Selling your home and buying a home are two significant real estate transactions that require your patience, commitment, and focus. Each of these processes involves many steps, significant attention to detail, and hours of effort to ensure that the completed sale meets all of your expectations. Alone, selling your home or buying a home is quite a feat — attempting to do both simultaneously is another endeavor altogether. If you're planning on juggling a home sale and purchase at the same time, here are a few tips to make these dual transactions as smooth as possible.
Although it's typically easier to buy and sell a home separately, there are quite a few scenarios in which a homeowner would benefit from conducting both transactions at the same time. The biggest dilemma most homeowners face is determining which transaction they should attempt to finalize first. Each homeowner's situation is unique and specific factors will influence their decision. For example, someone who needs to relocate quickly should attempt to sell first while someone who has the finances on-hand to make an offer on their dream home should try to buy first.
Some benefits to selling first may include avoiding two simultaneous mortgage payments and having cash-on-hand to make a down payment on a new home. However, selling your home initially may make you feel pressured to buy quickly and force you to pay additional costs for temporary housing and storage. If you choose to buy before you sell, you'll have a place to move your belongings and you may feel less stressed during the home sale process but you also run the risk of not qualifying for a new mortgage or having your funds tied up in your older property.
3 Tips For Selling Your Home Before You Buy Another
Click here to learn more about selling your home in a virtual world.
SCROLL DOWN find March 2021 Market Update by County for the Triangle.
To see market stats for communities in the Triangle, mouse over communities on this website and click on the community you would like market stats on and scroll to the bottom of the page. This resource is current to the date you pull data. Just another resource we offer to assist you with increasing your knowledge base about Real Estate.
In Chatham County, there was a 8.1 percent decrease in the number of new listings in March, year to date, compared to last year, which decreased from 418 to 384. The number of closed sales increased from 294 to 311, a 5.8 percent increase. Median sales prices also increased by 11.7 percent. In March, Chatham County median sales price exceeded the median sales price for all MLS listings.
In Durham County, new listings decreased by 9.9 percent and closed sales have increased 0.4 percent year to date. Median sales price has increased 9.0 percent from this time last year, moving from $279,700 to $304,900 Average sales price increased by 10.9 percent year to date. In March, the Durham County median sales price was slightly above the median sales price of all MLS listings.
The number of listings in Orange County has decreased by 8.0 percent, from 566 new listings year to date last year to 521 new listings this year. There was a 17.1 percent increase in closed sales. Additionally, median sales price increased by 19.7 percent, from $305,000 to $365,000. In March, Orange County median sales price exceeded the median sales price for all MLS listings.
The number of listings in Person County has decreased by 4.1 percent, from 123 new listings year to date last year to 118 new listings this year. There was a 54.5 percent increase in closed sales. Additionally, median sales price increased by 20.0 percent, from $175,000 to $209,950. In March , Person County median sales price exceeded the median sales price for all MLS listings.
In Wake County, there was a decrease of 13.0 percent in the number of new listings year to date compared to last year, which decreased from 6,493 to 5,646. The number of closed sales increased 2.8 percent. Median sales prices also increased by 8.7 percent for March 2021 compared to March 2020. Compared to the median sales price for all MLS listings, Wake County median sales price were level in March.
To learn if buying a new home without selling yours first is right for you, CLICK HERE.
Spring is the perfect time to get your outdoor areas ready for warm summer weather. Read below for a few simple tips that will make your space feel brand new:
Looking to sell soon? Learn more about how to prep your home for sale by clicking here.
Wise investments can help you steadily build wealth in real estate. Considering moving? Spring can be a great time to list your house. Learn more about how real estate can be a good investment and some info about selling your home below:
Learn more about how equity can fuel your next move by clicking here.
Faces of Durham - Museum of Durham History (daily)
500 W. Main St., Durham NC 27701
An outdoor exhibit placed along the sidewalk featuring prominent figures from the past and present of Durham. Learn how these influential individuals helped shaped Bull City into what it is today.
Durham Farmers Market (8AM - 12PM every Saturday)
501 Foster Street, Durham NC 27701
Support local farmers and artisans, and enjoy the culture of downtown Durham.
Piedmont Topographics: Ryan Helsel & Vann Powell - Through This Lens (10AM to 4PM, through May 17th)
303 East Chapel Hill Street, Durham NC 27701
View a selection of Ryan Helsel and Vann Powell's photographs, curated by Melissa Gwynn, documenting the development of the Research Triangle.
Story Time with Barnaby D. Troll (every Tuesday 10:30AM - 11:30AM)
Mt Merrill Playground 501 Foster Street, Durham NC 27701
Best for ages 2 to 5, children will listen to a story, sing a song, and recreate the story through play in this free weekly program . Masks are required for adults and children 5 and up.
Durham from the Heart (every Wednesday 1PM - 2PM)
If you would like to connect to the Durham community virtually make sure to check out facebook.com/DowntownDurham.
Learn more about the Durham community by clicking here.
Like the rest of the world, the real estate industry has had to make significant adjustments due to COVID-19, to keep sales associates, buyers, and sellers safe. The process for selling your home may look different these days, but buyers and sellers are still motivated to close the deal virtually while navigating the new normal. Learn how to navigate this new market with our guide to selling your home in a virtual world.
Call Carl today to find out more about his safety protocols while selling during the pandemic - (919) - 880 - 0904.
Whether you're looking for a gift for someone or a treat for yourself, these stores offer a little bit of everything from unique art to handcrafted jewelry to international apparel. See below for a few of Carl's local faves:
Fifi’s Fine Resale Apparel | 1000 W Main St, Durham NC 27701
Fifi's prides itself on being a "unique one-stop excursion for consignors and shoppers alike". Each item has been carefully examined for the highest quality, ensuring that it is in like-new condition. Shop their collection of name-brand and designer labels including handbags, clothing, accessories, and jewelry.
Flowers by Gary | 4914 N Roxboro St, Durham NC 27704
Flowers by Gary is committed to making sure that your custom arrangements are the best that they can be. They locally source as much of their product as they can, and even offer same day delivery to Durham and the surrounding areas.
Details @ Once & Again Consignment Store | 3738 Durham-Chapel Hill Blvd, Durham NC 27707
Details is set to open a pop-up shop in Once & Again on April 1st, 2021. Be on the lookout for a lovingly curated new and vintage selection of unique pieces including jewelry, home decor, and handbags.
Details - NC Facebook
Exotique Boutique & Art Gallery | 319 W Main St, Durham NC 27701
This eclectic store seeks to bring color into your life. Their authentic items are internationally and locally sources and include handcrafted gifts and paintings. Additionally, they offer colorful textiles and clothing for all ages.
Hamilton Hill Jewelry | 905 W Main Street Brightleaf Courtyard, Durham NC 27701
Meet your one stop shop for all of your jewelry needs. Hamilton Hill prides themselves in advocating for your best interests and ensuring that the piece that you have selected is really for you. They offer a variety of beautiful pieces in a multitude of designs, styles, and price points. They also provide additional service likes custom jewelry design, makeover and style consultations, and repairs.
Regulator Bookshop | 720 9th St, Durham NC 27705
If you're a book lover, this one is for you. Locally owned and independent, this bookshop offers every genre from mysteries to cookbooks to poetry. Interested in magazines and notecards? They have those too.
Smitten Boutique | 2702 Hillsborough Rd, Durham NC 27705
Say hello to this local boutique for women of all ages with a diverse selection of apparel, footwear, jewelry and accessories. Find unique pieces that are suitable for a variety of occasions.
Sanders Florist | 1100 Broad St, Durham NC 27705
A full-service flower shop with a wide arrangement selection and fresh seasonal arrangements. Offering same day flower delivery in Durham and the surrounding areas, each floral designer is committed to making each arrangement as unique and beautiful as possible.
Upchurch Drugs & Gift Shoppe | 5108 N Roxboro St, Durham NC 27704
There's a gift for every occasion in the Gift Shoppe located inside of Upchurch Drugs. You'll find something for everyone - babies, parents, co-workers, and even yourself. They also have a large selection of greeting cards.
Tax season is upon us, and if you sold your house in 2020 (or are planning to sell it in the future), you're in luck! Thanks to the 2018 Tax Cuts and Jobs Act, there are some tax deductions you can take that may result in serious savings! Here are a few of the most important.
1. Capital Improvements
If you've made certain upgrades to your home before selling, the IRS allows you to add the costs of these "capital improvements" to your home's cost basis. This can reduce the amount of capital gains tax you may owe after you sell your home.
It's important to note that not all repairs and upgrades meet the government's definition of a capital improvement. Some of the things that meet the guidelines include upgrading your HVAC system, adding a lawn sprinkler system, adding an additional bedroom, bathroom, deck, garage, porch, or patio, updating your water heater, adding built-in appliances, and more. If you make any improvements or upgrades to your home, be sure to hold onto all your receipts. When it's time for you and your tax preparer to complete your return, they can review your expenses and determine what may qualify.
2. Selling Costs
Costs tied directly to the sale of your home are deductible as long as the home is your primary residence and you lived there at least two of the five years prior to the sale. As long as you meet these requirements, you can write off expenses, including real estate commissions, legal fees, escrow fees, advertising costs, and even home staging fees.
Note that this isn't a direct deduction. Instead, it's subtracted from the sales price of your home, which positively impacts the amount of capital gains tax you might owe.
3. Mortgage Interest
Current tax rules allow you to deduct the interest you pay on your home mortgage debt of up to $750,000. Just remember that mortgage interest and property taxes are itemized deductions, and it only makes sense to itemize if the total is higher than your standard deduction.
4. Property Taxes
The new 2018 rules capped the amount of property taxes you can write off, but they still allow you to take a deduction of up to $10,000. Make sure you include the amount of any property taxes you paid on your tax return.
5. Discount Points
When you pay points in cash to buy down the interest rate on your mortgage or refinance, the IRS allows you to deduct a portion of the points each year until your mortgage is paid in full. When you sell your house and pay off your mortgage loan, you're able to deduct the remaining amount all at once. This is one of the most forgotten-about home selling tax deductions, but it can be significant in some cases.
6. Moving Expenses
Unfortunately, not everyone can deduct their moving expenses. However, if you're active-duty military personnel, you'll want to take advantage of this deduction.
7. BONUS: Capital Gains Taxes
The capital gains tax rule isn't really a deduction, it's an exclusion. However, it's so important that we decided to add it to this list. Capital gains are the profit you make from selling your home. It's the cash left over after you've paid off your mortgage and other expenses. As long as you have lived in the home at least two of the last five years, single filers can exclude up to $250,000 of capital gains, and married filers can exclude up to $500,000.
While the information above is an excellent starting point, remember that each person's finances are different. It's always a good idea to speak to a tax professional before filing your taxes, particularly in years when you have a major life change, like a home sale.
Spring has sprung and outdoor dining can help you make the most of the weather. Durham has a wide variety of cuisines to offer. Read below for a few of Carl's favorite local eats.
Bleu Olive Bistro | 1821 Hillandale Rd, Duham NC 27705
Family owned and operated, this aptly named Mediterranean Bistro focuses on creating authentic meals with high quality ingredients. Their extensive menu has options for everyone and includes a variety of tapas dishes, soups, salads, and entrees.
Blue Corn Cafe | 716 9th St, Durham NC 27705
Your stop for Latin American dishes, crafted with intention from local and organic ingredients. The menu contains everything from Cuban style beans to authentic hand rolled empanadas, and an expansive dessert selection.
GRUB Durham | 1200 W Chapel Hill St, Durham NC 27701
Offering Breakfast until 3PM, this woman owned restaurant creates a space for people to enjoy their food together. With an emphasis on Southern style comfort food, the menu is packed with everything from breakfast sandwiches to smoked BBQ ribs and milkshakes.
Parizade | 2200 W Main St, Durham NC 27705
Parizade describes itself as "a tenured illustration of our commitment to unwavering gracious hospitality". Focusing Mediterranean style dishes, their ingredients are locally sourced from both land and sea and served in an upscale atmosphere. There are plenty of fan favorites to choose from for both dinner and dessert.
Saladelia | 4201University Drive, Durham NC 27707
An independently owned business specializing in homemade Mediterranean cuisine made with fresh and local ingredients. Find something for everyone with their offering of sandwiches, salads, soups, specialty entrees, and platters. Don't forget dessert with their house-made cakes, cookies, and pastries.
Tobacco Rd Sports Cafe | 280 S Mangum St #100, Durham NC 27701
A restaurant built with a love of sports and food in mind. Carrying every single sports package available, the menu includes regional faves with a twist, gourmet entrees, and healthy alternatives. For those that have specific dietary needs, check out their interactive menu on their website.
Vin Rouge | 2010 Hillsborough Rd, Durham NC 27705
A French Bistro atmosphere complete with a garden space and front patio will transport you to Europe while you eat. Featuring traditional French dishes on their dinner menu like escargots and steak frites, they also offer brunch.
Everyone tends to pay off their debt in a different way, implementing various tools and strategies until it's finally gone. Though it may feel overwhelming at the start, you can tackle your debt one step at a time. If you are struggling to start and needs some pointers on your debt-reduction strategy read below:
Learn more about saving strategies to help you reach your financial goals by CLICKING HERE.