Tax Value does NOT Equal Market Value! 60 Seconds in Real Estate Cary NC

Wake County Property Taxes do not always reflect true current market value.

We see it routinely in the Cary area. Listing Agents shout, “Priced $Thousands below Tax Value!!”
It doesn’t mean much. If the difference is in the tens of thousands, then a Buyer might wonder if the Seller should have appealed the assessment and tried to have it lowered to a reasonable affordable number.

Wake County Property Tax reassessments are performed every 8 years. The last time was in 2008, with the next reassessment scheduled for 2016. Until then, Wake County will not adjust tax values because of market conditions or soft sales prices.

I have spoken to many homeowners who are afraid to appeal taxes, as they believe that a lower assessment may hurt their home value. That is an error, I believe. If one is contemplating selling their home, a Wake County Property Tax bill that is excessive can discourage a Buyer.

And I got into it in a 60 Seconds in Real Estate episode:

Home Inspections: Do it Before you Market your Home! 60 Seconds in Real Estate in Cary NC

Prelisting inspections can help a Seller over some hurdles on the way to closing.



Prelisting Home Inspections

Home Inspections Prior to Selling

It is becoming more common for Sellers in Cary to have a home inspection prior to listing the house for sale.  I think that is a great trend, and a great marketing tool, particularly when all repairs are already made too.  This method allows the Seller to perform repairs with chosen contractors, and without the rush of a closing deadline.

When the Listing Agent can advertise as much, and the Buyers Agent can tell their client that the home has been inspected and repaired, it is a HUGE confidence builder for the Buyer.  The Buyers inspections will yield fewer findings, and the home should be easier to accept.

And, I said as much, in 60 Seconds in Real Estate

Open Houses? I do them. 60 Seconds in Real Estate, Cary NC

Open houses work, but only if the listing agent REALTOR® works them!



Open Houses, in 60 Seconds

Open House?  Sure!

Some Cary listing agents often differ strongly on whether Open Houses "work."  Well, I say, Open Houses don't work.  Listing Agents work, and using an Open House as one means to market a property can be very productive.

My pitch, in 60 Seconds in Real Estate:

 


One to Buy, Two to Sell. 60 Seconds in Real Estate, Cary NC

One to Buy, Two to Sell is often a point of contention in real estate sales.



60 Seconds in Real Estate, Cary NC

One to Buy, Two to Sell  

Often conversation with homesellers can become awkward when the topic of marriage arises, as in, "Have you been married at any time while you  have owned this home?"

When I am talking to ONE Seller, things can become quickly complicated when they say something like, "Yes, but we are separated/divorced."  Or, "I owned the house before we were married, and he/she didn't help pay for it.  He/she has nothing to say about the sale."

Well….  It depends.  In North Carolina, we are a "One to buy, Two to sell," meaning that a long-lost spouse or ex-spouse may have a financial interest in the property.
Horror stories of shock and surprise abound…..

One of the responsibilities of a Listing agent is to attempt within reason to ensure that the Seller can actually legally SELL the property.  No one wants to list a home for sale, and find that there is another Seller who is not on the listing agreement, and then have an irate Buyer and Buyers Agent.
And, it is important to note, I am not an attorney, and cannot offer legal advice.  But, often it is necessary to access a legal opinion as to who must approve the sale.  I have spoken with divorce attorneys, and have received "Free Trader" agreement copies, and either way has put my mind at ease that I can market a property with confidence that it can be conveyed.
And sometimes, the former spouses have to bury the hatchet long enough to consummate a real estate transaction.  That process can be unnerving to all involved.

The topic seemed worthy of a 60 Seconds in Real Estate vlog:

 


You CAN Sell a home in this Market, 60 Seconds in Real Estate, Cary NC

A short market report video, and how to sell a home in this market.



60 Seconds in Real Estate

Selling a Home in Cary NC

When you hear someone say, "Nothing is selling in this market.  No one is buying homes," they are mistaken.
Yes, you CAN sell a home in Cary, under the current economic circumstances.

How?
*Price it right.

*Present it well.  Clean.  Decluttered.  Staged.  Repaired.  Fresh!
*Promote it.  Don't keep it a secret that your home is for sale.  This is where a great REALTOR® as your listing agent, with excellent marketing skills comes in.

My thoughts in 60 Seconds in Real Estate, Cary NC version:

 


60 Seconds in Real Estate, Cary NC: Buyers Agency Agreement

A few high points on Buyers Agency Agreements, and what they mean in Cary, NC.

Buyers Agency Agreement

Buyers Agency Agreements? Do you need one in North Carolina?

Yes, if you are going to work with a REALTOR® or licensed agent to represent you.

It is the law. An agent cannot represent you in a real estate transaction without a written agreement.

The North Carolina Association of REALTORS® provides members with a form that describes the relationship and establishes expectations for the parties.

Absent a formal agreement, the default assumption is that the agent is working for the Seller, not for the Buyer.

The Buyer agency agreement serves a valuable purpose for the Buyer. The Buyer becomes a “Client,” rather than a “Customer.” When the Buyer is a Customer, the Agent’s loyalty is with the Seller, and the benefits of advocacy remain with the Seller. We sell to Customers. We consult with Clients, and the legal responsibilities are more detailed in that relationship.

Some folks are hesitant to formally engage an agent for a variety of reasons:

  • Sometimes they are afraid they will be tied down to the agent, even if the relationship is just not working. I always give the client, and myself, a “Get Out Of Jail, Free” card. All my Buyer Agency agreements include the provision, “Either party may terminate this agreement at any time prior to location of a suitable property.” I want people to be at ease as we work together, and in the client/agent relationship of their free will.
  • Some folks do not understand how agents are paid, and that makes them nervous to sign a document. To make it worse, some agents are uncomfortable or inarticulate when it comes to discussing compensation. Agent compensation is dealt with in the agency agreement, but should always be open to conversation. We are fortunate in the Triangle MLS, as Buyer agents typically have no problem collecting co-brokerage fees from listing agents, and this simplifies the compensation conversation.
  • Some people just don’t like paperwork, and will sacrifice security for convenience. But, for sure, there will be tons more required documentation before a home is bought. Meetings where we are writing offers, discussing purchase terms, and exploring property values are much easier if we don’t have to spend valuable time going over a Buyers Agency Agreement that should have been reviewed days or weeks prior.

And I did a 60 Seconds in Real Estate video touching on some of these topics:

60 Seconds in Real Estate: NC Residential Property Disclosure Statement

60 Seconds in Real Estate takes on the NC Residential Property Disclosure Statement.

Property disclosure requirements vary from state to state, and I thought I would visit on the North Carolina Real Estate Commission’s NC Residential Property Disclosure Statement.

The requirements and responsibilities are fairly simple:
1. Sellers, don’t fib.
2. Buyers, do your due diligence. Investigate and confirm the Seller’s disclosure, as well as other issues.

New construction home sellers, foreclosure home sellers, lease/option home sellers, and a few other excepted transaction sellers are not required to use the disclosure form.

Introducing 60 Seconds in Real Estate

Real Estate Video. 60 Seconds in Real Estate.

60 Seconds in Real Estate

I decided to dive into video blogging about real estate in Cary NC, and named my YouTube Channel “60 Seconds in Real Estate.”

That name relates to my belief that most videos are way too long.

So, I intend to be in the 1 minute neighborhood.  Preferably LESS than 60 seconds.  That is tough.  I get verbal.