Selling your home is a significant decision that many homeowners make daily. Before you can focus on moving on from your old house into a new one, you will need to consider the tax implications of selling a house.

You must be aware of tax breaks and exclusions so that you aren’t caught off guard when it comes time to sell the house. There is no need to worry, though; we went ahead and curated this guide to help you understand the tax implications associated with selling your home. Continue reading below to learn more about the tax effect of selling a house and who you can reach out to for more information.

Do I Pay Taxes On Selling My House?

When you sell your home, you may need to pay taxes on money earned from the sale. However, some exceptions may result in you paying very little or nothing at all in taxes.

For example, if you have lived in the house for two of the five years before you sell the home, then the first $250,000 of any sale profit is tax-free. That tax-free amount increases to $500,000 if you are married and file a joint tax return with your spouse.

The tax you pay is based on the net amount after expenses that you gain from the sale. This is called the exclusion of capital gains.
So, this does not mean that the total amount of money you make from the sale, but instead, it is the difference between the sale price and the original purchase price.

Tax Effect Of Selling A Home

To figure out the tax effect of selling a house, you will need to calculate the profit you made from selling your house. This calculation is not as simple as subtracting the original price of your house from the sale price.

You will first need to figure out the cost basis of your home. It would be best if you considered the original price of your home in addition to any home improvements or additions. For example, if your original purchase price was $200,000 and you spent $20,000 in upgrades, you have a cost basis of $220,000.

You need to take the amount you sold the house for and then subtract any fees from that amount. For example, if you sold the house for $300,000 but paid $10,000 in fees, the total amount you earned is $290,000.

At this point, you can now subtract your cost basis from the amount of money earned from the sale. In this example, that is $290,000 minus $200,000, which leaves you with a profit of $70,000. Because your profit was less than $250,000, you do not need to pay any taxes for the sale of your house.

Tax Implications Of Selling A House

You need to be aware of some other tax implications of selling a house. For example, let’s say that you were able to receive a profit of more than $250,000 from selling your home. In this case, you will need to be aware of larger capital gains.

Larger Capital Gains

As mentioned earlier, if you make a sale under $250,000 (or under $500,00 if you file jointly with your spouse), then you do not have to pay taxes on your profits. Any gain that does not qualify for the exclusion of capital gains is subject to taxation.

This means that the profit received from selling your home will be taxed at a long-term capital gains rate, provided that you owned the house for at least one year. If you did not, the IRS would instead consider this short term, and you are subject to the standard ordinary-income tax rate. The ordinary income tax rate can be more than double your long-term tax rate.

Keep Track Of Your Basis

It is imperative that you keep track of your tax basis. To do this, you will need to maintain thorough records of any improvements, additions, and the original purchase price of your home. You will also want to keep track of any casualty losses and depreciation claims based on business use.

Deducting A Loss

It is imperative to note that you cannot deduct a loss. It is generally not deductible if you sell your home at a loss. If you use part of your home exclusively for business or rent out a part of your house, the loss attribute may be deductible.

If you are selling a second home, such as a summer home or vacation home, be aware that it is not eligible for the capital gain exclusion. If the property does qualify as a rental property, you may be able to consider it as a business asset which you can then use to deter tax on any gains through a Section 1031 exchange or installment sale.

You may be able to deduct a loss. To be sure, make sure that you reach out to a tax professional to see what your options are.

How To Avoid Capital Gains Tax

To avoid capital gains tax, you must live in the house for at least two years. You don’t have to live in the home for two consecutive years. If you sell a home that you have not lived in for at least two years, the gains on the sale are subject to taxation.

Check Out Your Qualifications

It is best if you see what exceptions you may qualify for to avoid capital gains tax. For example, if you have to sell your home because of an “unforeseeable event” outlined by the IRS, you could possibly exclude a portion of your capital gains tax.

Keep Your Receipts

As mentioned above, the cost basis of your house generally includes the original purchase price in addition to the improvements made to the home over the years. When you have a higher cost basis, your exposure to capital gains is lower.

If you updated your air conditioning unit, updated the driveway, or put in new windows, those updates could cut your capital gains tax. Make sure to keep your receipts and share them with your tax advisor to see what you can use to help minimize your capital gains tax.

Real Estate Taxes

The local and state governments levy real estate taxes on real properties, such as your home, and these collected taxes help pay for schools, public services, projects, and more. Real estate taxes are ad valorem taxes which means the taxes assessed against the value of your house and the land that it sits on.

These real estate taxes are not assessed on the cost basis. You can calculate the real estate tax by multiplying the tax rate by the assessed value of your home. The tax rates vary across different jurisdictions, and they change.

Reporting The Home Sale

In general, you only need to report your home sale on your tax return if you turned a profit of $250,000 if you are a single filer. If you are a joint filer, you only need to report the home sale if it was over $500,000.

If you sold your home for more than the threshold, then you can exclude the first $250,000 or $500,000 of the profit you made on the sale. However, if you did receive a Form 1099-S, you must report the sale of your home, even if the profit you made is excludable.

Vacation Home Vs. Primary Home

The capital gains exclusion only applies to primary residences. It is important to keep that in mind when selling your property. If it is your primary home and you’ve lived in the house for at least two years, there should be no issues with the capital gains exclusion. Of course, to be sure, make sure that you reach out to your tax advisor so that you do not receive any unnecessary fees or penalties.

Any profit made from selling your vacation home or rental property can be taxed entirely. If you move into your vacation home and live there for about two years before selling it, you may be able to use the tax exclusion. It is important to note that your rental property cannot evade the tax.

Per the IRS, if you decide to move into your rental property, you must live there for five years before considering it your primary residence. At that point, you can then sell the home, and you may be eligible for the capital gains exclusion. Again, it is best to reach out to your tax advisor for more information to ensure you do not miss out on any tax exclusions.

When Are The Taxes Due?

When selling your home, you should pay the capital gains tax in the quarter you sold the property. For example, if you sold your property in February, you should pay your taxes before the first quarter deadline, which is the 15th of April.

If you sold your home during the second quarter of the year, you would need to pay taxes by the 15th of June. For the third quarter, the deadline is the 15th of September, and for the fourth quarter, you must pay your taxes by the 15th of January of the following year.

Selling A Home To An iBuyer

An iBuyer is a real estate company that uses algorithms and other high-quality technology to buy houses. When you sell your home to an iBuyer, you can receive an offer in about 24 to 48 hours instead of having to wait months for your home to sell in the current housing market.

How to Sell To An iBuyer

Selling your home to an iBuyer is a relatively straightforward process. You won’t have to show your home to potential buyers or wait months for an offer to go through. Instead, you have to follow four simple steps.

Step One: Enter Your Home Address

Before an iBuyer can extend an offer to you, they must do a valuation on your home. This valuation is free.

The iBuyer will pull data from your market area to generate the offer for your home. If your home meets the criteria of the iBuyer, you should receive an all-cash no-obligation offer on your home within 48 hours.

Step Two: Review The Offer

Depending on the iBuyer you decide to partner with, you may have five days or more to accept the offer. The valuations report should break down the value of your home, any transactions fees and closing costs, and the net proceeds that you will receive.

Step Three: Schedule A Free Assessment

If you decide to move forward with the offer, you will need to have someone come to assess the house. The iBuyer will send their representative to look at the home to verify its condition.

If any repairs are needed, the iBuyer will deduct that from your net proceeds. They will handle the repairs after you move out of the home.

Step Four: Choose Your Closing Date

With repairs out of the way, you have the opportunity to choose your closing date. You have the option to move out within a few days, a couple of weeks, or two months.

The time you have to move out depends on your iBuyer, but for the most part, you have up to 60 days to close on the deal. After you close the home sale, you will receive a payment within days.

Sell Your Home With Ease

As you now know, there are many tax implications of selling a house that you must be aware of before you list your home. Selling your home can be an exciting yet daunting task to take on, especially if you want to move on to that next phase of your life quicker.

If you are ready to sell your home and receive an offer within 48 hours, submit your address for a free, no-obligation offer. Our team is also fully prepared to answer any questions or concerns you have about the selling process.

The post What Are The Tax Implications of Selling a House? appeared first on iBuyer Blog.

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Are you looking to sell your house?

Like late fees on a loan or fees to take cash out of the ATM, there are fees associated with selling your home. The biggest fees come in the form of paying the people who help you, like your real estate agent. And these fees can be hard to swallow when you see how much you owe. Especially if you don’t know what these fees are in advance.

Don’t worry, we can help shed some light! Keep reading for our guide on the fees for selling a house so you know what to expect.

What Are the Fees For Selling a House?

The fees when selling a house can come as a surprise at each stage of the selling journey. They’re not small either, and selling could end up costing you a fortune. Here are the most common fees you need to watch for, so you can prepare yourself in advance.

Staging

Home staging is where you hire a company to bring furniture into your home and arrange it. It creates a luxury homey feel which is neutral enough that buyers can picture living there.

Rooms seem larger and have a defined purpose, so buyers can see how the home functions. This is a method that’s proven to help homes sell faster, closer to their asking prices.

But it isn’t a free service, and you’re looking at an average cost of $1,500 – $2,000 though this increases with square footage. For some larger homes, you’re looking at $6,000 or more.

Interior Painting

You might love your bright red and purple walls but chances are buyers won’t. Dirty walls and unique, bright, colors are major no-nos for buyers.

It’s best to spruce up your tired paintwork with a neutral cream or warm gray color. This gives the impression that you’ve cared for your home and increases its value in buyers’ eyes.

To update your interior paintwork, you’re looking at around $1,000-$1,500 on average. This will depend on the number of rooms and work that needs doing.

It also increases if you need to call in professional painters. If you think you’ll get the asking price without doing it, think again. It’s one of the home improvements your agent will suggest to you first.

Carpet Cleaning

Another of the most common fees for selling a house is cleaning your carpets. This could set you back as little as $100 – $200 if you’re steam cleaning them yourself. If you need to replace the carpet completely, you could be looking at $3.50 – $11 per square foot. The average room costs $1,600 to fit out with a new carpet.

It’s another home improvement you can’t ignore in conventional sales. Dirty carpets scream to a buyer that they need taking up and replacing. Most won’t bother cleaning them themselves and immediately think of replacing them. This is extra money for them, and stress the buyer won’t want to have on their shoulders.

As such, you might find them adding up the cost of a new carpet (at the higher end) and detracting that in their offer. Cleaning your carpets is much cheaper than accepting replacements reduced from the sale price. Even if you need to replace them, it may still end up cheaper than what a buyer would choose.

If you’re calling in professional cleaners, be aware they usually charge by the room. In larger properties, that soon adds up. But you can save money if you do it yourself. Visit places like Home Depot who will rent you a steam cleaner for around $50.

Cleaning the House

Again, if you want to attract buyers and give the impression of a well-loved home it needs to be clean. This is another of the fees when selling a house if you’re not going to do the cleaning yourself.

You’ll need to deep clean, which can be overwhelming for one or two people. If you’re calling in the professionals, the average cost will set you back around $150.

Again, this varies depending on the number of rooms that need cleaning and how much cleaning there is to do. Most cleaners will charge by the hour.

If you’re willing to get your hands dirty, you can save yourself most of this cost though. You only need to pay for the cleaning products, not the labor costs.

Lawn Care & Landscaping

The appearance of your property’s exterior is as important as the interior. It’s the first impression. A well-mowed lawn and pruned trees and bushes give the impression of care and effort.

If your home looks unkempt when buyers first pull up, it could turn them off completely. They’ll question your level of care and wonder what else is wrong with the place deeper down.

Improving the curb appeal will set vary in costs, depending on what needs doing. But, having your lawn mowed to a professional standard will be around $100-$200. But you can save money by doing this yourself.

General Repairs

If you want to get the most money for your home, then general repairs need doing. These include all the little jobs you’ve put off, like loose door handles and dripping washers.

Making the little repairs will go a long way towards making your home seem more desirable to buyers. They can also add value to your home if you do them right. On this note, there are inspection repairs to consider too. When a buyer has a home inspection, issues can crop up.

Either you will need to have those repairs done before closing, or negotiate the cost of them off the sale price. Remember, the average buyer isn’t looking for a project. They want a home they can move right into and put their mark on over time.

Closing Costs

Homebuyers can expect to pay between 2% – 5% of the sale price in closing costs. But sellers have to pay closing costs too. Any money that goes into escrow has a fee that the buyer and seller split.

On top of this, you may have pro-rated property taxes and HOA fees too. Most mortgages let the seller pay the closing fees for their buyer too. But, especially in a seller’s market, most don’t agree with this.

In a buyer’s market though, when sales are slow, you might have to sweeten the deal by paying their closing fees too. Your real estate agent will help guide you on if that’s a necessity or not.

Transfer Tax

In the US, the average cost of the transfer tax is around $750 and it covers transferring the name on the property. Not all counties and cities charge it though, so you need to check with your local authority or estate agent.

Usually, the transfer fee is set as a percentage of the sales price, that’s why it can vary. The more expensive your home, if the fees apply, the larger you can expect the sum to be.

Lawyer Fees

Both you and the buyers will need lawyers to help complete the legalities of the process. You’ll need to hire the expertise of a real estate attorney for this. If you have a specialist property, it should be one that has experience in that niche or similar niches.

The fees you’re looking at are around an average of $1,000 for a smooth sale. These fees can range from a few hundred dollars up to a couple of thousand though. This will depend on how much work needs doing and how simple or complex the sale is.

Real Estate Agent Commission

Usually, the agent fees for selling a house sit at around 3% – 6% of the Sale Price. Some specialist realtor fees for selling a house though can sit closer to 10%. The seller’s agent will then split this commission with the agent acting for the buyer.

There are some cases where you could negotiate this commission percentage. Some agents will offer lower commissions but will do less of the work or not offer the full sales package. But, for the most part, experienced realtors won’t negotiate on the commission rates.

The agent puts a lot of work into selling your home. They need to:

• Take pictures
• Write descriptions
• Market it
• Hold the open houses and viewings
• Take calls and reply to email inquiries

And more. Given the amount of work they do, a 3% – 5% commission is fair but that will eat into your profits from the sale. For example, say you have $300,000 on your mortgage balance, and your home sells for $450,000.

You have to pay off that mortgage debt, which leaves you with $150,000. If the real estate commission rate is 5%, that’s a cut of $22, 500, leaving you with a profit of $127,500. That’s a massive dent in your profits at the end of the day, and only from one source of fees.

Title Insurance on Behalf of the Buyer

Sometimes, unbeknownst to you, there can be issues that crop up with the title to your home. Title insurance is there to protect the buyer against these issues or any liens that there could be.

The buyer pays the costs for the lender title insurance for their mortgage company. As the seller, you’re responsible for covering the costs of the buyer’s title insurance.

Costs will vary depending on the sale price of your home but you should expect to pay in the region of $750 – $1,000. This is a fee you won’t be able to get out of or negotiate either, as it’s your obligation to pay for it.

Paying Off the Outstanding Mortgage

As mentioned above, another massive chunk of money goes on paying off your mortgage. You will need to pay off your existing mortgage loan with the money you’ll collect from selling the home.

Once all the costs and fees come off this, you then get what’s left. Even then, that whole profit isn’t yours. You’ll need to pay all the other fees left outstanding from that amount too.

This massive payoff, coupled with the smaller fees soon stack up and you could see very little profit at all. In most cases, when buying another home, you’ll still have to take out a mortgage too

You won’t make enough profit to go mortgage-free unless you’re able to downsize to a cheaper area. Even then, there is no guarantee. No matter how you sell your home, that mortgage needs paying off, so you can’t get around this fee.

Existing Utilities

After you move out of the home there will be a final utility bill that’s due. It will cover the last period of time the house was in your ownership.

If you sell mid-way through the billing period, you can negotiate with the buyers to only pay the amount you used. Most of the time though this gets complicated and can be a hassle to arrange and settle.

You should also note that even if you move out before you sell, you still need to pay for utilities on it. A home that doesn’t have gas, water, and electricity will be a major turn-off for buyers.

They don’t want the hassle of having to reinstate the utilities before they move in. They want to be comfortable right from the start, and look for as little stress and work as possible. So you might find your home becoming tough to sell, stagnating on the market.

This in turn has its own problems as people start to wonder why it’s not selling. Assumptions could get made about the state of repair, or if there are larger issues at play. All in all, this leads to more time on the market, and the possibility it won’t sell at all.

Fees for Selling a House: A Break Down

So, there you have it! Now you know what the common fees for selling a house are you know what to expect going forward.

Between prepping the house for sale and closing, these costs soon add up. Some you can’t get out of, but others you can cut completely by doing the work yourself.

Or, even better, why not consider selling your home as is to a cash iBuyer. The process is quick, easy, and only needs a few details on your home to get a fair, market-based quote. The best part is there’s full transparency at every stage with regard to the fees you pay. It’s a stress-free, easy-to-navigate option to consider especially when you need to sell fast.

For more information, get your free home valuation today. At iBuyers.com we match sellers to local iBuyers and investors that you can trust.

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There are many factors to consider when selling your house. One of the most important is how long you have owned the property. Under the current tax laws, if you sell your house before two years have passed since you bought it, you will be subject to a capital gains tax.

The tax penalty for selling your house before 2 years may differ based on your state. However, it is typically a percentage of the sale’s profits. The following article will explain features about selling a house for cash, tips to avoid tax penalties before two years, and some of the benefits of selling your home to an investor.

What is Tax Penalty For Selling a House Before Two Years?

The tax penalty means that if you sell your house before owning it for two years, you will owe taxes on the profits from the sale. These tax penalties vary by state but are typically a percentage of the profits from the sale.

The average penalty rate is around 25 percent, but it can be as high as 30 percent or even higher if the profit is more than $250k. 

Factors That Affect Tax Penalty For Selling a House Before Two Years

The tax penalty for selling your house before two years depends on some factors. Some of them are:

1 The Length Of Time You Have Owned The House

The ownership period is a significant factor in determining the penalty rate. For example, if you sell your property in the first year of owning it, you will have to pay a higher tax penalty than if you sell after two years.

2 Whether You Are Considered A Resident Or Non-Resident Of The State

The tax law is different for residents and non-residents. For residents, the tax penalty is based on how long they have owned the property, while for non-residents, it is based on the profit from selling it.

For example, if you are a resident of California and selling your house after owning it for more than a year, you will have to pay a tax on the profits. However, if you are a non-resident of California and selling your house after owning it for more than a year, you will not be subject to any tax.

3 Your State’s Tax Rate

Your state’s tax rate is another factor that affects the penalty for selling your house before two years. For example, California has a high tax rate, so you will have to pay more taxes if you sell your house in that state.

What is Capital Gains Tax?

A capital gains tax is when someone sells their property and makes a profit. The IRS taxes this gain at the same rate as ordinary income (up to 37 percent). 

The IRS is the Internal Revenue Service, a federal agency that collects taxes and handles tax-related matters. The IRS has specific rules for capital gains on home sales. Some of them are listed below:

a) The house’s sales price must be more than $250,000 for a single person or $500,000 for married couples.

b) If you sell your house within two years of buying it, then taxes will be owed on the profit from that sale. If you sell it after two years, no taxes will be owed. 

c) If you own the house for less than one year, then taxes will be owed on 75 percent of the profit from that sale. If you have owned it for more than one year but less than two years, taxes will be owed on 50 percent of the profit.

d) If you sell your house within two years and make a profit, you may be subject to the home-sales capital gains taxes.

Capital gains is calculated by subtracting the selling price from the purchase price. For example, if you bought a home for $300k and sold it for $500k, then you would have a $200k capital gain.

e) You can deduct the costs of selling your home from the profit to reduce your taxable income.

The costs of selling a home include the real estate agent’s commission, title transfer fees, and other closing costs. 

For example, if you bought a home for $300k and sold it for $500k, your taxable income would be reduced by $200k (the cost of selling the home), and you would only owe taxes on that amount.

What is the Difference Between Capital Gains and Income Taxes?

The main difference between capital gains and income taxes is that capital gains are taxed at a lower rate.  Income taxes are taxed at the same rate as your regular income, while capital gains are only taxed at a maximum of 20 percent.

Capital gains are profits from selling an asset, such as stocks, bonds, or a home. These assets are considered capital assets.

What is Short-term and Long-term Capital Gains Tax?

Short-term capital gains are taxes due on the sale of an asset, such as a stock or bond, held for less than a year. These assets are considered short-term capital assets.

Short-term capital gains are taxed at the same rate as your ordinary income, which could be up to 37 percent. 

Long-term capital gains are charged on the sale of an asset, such as a stock or bond, held for more than a year. Long-term capital gains are taxed at a maximum rate of 20 percent, which could be lower than your ordinary income tax rate. You can deduct the cost of selling an asset from its profits to reduce your taxable income.

How Can You Avoid the Tax Penalty for Selling a House Before Two Years?

Here are some tips to avoid a tax penalty for selling a house before two years:

a) Sell your home after owning it for more than two years. It will exempt you from the tax penalty.

b) Sell your home at the right time. For example, if you sell it in November or December, you won’t have to pay taxes on the profits.

c)  Buy a second home and live in it for two years before selling the first one.

d) Rent out your home and wait for the right time to sell it. 

What Are the Ways to Reduce Capital Gains in a Home Sale?

There are several ways to reduce capital gains in a home sale. They include:

– Capital Losses:

You can deduct any capital losses from the profits of your home sale. For example, if you sell your home for $500k but have a capital loss of $100k, your taxable income would be reduced to $400k.

– The Exclusion For Primary Residences:

A primary residence is a property that you live in most of the time. You can exclude up to $250,000 of the profits from the sale of your primary residence. If you are married and filing jointly, you can exclude up to $500k of the profits. 

– Depreciation:

Depreciation means that the value of your home decreases over time. You can deduct this loss from your taxable income by claiming depreciation on Schedule E, used for rental property.

– Cost Basis:

Cost basis means the amount of money you paid for something, including closing costs and real estate agent fees. You can deduct this cost basis from your taxable income by claiming it on Schedule D, which is used for capital gains and losses.

– Exclusions: 

There are several exclusions that you can use to reduce your taxable income. They include the exclusion for depreciation deductions, charitable contributions made through gifts of appreciated property, and unrealized gains from stock options.

How Does Selling Your Home for Cash Affect Capital Gains?

Selling your home for cash does not affect capital gains. It only affects the amount of money you receive from the sale.

When you sell your home for cash, the buyer pays you the total amount of the sale. It does not include any taxes or fees that you may owe.

The only way to avoid capital gains taxes is to sell your home for less than you paid for it. If you sell it for more than you paid, you will have to pay taxes on the profits.

Do You Have to Pay Capital Gains Tax on the Sale of a Rental Property?

Yes, you have to pay capital gains taxes on the sale of a rental property. Capital gains are taxable income, so you will have to report them on your tax return. 

When you sell a rental property, you will have to pay taxes on the profits. The amount of tax you will pay depends on how long you owned the property and your tax bracket.

A tax bracket is the income range at which you are taxed. For example, if your taxable income is $50k and you pay a tax rate of 22 percent, your tax bracket would be $22k.

Capital gains taxes can be complicated, so it’s essential to understand how they work. If you are planning to sell your home, make sure you know how much money you will need to pay taxes and the tax penalty for selling a house before two years.

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Lots of factors go into a successful home sale–even the time of year when you list it.

These days, it’s a seller’s market, but as real estate experts know, that dynamic can change. If you’re thinking about selling your house, you’ll want to avoid any possible pitfalls, including listing during the worst months to sell a home.

Timing plays an important role in the real estate marketplace as it does in many other industries. Learn some listing tips here so you can avoid selling your house at a time when it’s least advantageous to you. 

When Is the Worst Time to Sell a House?

According to reports, the worst two months to list your house are October and December. During October, families are contending with back-to-school concerns and also gearing up for the holidays. December, of course, is prime-time holiday season. Many house hunters opt to delay their home shopping plans until after the holidays. 

October and December are the worst months to sell a home according to the numbers too. During these two months, sellers have the least amount of success achieving their asking price and making a sale compared to other months. That doesn’t mean that your home won’t fetch you a great deal, especially in a seller’s market, but you’ll always wonder–would the deal be better if I’d waited until May or June? 

According to some reports, the median premium for sellers is just 3.3% for those selling their house in October or December. During other months, (we’ll get to those in just a bit), the premium rises to more than 9%. Consequently, sellers who can afford to wait may make more profit on the sale of their house.

Consider the Weather

During the months of October, November, and December, the weather isn’t always on property sellers’ side either. Cold rains lead to mud and puddles. Imagine visitors tracking into your open house with their muddy or slush-covered shoes and boots? If you’ve had your carpet professionally cleaned, you may be hesitant about listing during any foul weather months. 

Also, during these months, the house is often closed up. That means pet smells can linger longer and even intensify. During the warmer months, you have the option of airing out your house daily by opening windows. If you live in a climate that gets heavy snowfalls beginning in October, you should also consider that many buyers simply don’t want to move during snowy, icy conditions and will, necessarily, postpone their moving plans until the spring or summer. 

What Are the Best Months to Sell a House?

Home sale numbers suggest that May and June are the best times to sell a house. By late spring, the weather becomes more consistently warm and less rainy, which makes moving easier for people. Children complete the school year by late May or early June, and this frees up parents to move without worrying about pulling their kids out of one school and putting them in another midyear. 

Because many people take summer vacations in July and August, house hunting in the spring won’t detract from vacation plans. Moving in the intense heat of July and August are also unappealing to some real estate buyers. 

Is There a Best and Worst Day for Selling a House?

Actually, there are best and worst days for listing real estate. Poor Monday. Nobody loves Mondays–not even home buyers. According to the data, the least advantageous time for sellers to list their home is on a Monday. Simply by waiting until Thursday, could benefit your sale (on average) with an increase of more than $3,000. Why is this? 

Practically speaking, many people are focused on their work week on a Monday. As they move toward the weekend, they begin to line up their house hunting plans. By listing on a Thursday, you’re apt to show up early in searches for new listings just as buyers are considering which properties to visit. Listing on a Sunday or Monday could result in your house sitting in the marketplace longer, too. Homes listed on these days are associated with longer periods of time spent in the market.

Timing Isn’t Everything–But It Matters

Keep in mind that the data reflected here refers to averages. There are certainly examples of successful Monday listings and fruitful December sales. If you are trying to sell your home quickly, you may have no choice but to list in October or December. On the other hand, if you have time to wait until a more advantageous time period, you could achieve a better deal–as statistics show. 

Lots of factors are involved in selling a house. Listing the house on a certain day or within a certain month are just a few of them. However, when you understand why certain months aren’t as advantageous as others, you can see there’s a certain practicality associated with how sales play out–or don’t. It makes sense that the holiday season is a downtime for the real estate market. People are busy shopping and seeing friends and family during this time. 

What Other Factors Should I Consider Before Listing My House?

If you intend to market your home to families, late spring is a great time to do it because, as mentioned, school will be out soon and parents can make their move before the next school year begins in late summer. If you live in a warmer climate, you might choose to list early in the new year. At that point, the holidays are over and people are eager to make changes. If weather isn’t a prohibitive element in your area, you might want to list in January or February.

The type of house you’re selling can impact when you are likely to get the best deal. For instance, if you’re selling a beach house, the best time to do so is before the summer season or right after it. If you’re selling a house in an area that’s popular for its winter sports like skiing, you might make an advantageous sale during the winter months because that’s when there are so many visitors to the area. 

Your climate can also contribute or reduce your home’s curb appeal. For instance, winter can be a tough time for selling houses in the north. Unless you have a landscape with plenty of winter interest, the property can appear bleak and unattractive. On the other hand, if you get great autumn color, fall might be the best time of year to sell your home. Consider your home’s seasonal appeal when choosing a listing month. 

I Don’t Have Time to Worry about Timing!

Many sellers don’t have time to play games with the real estate market. They’ve made the decision to sell, they’re ready to move on with their lives, and they just want to unload their house now. That’s understandable. They may not have time for the psychology of “staging” their home, moving all their personal photos into storage, or painting all their walls a neutral color. This, too, is understandable. 

Fortunately, home sellers have many different options today for selling their home. Some are choosing to list online and sell to an iBuyer without the hassle of the real estate marketplace and it’s conventional obstacles like open houses and repairs. The iBuyer method definitely takes the headache out of selling a house. It may be the ideal option for you.

What’s Involved in Selling to an iBuyer?

If you decide to sell to an iBuyer, you simply submit your address on a site like iBuyer.com and wait for cash offers. Buyers already assume that you’re selling your house as is. They’re not looking to negotiate over the current state of your siding or the age of your furnace.

They assess information about your listing, peruse your photos, make use of tools that help them find out what other similar houses in your locale have sold for, and then they make you an offer based on their data. They make cash offers, so you don’t have to worry about banks and contracts falling through!

Is Selling to an iBuyer Right for You?

Many sellers are thrilled to sell to an iBuyer rather than go through the conventional real estate marketplace route. One thing to remember–you can decline offers made to you. If you receive a cash offer that is unappealing to you, you don’t have to accept it. You can always take the conventional route afterward. 

However, if you do receive a terrific offer from an iBuyer that you believe is fair, you can accept it and sell your home in mere days! Many sellers are excited to have this type of option. If you want to sell your house quickly without any headaches, this is definitely a route you should consider. 

Visit iBuyer.com to learn more about the advantages associated with selling real estate to an iBuyer. It might be the ideal way for you to proceed selling your home.

The post The Worst Month To Sell Your Home appeared first on iBuyer Blog.

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Did you know North Carolina produces more sweet potatoes than any other state in the nation? 

But there’s more to North Carolina than sweet potatoes. From sandy beaches to rolling mountains to bustling cities, there isn’t much The Old North State doesn’t have. 

Not to mention the NASCAR Hall of Fame, Carolina Panthers, and the mouth-watering breweries and vineyards sprawled across the state. 

If you’re asking yourself, “is North Carolina a good place to live?” the answer is yes. 

You’ll be glad to know that some of the best places to live in North Carolina are only a stone’s throw from the best attractions the state has to offer. 

Are you looking to make a move to North Carolina but not sure where to drop your anchor?

Find out 15 of the best places to live in North Carolina here.  

1. Raleigh 

Moving to Raleigh is one of the best choices you will ever make. The region has been named the best place to live in North Carolina on multiple occasions. 

Raleigh is the capital of North Carolina and the second-largest city in the state. Located in Wake County, Raleigh is also known as the “City of Oaks” because its many oak trees line almost every street. 

Raleigh is relatively affordable, with a strong economy and booming job prospects. Rent tends to hover around $750 per month, and houses are priced at around $250,000. 

Raleigh is an educational hub with family-friendly museums and strong performing universities and colleges. The city also has vibrant nightlife and a growing arts scene. 

Raleigh experiences four distinct seasons which is often cited as one of the many reasons people choose to move there. 

If you enjoy shopping, eating, hiking, and experiencing history, Raleigh is the city for you. 

2. Charlotte 

Known as the Queen City, Charlotte boasts a low cost of living, enviable weather, and an oasis for outdoor enthusiasts. 

Charlotte is the largest city in North Carolina, with almost 900,000 people. It’s also one of the top ten fastest-growing major cities in the United States. 

The city is known as a business and financial hub and home to the corporate headquarters of Bank of America and the east coast operations of Wells Fargo.

Like Raleigh, Charlotte also has a well-educated population with three dozen higher learning institutions, including the University of North Carolina (Charlotte campus). 

The affordable cost of living is a big reason why families, students, and professionals choose to move there. With the median home price at $175,000 and the median monthly rent at $950, it’s hard not to see why. 

Better yet, Charlotte is the perfect city to settle down in if you prefer summer over snowy winters. The state sees more rain than snow and is ideal for anyone who enjoys a mild climate.  

3. Wilmington

With a tight-knit community of almost 130,000 people, Wilmington is one of North Carolina’s best places to live. Wilmington offers its residents a relaxed coastal lifestyle which is currently exploding in popularity. 

The city of Wilmington lies in New Hanover County, with a quality of living that is second to none. The smaller city is an economic hub that offers quality education and employment and plenty of tourism and housing. 

Another reason people choose to move to Wilmington is its low tax rates. The city boasts the second-lowest tax rate in North Carolina. 

The cost of living is very reasonable, sitting at 4% lower than the national average.

There is greater demand for renting in Wilmgonton with a medium price of $1,200 to $1,400. As for buying, the typical value of homes is around $330,000. 

With a continuously growing economy, you can expect employment in health care, hospitality, and retail. 

4. Asheville 

Asheville is the best of both worlds, a big city with a small-town feel. Known as the “Paris of the South,” Asheville is a vibrant community with historic architecture and rich history. 

Asheville is home to breathtaking mountainous views, delicious eateries, and plenty of hiking and biking trails. 

Home to almost 95,000 people, Asheville has a robust job economy with a low unemployment rate. You can expect to find job opportunities in the area’s significant employers; healthcare and education. 

The Asheville arts scene has deep roots, with hundreds of artists occupying industry buildings along the French Broad River. 

The people in Asheville are welcoming and friendly, with a strong sense of community. This is no more apparent than its primary focus on supporting independent local businesses. 

Asheville’s cost of living is stable, although a recent population influx has seen an increase in housing prices. The average house costs around $350,000, and the average rent is currently at $1,400 to $1,500. 

5. Greensboro 

More and more people are choosing to move to Greensboro. Why? Because the city has plenty of economic opportunities, an affordable cost of living, and an abundance of things to do. 

Greensboro has a rich history as an important location during the civil rights movement that any history buff will look forward to discovering.

There’s also no shortage of historic Art Deco buildings in the Downtown Greensboro Historic District. 

The city of Greensboro is well-known for its athletic venues, with plenty of courts, fields, stadiums, and pools scattered all around. 

With nearly 300,000 residents, one of the first things you’ll notice is how welcoming and kind Greensboro people are. And not to mention how family-friendly the city is. 

If you move to Greensboro, you will notice that the living cost is cheaper than other cities in North Carolina. The typical home value of homes in Greensboro is $245,000, but you can expect to pay more or less depending on the time of the year.  

6. Winston-Salem 

Home to NASCAR and sweet tea, Winston-Salem is the fifth-largest city in North Carolina. If you decide to move to Winston (as the locals call it), you’re in for a sweet treat. 

One of the best parts of living in Winston-Salem is its sense of community. They say Southern hospitality is a given, and there is no doubt about that, with many festivals and events across the city celebrating its authentic Southern charm. 

Speaking of, the food in Winston-Salem is out of this world. Its Southern comfort food meets authentic international flavors speaks to its diverse population. Try the local Carolina BBQ for a finger-licking foodie experience. 

Education is also at the city’s forefront, with plenty of public and private schools to choose from. Winston-Salem State University (WSSU) is ranked among the top ten best value colleges and universities in North Carolina. 

There are plenty of different housing options to choose from, including downtown lofts, single-family homes with lots of green space, and new construction homes. 

7. Apex 

Apex is a smaller suburb of Raleigh in Wake County, North Carolina. With a population of just 45,000 residents, Apex boasts a small-town charm with all the benefits of living close to the city. 

Many reasons to move to Apex include its affordability, rich history, green spaces, diverse cultural activities, and proximity to Raleigh. 

Residents of Apex also enjoy low property taxes, an excellent schooling system, family-friendly neighborhoods, and a mild climate. 

If you’re planning to move to Apex, you might be surprised to see a long list of social activities and cultural events planned throughout the year. There is always plenty to do, from music festivals to Easter egg hunts. 

If outdoor exercise is more your style, there are plenty of green spaces currently maintained by the town, with more on the horizon. Take your pup to Apex Nature Park or test out your skateboard skills at the Trackside Skate Plaza. 

8. New Bern 

Small town charm meets dynamic living in New Bern, North Carolina. It’s one of the many reasons newcomers are drawn to the town. 

New Bern has enough to keep you entertained for the rest of your life. 

New Bern is North Carolina’s second-oldest city. The town boasts four historic districts, each listed on the National Register of Historic Places. Yes, it’s that old. 

While New Bern has a small population of only 30,000, the community is still incredibly diverse. You’ll find that most people are friendly and welcoming, just like every other town in North Carolina. 

If you enjoy eating out and shopping up a storm, New Bern’s historic downtown is lined with small businesses, boutiques, cafes and restaurants, and art galleries. 

It is also home to Union Point Park, which offers fishing and boating access, picnic shelters, and walking trails. 

9. Greenville 

Greenville is home to some of the best places to eat and things to do in North Carolina.

Once named Martinborough, Greenville was founded in 1771 and was moved three miles to where it is located now. 

It is home to nearly 120,000 people. Greenville ranks highly in career opportunities and business development. It is also a hub for entertainment, education, and health. 

Greenville is a mixture of urban meets rural living. The town is located on the river, meaning there are all kinds of water-based activities and great views. 

If you’re moving with your family, the suburbs are your best choice with newer, larger homes. For those looking for inner-city living, you’ll find plenty of apartments and smaller homes to choose from. 

The cost of living in Greenville is comparable to most areas in North Carolina. The median family income is $45,000. The typical home value of homes in Greenville is $250,000 to $290,000. 

10. High Point 

Like everywhere in the South, the hospitality is exceptional. As soon as you move to High Point, you’ll feel right at home.

High Point is the only city that extends into four different counties. It is also the ninth-largest city in North Carolina and only twenty minutes to Greensboro and Winston-Salem. 

High Point is a central manufacturing hub with a rich history on display in the city’s museums and historical sites. The median house price in High Point is around $200,000, making it an extremely affordable place to live. 

Most people living in High Point are young, with a mixture of families, young professionals, and college students. Over the past few years, there has been a population increase due to a significant boost in employment opportunities. 

Like most cities in North Carolina, there is a major tight-knit community vibe. As soon as you arrive, you will notice the friendly and welcoming vibes. 

The food scene is also hot in High Point. Choose from a variety of locally-owned restaurants, taverns, and bars. 

11. Durham 

Why do people move to Durham? Easy, the community, and incredible job prospects. 

Durham has a population of over 260,000 and is a beautiful medium-sized city with plenty of character. The feeling of community is a direct result of the cities history, culture, and Duke University – the heart and soul of Durham.

Durham has a strong economy with plenty of employment opportunities in healthcare and education.

More recently, tech giants like Amazon and Google have chosen the Triangle area to set up more warehouses and offices. 

If you’re a foodie, you’ll also love what Durham has to offer. Dame’s Chicken and Waffles serves the best – you guessed it – chicken and waffles in the area. 

Affordability is another reason why people choose to move to Durham. The cost of living is less than the national average, making it the ideal location to set up roots. 

Durham’s mild weather is enough to make you throw your winter woolies away for those who hate snow.

A t-shirt in December? Sure! In Durham, anything is possible. 

12. Chapel Hill 

If you’ve heard of the University of North Carolina, you would be familiar with Chapel Hill. This university town is home to Rameses the mighty ram. 

But don’t be fooled. Chapel Hill has more to offer than the typical college town. Known as a Foodie’s Paradise, Chapel Hill is home to many local watering holes and Al’s Burger Shack. 

Many employment opportunities are in administrative, sales, and office fields. Many of these jobs are connected to the university itself. But there is also plenty of business, finance, and material production opportunities. 

Depending on where you are moving from, the cost of living may be more or less affordable. The median household income sits around $60,000 per year, with the average house price around $330,000. 

There are many things to do in Chapel Hill, some connected with the university, some not. If you’re a history buff, you might like to explore the Chapel Hill Museum.

If you have kids, you might like to take them to the Coker Arboretum to explore the beautiful plants and flowers. 

13. Boone 

Boone is a quaint town and home of Appalachian State University. It is located in the Blue Ridge Mountains and has a population of almost 20,000. 

One of the best reasons to move to Boone is its climate. Boone experiences four seasons. However, many agree that fall is when the town shines. 

If you enjoy playing golf, Boone has its own golf club and is rated one of the best public courses in the area. After a round or two, enjoy a cold drink at the club’s cafe. 

You can also enjoy a variety of water activities on the New River. They include kayaking, canoeing, tubing, and rafting. 

Boone is also a town ideal for people moving with dogs. Some of the best parks, restaurants and attractions allow dogs inside.

The cost of living in Boone is lower than in the rest of the country. The median house price is around $250,000, with the median income sitting near $20,000. 

14. Hickory 

Hickory is known for its eclectic vibes and outdoor recreation. Its population is almost 80,000, and the median home price is $168,000. This makes Hickory one of the most affordable cities to live in in North Carolina. 

Technology and manufacturing are the top industries in Hickory, with plenty of employment opportunities available. Currently, Hickory is home to retirees and families. However, it is slowly becoming a hot spot for young professionals. 

Move people drive to work and shops and restaurants. This makes transportation an issue if you don’t have a car. However, Greenway Public Transporation buses travel around Hickory and between counties. 

For a small town, there is also plenty to see and do. Outdoor recreation is the ultimate thing to do in Hickory.

During summer, you can kayak and canoe at The Catawba River. There are also many walking and running paths and mountain biking trails for hiking enthusiasts. 

15. Fayetteville 

Lucky last, Fayetteville. Fayetteville is home to Fort Bragg, one of the most significant military bases in the world.

Fayetteville is a thriving patriotic community with a low unemployment rate and a growing defense industry. If you’re seeking deployment in the military, Fayetteville is the town for you. 

This is also another great town for golfing enthusiasts. Fayetteville is home to 19 miles of fairways created by famous course designers. 

Since the Fort Bragg army base brings in most of its residents, Fayetteville is a very diverse community. This contributes significantly to the growth of the area. It also means more local festivals and community events.  

If you’re not used to warmer weather, the heat in Fayetteville will take some getting used to. Lucky for you, many breweries are being built downtown to help you cool down. 

Fayetteville also happens to have a very buyer-friendly real estate market. The median house price in the area is around $120,000. If you move closer to Fort Bragg, the price drops by almost $40,000. 

The cost of living is 20% lower than the national average. This makes Fayetteville one of the most affordable places to live in North Carolina. 

What Is an iBuyer? 

There’s no doubt selling your home is a stressful time. One of the most significant sources of stress is uncertainty.

Once your home is on the market, you start to worry that you won’t sell for your asking price. Or worse yet, what happens if it sits too long on the market. 

iBuyer.com is a hassle-free option to sell your home. Without showings, repairs, or headaches, iBuyer can close on your home in as little as two weeks. 

The process is simple, and you can get your cash offer in as little as 24 hours. 

As soon as you have chosen your offer, you don’t have to worry about waiting for the bank’s approval. iBuyers pay in cash, meaning you can close quickly and get the money you need.

Looking for the Best Places to Live in North Carolina? 

North Carolina has become one of the top destinations for people young and old to settle down and create a new life. With some of the friendliest people in the country, it’s hard not to see why. 

Now that you know where the best places to live in North Carolina are, it’s time to prepare for your big move. This means selling your home. 

The North Carolina real estate market is hot right now. If you want to jump into the market headfirst, you’ll want to sell your previous home ASAP. 

iBuyer can help you do this. All you need to do is visit our homepage and submit your home address. From there, you can find out what your house is worth and get a quick cash offer to sell your home. 

iBuyers are completely transparent with you. You can have peace of mind knowing what costs are involved before you decide to sell your home.

iBuyer also covers any necessary repairs, upgrades, and cleaning so that you can sell your home as-is. 

Find out the value of your home today to receive your cash offer. 

Before you know it, you’ll be living in North Carolina!

The post 15 of The Best Places To Live in North Carolina appeared first on iBuyer Blog.

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