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Whether you’re looking to relocate within North Carolina or planning to move across the country, 2023 is a unique time to sell a house in Charlotte. On one hand, some numbers appear to be on your side. For example, there was only a 1.4-month supply of inventory available in the region in June, according to data from the Canopy Realtor Association — a clear signal of a seller’s market.
However, some other numbers might be worrisome. That includes the fact that the median home sale price dropped by 2.5 percent versus June of last year, and the number of closed sales dropped by a huge 22 percent.
It’s a confusing market. Read on for everything you need to know to understand how to sell your house in Charlotte — especially if you’re hoping to sell in a hurry.
How fast can you typically sell your house in Charlotte?
In June 2023, homes in the Charlotte region typically spent 29 days on the market before selling, according to Canopy — a notable increase from the year before, when they sold in just 14 days. In some areas, homes can sell a bit faster. For example, in the city of Charlotte proper that number was 22 days, and in Uptown Charlotte, it was a much shorter 13 days.
If you’re trying to sell your house fast, don’t forget that days on market is only part of the story. That’s the time from when the house hits the market to when it goes into contract, or goes “pending.” The time from then until actual closing can be weeks or even months longer.
Need to sell even faster?
If you can’t wait that long, you have several options for a speedier sale:
- Find an iBuyer: While iBuying is drying up in many parts of the country, Charlotte is an exception. Offerpad and Opendoor, the industry’s two biggest players, are both still purchasing homes throughout the region.
- Sell for cash: Nearly 19 percent of 2023 Charlotte home sales have been cash transactions, meaning no financing paperwork — or waiting time — is necessary. While selling to a company that buys houses for cash is quick, these firms are in business to make money, so you’ll likely get a lower offer than you would receive otherwise.
- Offer concessions: To avoid lengthy back-and-forth negotiations, be ready to bargain. A recent Redfin study showed that more than 50 percent of sellers in the Queen City offer concessions, like paying for repairs or part of the buyer’s closing costs, to help the deal move along smoothly and quickly.
- Ask your agent to focus on speed: You can still work with a real estate agent if you need to sell fast. You simply need to be clear that time is of the essence, so they can market the home in a way that finds you a buyer as soon as possible.
Selling your home in Charlotte
If you decide on a traditional listing with a real estate agent, consider these questions before you move forward.
Is it worth upgrading your home before you sell?
Probably not. Major upgrades will take too long and cost too much to be worth your while. Rather than deal with the hassles of paying for supplies and finding the right contractor, it’s smart to consider some cheaper and quicker ways to increase your home’s value, like boosting your curb appeal.
What should you fix before selling your home in Charlotte?
As you run down a list of potential repairs, think about what might turn you off as a buyer if you were seeing the house for the first time. In addition to visible cosmetic issues, like a cracked board on the deck or chipped paint in the living room, you may want to conduct a pre-listing inspection to be aware of any issues that could scare off a buyer. However, you don’t have to fix every little thing. Your agent can help you decide what’s important and what’s not.
Should you pay to stage your home?
Staging your home can be a great way to impress buyers. From decluttering and organizing rooms to renting new furniture, professional staging can make a place look like it should be on the cover of a magazine. It’s not necessary for everyone, though. Ask your agent if staging can deliver a return that justifies the investment.
How should you price your listing?
If you’re thinking about selling, you’ve probably already done some preliminary research on how much your home is worth. Online estimates, however, aren’t an exact science, and prices can vary widely depending on which part of Charlotte you’re in. The best way to determine an appropriate asking price is to look at comps of recently sold properties in your neighborhood. And no matter what asking price you decide on, be prepared to potentially accept less: Homes in the region sold for 98.5 percent of their list price in June, per Canopy, so slightly below full price.
What do you need to disclose to a buyer?
Selling a home in Charlotte means following the disclosure requirements for all sellers in North Carolina: a four-page statement about any knowledge of defects on the property and details about homeowners association fees, if applicable. Do this well in advance of listing the property, as you are required to give a buyer a copy of the statement before they submit an offer.
After a long wait, closing day is a big day for sellers: It’s when you finally get your cash. However, the full profit is not all yours to keep. Be sure to budget for closing costs.
Costs of selling a home in Charlotte
- Realtor fees: As is the case most everywhere, Charlotte sellers foot the bill for the transaction’s agent commissions. This typically comes to between 5 and 6 percent of the purchase price. On a median-priced $389,900 sale in the region, 6 percent comes to $23,394.
- Transfer taxes: Sellers typically pay for the transfer tax in Charlotte, which is $2 for every $1,000 of value. On a $389,900 sale, that’s another $780. This cost is often negotiable, though, so you may be able to split it with the buyer.
- Real estate attorney: While hiring an attorney is not a requirement for Charlotte home sales, it’s certainly a smart move. Real estate contracts are complicated, and it pays to have a legal expert prepare the documents and do the work to avoid any errors and be sure you’re protected.
- Title insurance: There isn’t a set rule about who pays for the owner’s title insurance policy in Charlotte. If you wind up footing the bill, a new policy on a $500,000 sale will likely run about $1,000.
How much does a speedy sale really matter to you? If you can afford to wait a bit, do some research on local real estate agents and set up a few interviews to see who can offer you the best strategy for attracting a buyer quick. If time is not on your side, look for companies that buy homes for cash in the Charlotte area or request an offer from an iBuyer to see what you can earn without playing the waiting game.
Charlotte’s super-hot market is beginning to cool. Median home prices in the region declined by 2.5 percent from June 2022 to June 2023, according to the Canopy Realtor Association, and homes are taking longer to sell too. However, there is one big advantage on your side: There aren’t enough homes available to keep up with demand. So your listing will certainly get plenty of attention.
In June 2023, homes in the Charlotte region spent an average of 29 days on the market before going to contract. If you want to sell faster, try comparing offers from iBuyers. Opendoor and Offerpad both buy homes in Charlotte and will submit instant offers for your review.