Closing Conducted by: | Attorneys, Lenders |
Conveyance: | Warranty Deed |
Primary Foreclosure Method: | Non-Judicial |
Process Period: | 2 - 4 months |
Notice of Sale: | Sheriff |
Redemption Period: | 10 Days |
Income Tax: | 5.75% |
Corporate Tax: | 6.90% |
Sales Tax: | 4.75% |
Estate Tax: | No |
Inheritance Tax: | No |
Median Property Tax: | 0.78% |
Property Taxes by County: | http://www.tax-rates.org/north_carolina/property-tax#Counties |
Closing Cost: | $2,602.00 |
Transfer Fee: | 0.2% & 0.4% (local option to increase) |
Origination Fee: | $1,887.00 |
Median Home Value: $248,950
1-Year Appreciation Rate: +15.4%
Median Sales Price: $328,168 (+19.6% year over year)
Homes For Sale: 16,279 (-42.0% year over year)
New Listings: 10,841 (-6.9% year over year)
Median Days On Market: 34 (-20 days year over year)
Median Rent Price: $1,145
Price-To-Rent Ratio: 18.11
Unemployment Rate: 4.6% (latest estimate by the Bureau Of Labor Statistics)
Population: 10,488,084 (latest estimate by the U.S. Census Bureau)
Median Household Income: $54,602 (latest estimate by the U.S. Census Bureau)
Mebane
Graham
Stallings
Jamestown
Pineville
Indian Trail
Harrisburg
Sanford
Randleman
Rolesville
Studio: $991
1 Bedroom: $979
2 Bedroom: $1,076
3 Bedroom: $1,294
4 Bedroom: $1,715
Tax Lien or Deed: Tax Deed State (Auctions called: Property Tax Foreclosure Sales)
Redemption Period: 10 day upset period after sale. Anyone can bid 5% of $750.00 more, and with this trigger a re-sale
Historically low interest rates may simultaneously offset high acquisition costs and increase monthly cash flow from properties placed in operation.
Insufficient inventory levels will force even those who want to buy to continue renting, effectively mitigating the risk of vacancies for landlords.
While flipping remains a viable exit strategy, profit margins are growing slimmer with each passing month.
Winston-Salem should see an influx of buyers: With a median home value of $184,934, the Winston-Salem real estate market is well below the state average. As a result, there’s a good chance more people will look to Winston-Salem as a means of escaping today’s relatively high prices everywhere else. The added attention should turn into more buyers and create more activity, which will bode well for local investors. The unique affordability, combined with appreciation potential, may be able to create the perfect investor environment.
Foreclosures should continue to rise: With one of the highest foreclosure rates in the country already, it is fair to assume the trend will continue before it gets better. Expect foreclosure filings to rise for now, but the market should return to a more normal rate as things begin to temper.
Home values will increase: Despite having already risen 15.4% over the last year, home values in the North Carolina real estate market are expected to keep rising. If for nothing else, there are not nearly enough listings to keep up with demand. With interest rates as low as they are and more people able to save money over the last year, demand is higher than ever. Still, the North Carolina housing market doesn't have nearly enough supply. Until new homes are brought to market, prices will continue to rise.