Are you ready to list your Raleigh Home for Sale?
August 10, 2015 | Michele Langley
5 THINGS TO CONSIDER ABOUT SELLING YOUR HOME
Are you thinking of selling your home in Raleigh NC or surrounding communities such as Cary, Holly Springs, Apex, Wake Forest, Knightdale or Clayton? While putting your home on the market is a time-consuming process. You can be prepared and informed if now is a good time for you to sell your home or prepare for the right time to sell based on your needs.
Like any important decision that you make, it is beneficial to take a moment to understand your motivation to reinforce if selling your home is right for you and if it is the right time based on the real estate market conditions.
Why do you want to sell your home?
Is it time for an upgrade, more square footage, or maybe even less square footage. Is your family growing and you need to upsize or have the kids all left school and it is time to downsize? Is it time for a first-floor master suite or ranch home to accommodate future needs you might have? Have you changed jobs and are looking for something that is a closer commute to your new job? Did you get a big raise and think with the interest rates so low is it a perfect time to find your bigger, better dream home?
Selling your home is a commitment. Maintaining your home for showings within a short notice will play a crucial part in your planning process. You may need to address any repair or cosmetic issues that you have postponed. And of course, decluttering is a time-consuming process but necessary to be prepared to show your home in the best light. These activities can be stressful, so understanding your goal of selling your home and the reward of the outcome, will help keep your home selling experience a positive.
Is your home ready for sale?
If you have known plumbing, HVAC or even minor repairs that need to be done, now is the time to make the required repairs. Home buyers will typically have the home inspected and request repairs so to help with a smooth transaction, it is often better to take care of known issues, particularly the cosmetic issues upfront. Even chipped paint, discolored showers, or cobwebs in the homes, will have an impact on the buyer’s perception and if the house has been well maintained.
If you decide to sell “as is” the house must be priced right. If you know that repairs will need to be done but are not ready to address them until an offer is on the table, you will have a better understanding on how to factor in repair costs when negotiating an offer. The Modern Living Home Team can help devise a pricing strategy and repair strategy based on your home’s worth.
Are their Material Facts that must be disclosed?
Material facts about the property itself and directly impacting the property must be disclosed. Structural defects, defective mechanical systems, pending zoning change or planned highway construction in your homes immediate vicinity must be disclosed to potential buyers and can impact the value of your home. Ensure that your real estate agent conducts a thorough search of issues that you might not even know of.
How much is your home worth?
Understanding how homes are selling in your neighborhood, average days on market, listing price of similar homes and more importantly, sold prices is vital to understanding how long it will take your home to sell and your net profit from the sale of your home.
The Modern Living Home Team will conduct a detailed analysis of your neighborhood statistics and create a custom comparative market analysis that goes beyond average price per square footage but also factors in upgrades, fences, and location to ensure that your home is priced right.
What is going on in the Raleigh Real Estate Market?
Is it currently a buyers’ market or a sellers’ market? Inventory right now is definitely low which gives resale homes a higher chance of selling and at a higher price. However, the competition between buyers can have a negative effect, with buyers getting frustrated and deciding to wait it out until there are more homes to choose from.
The Cary/Apex/Morrisville marked has had a combined inventory decrease of 17% during the second quarter of 2015 and there is a current one-month supply of homes available for sale. With this in mind, it is important that homeowners know where they want to move and the availability of homes in their price point. Always a catch 22, when you have to sell a home before you can buy your next home. In this market, most home sellers will not consider a contingent offer unless the buyers’ home is already under contract.
Overall Raleigh and Wake County Real Estate Trend shows that the average sales price increased by 6% during the 2nd quarter of 2015. The current month of housing supply is estimated at 2 months. With the competition, 12% of homes sold for more than final list price.
In Johnston County, which includes Clayton NC and Smithfield NC, the average list price per square foot increased by 4% and average closed price increased 9%. Johnston County still has the highest number of homes for sale with a 3 month supply. The price point in Johnston County homes for sale is lower than surrounding areas with an overall average list price of $226,600 with most homes shown between $200k and $300k. Homes priced above $400,000 have higher days on market in this area. However, with 540 and 440 within minutes of Clayton NC, home buyers are finding this area a great place to buy and get more square footage and land for the dollar.
Don’t forget to check out our monthly Real Estate Market Updates on Youtube and posts here monthly to keep up-to-date on latest real estate trends in the area.