Selling Outer Banks Real Estate

Selling an Outer Banks Home

When selling your Outer Banks property, there are many factors to consider for the process to be as smooth and seamless as possible.  Prior to listing, Carol suggests you understand the tax consequences of the sale you are anticipating.  Your accountant, CPA, or financial planner should be consulted to determine any potential tax liability.  Does the sale qualify as a primary home sale and the gain is therefore non-taxable?  Are you selling a second home or investment property where the depreciation recapture and the capital gain are financial considerations?  If tax liability is a concern then planning the sale during a tax year where you have some offsetting losses may be worth a look.  As well, the potential to exchange an investment property under an Internal Revenue Code Section 1031 tax deferred exchange should be explored as it can postpone tax consequences.   Each situation is unique and thoughtful planning is the key to the best possible outcome.

Appealing to the Broad Market

Property condition is a major component of a buyer’s decision to purchase a property.  With this in mind, if you are able to update the property to remedy deferred maintenance your home will appeal to the broadest market.  Buyers evaluate the cost of your Outer Banks home and the cash requirement to purchase. Next they determine how much additional cash would be required after closing to pay for updating or repairs. It then follows that when the buyer’s total out of pocket costs increase with after closing cash requirements your market appeal narrows to only those buyers who are willing and financially able to fund those needs.  For this reason the pool of buyers may become more limited.  Carol will evaluate your situation and, if necessary, share ideas on ways to handle those costs.  If your situation precludes making repairs, Carol will factor the current condition into her market analysis and make a price recommendation reflective of that.

What’s My Home Worth?

Determining market value and making list price recommendations involves a number of steps.  In a true comparative market analysis, the home must be investigated and measured to provide the basis to compare other recently sold homes, much as an appraiser would do.  The differences between the property to be sold and other recent sales are assigned value to arrive at the subject’s market value. Providing any supporting documentation for your home, such as any recent appraisal, survey, recent repairs, and insurance information, helps Carol evaluate your home.  A comparative market analysis is an agent’s opinion of value where a true appraisal is an independent opinion and may be worth your consideration.  Buyers often have more confidence in a list price when it is substantiated by an appraisal and that can be an excellent marketing tool.

The New Penny Shine

Buyers like to see things shine!   Please them from the minute they drive up!  Detail the landscaping, power wash and clean windows, freshen door and trim paint, make a positive first impression.  Certainly most buyers have more interest in a home that shows well and they tour with an open mind. When buyers develop a mental list of work they would have to do before they picture themselves living in your house many will search further to find that path of least resistance.

Camera, Lights, Action

In marketing your home, Carol uses internet advertising, print advertising, virtual tours, drone photography, and all tools at her disposal to show your home in the best possible light. If a buyer’s mantra is location, location, location, then a seller’s is communication, communication, communication! While your home is on the market Carol is in contact with you sharing feedback from the showings to help you understand how the market is responding to your listing.  Sometimes objections can be overcome to bring a buyer to the table with an offer so follow up and open communication is essential.  As well, keeping her clients informed of new listings, competing price changes, contracts and recent closings keeps them current and facilitates competitive pricing strategies.  Homes that linger on the market are not well perceived by buyers and being proactive in keeping her clients informed is paramount.