
In late August, CNBC reported that home prices were up in major metro areas. According to the report, the U.S. National Home Price NSA Index showed a 5.8% annual gain in June, slightly higher than in May. This Index compiles and analyzes data from S&P CoreLogic Case-Shiller, which measures residential prices and tracks changes in home values in 20 metro regions across the country.
"Both the number of homes for sale and the number of days a house in on the market have declined for four to five years," S&P Dow Jones indexes managing director David Blitzer told CNBC. "Given current economic conditions and the tight housing market, an immediate reversal in home price trends appears unlikely."
What does this mean for home sellers in Charlotte? Well, it could very likely mean a substantial return on investment if they're selling a home in a desirable area with in-demand features. After all, home prices in the region continue to rise more quickly than the national average, according to the S&P CoreLogic Case-Shiller index for June.
4. Less Inventory = Less Competition
This one's pretty straightforward. If there are fewer homes on the market, then buyers have fewer options to choose from (i.e. your home will be competing with fewer similar homes). Since fall traditionally has fewer listings, this means your mid century modern ranch could be 1 of 10 rather than 1 of 50.
5. Prices Could Level Off Soon
In real estate, people seem to always be saying "now is the best time to (insert buy/sell here)!" But truly, this actually is a very good time to sell because, while home price appreciation is strong now, values could level off very soon. That means if you want to sell high, your window of opportunity is likely beginning to close.
6. Longer Listing Period
Perhaps your home isn't in the most desirable neighborhood or maybe it's a fixer upper in need of a little extra TLC. Either way, if your home isn't the hottest property on the block and you list in the fall, you'll benefit from having the busier spring buying season just a few months ahead of you. By contrast, if you're trying to list a less-desirable home in the midst of the spring season, your timetable for getting the most traffic will be pretty short and you'll have to wait another full year before you see that kind of traffic again.
7. More Serious BuyersSpring is the busiest season for buyer traffic; however, a lot of these prospective buyers are only just starting to toy around with the idea of making a purchase. Spring buyers may not be ready to actually make a serious offer. Fall buyers on the other hand, tend to be small in number but mighty with offers. These are the buyers who are serious and are usually ready to get things moving once they find a home they like.
8. Curb Appeal & Staging For The Season
In many parts of the country, fall is a very beautiful time of year. The changing of the leaves, the cooler, crisp air, your favorite sweater coming back out of seasonal retirement...there's just a certain coziness to autumn, isn't there? For homes that are listed in the fall, it can be easy to appeal to buyers' sense of "home." Effective staging can accentuate certain features (fireplace, porch, landscaping, etc.) and play to those senses. After all, autumn is the start of the holiday season, a time when most people focus on family, friends, staying indoors more, and enjoying creature comforts. What better time to play up your property's homey features?
9. Avoid Moving in Summer
Moving is so much fun! Said no one, ever.
Moving is especially daunting when you have to do it in the sweltering heat. Summertime may be ideal for families with young children because it's more of a headache to move when school's in session; however, hauling boxes and furniture is a lot less cumbersome when you don't have to do it in 90 degree weather. Just saying.
10. Tax Breaks (For Buying and Selling)*
Perhaps you're selling your home and choosing to rent afterwards, but for the purposes of this article, we'll presume you're going to buy another house after you sell your current one. If that's the case, and as long as you buy your new home by the end of the year, you may still be able to benefit from certain deductions such as mortgage interest, mortgage insurance premiums, etc.) when you file for that year.
There are also deductions you can make that are associated with selling a home.According to William Perez, writer for The Balance, "You can include all sorts of selling expenses in the cost basis of your house. Increasing your adjusted cost basis decreases your capital gain because this is what's subtracted from the sales price to determine how much of a gain - or loss in some cases - you've realized. If you have less of a gain, you're more likely to fall within the exclusion limit, and if you're gain isn't excluded, you'll pay taxes on less."
So if you sell and buy a home within the same tax year, you could potentially claim several deductions and may considerably lower your tax burden.
*Keep in mind, we're not tax professionals and we're just letting you know this may be a possibility for some taxpayers. Consult a licensed tax professional for details on your specific scenario.
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