This report provides an overview of residential home sales activities in North Carolina, with a focused analysis on the Research Triangle region. The Research Triangle, anchored by Raleigh, Durham, and Chapel Hill, is a major driver of the state’s real estate market, known for its strong economy, high quality of life, and robust demand for housing.
Statewide Residential Home Sales Overview
North Carolina’s residential real estate market has exhibited sustained growth over the past year. Factors contributing to this trend include population growth, an influx of new residents from other states, and continued economic development. Median home prices have risen across urban and suburban areas, while rural regions have seen more modest increases.
Median Home Price: The statewide median price for single-family homes has increased year-over-year, reflecting strong demand.
Sales Volume: Home sales activity remains high, though slightly moderated compared to the peak periods of the previous year.
Inventory Levels: Inventory remains relatively tight, with many markets experiencing fewer homes available for sale than in previous years.
Buyer Demographics: The market continues to attract first-time homebuyers, retirees, and relocators from other states, particularly the Northeast and Midwest.
Research Triangle Region Market Analysis
Overview
The Research Triangle region, encompassing Raleigh, Durham, and Chapel Hill, is one of the fastest-growing real estate markets in North Carolina. Its proximity to major universities, research centers, and technology hubs makes it a highly desirable area for both buyers and investors.
Sales Activity
Raleigh: Raleigh continues to lead the region in home sales, with a high volume of transactions and steadily increasing median prices. New construction is prevalent in suburban communities surrounding the city.
Durham: Durham’s market is characterized by strong demand and limited inventory, driving competitive bidding and price appreciation. The city’s revitalized downtown area is particularly attractive to young professionals.
Chapel Hill: Chapel Hill’s market benefits from its university presence and high quality of life. Home sales are brisk, especially in established neighborhoods and new developments.
Market Trends
Price Appreciation: All three cities have experienced significant price growth, with median home prices outpacing statewide averages.
Inventory Constraints: The region faces low inventory levels, contributing to quick sales and frequent above-list-price offers.
New Construction: Developers are responding to demand with new housing communities, particularly in the suburbs and exurbs of the Research Triangle.
Migration Patterns: The area continues to attract new residents, including remote workers and families seeking affordable housing and access to top schools.
Outlook
The residential real estate market in North Carolina, and especially in the Research Triangle region, is expected to remain strong for the foreseeable future. Continued population growth, economic expansion, and ongoing demand for housing will likely support further appreciation in home values and sustained sales activity. Buyers should expect a competitive environment, while sellers may benefit from favorable market conditions.
A Critical Step In The Sale Of 2015 Tennessee Road
Everyone recognizes the role the buyer and their lender play in the successful sale of real estate. However, somewhere in the background is a person who is overlooked and rarely recognized for the work they do. That person is the mortgage underwriter. Without the knowledge and expertise of this individual some home purchases would never see the light of day. Let me share with you the role this person plays in the home buying process.
Mortgage loan underwriting is a critical process in the home buying journey, ensuring responsible lending practices and protecting both lenders and borrowers.
Here’s why it is so important:
1. Risk assessment for lenders
Underwriting helps lenders evaluate the risks associated with providing a mortgage loan to a particular borrower and for a particular property.
They analyze factors like the borrower’s credit history, debt-to-income ratio, assets, employment history, and the property’s value to determine the likelihood of the loan being repaid.
2. Borrower protection
Mortgage underwriting helps prevent borrowers from taking on a loan they may struggle to afford or purchasing a property that may pose problems.
The underwriter’s analysis ensures that the borrower has a stable financial situation and that the property’s value supports the loan amount.
3. Ensuring loan quality
The thorough evaluation process contributes to the overall quality of mortgage loans, which helps maintain a stable and healthy housing market.
4. Compliance with regulations
Underwriters must comply with federal and state regulations, promoting fair practices.
5. Facilitating a smoother closing
Underwriting can help identify issues early, leading to a smoother closing process.
What underwriters consider
Underwriters assess risk based on the “Three C’s”:
Capacity: Evaluating the borrower’s ability to repay the loan through income, employment, and debt analysis.
Credit: Reviewing credit history and score to determine creditworthiness.
Collateral: Assessing the property’s value and condition to ensure it’s sufficient collateral.
Mitigating risks
If risks are found, underwriters might suggest mitigation strategies like requiring a higher down payment or increasing the interest rate.
Ultimately, mortgage underwriting is crucial for the financial health of the mortgage industry and supports sustainable homeownership.
Next time you’re thinking about purchasing a home or any other form of real estate, consider the underwriter and make sure there is a solid working relationship between your lender and the underwriter involved in the transaction.
As we reach the midpoint of 2025, the U.S. housing market stands at a critical juncture. The frenzy of the pandemic-era real estate boom has long since cooled, but in its place we’re seeing a market searching for balance. Higher mortgage rates, cautious buyers, and rising home inventory are combining to reshape what it means to buy or sell a home in today’s climate.
“The housing market is at a turning point,” says Nadia Evangelou, senior economist and director of real estate research at the National Association of Realtors. This turning point brings both challenges and opportunities. Whether you’re buying, selling, or just keeping a close eye on the market, understanding these evolving trends is essential.
In this comprehensive market update, we examine four key factors influencing today’s housing market and provide actionable strategies for navigating these evolving conditions.
FEWER HOME SALES, BUT MOMENTUM IS GROWING
While existing home sales have seen a modest uptick compared to last year, overall activity remains well below pre-pandemic norms. Many potential buyers are still on the sidelines, held back by ongoing economic uncertainty and affordability challenges driven by elevated mortgage rates and home prices.
As Lawrence Yun, Chief Economist for the National Association of Realtors, explains, “Home sales have been at 75% of normal or pre-pandemic activity for the past three years, even with seven million jobs added to the economy. Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand.”
Yet, change is in the air. An increase in inventory, coupled with selective price reductions, is creating renewed interest among buyers. Hannah Jones, senior economic analyst at Realtor.com, told Newsweek in May, “This summer’s housing market is expected to display familiar seasonal patterns, such as increased home sales and rising prices, but overall activity may remain subdued as buyers contend with elevated housing costs.”
What it means for you: A slower pace of sales offers opportunities for buyers. With less competition and more room to negotiate, now could be a smart time to reenter the market.
For sellers, success lies in understanding today’s buyer mindset and pricing your home to reflect current market dynamics. We’re here to help you analyze local trends and craft a strategy that gets results.
MORTGAGE RATES REMAIN ELEVATED BUT STABLE
Currently, 30-year fixed mortgage rates are hovering below 7%, and Yun expects them to average 6.4% in the second half of the year.6 While this is a far cry from the sub-3% rates of the pandemic era, it’s becoming the new normal. “Persistently high mortgage rates mean affordability remains top of mind,” explains Jones.
For many would-be buyers, affordability challenges are now central. Monthly housing payments have more than doubled since the pandemic, not only due to higher home prices but also because mortgage rates are amplifying the cost of borrowing. In response, builders and sellers alike are offering concessions—from interest rate buydowns to closing cost assistance.
What it means for you: Mortgage rates aren’t likely to drop significantly anytime soon, so waiting for a better rate might not be the most effective strategy. Instead, buyers should focus on ways to reduce costs upfront or refinance later if rates eventually fall.
Sellers take note: Offering mortgage rate incentives or closing cost support can set your listing apart and expand your pool of qualified purchasers. We can help you evaluate your options and market these perks to today’s cost-conscious buyers.
AN UPTICK IN INVENTORY OFFERS OPPORTUNITY FOR BUYERS
One of the most significant shifts in 2025 is the dramatic change in housing supply. For the first time in recent history, there are far more active sellers than buyers—an estimated 33.7% more.
This reversal stems from a combination of factors: the return-to-office trend has cooled demand in previously hot markets, while affordability issues continue to keep many potential buyers on the sidelines. At the same time, a growing number of homeowners—tired of waiting out market uncertainty—are choosing to list their properties, further swelling the supply.
Many major metros are now considered buyer’s markets, especially in the South and on the West Coast. Homes are sitting on the market longer, and stale inventory is piling up. “The balance of power in the U.S. housing market has shifted toward buyers,” says Redfin senior economist Asad Khan.
What it means for you: Buyers in many markets now have more choice and leverage than they’ve had in years. Sellers must adapt quickly—pricing aggressively, staging well, and being open to negotiation.
A skilled agent is an invaluable ally in this climate: For buyers, we can help identify hidden gems and guide strong offers. For sellers, we can develop marketing strategies to move your home efficiently, even in a competitive landscape.
HOME PRICES REMAIN HIGH BUT SHOW SIGNS OF SOFTENING
After years of rapid price growth, the market is seeing a gentle descent back to earth. While some pockets of the Northeast and Midwest are still experiencing price increases, values are flattening or falling in many parts of the country. Newsweek reports that home values declined in over half the U.S. states during the first half of 2025, especially in the Sun Belt region.
Economists forecast that the median U.S. home price will remain flat in the third quarter and dip about 1% year-over-year by the end of 2025. Sellers are beginning to accept that sky-high comps from 2021 and 2022 are no longer relevant–-largely due to persistent affordability challenges.
Households earning $75,000 a year can now afford just 20% of homes on the market—down sharply from nearly 50% before the pandemic. This shift is driven in part by a chronic shortage of housing supply, which continues to keep prices out of reach for many would-be buyers despite recent softening.
This ongoing supply shortage is expected to prevent a significant drop in home values. As finance expert Michael Ryan tells Newsweek in May, “The housing market isn’t crashing dramatically, more like it’s finally coming back down to earth from a sugar high.”
What it means for you: For buyers, softening prices can lead to better opportunities—especially in market segments where listings are lingering.
For sellers, the key is realism. “Gone are the days when you could slap any old price on your house and expect a bidding war,” says Ryan. Strategic pricing from the start is crucial. We can help determine what your home is truly worth in today’s market.
LET’S MAKE YOUR NEXT MOVE A SMART ONE
While national housing reports can give you a “big picture” outlook, much of real estate is local. And as local market experts, we know what’s likely to impact sales and drive home values in your particular neighborhood.
If you’re planning to buy a home in 2025, you have more options and room to negotiate—but must remain vigilant about financing and affordability. If you’re a seller, your strategy should reflect today’s conditions, not yesterday’s highs. And if you’re a homeowner, now is a good time to evaluate whether it makes sense to stay put, refinance, or take advantage of current equity to make a move.
The best decision is an informed one, and that’s where a trusted real estate professional comes in. I have the local insight, negotiation skills, and market knowledge to help you succeed—whether you’re buying your first home, selling your third, or simply weighing your next move. Reach out today to start a conversation about your goals and how the current market can work for you.
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Home-Related Tax Deductions Tax season. Just the words can send shivers down your spine. But if you’re a homeowner, there’s a silver lining: potential savings! You’ve probably heard that you can deduct the interest you pay on your mortgage — but did you know there are many other ways homeowners can reduce their tax burden?
Before you start your return, read this post for common home-related tax deductions, eligibility requirements, and tips on how to maximize your savings.
Home-Related Tax Savings: The Basics Before we get into the details, it’s important to define some important terms to set the stage. Tax Deductions vs. Tax Credits Most tax savings opportunities for homeowners come in the form of tax deductions. Deductions work by reducing your taxable income — essentially, the government allows you to subtract certain expenses from your total income before calculating how much you owe in taxes. This means a lower taxable income and, ultimately, a lower tax bill. For example, if you earn $50,000 and claim tax deductions worth $5,000, you will only pay taxes on $45,000. Tax credits, on the other hand, directly reduce your tax bill, rather than your taxable income. That means that if you owe $10,000 in taxes and claim a tax credit worth $2,000, your tax bill will be reduced to $8,000. Pro Tip: Meticulous record-keeping is crucial. Keep detailed records of all potentially eligible expenses. This will make tax time much smoother and ensure you don’t miss out on any deductions. Itemized Deductions vs. Standard Deduction To understand what deductions apply to your situation, it’s important to know the difference between itemized deductions and the standard deduction. The standard deduction is a fixed dollar amount that you can subtract from your adjusted gross income (AGI) regardless of your actual expenses. Itemized deductions, on the other hand, are specific expenses that you can deduct, such as mortgage interest, property taxes, and charitable contributions. You’ll need to choose whether to itemize or take the standard deduction. Generally, you should itemize if your total itemized deductions exceed the standard deduction. Most home-related deductions are only applicable if you choose to itemize. 2025 Standard Deduction Amounts ● Single and Married Filing Separately: $15,000 ● Head of Household: $22,500 ● Married Filing Jointly: $30,0001 Source: IRS
Key Home-Related Tax Deductions and Credits If you do choose to itemize your taxes, common tax deductions and credits available to homeowners include: Mortgage Interest Deduction No one likes to pay mortgage interest, but the good news is that you can deduct interest used to buy or build your primary residence or a second home. However, there are certain limitations that you need to be aware of.2 Mortgage size: If you file your taxes single or married filing jointly, you can deduct interest paid on the first $750,000 of mortgage debt3 for your primary residence or second home. If you are married but choose to file separately, that limit drops to the first $375,000 (for each partner). Requirements: ● The mortgage interest deduction only applies if your home is collateral for the loan (which is standard). ● To qualify as a primary home, your property must have sleeping, cooking, and toilet facilities. ● If you are deducting mortgage interest on a second home, you don’t need to use the home during the year; however, if you rent it out, you must spend at least 14 days or more than 10% of the days you rented it out (whichever is longer). So, how do you calculate how much mortgage interest you’ve paid?
The amount of interest you pay each year will vary, even if your interest rate is fixed — that’s because mortgage amortization3 means that you pay more interest earlier in the mortgage’s term, and more principal closer to the end. Each year, your lender will send you (and the IRS) a copy of Form 1098, which shows how much you paid in interest.4 For example, let’s say you are a married homeowner filing jointly with a mortgage for $400,000. If your Form 1098 shows that you paid $25,000 in mortgage interest in 2025, you could deduct the full $25,000 from your 2025 household income.
Real Estate Taxes (Property Taxes) You can deduct state and local real estate taxes (property taxes) you pay on your primary residence or second home. However, it’s crucial to understand what qualifies. Only property taxes imposed for “general public welfare” are deductible5—if your town imposes a special assessment for a project that directly improves your property value, like a sewer line, that is not deductible. Furthermore, fees for local services, such as trash collection or sewer maintenance, are not deductible, even though your town may list them on the same bill as your property taxes.
There’s also a limit: the 2017 Tax Cuts and Jobs Act imposed a $10,000 cap on the total amount of state and local taxes (SALT)6 you can deduct. This includes state and local income tax (or sales tax) as well as property taxes. Finally, be aware that the amount you deduct must match the amount actually paid to the tax authority.7 This might differ from what you put into escrow if you pay property taxes through your mortgage lender. Typically, the amount your lender paid to your tax authority is listed on Form 1098.
Home Equity Loan Interest You can deduct the interest paid on home equity loans or home equity lines of credit, but with a significant caveat. Since 2017, that interest is only deductible if the loan proceeds are used to buy, build, or substantially improve3 your primary residence or second home, and the loan is secured by the home.
If you use the home equity loan for other purposes, such as a vacation, debt consolidation, or purchasing a car, the interest is generally not deductible. If you use part of the loan or line of credit for eligible purchases, and part for non-eligible purchases, only interest incurred on the portion used for eligible spending is deductible. Loan interest is also not deductible if the funds are used for home improvement projects or repairs that do not “substantially improve” your home. Smaller projects, like repainting or new cabinets, likely do not qualify. However, projects like building an addition, a full kitchen remodel, or installing a new roof should qualify as substantial improvements.8 It’s also important to note that home equity loan and HELOC interest rate deductions are subject to the same upper limits3 as mortgages (and are added together with your mortgage for calculation purposes). For example, if you have a $500,000 mortgage and a $300,000 home equity line of credit—which together exceed the $750,000 limit for a married couple—you would only be able to deduct interest paid on the first $750,000 of those combined loans.
Home Improvement Expenses You can’t usually deduct home improvement expenses directly.9 However, the money you spend on capital improvements (improvements that increase your home’s value) can help reduce your tax bill later. These expenses are added to your home’s “cost basis,”10 which reduces your capital gains tax when you eventually sell the house. Think of it this way: by keeping records of your home improvements, you’re essentially increasing the “price” you’re considered to have paid for your home, thus lowering your profit when you sell. It’s important to note that not all projects qualify as capital improvement. Basic repairs and updates likely won’t qualify, while major additions and landscaping likely will (the considerations are the same as those used to determine whether home equity loan interest is deductible).
Beyond capital improvement, there are a few specific categories of home improvement that are deductible, including work on home offices (which is subject to specific limitations) and certain modifications for medical/accessibility reasons.
Energy-Efficient and Clean Energy Tax Credits Certain energy-efficient home improvements can qualify you for valuable tax credits. Unlike deductions, which reduce your taxable income, tax credits directly reduce your tax bill, making them even more beneficial. For qualifying energy efficiency expenses in the 2024 tax year12, homeowners can claim up to 30% of qualified expenses on their federal tax return, with a maximum credit of $3,200.13 However, some qualifying expenses, like new exterior doors and windows, come with their own maximum credit limits, so it’s essential to check the specific rules. Another option is the Residential Clean Energy Tax Credit, which offers a 30% credit for the cost of installing renewable energy systems, such as solar panels, on your primary residence or a second home that you use part-time and don’t rent out.13 Many states also offer their own tax deductions, rebates, or credits related to energy efficiency and clean energy, so be sure to investigate what’s available in your state.
Selling Your Home and Taxes When you sell your home, the difference between the selling price and what you originally paid for it (plus any major improvements) is called your capital gain. Think of it as your profit from the sale. Let’s walk through a simple example: Imagine you bought your home for $200,000. Over the years, you invested in some significant upgrades, like a kitchen remodel ($30,000), a new roof ($15,000), and landscaping ($5,000). These are called “capital improvements,” and they increase your home’s “cost basis”—essentially, what the IRS considers you to have invested in the property. In this case, your adjusted cost basis would be $250,000 ($200,000 original price + $50,000 improvements). Now, let’s say you sell your home for $350,000. Your capital gain would be $100,000 ($350,000 selling price – $250,000 adjusted cost basis).
Capital Gains Exclusion The good news is that the IRS allows you to exclude a significant portion of your capital gain from taxation!14 If you’re single, you can exclude up to $250,000, and if you’re married filing jointly, you can exclude up to $500,000. To qualify for this exclusion, you need to have owned and used the home as your primary residence for at least two out of the five years before the sale. This is a key factor to consider when deciding how long you plan to live in a home. Essentially, this exclusion means that, in many cases, homeowners won’t owe any capital gains tax when they sell their primary residence. It’s a valuable tax benefit that can significantly impact your finances. Keep good records of your purchase price and any capital improvements you make to ensure you can accurately calculate your capital gain and take full advantage of the exclusion when you sell.
Record-Keeping Tips for Homeowners Organized records are essential for taking advantage of tax deductions and credits. Keep all relevant documents, such as mortgage statements, property tax bills, and receipts for home improvements, readily accessible.15 It’s wise to keep both physical and digital copies (scan and save everything!). Store physical copies securely, perhaps in a safe deposit box. Keep all home-related records for as long as you own the home, plus at least three years after you file your tax returns for the year of the sale.
Conclusion Homeownership offers numerous opportunities to save on taxes. From mortgage interest and property taxes to energy-efficient upgrades and capital gains exclusions, understanding these deductions and credits can significantly reduce your tax burden. Remember, this information is for general guidance only. Consulting with a qualified tax professional is invaluable for personalized advice. Call to Action: Have questions about real estate or need a referral to a trusted tax advisor? Contact us today!
Note: This information is accurate as of February 2025 and is intended for general guidance only. Tax regulations are subject to change.
There’s been some concern lately that the housing market is headed for a crash. And given some of the affordability challenges in the housing market, along with a lot of recession talk in the media, it’s easy enough to understand why that worry has come up.
But the data clearly shows today’s market is very different than it was before the housing crash in 2008. Rest assured, this isn’t a repeat of what happened back then. Here’s why.
It’s Harder To Get a Loan Now
It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back then, banks had different lending standards, making it easy for just about anyone to qualify for a home loan or refinance an existing one. As a result, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices.
Things are different today as purchasers face increasingly higher standards from mortgage companies. The graph below uses data from the Mortgage Bankers Association (MBA) to show this difference. The lower the number, the harder it is to get a mortgage. The higher the number, the easier it is.
Unemployment Recovered Faster This Time
While the pandemic caused unemployment to spike over the last couple of years, the jobless rate has already recovered back to pre-pandemic levels (see the blue line in the graph below). Things were different during the Great Recession as a large number of people stayed unemployed for a much longer period of time (see the red in the graph below):
Here’s how the quick job recovery this time helps the housing market. Because so many people are employed today, there’s less risk of homeowners facing hardship and defaulting on their loans. This helps put today’s housing market on stronger footing and reduces the risk of more foreclosures coming onto the market.
There Are Far Fewer Homes for Sale Today
There were also too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to fall dramatically. Today, there’s a shortage of inventory available overall, primarily due to years of underbuilding homes.
The graph below uses data from theNational Association of Realtors (NAR) and the Federal Reserve to show how the months’ supply of homes available now compares to the crash. Today, unsold inventory sits at just a 2.6-months’ supply. There just isn’t enough inventory on the market for home prices to come crashing down like they did in 2008.
Equity Levels Are Near Record Highs
That low inventory of homes for sale helped keep upward pressure on home prices over the course of the pandemic. As a result, homeowners today have near-record amounts of equity (see graph below):
And, that equity puts them in a much stronger position compared to the Great Recession. Molly Boesel, Principal Economist at CoreLogic, explains:
“Most homeowners are well positioned to weather a shallow recession. More than a decade of home price increases has given homeowners record amounts of equity, which protects them from foreclosure should they fall behind on their mortgage payments.”
Bottom Line
The graphs above should ease any fears you may have that today’s housing market is headed for a crash. The most current data clearly shows that today’s market is nothing like it was last time. The housing markets I’ve been tracking in Raleigh, Durham and Charlotte have seen appreciation as high as 25% over this time last year. No wonder, considering that these cities continue t rank in the top 10 most desirable places to live, with demand continuing to out pace supply.
Successful Sale Following Recommended Enhancements
This home was built in 2006. The homeowner is an experienced real estate investor, owning and managing multiple properties across the country. With the recent increase in home values here in the Research Triangle area, he decided it was time to take a close look at his portfolio and see if he needed to make some changes.
He reached out to me for my recommendations, and we came up with the following list of action items:
1. Avoid a large capital gains tax by doing a tax free 1031 exchange.
2. Identify locations where there are good opportunities for growth.
3. Recondition the house with fresh paint, new flooring and appliances.
4. Develop and implement the marketing strategy.
5. Stay on top of all the details and finish with a smooth closing. Coordination with the 1031 intermediary was key.
If you are an investor and considering the sale and/or purchase of a replacement property, please give me a call.
I’ll put my 25+ years of experience to work for you!
Today’s housing market is different than it was just a few months ago. And if you’re thinking about selling your house, that may leave you wondering what you need to do differently as a result. The answer is simple. Taking the time upfront to prep your house appropriately and create a solid plan can help bring in the greatest return on your investment.
Here are a few simple tips to make sure you maximize the sale of your house this fall.
1. Price It Right
One of the first things buyers will notice is the price of your house. That’s because the price sends a message to home shoppers. Pricing your house too high to begin with could put you at a disadvantage by discouraging buyers from making an offer. On the flip side, pricing your house too low may make buyers worry there’s some underlying issue or something wrong with the home.
Your goal in pricing your house is to gain the attention of prospective buyers and get them to make an offer. And with price growth and buyer demand moderating, as well as a greater supply of homes available for sale, pricing your home appropriately for where the market is today has become more important than ever before.
But how do you know that perfect number? Pricing your house isn’t a guessing game. It takes skill and expertise. Work with a trusted real estate advisor to determine the current market value for your home.
2. Keep It Clean
It may sound simple but keeping your house clean is another key to making sure it gets the attention it deserves. As realtor.com says in the Home Selling Checklist:
“When selling your home, it’s important to keep everything tidy for buyers, and you never know when a buyer is going to want to schedule a last-minute tour.”
Before each buyer visits, assess your space and determine what needs your attention. Wash the dishes, make the beds, and put away any clutter. Doing these simple things can reduce potential distractions for buyers.
For more tips, give me a call to schedule a house visit and I will provide you with a free evaluation that will help you get top dollar for your home.
3. Help Buyers Feel at Home
Finally, it’s important for buyers to see all the possible ways they can make your house their next home. An easy first step to create this blank canvas is removing personal items, like pictures, awards, and sentimental belongings. It’s also a good idea to remove any excess furniture to help the rooms feel bigger and make sure there’s ample space for touring buyers to stand and look at the layout.
If you’re unsure what should be packed away and what can stay, consult your trusted real estate advisor. Spending the time on this step can pay off in the long run. As a recent article from the National Association of Realtors (NAR) explains:
“Staging is the art of preparing a home to appeal to the greatest number of potential buyers in your market. The right arrangements can move you into a higher price-point and help buyers fall in love the moment they walk through the door.”
Bottom Line
Selling a house requires prep work and expertise. If you’re looking to sell your house this season, lean on a trusted real estate professional for advice on how to get it ready to list, how to help it stand out in today’s shifting market, and more.
There’s no doubt about the fact that the Raleigh / Durham housing market is slowing from the frenzy we saw over the past two years. But what does that mean for you if you’re thinking of selling your house?
While home prices are still appreciating in the Raleigh market, they’re climbing at a slower pace because the rise in mortgage rates. The jump in mortgage rates has caused house payments to nearly double over the past 12 months. This has caused many local buyers to drop out of the market or change their requirements for their next home purchase. Despite the increased cost of home ownership, the Research Triangle Region continues to be a very popular destination for people relocating for employment opportunities or those looking for an active retirement lifestyle. Demand for housing is down slightly from a year ago but still the inventory of homes is not sufficient to meet current demand. And in a shift like this one, the way you price your home matters more than ever.
Why Today’s Housing Market Is Different
During the pandemic, sellers could price their homes higher because demand was so high, and supply was so low. This year, things are shifting, and that means your approach to pricing your house needs to shift too.
Because we’re seeing less buyer demand, sellers have to recognize this is a different market than it was during the pandemic. Here’s what’s at stake if you don’t.
Why Pricing Your House at Market Value Matters
The price you set for your house sends a message to potential buyers. If you price it too high, you run the risk of deterring buyers.
When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder what that means about the home or if in fact it’s still overpriced. Some sellers aren’t adjusting their expectations to today’s market, and realtor.comexplains the impact that’s having:
“. . . the share of listings with a price cut was nearly double its year ago level even as it remains well below pre-pandemic levels.”
To avoid the headache of having to lower your price, you’ll want to price it right from the onset. Kevin McVicker knows how to determine that perfect asking price. To find the right price, Kevin will balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more.
Not to mention, pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. This helps lead to stronger offers and a greater likelihood it’ll sell quickly.
Why You Still Have an Opportunity When You Sell Today
Rest assured, it’s still a sellers’ market, and you’ll still get great benefits if you plan accordingly and work with me to set your price at the current market value. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
Mike Simonsen, the Founder and CEO of Altos Research, also notes:
“We can see that demand is still there for the homes that are priced properly.”
Bottom Line
Homes priced right are selling quickly in today’s real estate market. When you choose to work with Kevin McVicker, he will make sure you price your house based on current market conditions so you can maximize your sales potential and minimize your hassle in a shifting market.
If you’re interested in real estate investing, you need to know about 1031 exchanges. Why? This type of transaction can help scale and optimize your portfolio when executed strategically and under the right circumstances.
When you sell an investment property, you’ll pay some hefty capital gains taxes at the time of the sale if you have gains. These taxes will surface at the federal level. The amount will vary based on your income, but in most cases you’re looking at around 15%-20% for federal taxes on capital gains.
Depending on where you live, gain could also be taxed as income or gain at the state level. Further, accumulated depreciation recapture hangs around till the last mile and is taxed at a federal rate of 25%, with varying results at the state level. It would be advisable to get in touch with your CPA for a translation. (In some cases, capital gains taxes can go up to 28 percent).
However, you won’t owe any taxes at the time of sale if you execute your 1031 deferred exchange properly.
Also known as a “like-kind” exchange, a 1031 deferred exchange allows you to defer all capital gains taxes if you reinvest the proceeds in a new property or portfolio of properties of equal or higher value and maintain similar or higher loan amounts. There are other things that need to be considered, but these are the two big ones.
Did you know? You have to hire a Qualified Intermediary (QI) to facilitate 1031 tax-deferred exchanges. Nationwide, the average cost of a QI is around $1,250.
Pros of a 1031 exchange
Beyond the obvious plus of deferring capital gains taxes, there are a number of other reasons why 1031 exchanges are an attractive option for property investors. Here are a six key benefits:
#1: Opportunity to invest in a portfolio
“Like-kind” doesn’t necessarily mean a house for a house. It just means the new investment has to be investment real estate. The recent changes in tax law eliminated all exchange types except for real estate.
This means real estate investors win. Some of the most astute real estate investors have 1031 exchanged a single-family home in a highly appreciated market such as California in order to purchase a portfolio of rental properties in a lower volatility/more affordable state with better cash flow, which can generate greater returns over time.
#2: Ability to elect to reset your depreciation
As a property owner, you can write off “depreciation” of your asset to compensate for deterioration related to the wear and tear, aging or other structural obsolescence of the home. For example, the IRS recognizes 27.5 years as the depreciable time period for an investment property (your CPA can describe other acceptable methods). This means that every year, the amount of the value of your “improvements” (the value of the building) divided by 27.5 can be deducted from ordinary taxable income for 27.5 years. Translation: You have the potential to reduce the amount of income taxes you pay because of depreciation.
However, overall appreciation is typically realized in the value of the land and not the property. This is because assessors typically don’t have information on improvements made to the property unless there is a sale. So while your property may have increased in value based on structural improvements, you may only be able to achieve a similar benefit of depreciation as when you initially bought the property.
In a 1031 deferred exchange, your CPA may elect to reset the depreciable amount of your investment property to a higher value that would give you a bigger tax benefit. Again, see your CPA for a translation.
#3: Exposure to new markets
Want to invest in a market with growing potential? Like-kind exchanges aren’t constrained within state lines. This means you can capitalize on one of real estate’s best advantages, which is the diversification of risk. Getting your foot in the door of an up-and-coming market early could lead to bigger returns down the road.
#4: Trade up for higher-value properties
A 1031 deferred exchange lets you trade up to a property or portfolio of properties with higher returns or qualities that better match your investing goals — and you won’t have to pay tax on the new investment until you sell (unless you choose to do another 1031 exchange).
#5: Greater exit flexibility
Single-family homes can be traded in smaller amounts, which provides flexibility and freedom.
Purchasing a portfolio of single family rental properties gives you the flexibility to sell portions of your assets over time, on your time. One of the great things about single-family rental properties is the ability to accessorize. Commercial real estate typically trades in one big lump, which can create liquidity constraints. Single-family homes can be traded in smaller amounts, which provides flexibility and freedom.
#6: Build equity over time
There’s no cap on how many times you can do a 1031 exchange. That means you could turn a duplex into a fourplex into a single-family rental portfolio into a real estate empire.
Cons of a 1031 exchange
While 1031 exchanges can be a fruitful strategy, there are a couple of challenges to be aware of before you start the process.
#1 There’s a tight timeline
There are very strict timeline requirements when it comes to 1031 exchanges. You have 45 days to identify which property(s) you plan to buy, and you must close on that property(s) within 180 days. So if you’re not prepared to make things happen quickly, a 1031 exchange may not be the best option.
#2 Finding “like-kind” properties can be difficult
In order to do a 1031 exchange, you must first identify which property(s) you’d like to invest the money in. However, it can be very challenging to find “like-kind” replacement properties that fit the bill, especially within the time constraints of 1031 exchanges. Keep in mind, gains deferred in a 1031 exchange are tax-deferred, but not tax-free. Have the right plan and resources in place. You don’t want to scramble and end up with a subpar property that doesn’t fit your long-term investment goals just to avoid taxes. Or worse yet, you could have to pay taxes on the entire gain.
#3 You’re taxed on “boot”
If you have any cash left from the sale after you close, the Qualified Intermediary will pay it back to you. However, that money (referred to as “boot”) is taxed as capital gains. Additionally, as we mentioned earlier in this article, accumulated depreciation recapture hangs around till the last mile and is taxed at a federal rate of 25%, with varying results at the state level.
If you used leverage, you also need take your loans into account, both on the property you’re selling and the new one(s) you’re purchasing. If your liability is going down, it will be treated and taxed just like cash boot.
Say, for example, you had a mortgage of $1M on the old property, but a mortgage of just $800K on the exchange property. You’d be taxed on that $200K gain.
Add Value To Your Home With These 9 DIY Improvements
Whether you’re prepping your house to go on the market or looking for ways to maximize its long-term appreciation, these nine home improvement projects are great ways to add function, beauty, and real value to your home.
The best part is, once you’ve secured the materials, most of these renovations can be completed over the course of a weekend. And they don’t require a lot of specialized skills or experience. So grab your toolbox, then get ready to boost your home’s appeal AND investment potential!
1. Spruce Up Your Landscaping
Landscaping improvements can increase a home’s value by 10-12%.1 But which outdoor features do buyers care about most? According to a survey of Realtors, a healthy lawn is at the top of their list. If your lawn is lacking, overseeding or laying new sod can be a worthwhile investment—with an expected return of 417% and 143% respectively.1
Planting flowers is another great way to enhance your home’s curb appeal. And if you choose a perennial variety, your blooms should return year after year. For an even longer-term impact, consider planting a tree. According to the Council of Tree and Landscape Appraisers, a mature tree can add up to $10,000 to the value of your home.2
2. Clean The Exterior
When it comes to making your house shine, a sparkling facade can be just as important as a clean interior. Real estate professionals estimate that washing the outside of a house can add as much as $15,000 to its sales price.3
A rented pressure washer from your local home improvement store can help you remove built-up dirt and grime from your home’s exterior, walkway, and driveway. Just be sure to read the instructions carefully—and only use it on surfaces that can withstand the intensity. When in doubt, a scrub brush and bucket of sudsy water will often do the trick.
3. Add A Fresh Coat Of Paint
New paint can have a big impact on both the appearance and value of a property. In fact, it’s one of the most effective ways to revitalize a home’s exterior, update its interior, and make it appear larger and brighter. The best part? Painting is relatively easy and inexpensive!
To get the maximum return at resale, stick with a modern but neutral color palette that will appeal to a broad range of buyers. According to a recent survey of home design experts, cool neutrals are a safe bet when it comes to interior paint. And respondents chose white and gray as the best exterior paint colors to use when selling a home.4 However, it’s important to consider a property’s architecture, existing fixtures, and regional design preferences, as well.
4. Install Smart Home Technology
In a recent survey, 78% of real estate professionals said their buyer clients were willing to pay more for a home with smart technology features.5 The most requested smart devices? Thermostats (77%), smoke detectors (75%), home security cameras (66%), and locks (63%).6
The good news is, many of these gadgets are fairly easy to install. And some of them, including smart thermostats and light bulbs, will pay for themselves over time by making your home more energy efficient. In fact, many manufacturers report that smart thermostats can cut back on heating and cooling costs by 10-20%.7
If you already own a smart speaker, like Amazon Alexa or Google Home, choose devices that will pair with your existing technology. This will enable you to create a truly integrated (and in many cases voice-activated) smart home experience.
5. Modernize Your Window Treatments
Smart—or motorized—blinds are also growing in popularity, and several manufacturers make models you can order and install on your own. But they’re not the only way to modernize your window treatments.
If you have old aluminum blinds, consider replacing them with plantation shutters, which are energy efficient, durable, and have strong buyer appeal.8 Roman and roller shades are another stylish alternative, and they come in a variety of colors and fabrics, which you can personalize to meet your design and privacy preferences.
Fortunately, upgrading your blinds has gotten easier and less expensive in recent years. There are a number of retailers that specialize in affordable window coverings that are simple to measure and hang yourself.
6. Replace Outdated Fixtures
Drastically transform the look and feel of your home by swapping out dingy and dated fixtures for contemporary alternatives. Start by assessing your current light fixtures, faucets, cabinet hardware, door knobs, and even switch plates. Then prioritize replacing those that are particularly outdated or in highly-visible areas, such as your entryway or kitchen.
Even if your home is fairly new, consider trading your builder-grade fixtures for higher-end options to give it a more upscale appearance. And forget the old rule about sticking to one metal tone throughout your property. According to designers, mixing metal finishes can add interest and character to a space.9
A minor bathroom remodel offers one of the best returns on investment, with a $1.71 increase in home value for every $1 you spend.10 We’ve already explored several improvements you can make to your bathroom: new paint, fixtures, and hardware. Now complete the look by upgrading your vanity’s mirror.
Before you purchase a new mirror, examine your existing one to see how it is attached to the wall. Some vanity mirrors are glued to the wall and difficult to remove without shattering the glass or damaging the sheetrock behind it.11
If you prefer to keep your existing mirror, you can paint the frame—or add one if it’s currently frameless. There are several online retailers that will send you the frame components cut to your specifications, which you can assemble and mount yourself. Much like a work of art, your vanity mirror serves as a focal point for your bathroom, so let your creativity shine through!
8. Shampoo Your Carpet
Carpet is notorious for trapping dust, dirt, and allergens. It’s one of the reasons that most buyers prefer hard surface flooring.12 But if you love your carpet, or you’re not ready to invest in an alternative, make an effort to keep it clean and odor-free.
To properly maintain your carpet, you should vacuum it weekly. Experts also recommend a deep shampoo at least every two years.13 Fortunately, this is a cheap and easy DIY project you can knock out in about 20 minutes per room. According to Consumer Reports, you can rent a machine and purchase cleaning fluid and supplies for around $90. With an average return on your investment of 169%, it’s well worth the effort and expense.14
9. Customize Your Closet
Real estate professionals estimate that a closet remodel can add $2500 to a home’s selling price.And while a professional renovation can cost upwards of $6000, there are many high-quality DIY closet systems you can customize and install yourself.15
Experts recommend taking a thorough inventory of your wardrobe and accessories before you get started. Make sure frequently-worn pieces are easy to reach, and store seasonal and seldom-used items on high shelves. Place shoe racks near the closet entrance so they are easy to access.16 A little planning can go a long way toward building a closet that you (and your future buyers!) will love.
GET A COMPLIMENTARY ANALYSIS OF YOUR PROJECT We’ve been talking averages. But the truth is, the actual impact of a home improvement project will vary depending on your particular home and neighborhood. Before you get started, contact us to schedule a free virtual consultation. We can help you determine which upgrades will offer the greatest return on your effort and investment. Just fill out the form below.
Whether you’re planning a simple refresh or a full-scale renovation, it’s important to stay up-to-date on the latest trends in home design. Sellers who make tasteful updates can generate increased buyer interest and, in some cases, a premium selling price. And buyers should consider which features of a home will need updating immediately (or in the near future) so they can factor renovation costs into their overall budget.
Even if you have no immediate plans to buy or sell, we advise our clients to be thoughtful about the colors, materials, and finishes they select when planning a remodel, or even redecorating. Choosing over-personalized or unpopular options could hurt a home’s value when it does come time to list your property. And selecting out-of-style or overly-trendy elements could cause your home to feel dated quickly.
To help, we’ve rounded up five of the hottest home design trends for 2020. Keep in mind, not all of these will work well in every house. If you plan to buy, list, or renovate your property, give us a call. We can help you realize your vision and maximize the impact of your investment.
Consumers have become increasingly eco-conscious. Many are shunning the mass-produced, “fast furniture” popularized by retailers like IKEA, opting instead for higher-quality pieces that are built to last. And the availability of non-toxic, environmentally-friendly furniture and decor options is set to grow in 2020 and beyond.
At the same time, there’s been a noticeable shift toward individuality in today’s interior design. Instead of following the latest fad, more homeowners are opting to embrace their personal style and invest in items they believe will “spark joy” (à la Marie Kondo) for years to come.
To incorporate this trend, designers recommend layering old and new pieces for a curated look that you can build over time. Instead of purchasing a matching furniture set from a big-box retailer, buy one or two sustainably-sourced pieces that complement what you already own. Try searching estate sales and Craigslist for vintage classics or well-built furniture that can be refinished. And to accessorize your room, mix sentimental items with newer finds to create a truly personalized space.
Designers are moving away from cool grays, industrial finishes, and stark modernism. In 2020, there’s a big emphasis on creating warm and cozy spaces through color, texture, and shape.
Gray has dominated the color palette for the past decade. This year, expect to see a move toward warmer neutrals, earth tones, and nature-inspired shades of blue and green. Warm metals, like gold and brass, will also continue to trend. And hardwood floors are heating up, as cool gray and whitewashed finishes fade in popularity. Expect to see a rise in classic choices like walnut, mahogany, and oak in richer and darker tones.
Furniture will also get cozier—and curvier—in 2020. From rounded sofas and curved-back chairs to oval dining tables, softened-angles are dominating the furniture scene right now. And designers expect softly-textured fabrics—like velvet, shearling, and mohair—to be big this year, as homeowners strive to add a touch of “hygge” (the Danish concept of calming comfort).
Want to warm up your home decor? Try one of the top paint colors for 2020: Benjamin Moore’s First Light (soft pink), Sherwin Williams’s Naval (rich blue), or Behr’s Back to Nature (light green).
Bold is back! After years of neutral overload, vivid colors and prints will take center stage in 2020. Expect to see geometric designs, color blocking, and floral and botanical patterns on everything from pillows to rugs to wallpaper.
The hottest trend in interior paint right now is bold trim and ceilings. Monochromatic rooms (e.g., walls, ceilings, and millwork painted the same color) will be big this year, as well as high-contrast pairings, like white walls with black trim. Color is coming back to kitchens, too, and two-toned color schemes continue to gain steam. In 2019, 40% of remodelers chose a contrasting color for their kitchen island.1 While white was still the top choice for cabinets, blue and gray are increasingly popular alternatives.
If you’re ready to “go bold,” separated spaces like laundry and powder rooms are great places to start. It’s easier to incorporate busy wallpaper or a bright wall color in an enclosed area because it doesn’t have to flow with the rest of your decor.
Of course, clients always want to know how design choices could impact their home’s value. The reality is, neutral finishes are still the safest bet for resale. If you’re prepping your home to go on the market, stick with non-permanent fixtures—like artwork and accessories—to brighten your space.
Biophilic design has been big the past few seasons, and it isn’t going anywhere in 2020. It centers around the health and wellness benefits of connecting with nature, even while indoors, and it’s impacted the latest trends in color, prints, and materials.
As we mentioned previously, floral and botanical patterns are hot right now, along with nature-inspired hues, like blues, greens, and earth tones. We’re also seeing a heightened use of organic shapes and sustainable materials in furniture and furnishings, including wood, wicker, rattan, and jute. This infusion of nature coincides with a decline in the popularity of urban-industrial fixtures. Designers predict that concrete floors and Edison light bulbs are on the way out.
Want to bring in elements of biophilic design on a budget? Houseplants are a great place to start. But you can also enhance your home’s natural light and create a visual sightline to the outdoors by removing heavy curtains and blinds. And when the weather is nice, open your windows and enjoy the breeze, sounds, and smells of nature. These simple acts are scientifically proven to help reduce stress, boost cognitive performance, and enhance mood!2
In 2020, homeowners want design that’s beautiful, but also liveable. With the rise in remote workplaces, online shopping, and virtual exercise classes, many of us are spending more time at home than ever before. Cue the growing appeal of multi-functional spaces, like a combination kitchen/office or gym/playroom. Real life—and rising housing prices—necessitates creative use of limited space.
Durable, low-maintenance materials will also surge in popularity this year. Engineered quartz—which is more stain, heat, and chip-resistant than natural stone—is now the #1 choice for kitchen countertops.1 Waterproof, wood-look luxury vinyl is the fastest-growing segment in the flooring industry.3 And improvements to water and stain-resistant performance fabric has made it a mainstream option for both indoor and outdoor upholstery.
Now that functional is hot, what’s not? Designers say that mirrored furniture, open shelving, and all-white kitchens are too impractical for today’s busy families.
So how can you start enjoying the time and energy-saving benefits of this design trend? Begin by structuring each room so that it best suits your needs. And when purchasing furniture or fixtures, choose options that are durable and easy-to-clean. The truth is, design fads come and go. But a comfortable and relaxed home (that you don’t spend every spare minute maintaining!) can help create memories to last a lifetime.
DESIGNED TO SELL
Are you contemplating a remodel? Want to find out how upgrades could impact the value of your home? Buyer preferences vary greatly by neighborhood and price range. We can share our insights and offer tips on how to maximize the return on your investment. And if you’re in the market to sell, we can run a Comparative Market Analysis on your home to find out how it compares to others in the area. Contact us to schedule a free consultation!
The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. The market will continue to strengthen in 2018.
However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. Buyer demand naturally increases during the summer months, but supply is not keeping up.
Here are the thoughts of a few industry experts on the subject:
“The worsening inventory crunch through the first three months of the year inflicted even more upward pressure on home prices in a majority of markets. Following the same trend over the last couple of years, a strengthening job market and income gains are not being met by meaningful sales gains because of unrelenting supply and affordability headwinds.”
“As we head into late spring, the demand for purchase credit remains rock solid, which should set us up for another robust summer home sales season. While this year’s high rates – up 50 basic points from a year ago – have put pressure on the budgets of some home shoppers, weak inventory levels are what’s keeping the housing market from a stronger sales pace.”
“The dynamics of increased competition and buyer frustration are unlikely to change…In fact, the direction of the trend is pointing to a growing mismatch between the pool of prospective buyers and existing inventory.”
Bottom Line
If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.
Radon is the second leading cause of lung cancer after cigarette smoking. If you smoke and live in a home with high radon levels, you increase your risk of developing lung cancer. Having your home tested is the only effective way to determine whether you and your family are at risk of high radon exposure.
Radon is a radioactive gas that forms naturally when uranium, thorium, or radium, which are radioactive metals break down in rocks, soil and groundwater. People can be exposed to radon primarily from breathing radon in air that comes through cracks and gaps in buildings and homes. Because radon comes naturally from the earth, people are always exposed to it.
The U.S. Environmental Protection Agency and the Surgeon General’s office estimate radon is responsible for more than 20,000 lung cancer deaths each year in the U.S. When you breathe in radon, radioactive particles from radon gas can get trapped in your lungs. Over time, these radioactive particles increase the risk of lung cancer. It may take years before health problems appear.
People who smoke and are exposed to radon are at a greater risk of developing lung cancer. EPA recommends taking action to reduce radon in homes that have a radon level at or above 4 picocuries per liter (pCi/L) of air (a “picocurie” is a common unit for measuring the amount of radioactivity).
Your chances of getting lung cancer from radon depend mostly on:
How much radon is in your home–the location where you spend most of your time (e.g., the main living and sleeping areas)
The amount of time you spend in your home
Whether you are a smoker or have ever smoked
Whether you burn wood, coal, or other substances that add particles to the indoor air
The chances of getting lung cancer are higher if your home has elevated radon levels and you smoke or burn fuels that increase indoor particles.
Protect Yourself and Your Family from Radon
Having your home tested is the only effective way to determine whether you and your family are exposed to high levels of radon. Steps you can take to measure and reduce radon levels include:
Testing is inexpensive and easy — it should only take a few minutes of your time. It requires opening a package and placing a small measuring device in a room and leaving it there for the desired period. Short-term testing can take from a few days to 90 days. Long-term testing takes more than 90 days. The longer the test, the more relevant the results are to your home and lifestyle.
Sending the kit to appropriate sources to determine radon level
Follow the directions on the test kit packaging to find out where to send the device to get the results.
Fixing your home if radon levels are high
Stop smoking and discourage smoking in your home.
Smoking significantly increases the risk of lung cancer from radon.
Increase air flow in your house by opening windows and using fans and vents to circulate air.
Natural ventilation in any type of house is only a temporary strategy to reduce radon.
Seal cracks in floors and walls with plaster, caulk, or other materials designed for this purpose.
Contact your state radon office for a list of qualified contractors in your area and for information on how to fix radon problems yourself. Always test again after finishing to make sure you’ve fixed your radon problem.
Ask about radon resistant construction techniques if you are buying a new home.
It is almost always cheaper and easier to build these features into new homes than to add them later.
For more information on testing your home, check with your state radon office or call the National Radon Hotline at 1-800-SOS-RADON.
After Christmas, many people put the empty boxes their expensive gifts came in out on the curb. What do you think that says to potential burglars? It screams, “I just got a brand-new TV! Come and rob me!”
That’s just one example of some unwise habits homeowners have. If those owners are sellers opening their doors to the public for showings, habits such as these put them in even greater danger.
National Snapshot of Burglaries
A burglary is committed every 20 seconds, with nearly 1.6 million such crimes nationwide annually, according to the FBI’s 2015 Crime in the United States report. That’s down 7.8 percent from 2014. Total property crime, which includes arson, larceny theft, and motor vehicle theft, reached nearly 8 million instances in 2015, down 2.6 percent from 2014.
Maintain your property. Especially in the wintertime, many people stay indoors and neglect issues such as peeling trim or an overgrown yard. But if the home looks unkempt, thieves may think it’s abandoned and, therefore, an easy target. Shoveling your walkways to clear them of snow and debris and removing holiday decorations and fallen tree branches in a timely manner will signal that the home is occupied.
Know your neighbors. Many people don’t really know their neighbors; it’s more than just saying hi and being friendly. Invite them over to see your home before it goes on the market, and introduce them to the people they may see regularly stopping by during this time (especially your agent). Then they’ll know who is and isn’t supposed to be at your home and can better assess when there may be a threat while you’re gone.
Assess your home’s vulnerability. Walk to the curb and face your house. Ask yourself, “How would I get in if I were locked out?” The first thing you think of, whether it’s the window with a broken lock or the door that won’t shut all the way, is exactly how a thief will get in. Think like a burglar, and then address the issues that come to mind.
Respect the power of lighting. Criminals are cowards, and they don’t want to be seen. The house that is well-lit at night provides a deterrent because thieves don’t want the attention and the potential to be caught by witnesses. It’s wise to invest in tools that make nighttime light automation easy. That includes dusk-to-dawn adapters that go into existing light fixtures and motion detectors. But beware of leaving your exterior lights on at all times, which signifies the occupant is gone for an extended period of time.
Use technology to make your home look occupied. In addition to lighting, smart-home technology has made it easier to make it appear like people are home, even when they’re not. Systems that remotely control lighting, music, and appliances such as a thermostat can help you achieve this. Though not considered smart-home tech, simple lamp timing devices available at hardware stores are also good for this purpose.
Yes, it has to be said: Lock your doors. It’s amazing how many people think they live in a safe-enough neighborhood not to have to lock their doors when they leave. Some facts sellers should know: In 30 percent of burglaries, the criminals access the home through an unlocked door or window; 34 percent of burglars use the front door to get inside; and 22 percent use the back door, according to the FBI Uniform Crime Report.
Reinforce your locks. A good door lock is nothing without a solid frame. Invest in a solid door jam and strike plate first, and then invest in good locks. Know the difference between a single-cylinder and a double-cylinder deadbolt. Double-cylinder deadbolts are recommended because they require a key to get in and out. For safety and emergency escape purposes, you must leave the key in when you are home. But double-cylinder locks are against regulations in some places, so check with your local police department’s crime prevention office.
Blare the sirens. Burglars are usually in and out in less than five minutes, and they know police can’t respond to an alarm that quickly. Their bigger concern is witnesses to their crime. For that reason, an external siren is invaluable, whether as part of a monitored security system or a DIY alarm. Even if you don’t have an alarm, it’s not a bad idea to invest in fake security signs and post them near doors.
Consider surveillance cameras. The Los Angeles Police Department started a program encouraging homeowners to install a device called Ring, a doorbell with video surveillance capability that allows homeowners to view what’s outside their door on their smartphone, in a neighborhood that was a target for burglaries. After Ring was installed in hundreds of homes, the burglary rate dropped by 55 percent, according to reports. Most state and local regulations require posting a warning that people are being recorded. (But again, this can be effective even if you don’t actually have the cameras installed!)
Mark your valuables and record details. Use invisible-ink pens or engravers to mark identifying information (driver’s license or state ID numbers) on items. Log serial numbers and take photos of your belongings. Check to see if your police department participates in the Operation Identification program. They will have stickers for you to place on doors or windows warning would-be thieves that your items are marked. These steps may prevent them from pawning or selling stolen items and can help you reclaim recovered belongings.
