Still undecided about whether or not you should sell your home?
In the latest episode of Charlotte Today, Nancy Braun shares compelling reasons why now is the right time to put your home on the market.
The current Charlotte real estate market heavily favors sellers. With a seller’s market, the demand for homes exceeds the available supply. It is indeed a great time to sell. With limited options, buyers are going to great lengths to win the house they want. That means your days on the market will be remarkably fewer and you might also receive multiple offers, which could drive up your home’s selling price.
Nancy also explained how the low interest rates can work to the advantage of the seller. Buyers are drawn into the market because of today’s low mortgage rates. The current low rates are causing many potential homebuyers to get moving sooner rather than later. They are aware that the longer they wait to buy, the more expensive it will be.
Nancy also noted that millennials are starting to buy. They're looking to move from renting to homeownership. With this trend, Nancy emphasized the importance of preparing the home for sale. It’s also crucial to understand what the next generation of homebuyers are looking for in a house.
She also discussed the tax benefits that sellers can take advantage of. Internal Revenue Code Section 121 authorizes an “exclusion” for profits from home sales. The exclusion depends on whether you’re single or married.
Looking for a pro to guide you in the right direction? Nancy and her team at Showcase Realty have helped many property owners sell their homes. They are experts in handling every aspect of the sales process – from strategically marketing and showcasing your property to making sure everything’s signed, sealed, and delivered by the closing date. Call them today at (704) 997-3794.
Eugene: If you’ve been thinking about selling your home, our first guest this morning has some convincing reasons why you should take the leap.
Coleen: That's right. Welcome this morning, Nancy Braun with Showcase Realty. Nancy, great to see you as always, thanks for being here.
Nancy : Thank you. Good morning.
Coleen: Okay, so some of those are thinking about selling their home, they may wonder when is the right time. You say, now is the right time. Why is that?
Nancy: I can't even imagine in the 23 years I've been selling in real estate a better time than right now. There is just very, very little inventory so buyers are competing with other buyers to get the limited homes that are for sale, so the prices have gone up, interest rates are lower. Everything is conducive for a very strong seller's market.
Eugene: And does that cross from like $150,000 to something that's $700,000 or even more? What's the range?
Nancy: The catch is, the lower price range is flying. Just flying. You put in on the market, one day it's gone. And then anything over $500,000, it really depends upon the area. The closer into town, it's gonna be a stronger market. Further away, it's typically a slower market. It depends upon, you know, the quality of the home, but if you're contemplating selling a home in the next year or two, this would be the time, your opportunity.
Coleen: Now is the time because it'll sell. What about interest rates right now?
Nancy : They're historically low and we're still hovering around four percent and it is anticipated that they have to go up. So we know they're gonna go up, it's not if, it's when.
Coleen: And how does that benefit home sellers?
Nancy : Well, the buyers have greater buying power so if they are focused on most buyers especially under $500,000 are gonna think about "What's my monthly payment?" just like when you're buying a car. Not how much is the car but what's my monthly payment, and if it's all tied in to interest, then your interest rate is gonna dictate what price range you can buy, ultimately.
Eugene: So if we're talking about lack of inventory, does that mean that people get into bidding wars?
Nancy : Yes, totally. They have to be prepared for that. I always have conversations with my agents about how to prepare your client to be realistic and to jump when they see the house. They really need to write the offer right then, And they need to make sure that they get the
best offer they can in because they are competing against multiple bidders.
Coleen: By the way, Nancy and her team are really good in making sure that you have the absolute best offer. I know you take a lot of care and pay a lot of attention in making your home buyer get the house.
Nancy: That's right. It's really important to put your client in the best light, so we want an approval letter or proof of funds if it's a cash purchase, and then we do a personalized letter from the buyer to the seller. We put a nice package together with a table of contents and all the relevant information so they know they are dealing with someone very professional that's going to bring this to the closing table.
Coleen: That's very nice. Can we talk about millenials?
Coleen: Are they buying homes now? I mean, I think I've read that oh, they're just...millennials are just renting, they're not buying, but you say they are entering the Charlotte market.
Nancy: They are starting to buy. For a long time they weren't buying. You saw them renting and spending most of their income on rent and not investing into the future, but they are starting to buy and now they really jumped into the secondary market, so they're not first time home buyers, they're buying homes that are over $300,000 rather than had they done it right out of college and tried to be under $200,000.
Eugene: So they make us even more attractive. Shouldn't we be doing any contemporary renovations or any type of things to get the house prepped up for sale?
Nancy: Absolutely. A ot of people don't have vision. Buyers you take them in and there's orange wallpaper different colors that they might be turned off and you say "It's just a can of paint" They reply, "I can't deal with that"
Nancy : So the millennials they don't know how to fix things or you know...so ...
Eugene: Is there an app for this?
Nancy: So you know it's important to shine and it's an emotional decision for most buyers so paint is the cheapest way to make an improvement. Cleaning the home is great. Minor updates as well. It’s debatable whether they should be putting a ton of money into rehabbing the home unless you're a flipper so it really depends upon the property and your goals.
Coleen: Make it pretty and make sure it's squeaky clean .That makes a difference. How do home sellers benefit from tax advantages?
Nancy: Well, right now we still have advantages to selling the homes so that you don't have a tax on the gain from the home up to certain amounts depending upon if you're married or single. So a seller could realistically sell a home for substantially more than they paid for and not pay any taxes on those gains, so why not?
Eugene: Why not?
Nancy : In a perfect world, you'd buy a house every two years and sell and get a gain, and buy the next house because it's all tax free. Now, it depends and there are limits.
Coleen: You're so good Nancy. Thank you so much! You're offering a copy of your "Five reasons why now is the right time to sell your home" correct? Nice of you to do that. For your free copy, you can visit
perfecttimetosell.com. Go there for that free copy or you can call Nancy Braun at 704-997-3794. She's ready to help you buy or sell a home today. They are ready for you. Nancy, thank you so much.
Eugene: Thank you, Nancy.
Nancy: Thank you.