Sell Your Single-Family Rental or Second Home
In the Charlotte Region, the buyer demand for single-family homes and condos have never been higher. The inventory of homes on the market has never been lower with less than one month of inventory. This means the power is in the hand of sellers who position their properties intelligently on the market.
Geena Fie with GW Estates and Homes implements world-class marketing tactics, professional photography, 3-D tours, and positions your property online to garner the maximum visibility and interest. We also use our expertise to list homes at the optimal price and time to sell properties quickly and for top value.
We have a unique opportunity in the market right now. Inventory is at an all-time low. Interest rates are less than 3 percent. Buyer interest is 41% higher than last year. Investors are currently purchasing homes with tenants, so if your single-family rental or second home is rented or vacant. We can help. There has never been a better time to sell.
Over the last year, the Charlotte Region property market has seen considerable changes – The median sales price, the best measure of prices overtime, was $280,000 in 2020, representing an increase of 9.8 percent over the 2019 median sales price resulting in a gain of $25,000. Rock Hill increased 10.2 percent.
With increases in equity, oftentimes, investors and second homeowners start thinking about selling their investment. If you have been thinking about selling in the next year or two, now may actually be the best time to make a move since this market is bananas! We currently have less than one month’s inventory with crazy high Buyer traffic.
However, the real reason you may want to think about selling sooner than later is TAXES. While there is no certainty in outcomes, we are certain the new administration is wanting to make changes to:
- 1031 Tax exchange: Which the administration is looking to end.
- Capital Gains Tax: Which the administration is looking to raise to 40% for everyone (no matter the tax bracket, rental/second home property sales, stocks, inheritance) and do away with step up for inheritance.
Both are being looked at by the Biden team and are at-risk of changes that we would be opposed to. The Realtor Association is pretty well-positioned to engage on these issues at the right time, both independently and as part of a variety of tax-related coalitions including a coalition focused specifically on maintaining 1031 like-kind exchanges and the Family Estate Tax Coalition, which focuses on preventing an elimination of the step-up. It’s still a little early to get into our advocacy strategy for these issues as many of the coalitions haven’t had their first meeting of the year yet.
With that said, the outcome is not guaranteed and most of the time, there ends up being a comprise which could still lead to a not-so-nice increase in taxes for you.
If you would like to learn more or schedule a consolation in person or Zoom, give me a call or text. 704.995.7444