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Selling Your Home in North Carolina | |
Selling your home involves much more than just placing a "For Sale" sign in your yard and going to the closing. This is why sellers have hired real estate agents to handle the details for them for the past 200 years. We enjoy helping you prepare, market, and sell your home. We do our best every day to help our customers succeed. We offer multiple listing options, enabling you to choose the most economical way to sell your home. You can even participate in the selling process if you so desire.
In under an hour, we will determine the correct price range for your home, we will point out things you should do to your home to make it more appealing to buyers, and we will devise our most effective plan of action. Here are some things we will do to assist you in selling your home:
| Selling Your Land | |
If you decide to sell the land and/or buildings, you have several ways to accomplish this.
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Sell it for cash in a lump sum and pay the accompanying income taxes.
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Sell it on a contract for deed. A contract puts you in the position of a lender. As the contract payments are made, you include them in your taxable income over a number of years. By signing a contract for deed with installment sale reporting, you do obligate yourself or your heirs to paying the income tax on the gain. Selling on a contract can provide the buyer with a source of credit and terms he or she can afford. This method, however, obligates the buyer to pay you a lot of interest over the life of the contract. Interest you receive from the buyer is fully taxable to you. If you become a contract for deed holder, you assume the risk of default by the buyer. You may get your land back through forfeiture or you may be forced to foreclose on the party in default.
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Sell your land piecemeal as the buyer can afford to purchase it. Using this method, the buyer can apply all purchase money to principal and none to interest.
Example: In 2003, a mother decides to sell a designated 10 acres to her son, Bill, for $10,000. In 2004, she sells another 5 acres for $5,500. In 2005, Bill has a good year and is able to purchase 15 acres for $16,000. Bill has acquired 30 acres in 3 years, has them paid for, and has no debt or further obligation to Mom. Bill may wish to enter into an "option to buy" with Mom for various parcels over a number of years. This would guarantee his right to purchase an entire 80 or 160 acres even though Mom may die.
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Consider a tax-free exchange. Exchanging like-kind property with your child can postpone the taxation of gain.
Example: Assume you own a 160 acre farm worth $320,000 with a tax basis of $40,000. You exchange it even up for similar property worth $320,000. You now own the new property with a basis of $40,000. No income taxes are paid on tax-free exchanges if no money or unlike kind property is involved.
| What Price Should You Ask? | |
We know that you want to ask the highest price possible. That's why we research the current market to see what the highest reasonable price is. Here are a few hints on setting the right price:
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Often, your home's value depends on recent selling prices of comparable homes in your area. After reviewing the selling prices for such homes, the price is adjusted according to current market trends.
- Buyers look in the price range determined by their monthly ability and down payment.
- Buyers are often very knowledgeable in their price range and purchase by comparison. Unreasonable asking prices are an immediate turn-off.
- Inviting a potential buyer to make an offer shows that you are willing to bargain. But if your asking price is outrageous, the buyer's offer will most likely also be unreasonable.
- It's necessary to offer competitive pricing, terms, and conditions in your area. This will help you sell faster and get the full market value.
| Marketing Your Listing | |
There are three factors that determine if your home or property is a marketable listing. They are Price, Financing, and Time.
Price - If your home is priced too high, you must be willing to wait much longer for your listing to sell. Either it will take that much longer to find someone to pay more than the home or property is worth, or the market will eventually catch up to the "asking price" of the listing through inflation.
Financing - You may not realize it, but the financing of your buyer can have a tremendous impact on the success of selling your home or property. Try to offer very attractive financing options. Consider carrying the financing yourself at a below-market interest rate or preparing your listing for government financing. This could open the door for many buyers that otherwise wouldn't even consider your home or property.
Time - If time is important then you must be willing to lower the price.
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New Horizons Realty
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PO Box 1588
Mars Hill, NC 28754
828-689-9113
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