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If you’re ready to move on from your current home in the Research Triangle, chances are you’ll be able to find a buyer fairly easily. According to Redfin data, homes for sale here receive an average of three offers. However, the same data shows that the median sale price here fell by 2.1 percent between June 2022 and June 2023 — a signal that buyers here, as everywhere, are weighed down by high mortgage rates. Read on for everything you need to know to sell your house in Raleigh fast, and for the best potential profit.
How fast can you typically sell a house in Raleigh?
In June of 2023, per Redfin, the typical Raleigh home spent a median of 36 days on the market before selling. That’s an 11-day increase versus the same time in 2022, but it’s a lot faster than the Raleigh market moves in winter: It took 62 days to sell a home here in January, a reminder that the coldest months of the year can also be a cold, harsh reality for sellers.
Need to sell faster?
If you can’t wait that long, there are a number of routes to a speedier sale in Raleigh.
- Find an iBuyer: iBuying is still alive and well in Raleigh. Both Offerpad and Opendoor, the two biggest players, are actively purchasing homes here. Input your address and get an offer nearly instantly — usually within 24 hours. These companies can close very quickly as well.
- Sell for cash: Around the country, plenty of buyers with deep pockets are bypassing the need for financing — and high mortgage rates — with all-cash offers. Many of those buyers are not individuals or families but fix-and-flip companies. There are many companies that buy houses for cash in North Carolina, and they operate with lightning speed as well.
Be flexible: It’s still a seller’s market in Raleigh, but that doesn’t mean you’re going to get everything you want. In fact, according to a recent Redfin study, more than 64 percent of Raleigh sellers made concessions during the first part of 2023. Translation: If you want to close a deal quickly, be ready to come to the negotiation table.
Selling your home in Raleigh
Time is money — and if you’re willing to take a bit more time, you’re probably going to make more money. If you’d rather maximize your profits than sell as fast as possible, find a real estate agent and think about the questions below.
Is it worth upgrading your home before you sell?
While a new kitchen or bathroom might sound like it would add appeal, a major upgrade to your home can lead to a major delay in actually listing it. It’s also unlikely to recoup its cost, which will be sizable, when you sell. Instead, opt for simpler ways to increase the value of your home, like upping its curb appeal.
What should you fix before selling your home in Raleigh?
If you walked into your home as a prospective buyer, are there any glaring issues that would make you head for the exit? If so, those are worth fixing, but remember that you don’t have to fix everything. Ask your real estate agent for an expert opinion on what’s worth addressing prior to listing the property.
Should you pay to stage your home?
First impressions are everything when it comes to real estate. With that in mind, consider staging your home. It’s the equivalent of a “dress to impress” mindset: By decluttering, rearranging or styling the rooms, the home can look more like it’s ready for someone to move right in. Ask your real estate agent if professional staging could make a meaningful difference in the price you’ll be able to command.
How should you price your listing?
How much is your house worth? Now’s the time to get serious about determining a specific dollar amount. The best way to do that is to review comps of nearby properties that are similar to yours in terms of square footage and amenities. Remember that real estate is hyper-local, so a three-bedroom that’s right downtown will be valued much differently than a similar three-bedroom with a 20-minute commute to downtown. Work with your agent to find a sweet spot in terms of pricing so that you won’t have to decrease it later — 23 percent of listings in Raleigh had price drops in June, according to Redfin. Do your best to avoid that kind of activity, as a price drop can give off a sense of desperation to buyers.
What do you need to disclose to a buyer?
You’ll need to follow the requirements that apply to all sellers in North Carolina, which means completing the state’s disclosure statement. This includes any knowledge of any defects with the property, and state law requires sharing it when a buyer makes an offer on the home (not later). Additionally, if your property is part of a homeowners association, make sure you proactively request a copy of the association’s bylaws, along with documents about the association’s financial health, as buyers will want to see those as well.
When it’s time to sit down at the closing table, you don’t really have to do much beyond sign your name a bunch of times. However, you should have a clear understanding of the costs you’ll need to pay to complete the transaction. Here are some of the most common closing costs for sellers:
Costs of selling a home in Raleigh
- Realtor fees: Sellers are responsible for paying the commission fees to both real estate agents involved, which typically adds up to 5 to 6 percent of the purchase price. This will be your largest expense by far. Redfin data shows the median sale price here as $425,000, as of June 2023 — 6 percent of that is $25,500.
- Title insurance: You’ll likely split the cost of title insurance with the buyer. For example, a new owner’s title policy on a $425,000 purchase would be $888, which means you would pay $444.
- Excise tax: North Carolina imposes an excise tax of $1 for every $500 of value. That’s $850 on a $425,000 sale.
- Property taxes and HOA dues: You may need to pay a prorated portion of these expenses covering them up until the day you close.
- Concessions: If you agree to seller concessions, these will come out of your payoff proceeds. So, you won’t technically have to pay them out of your pocket, but you will walk away with less cash.
Attorney fees: The state of North Carolina requires that a licensed attorney oversee residential real estate closings. However, you may want to hire your own lawyer sooner than that, to advise you on legal and contractual matters. If you do, the legal fees will be paid at closing as well.
Think you’re ready to sell your house in Raleigh? Your next step is to figure out what matters more: selling fast, or selling for more cash. If you’re in a rush to get out of your home ASAP, see what kind of offer you can get from an iBuyer or a homebuying company. If you would rather get as high a price as possible, interview a few different real estate agents to find one who fits your needs and has a track record of success in your area — and preferably in your specific neighborhood.
Yes. Despite high mortgage rates creating friction for buyers, it’s still a fairly good time to sell in Raleigh — in fact, Redfin data shows that for-sale homes here get an average of three offers. However, prices have declined slightly since 2022, and homes are taking longer to sell.
They are falling, but only slightly. According to Redfin data, the median sale price of a home in Raleigh in June 2023 was $425,000 — a modest 2.1 percent year-over-year decline.
It’s still a seller’s market in Raleigh. The typical home receives three offers and sells for just above its list price, according to June 2023 data from Redfin.