North Carolina home values increased by 23.4% between Q1 2021 – Q1 2022. But, due to rising mortgage rates, real estate prices in the South East may decline in 2022 and 2023. If you are planning on selling a house in North Carolina, it is best to do it now.
1. When is the Best Time to Sell a House in North Carolina?
The home-buying season in North Carolina starts in late spring and runs throughout the summer, peaking somewhere between the end of June and the whole of July. These are the best months to sell a house in North Carolina. To make the best of this magic window, list your home in May. You can get up to 5% more than the asking price.
21% of the homes are listed on a Thursday as they sell quickly and are more likely to sell above the list price.
So the best time of year to sell a home in North Carolina is July on a Friday. Several other factors like holidays, the start of school, etc. should also be taken into consideration.
Is it a Good Time to Sell a House in North Carolina?
Yes. Never try to time the market – in the long term, that’s a difficult strategy.
» Best Time to Sell a House in North Carolina: Know When’s The Best Time to Sell a House in North Carolina.
2. How Do I Price My Home Competitively?
Pricing your home competitively is critical to a successful sale. The good part is it is simple to arrive at a list price. An analysis of the currently active and recently sold similar North Carolina real estate listings in your neighborhood will get you close. And you can refine the price further to nail down the exact list price.
In a hot sellers’ market like North Carolina, you can price your home up to 10% more than the neighborhood prices because of limited inventory and competing buyers.
In a buyer’s market, you need to set your list price slightly lower than the competition as there will be more homes for sale and lesser buyers.
REMEMBER! The purpose of the LIST PRICE is to ATTRACT BUYERS to your listing. It’s not your SALE PRICE!!!
What happens if you under-price or over-price your listing?
|If you price it too low||You will get multiple offers. You’ll likely call for “Highest & Best Offer” or counter the best offers. And you will sell at market price.|
|If you price it too high||You will get little traffic. It’ll make you drop the price, and you will sell at the market price.|
Real estate agents create a Comparative Market Analysis (CMA) to determine an ideal listing price. If you are opting to sell your house on your own then you can easily create your CMA and understand how to sell a house by owner in North Carolina works.
3. How to Sell a House in North Carolina?
You have several options to sell your house in North Carolina. For most sellers, we’ve compiled the best ones below:
3.1. Sell Your North Carolina Home For Sale By Owner
For Sale By Owner (FSBO) is a DIY method of selling property without any third-party help. This means that there is no seller agent involved in the process.
By selling FSBO in North Carolina, though you save up on the listing agent commission, you have to handle everything – from listing to closing – on your own.
✍️ Note: Though the seller will save on listing agent commission, buyer agent commission will still have to be taken care of unless you find an unrepresented buyer.
» Free Websites to List For Sale By Owner: Check out the best For Sale By Owner websites in 2022!
🚩 Key Downsides of Selling Your Home in North Carolina For Sale By Owner:
- No MLS Exposure: MLS is the most important tool an agent has. Selling FSBO means limited exposure, so there will be less competition for your property. That will likely reduce the selling price. One study found that homes on the MLS sold for 17% more than homes, not on the MLS.
- No Help If You Need It: If you need help with paperwork, inspections, negotiations, or closing, you’re on your own as a For Sale By Owner.
» For Sale By Owner Contract North Carolina: How to Create a For Sale By Owner Contract in North Carolina.
3.2. List With a Traditional Full-Service Agent
A full-service Realtor will handle everything for you – right from listing to closing. But you’ll be paying a full 2.5% to 3% listing agent commission.
In the traditional sense, a seller has to pay 3% of the sale price to the listing agent and 3% to the buyer agent. And even if you find an unrepresented buyer, you’re still on the hook for the full listing agent commission.
🚩 Key Downsides of Listing With a Traditional Full-Service Agent:
- Hefty Commissions Will Cost You Thousands: Average real estate agent commission in North Carolina is 5.5% to 6%. That’s thousands of dollars of fees in commissions.
- Limited Control Over Your Sale: Everything will go through an agent. That reduces the risk that you will do something wrong, but will also limit the control you have over your transaction. For almost everything, including if a counteroffer was submitted, the status of your closing, and how many showings you’ve had, you’ll have to reach out to your agent.
- Slow & Manual Process: Most Real Estate Agents in North Carolina do things manually. A simple price change is several steps – the agent has to talk to you over the phone, create a price amendment, get you to sign it, then they sign it, and only then can they update the price on the MLS.
3.3. Best Option: FSBO with a Flat Fee MLS Listing
The average Realtor commission in North Carolina is around $18,406 (based on the median home value in North Carolina). Listing with a high-tech website like Houzeo.com saves you the listing agent commission. In addition, it gets you maximum exposure to the MLS and provides help whenever you need it.
✅ A Flat Fee MLS Listing Service Combines the Best of Both Worlds:
- Save Thousands in Commission: Instead of paying a 5% to 6% listing agent commission, you just pay a $340 listing fee.
- Maximum Exposure: You get full exposure to the MLS, Zillow, Realtor.com, Redfin, and hundreds of other websites.
- Help When You Need it: Services like Houzeo.com offer the “Contract to Close Coaching Package”. So if you need help during the transaction at any time, a licensed broker is there to help you sell!
- Full Control Over Your Sale: You retain full control over when to sell and who to sell. Houzeo captures all leads and displays them on your dashboard. All offers and showings are summarized online, along with the buyer’s or their agent’s contact info. It doesn’t get easier.
- Fast Listing & Changes: Houzeo is 100% online, and allows you to request changes instantly. Contracts are auto-generated, and turn-around times are fast!
- A-la-carte Options: Need a yard sign, Showing Time, lockbox? You can purchase them easily from your Houzeo dashboard!
Best Flat Fee MLS Listing Company In North Carolina
Why Houzeo is #1: Houzeo provides the best combination of max savings, max exposure, cutting-edge tech, and 5-star customer service.
Packages: Houzeo offers 4 Flat Fee MLS packages.
- Bronze Package – $299: It is best for selling a lot. Your listing gets syndicated to Zillow, Trulia, Realtor, Redfin, and more.
- Silver Package – $349: This includes everything competitors like Fizber.com charge $399 for. In addition, you can make unlimited changes to your listing.
- Gold Package – $429: It is Houzeo’s signature package and includes all the technology Houzeo is known for: Houzeo Showings, Houzeo Offers, and Digital Transaction Management.
- Platinum Package – $999+: It includes the assistance of a licensed broker to help you with negotiations, disclosures, and closing.
Custom Yard Sign: To maximize exposure, Houzeo offers custom “For Sale” yard signs. It costs $49 and comes free with a selfie!
👉 Our Take: We recommend the GOLD plan. You’ll have access to Houzeo’s cutting-edge technology, making managing showings and offer negotiations easy!
- Quick listing
- Nationwide coverage
- Mobile app availability
- Savings on commissions
- 100% online – easy listing, fast changes, online showings, and online offers
- Listings get syndicated to Zillow, Realtor.com, Trulia, Redfin, and 100s of other sites
Houzeo is available nationwide.
» Flat Fee MLS North Carolina: Research Best Flat Fee MLS Companies In North Carolina.
Option 3: Other Discount Real Estate Brokers
Apart from Flat Fee MLS Listing Companies, there are three other types of discount real estate brokers you can choose from.
Flat Rate Brokers
A Flat Rate is a fixed amount the seller pays the broker. Flat-rate brokers are predominantly full-service brokers. They handle everything from listing to closing. These fees are fixed and do not change as per your home’s services or the selling price.
A flat rate is perfect for homes priced on the higher end. Let’s say your house for sale in Illinois is valued at $450,000 and you pick a flat-rate pricing model of a $3500 listing fee. If you opt for the traditional agent route, you would have to pay a realtor commission of around $27,000.
Apart from the buyer agent commission, you will also be responsible for concessions, attorney fees, and warranties.
Our Top Pick For Flat Rate Brokers
Redefy provides listing at a flat fee of $3500. However, the platform becomes expensive when a house is sold over $1 million. The selling fee in such a case is 1% of the total sale price.
The company does provide in-house support which helps sellers with accurate pricing and other features like staging home, etc.
Like some other low commission real estate agents, Redefy has the process where limited agents cater to a large volume of customers. This poses a risk to service quality. Also, Redefy works on a team-based model rather than a one-agent policy.
Redefy provides features like listing on MLS, comparative market analysis (CMA), showing service, yard sign, lockbox, and more.
Redefy does not provide open houses and printed flyers which makes it a bit different from the traditional Realtors.
Redefy is rated out of 5 on Yelp.
Redefy covers only the region of Chicago in the state of Illinois.
Low Commission Real Estate Agents
A Low commission realtor or an agent is a discount real estate broker who works on a lower commission rather than the traditional 3% commission.
With the rise of the flat fee model and commission-based models, real estate commissions have been falling gradually. This makes low-commission real estate companies in North Carolina more relevant to sellers nationwide.
Generally, low-commission Realtors in North Carolina work at commissions like 1%-2% instead of the traditional 3%.
Our Top Pick For Low Commission Realtors In North Carolina
Ideal Agent helps the sellers find quality low commission real estate agents. The listing fee on Ideal Agent is 2% which leads to only marginal savings.
With the free-of-cost agent matching service, there is no obligation to work with the recommended low cost real estate agents. Additionally, the company has strong criteria for selecting agents (only top 1% sale producers).
It is required by the sellers to talk to the concierge on the phone post which an agent is assigned. This does create a delay in the selling process. On average, a seller saves approximately $3000 – $4000 while listing with Ideal Agent.
Ideal Agent has an average rating on TrustPilot.
Ideal Agent is available throughout the U.S.
Virtual Full-Service Brokers
A virtual full-service broker does everything a traditional broker would do i.e. listing, marketing, pricing, negotiating, etc. The only difference is that a virtual full-service broker would do all of these online i.e. virtually.
Because of their cloud-based presence, they have many advantages. Such as lesser fees, discounted commissions, and much better management and marketing support. Many MLS listing companies like Houzeo, also provide full-service options that are 100% online.
Our Top Pick For Virtual Full-Service Brokers In North Carolina
Houzeo is the best virtual full-service provider to sell homes for sale by owners in Illinois that offers the following services to home sellers:
- Online showings through Houzeo Showings
- Mobile Application
- Fast changes to your MLS listing
- Listing syndicates to hundreds of other real estate websites, and a lot more
*We could not find any other reputable virtual full-service company in North Carolina.
How do I Sell My House Fast in North Carolina?
Here are three options to sell your house fast in North Carolina:
|1.||Selling Home As Is in North Carolina||Selling a house “as is” means that you sell without any upgrades or repairs. An example could be wholesaling real estate. This technique can help homeowners save some money.|
» Selling a House As Is in North Carolina: A Comprehensive Guide for North Carolinians.
|2.||Selling Your House for Cash||Sellers who are in desperate need of money usually prefer cash companies to sell their houses. Though the process is quick, a home seller might have less money than the property’s market price.|
» Buy Houses for Cash in North Carolina: Discover North Carolina’s Best Cash Home Buyers
|3.||Offering Your House to a Flipper||Home flippers are the ones who are involved in flipping houses in North Carolina are buyers that buy a property in its existing condition, repair it, and sell it at a higher price. Selling your house to a flipper will help you save both time and dollars.|
» How to Flip a House: An Introductory Guide for Beginners
» Sell My House Fast in North Carolina: Know How to Sell Your House Fast in North Carolina and for the Most Cash!
- ✍️ Pro Tip: Consider selling your North Carolina home to an iBuyer
iBuyers are companies that will buy your home for cash outright and close quickly.
» iBuyers Reviews: Selling Your House for Cash in 2022
» Sell My House Fast for Cash in Illinois: Know How to Sell Your House Fast for Cash in North Carolina.
4. How to Prepare and Market Your Home for Sale?
A clean and well-prepared home combined with the correct marketing strategy can help you attract a large number of buyers.
4.1. Getting North Carolina Homes Ready to Sell
Preparing your house for showings is the best way to increase the chances of selling it fast. Some standard preparation pointers can be taken care of while selling your home in North Carolina. These are:
- Declutter & Depersonalize: Tidy up your place and remove the element of personalization. This means removing personalized items such as photos. It will allow potential buyers to visualize their future in the house.
- Make Repairs: If there’s anything glaringly wrong, take care of it early. For instance, a squeaky doorknob will not be overlooked by potential buyers. It is best to get such defects fixed.
- Repaint Neutral: Paint your house in neutral colors, as it appeals to a larger pool of people. This will help in attracting more buyers.
- Improve Curb Appeal: Go for clear landscapes, fresh flowers, or exquisite paintings because the first impression is everything!
- Implement Staging: The best way to sell a property is by hiring a home staging professional. They would be able to utilize the spaces and furniture cleanly and attractively. Staging costs in North Carolina vary across cities and counties. For instance, it costs about $4000 in Los Angeles.
» Home Staging North Carolina: Discover The Best Home Staging Companies in North Carolina.
4.2. Powerful Ways to Market Your Home in North Carolina
Almost 95% of home buyers search and review homes online. So, being online is the #1 priority for the sellers. A good online marketing strategy combined with other marketing tactics can make a difference in getting your house sold.
Here are some powerful ways of marketing your home when for sale in North Carolina:
|1.||List on the MLS||Homes listed on the MLS sell faster and for 17% more. This doesn’t mean you need to hire a listing agent and pay that extra commission on selling a house in North Carolina. You can work with the best real estate brokers in North Carolina to get MLS access. A Flat Fee MLS Company like Houzeo can be a very good option to list your home in North Carolina. |
Houzeo will help you save the hefty Realtor commission and get your property maximum exposure. All of this, just for a small flat fee!
✍️ Pro Tip: Research the best For Sale By Owner websites to sell your house FSBO
|2.||Get a Yard Sign||Opting for a yard sign can be a good investment when selling real estate in North Carolina. It can help in attracting buyers from the neighborhood. On a crowded street, an attractive yard sign can drive the attention of potential buyers. |
Houzeo’s yard sign can help you in this. Houzeo custom yard sign comes FREE with a selfie and it is available for $49 only!
✍️ Pro Tip: If you secure a buyer from a yard sign, chances are you’ll save on the buyer agent commission as well. In a nutshell, it is worth the $49 investment.
» For Sale By Owner Yard Signs: Check out the 7 best FSBO Yard Signs!
|3.||Share Your Listing on Social Media||Share your property listing on social media. This will include your contact info apart from the listing details. If you share your listing on Zillow or Redfin, all the leads your listing generates will be sold to buyer agents who’ll demand a competitive buyer agent commission. |
Houzeo, on the other hand, doesn’t sell your information or leads. All buyer leads see your contact info, so you might save on the buyer agent commission.
✍️ Pro Tip: If you secure a buyer from social sharing, chances are you’ll save on the buyer agent commission as well.
|4.||Hire a Professional Photographer||As a seller, you can hire professional real estate photographers in North Carolina to create a portfolio of your house. Professional pictures can greatly impact the selling process by attracting more buyers. |
Photographers charge on an hourly basis. For example, in San Francisco, you would have to pay around $570 for a two-hour real estate photo shoot. Whereas, you would have to shell out $636 in Los Angeles for the same duration.
✍️ Pro Tip: A professional photographer can collate a portfolio that otherwise may not be possible if you take up the job.
» Real Estate Photography: Create Your Best Listing Photos
|5.||List on Craigslist||Craigslist is still the biggest classified ad platform. And it’s still effective today. Here’s how to sell a house on Craigslist.|
5. Manage Showings and Offer Negotiations
Once you have prepared your house for sale in North Carolina, showing it to buyers is the next step.
5.1. How to Manage Showings When Selling a House in North Carolina?
Once your property is ready for showings, it is critical to manage the showings effectively. You can either opt for online showing tools or host an open house.
Online Showing Tools
Online showing tools provide home buyers and buyer agents with a frictionless way to request and schedule showings.
Houzeo Showings, a cutting-edge solution by Houzeo, helps buyers and buyer agents choose a particular showing slot as stated by the seller. The tool also provides features like rescheduling, updating, canceling, requesting, and more.
Houzeo Showings: How it Works
|1.||Set Your Showing Calendar||Buyers and buyer agents should only be shown times when the property is available for showing. This saves time for all the concerned parties.|
|2.||Buyers can Request & Reschedule Showings||Make sure that buyers and buyer agents can request showings at available times. In addition, they should be able to reschedule and cancel on an ad-hoc basis.|
|3.||Receive Feedback||Feedback from buyers and buyer agents is critical for home sellers because it allows them to assess their property (priced too high, the backyard needs fencing, rooms need whitewashing, and more). |
Where the feedback is actionable, small remedies can go a long way in improving showings and attracting top dollar for your property.
🗓️ Houzeo Showings: See how the most powerful showing app works on mobile and web
Introducing the Houzeo Mobile App!
- View your listing
- Manage your showings online
- Review and compare offers
- Counter an offer
- NEW! Buyers can now search your property and save it in “Favorites”
Hosting Open Houses
92% of home buyers find open houses useful. If your house is located in a hot seller’s market or any other prime spot in the North Carolina housing market, more buyers would be interested in buying. In such cases hosting an open house would be more feasible.
Here are a few things to keep in mind when hosting an open house in North Carolina:
|1.||Ensure Your House is Ready||Buyers would not want to see a house with a leaky roof or broken doorknobs. Thus make sure you have fixed all the defects and made all the necessary repairs beforehand.|
|2.||Choose a Correct Time||People are busy on weekdays. Thus hosting an open house on weekends, preferably a Sunday, would be best. Also, you need to take care of the time of day. Usually, afternoons are the ideal choice.|
|3.||Post Open House Online||93% of buyers rely on the internet for their home searches. Thus, posting online will make potential buyers aware of the open house. You can also list your open house on the local MLS, real estate websites like Zillow & Trulia, Facebook, etc.|
|4.||Give Visitors Their Space||During the open house, you might want to stay away from the property. This would give them the desired space to explore at their convenience. Also, it will help them in visualizing their future in the house.|
|5.||Get Your Neighbors Involved||You can invite your neighbors to the open house. Even if they may not be interested in purchasing your North Carolina home, they would spread the word.|
- ✍️ Pro Tip: You might attract unrepresented buyers, saving you the entire buyer agent commission.
5.2. How do I Negotiate Offers When Selling a House in North Carolina?
A counteroffer and requesting the best and highest offers are the two crucial negotiation methods. Negotiating offers also means focusing on other factors like contingencies, concessions, responsibility, and more.
|#||Advanced Tactic||When to Use||How to Use|
|1.||Counter an Offer||Single or Multiple Offer Situation||Your best offer is not just the highest one but is also competitive across several parameters: deposit, financing, inspection contingency, closing timeline, etc. |
When you want to counter an offer, you can request any of the mentioned parameters updated as per your preferences.
▶️ Learn more: How to counter an offer on Houzeo
|2.||Request Highest & Best Offers||Multiple Offer Situation||If you have multiple offers and a timeline by which you’d like to pick an offer, you can call for Highest & Best offer from all the interested parties.|
▶️ Learn more: How to request Highest & Best offer on Houzeo
Most North Carolina real estate brokers or brokerages will give you complex forms to counter an offer, or to request the highest & best one. Houzeo has digitized these, so, you can counter or ask for the highest & best with just a few clicks!
6. What North Carolina Real Estate Documents do I Need?
The main document required is the STATE OF NORTH CAROLINA RESIDENTIAL PROPERTY AND OWNERS’ ASSOCIATION DISCLOSURE STATEMENT which states the current conditions of the home. A seller must fill out this form mandatorily before selling their home. Lawfully, the seller must provide the home conditions honestly with any and every defect stated.
6.1. North Carolina Home Seller Disclosure Requirements
North Carolina real estate law is governed by the North Carolina Real Estate Commission. It mandates all home sellers to complete certain documents and submit a copy to any prospective buyer before execution of the sale deed.
Here is a list of North Carolina real estate disclosures you need:
- Residential Property & Owners’ Association Disclosure Statement: It is the document that is used in North Carolina to disclose all the details about the property. This could incorporate the structural information, appliances, any defects, and all other damages to the property.
- Disclosure of Hazardous and Radioactive Materials: Any presence of hazardous elements or radioactive problems in the foundation of the home must be disclosed. This includes any problems with radon, asbestos, formaldehyde, and mold
- Additional Requirements: Fill out the North Carolina seller’s disclosure notice before listing your property. The disclosure document walks through various sections, asking you questions about various features of your house. Disclose all the known problems in your house upfront. You have to fill out designated sections on smoke detectors, the flooding history of the property, and termite inspections. Apart from the North Carolina sellers disclosure notice, fill out the federal lead-based paint disclosure if your house was built before 1978.
- The Mineral and Oil and Gas Rights Disclosure: Codified as North Carolina G.S. 47E-4.1, this provides for a further disclosure relating to mineral, oil, and gas rights, which is somewhat unique to North Carolina. The form has a series of six questions that the seller must answer to disclose whether the mineral, oil, and gas rights for the property are owned by someone other than the seller.
» Seller Disclosure North Carolina: A Guide to the Disclosure Process.
6.2. Mandatory Documents for North Carolina Real Estate Transactions
Review these documents at length and understand their provisions. Here are some key documents you’ll likely need in the process of selling a house in North Carolina:
- The HUD-1 or Closing Disclosure: When homes are purchased with a mortgage, you’ll summarize the detailed costs in the Closing Disclosure. If your sale is all cash, you may get the HUD-1, which is less common. These documents detail the amounts you’re charged for, your loan payoffs if any, and the net proceeds you will take to the bank.
- The Deed: This document enables the legal transfer of title from the seller to the buyer. Read this document carefully, verifying all details including the legal description of the property, the deed book, the deed book page, and the Property Identification Number (PIN), if any.
- North Carolina Real Estate Purchase Agreement: It is a standard form of real estate contract that details the terms of transactions to which buyers and sellers agree. It contains aspects such as sale price, financing contingencies, property description, etc.
- Bill of Sale: Information about the seller and the buyer with the selling price. This is important as part of the process of selling real estate in North Carolina because it contains all the base information about the property.
- Statement of Closing Costs: This statement summarizes all the expenses involved in the transaction. The document is not complicated and can easily be taken care of.
- Certificate of Title: It allows you to state that you have the right to sell the property.
6.3. Possible Additional Documents for North Carolina Real Estate Transactions
Some additional documents that may require during the closing process in North Carolina are:
- Loan Payoff: You need to provide proper documentation if the disbursement of the loan amount has been completed. Else, you need to provide how much you still owe.
- HOA Forms: If the house is part of HOA, the seller needs to give the buyer all the documentation on restrictions, fees, financials, and more.
- Survey Papers: The documentation defines the location and the dimensions of the property. This is important while selling your own home.
- Repairing Proof: While selling a property in North Carolina, if the seller has made repairs to the property before the sale, they need to furnish the relevant documentation.
- Power of Attorney: If the property is inherited, then the seller needs to furnish the details of the history and how the property was passed onto him/her.
- Home Inspection Report: This contains all the details about the inspection of the property.
- Home Warranty Papers: It contains all the coverage of the property, period, and cost of insurance.
- Correction Agreement: In case there are any errors in the documentation, you may be required to correct those errors.
- Title Affidavits: It is a notarized document that verifies that a seller is the owner of the house, there are no liens, and there is no simultaneous purchase deal.
Bring TWO Forms of Official ID
There will likely be a licensed notary involved in the closing process who’ll require you to swear on your identity. You would be required to furnish identity proof (like a passport, driving license, or any other authorized document) during the process. However, the closing process might also require you to produce secondary identity proof.
7. How to Close Your North Carolina Home?
The closing process in the state of North Carolina is handled either by a title company or an escrow. Your Realtor and settlement agents usually handle the legalities. But you still need to be prepared for a few things during closing.
📝 Note: In North Carolina, a real estate attorney for the closing process is optional but is advisable. Typically, the closing process in North Carolina is very straightforward. You transfer the property to the buyer, pay off any mortgages if any, pay the real estate agent commissions and ultimately receive the sales amount of your home.
7.1. Title, Appraisal, and Inspection
- Title: A clear title and a meticulous transfer are key to a real estate transaction. The title insurance protects you if there is any problem related to the prior ownership of the property. It makes you whole in case of a legal dispute related to the title.
- Appraisal: An appraiser does market research and evaluates the price of a specific property. The appraiser ensures that a correct price is offered by the seller and as per the market value.
- Inspection: An inspector inspects the property before the home-buying process is completed. They check for any defects/repairs in the property and raise concerns accordingly. This ensures that the buyers don’t have to shell out money in case there are defects in the property which the seller did not highlight.
7.2. Overall Cost of Selling a House in North Carolina
It should be noted that Realtor commission and sale price are not the only two things that are involved. There are multiple costs to selling a house in North Carolina that should be known to a seller and is crucial for a sale.
Here’s a list to get you started:
- Transfer Tax: Transfer tax is crucial for a real estate transaction when the title of a house is changed. On average, the tax stands at $2 per $1,000 of the sale price.
- Capital Gains Tax: You are required to pay a tax on capital gains on selling a house in North Carolina. A capital gain is a difference between the amount for which a property was bought and the amount for which the property is sold.
- Escrow Fee: An escrow agent/company handles the closing process in North Carolina. Escrow agents generally hold the concerned property in trust till all the negotiations, inspections, legal work, and closing processes are not completed. The escrow fee is thus to compensate the escrow agent for the services provided.
- Title Fee: In North Carolina, you would require to shell out the title search fees which prove that you are the rightful owner of the property. This cost approximately 0.25% of your home’s sale price.
- Closing Cost Concession: Some buyers may ask the sellers to cover their closing costs. If it is accepted by the seller, the cost can vary between 2.75% of the sale price.
- City or County Transfer Fee: Based on a specific county or city, there can be a transfer fee involved if the seller is relocating.
- Notary Fee: This fee is paid to the notary for important paperwork and establishing your identity.
- HOA Transfer Fee: Applicable only if your property has an HOA. It is paid by the seller for documentation and registration of the buyer. The Government of North Carolina has prohibited any fee involved in an HOA.
- Home Warranty Fee: Closing concession fee that the seller takes up for the buyer. The fee is based on location and the company providing the warranty. It can cost around $50-$100 per month normally.
- Termite Inspection Fee: Though this fee seems to be optional, it is very common in North Carolina. It depends on the location of the property and the loan a buyer is using.
- Lien Release Fee: If it is verified that there are debts relating to your property then you will have to pay the dues before sale closure. A lien release document is generally required which proves that all the debts are repaid.
» North Carolina Real Estate Commission: Know The Exact Estimates of Commissions in North Carolina.
7.3. Who Pays Closing Costs in North Carolina?
Various closing costs are involved when selling a house in North Carolina. Most of them are customarily paid by buyers whereas a few of them can be negotiated.
|Closing Costs||Seller Responsibility|
|Realtor Commission||Realtor fees for the seller in North Carolina is around 5% to 6%|
|Escrow Fees||Split between buyer and seller|
|Title Insurance||Negotiable between buyer and the seller|
|Survey Fees||Negotiable between buyer and the seller|
|Home Warranty Fee||Sellers pay the home warranty fee|
|Home Inspection Fee||Sellers and buyers can negotiate|
|Appraisal Fee||Sellers and buyers can negotiate|
» Seller Closing Costs North Carolina: ALL You Need to Know
7.4. How Much are Closing Costs in North Carolina?
If you are concerned about how much are closing costs in North Carolina then know that the amount of money you will spend on closings while selling a property in North Carolina could depend on a lot of factors like the REALTOR’S commissions, a number of taxes, and fees as determined by the Illinois real estate closing laws.
You can calculate seller closing costs in North Carolina with Houzeo’s Advanced Seller Closing Cost Calculator for North Carolina. The calculations are based on the latest prices and it gives you a very detailed estimate of all the costs involved in the transaction.
As a Buyer, you are expected to pay somewhere around 2-5% of the purchase price as closing costs. On average, as a Seller, you pay almost 3.12% of your home’s selling price as closing costs.
» Seller Closing Cost Calculator North Carolina: Get accurate insights on the closing cost of your home.
Final Word: Selling a House in North Carolina
Selling a house in North Carolina is complex.
You have different processes like pricing, marketing, paperwork, and negotiations, to deal with. This combined with a hefty seller agent commission in North Carolina makes the process expensive.
A good option for the sellers is opting for Flat Fee MLS or FSBO platforms like Houzeo. Houzeo makes the job of the sellers much easier. Not only putting the properties on the MLS, but these platforms also provide a la carte services that can help the sellers go the extra mile.
What is Houzeo?
An overview of what the platform is all about
» NEED MORE CLARITY? Read these exclusive Houzeo reviews and learn why the platform is the best in America’s competitive housing market.
Frequently Asked Questions
1. Can you sell a house in North Carolina without a Realtor?
Yes, you can sell your house in North Carolina without a Realtor. You can bypass the traditional pathway by opting for a For Sale By Owner (FSBO) or discount brokers.
Houzeo's Flat Fee MLS Services are the best available in the state of North Carolina. Houzeo ensures that your house gets listed in less than 48 hours on the local North Carolina MLS' as well as on the major listing websites like Zillow and Trulia.
2. Do you need a lawyer to sell a house in North Carolina?
No, you don't need a lawyer for selling a house in North Carolina.
3. Can you sell a house as is in North Carolina?
Yes. Home sellers in North Carolina can sell their houses as-is. As per the North Carolina residential purchase and sale agreement, buyers accept the property "As-Is" unless mentioned otherwise. Home sellers have to disclose all the known material facts and defects and only perform those repairs that are mentioned in the agreement.
4. Can you sell a house in North Carolina with asbestos?
Yes, home sellers in North Carolina can sell a house with asbestos. Sellers have to disclose the presence of asbestos while filling out the North Carolina Seller Disclosure Form.
5. What must be disclosed when selling a house in North Carolina?
You need to provide the following disclosures when selling a house in North Carolina:
(1) Residential Property & Owners' Association Disclosure Statement
(2) Disclosure of Hazardous and Radioactive Materials
(3) Additional Requirements - Requires all the information honestly with transparency of the home's exact condition.
(4) The Mineral and Oil and Gas Rights Disclosure
6. Are smoke detectors required when selling a house in North Carolina?
Yes, North Carolina law requires that all dwelling units meant for human occupancy have smoke alarms. Smoke alarms should be installed in each sleeping room, and on every floor.
7. Do you have to pay taxes when you sell your home in North Carolina?
Yes, home sellers have to pay transfer tax and capital gains tax when selling a house in North Carolina.
8. What documents do I need to sell a house in North Carolina?
You need the following documents when selling a home in North Carolina:
1. The HUD-1 or Closing Disclosure
2. The Deed
3. California Real Estate Purchase Agreement
4. Bill of Sale
5. Statement of Closing Costs
6. Certificate of Title
» How to Stop Foreclosure in North Carolina: Discover Ways to Stop a Foreclosure in North Carolina.
» Who Pays for Title Insurance in North Carolina: How Much is Title Insurance in North Carolina.
» Cost to Build a House North Carolina: How Much Does it Cost to build a House in North Carolina.
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