🏡 Keep More When You Sell: Key Tax Deductions for Homeowners

Selling a home can be both emotionally rewarding and financially impactful—but Uncle Sam gets a say, too. The good news? Many of the taxes tied to selling your house don’t have to take as big a bite out of your profit as you might think. Realtor.com breaks down several deductions and exclusions that can help lower your tax bill when you sell your principal residence.

1. Selling Costs: Deduct What You Spend to Sell

When you sell your home, many of the costs directly tied to the sale can reduce your taxable gain. These include:

• Real estate agent commissions

• Legal fees and title charges

• Escrow fees and closing costs

• Advertising and staging expenses

Instead of a standard deduction, these costs are subtracted from your home’s sales price when calculating your capital gain—meaning a lower tax burden when selling your principal residence.

2. Home Improvements and Repairs

Did you spruce up the house to make it more marketable before selling? Many of those expenses might help you:

• If improvements were essential to selling (like fresh paint, roof repair, or replacing a water heater) and done within 90 days of closing, they can be counted as selling costs.

• These can reduce your taxable gain by increasing your cost basis or by reducing the taxable sale amount.

Track every receipt! The IRS looks closely at documentation when you add improvements to your home’s basis.

3. Property Taxes Aren’t Forgotten

If you paid property taxes up to the sale, you can generally deduct the amount you paid the year of the sale—up to a $10,000 cap (this cap is shared with other state/local tax deductions).

4. Mortgage Interest May Still Help

Even in the year you sell, you can itemize and deduct the mortgage interest you’ve paid—up to the IRS cap (generally $750,000 in mortgage debt for most newer mortgages).

However, this only helps if your total itemized deductions exceed the standard deduction—which has been significantly higher since tax reform in 2018.

5. Capital Gains Exclusion: The Big Break

Instead of a deduction, this is a major tax exemption many sellers rely on:

• Single homeowners can exclude up to $250,000 of profit

• Married couples filing jointly can exclude up to $500,000

To qualify, you must have lived in the home as your principal residence for at least two of the five years before the sale.

💡 What counts as “profit”? It’s the amount left after subtracting your cost basis (what you paid plus improvements and selling costs) from your sales price. Increasing your cost basis—by tracking upgrades—lowers your taxable gain, helping you stay within that exclusion limit.

Final Thoughts: Keep Records and Plan Ahead

Tax rules change, and the IRS looks at documentation closely. Whether it’s receipts for renovations, settlement statements, or agent invoices, keeping good records makes claiming these deductions and exclusions much easier.

Before filing, it’s smart to consult a tax professional—especially if your sale edge cases (like short ownership spans or rental use) might affect eligibility. 

The Buncombe County housing market continued to shift in August 2025, showing a mix of opportunities for buyers and challenges for sellers. Let’s take a closer look at the latest numbers and what they mean for our local market.

New Listings & Inventory

• New Listings dipped slightly, down 1.9% compared to last August (477 vs. 486).

• However, year-to-date, new listings are up nearly 20%, giving buyers more choices than in recent years.

• Inventory of Homes for Sale jumped 68.2% compared to last year, and the months supply of inventory rose from 3.5 to 6.6 months—a sign the market is moving toward more balance after years of tight supply.

Pending & Closed Sales

• Pending Sales rose 13.4% year-over-year in August, showing stronger buyer activity compared to last summer.

• Closed Sales, however, dropped 9.2% year-over-year and are down 7.1% year-to-date, pointing to some softening in overall transaction volume.

Home Prices

• The Median Sales Price in August dipped 4.0% from last year ($485,000 vs. $505,000).

• Year-to-date, though, prices remain up 3.1%, showing longer-term stability.

• The Average Sales Price fell nearly 9.5% year-over-year, suggesting buyers are finding more options at lower price points.

Market Speed

• Homes are taking longer to sell.

  • Days on Market increased 48.9%, averaging 67 days compared to 45 last year.

  • Cumulative Days on Market also jumped, up 54.2% to 74 days.

• Sellers are receiving 92.3% of their original list price, down from 96.0% last August.

What This Means

• For Buyers: Increased inventory and slower market pace create more room to negotiate and more options to choose from.

• For Sellers: Pricing competitively is more important than ever, as buyers now have more leverage and patience in their home search.

• For the Market Overall: After years of tight supply and fast-moving sales, Buncombe County is shifting into a more balanced market where both buyers and sellers need to adjust strategies.

Buncombe County Real Estate Market Update – July 2025

Buncombe County’s housing market is showing signs of shifting this summer, with inventory climbing, prices still inching upward, and homes taking longer to sell. Here’s a breakdown of the latest trends from the Canopy Realtor® Association’s July 2025 report.

📈 More Homes Hitting the Market
New listings surged to 499 in July, a 25.7% jump compared to last year. Year-to-date, listings are up 23.3%, meaning buyers have significantly more options than they did in 2024. This growth in inventory is also reflected in the months’ supply, which doubled from 3.1 to 6.4—marking the shift toward a more balanced market.

🏡 Sales Activity: Mixed Signals
Pending sales rose 10.2% in July compared to last year, but year-to-date pending contracts are actually down 5.5%. Closed sales also saw a healthy 9.6% year-over-year increase for July, yet overall 2025 closings remain 7.2% lower than the same period in 2024.

💲 Prices Still Rising, But Growth Slowing
The median sales price climbed 7.5% year-over-year in July to $515,000, while the year-to-date median is up 4.2%. However, the average sales price dipped slightly (-0.8% in July, -1.4% year-to-date), signaling that while demand remains steady for well-priced homes, buyers are negotiating more aggressively.

⏳ Homes Taking Longer to Sell
The average days on market until sale jumped nearly 30% from last year, now sitting at 48 days for July. Cumulative days on market rose even higher—up 41% to 55 days—showing that sellers may need to be patient and strategic in pricing.

💡 What This Means for Buyers & Sellers

• For buyers: With inventory up over 80% compared to last year, you have more choices and more negotiating power than we’ve seen in years.

• For sellers: Homes are still selling, but pricing right is critical. Overpricing can lead to longer market times and more concessions at the closing table.

Overall, Buncombe County is moving toward a more balanced real estate market, giving both buyers and sellers opportunities—but also requiring realistic expectations on both sides.

Many aspiring homeowners worry that they need a 20% down payment. In reality, that’s no longer the standard—especially for first-time buyers.

🎯 The New Norm: Around 9% Down, Not 20%

• According to Realtor.com and the National Association of Realtors, the average down payment for first-time homebuyers is only 9% of the home price. That’s a far cry from the 20% rule of the past. Real Simple+5Realtor+5Realtor+5

• For a median list price of $400,500 in early 2025, a 9% down payment comes to approximately $36,045—not the tens of thousands more many assume. New York Post

🏠 Why 20% Is No Longer Required

• Many conventional loan programs now allow buyers to put down as little as 3% to 5%, especially for first-time buyers through programs offered by Fannie Mae and Freddie Mac. The Mortgage Reports

• Government-backed loans such as FHA (3.5% down), VA (0% down for eligible veterans), and USDA (0% down in qualifying rural areas) make low—or even zero—down payment homeownership possible. The Mortgage Reports+1

💸 Sample Monthly Payments: What You Can Expect

• With a roughly 9% down payment on that $400,500 home, a 30-year fixed mortgage at around 6.95% interest led to an estimated monthly payment of $2,413, excluding taxes and insurance. New York Post

• By comparison, median monthly rent in late 2024 was about $1,695, making homeownership still more expensive but potentially more rewarding in equity-building. New York PostInvestopedia

🔎 Is Renting Forever the Only Option?

• Gen Z—those born between 1997 and 2012—is currently saving more than any other generation, but they’re also facing high costs and low housing supply. That combination means many are renting longer or exploring alternatives. New York Post

• Many young buyers are turning to creative solutions like co-buying, house hacking, or relocating to more affordable cities. New York Post

🧠 Breaking the Down Payment Myth

• The idea that you must have 20% down before buying a home is outdated. There are a variety of paths—including low‑down or even zero‑down options—that make homeownership more accessible.

• A smaller down payment may come with mortgage insurance (PMI), but it also enables you to preserve cash for emergencies or renovations. The Mortgage Reports+2Investopedia+2

📝 Final Thoughts

While putting down 20% can reduce loan costs and eliminate PMI, it’s not mandatory. Many buyers today tap into conventional programs with 3–10% down, or use FHA, VA, or USDA loans to sidestep traditional hurdles. The headline: if you’ve got 5–9% saved, homeownership might be closer than you think.

Read this article from Realtor.com for more information How much of a down payment do you need

Buncombe County Real Estate Market Update – June 2025: A Balanced Market is Emerging

The June 2025 housing stats are in, and the Buncombe County market is undergoing a notable shift. With a significant rise in inventory and a slight cooling in home prices, the area is beginning to show signs of moving toward a more balanced environment for buyers and sellers alike.

Inventory Rises Sharply, Creating More Options

One of the most striking changes in the market is the 77.9% increase in homes for sale compared to June 2024. Inventory nearly doubled from 893 to 1,589 active listings. This surge has pushed the months’ supply of inventory from 3.1 to 6.2 months—a 100% increase. In real estate terms, that’s a strong indicator of a market transitioning from a seller’s market to a more neutral or even buyer-friendly one.

Prices Show Mixed Signals

While the median sales price for June dropped 3.0% year-over-year (from $524,500 to $509,000), the year-to-date median tells a different story, rising from $475,000 in 2024 to $495,000 in 2025—a 4.2% increase. The average sales price dipped slightly both monthly and year-to-date, signaling some softening, particularly on higher-end properties.

Fewer Closings Despite More Listings

Despite the influx of new listings (up 11.0% in June and 22.7% year-to-date), closed sales dropped by 9.2% for the month and are down 10.4% for the year. Meanwhile, pending sales remain relatively flat, with a modest 2.2% increase in June but a 6.9% decrease year-to-date. These trends point to a more selective and cautious buyer pool, likely driven by interest rates and economic uncertainty.

Homes Taking Longer to Sell

The average days on market until sale increased by over 10% compared to last June and nearly 18% year-to-date. The cumulative days on market is up 24.5%, from 49 to 61 days. This confirms what many local agents are seeing on the ground: homes need to be priced right and show well to move quickly in today’s market.

Sellers Still Getting Close to List Price—but Not Quite

The percent of original list price received dropped from 96.9% to 95.2% in June, reflecting a softening in competition. Buyers have a bit more room to negotiate than in recent years.

What This Means for Buyers and Sellers

• Buyers: With more inventory and more time to make decisions, this could be your opportunity to enter the market with greater leverage than before.

• Sellers: It’s still a good time to sell, but pricing accurately and preparing your home for market are more important than ever. The days of multiple offers over asking price are fading—for now.

As always, local conditions can vary by neighborhood, price point, and property type. Reach out to a trusted real estate professional to help you navigate the current market with clarity and confidence.

Buncombe County Market Update – May 2025: Signs of a Shifting Market

The Buncombe County real estate market is showing signs of transformation as we move through mid-2025. While inventory levels and new listings are up significantly, closed sales and home prices tell a more nuanced story—indicating that the once red-hot seller’s market is cooling into a more balanced playing field.

Inventory Surge Changes the Landscape

One of the most striking shifts this month is the 81.1% increase in inventory compared to May 2024. With 1,518 homes on the market, buyers now have considerably more options. This surge is also reflected in the months supply of inventory, which jumped from 2.9 to 5.9 months, a 103.4% increase. In real estate terms, a 5–6 month supply is generally considered a balanced market—no longer favoring sellers as heavily.

New Listings Climb, But Sales Are Sluggish

New listings are up 36.9% year-over-year for May, and up 24.9% year-to-date, showing strong seller interest. However, closed sales are down 20.6% for May and 10.8% year-to-date, while pending sales also dipped 7.9% year-to-date. This disconnect suggests that despite increased inventory, many homes are sitting longer and not converting to sales at the same pace as last year.

Pricing Trends Reveal Buyer Hesitation

While the year-to-date median sales price is up 5.1% to $493,890, the monthly median for May dropped 2.9% to $505,000. Additionally, the average sales price fell 11.1% from the same time last year, now sitting at $611,124. Sellers are also receiving less of their original asking price—now 95.8%, down from 97.8% in May 2024.

This cooling of pricing power, paired with a 21.7% increase in average days on market, points to growing buyer caution and a need for pricing strategies to adjust accordingly.

What This Means for Buyers and Sellers

• For buyers, this could be the best environment we’ve seen in years. More options, less competition, and the potential for price negotiations make it a strong time to re-enter the market.

• For sellers, preparation is key. Homes are taking longer to sell, and pricing too aggressively could lead to extended days on market or price reductions. Working with a local expert to develop a smart listing strategy is more important than ever.

Final Takeaway:
The Buncombe County housing market is no longer sprinting—it's pacing itself. The substantial inventory increase suggests a healthier, more sustainable market environment, but sellers will need to adjust expectations. Buyers, on the other hand, might finally be able to take a breath and explore the growing selection of homes at a more manageable pace.

Buncombe County Real Estate Market Update – April 2025

The April 2025 housing market report is in, and Buncombe County continues to show signs of change—some encouraging for buyers and others for sellers. Let’s break down the key highlights from this month’s data, provided by Canopy MLS.

Inventory on the Rise

One of the most notable shifts is the increase in available homes. Inventory jumped by 65.3% year-over-year, bringing the months supply of inventory to 4.8, up a significant 92% from April 2024. This increase in supply could indicate more opportunities for buyers who’ve struggled with limited options over the past few years.

Prices Continue to Climb

Even with more inventory, prices are still on the rise. The median sales price in April hit $500,000, a 5.3% increase from the previous year, while the average sales price rose to $631,452, up 2.1%. Year-to-date, the average sales price has grown 3.5%, and the median price is up 7.9%—showing that demand for homes in Buncombe County remains strong.

Fewer Sales, But Homes Are Taking Longer to Move

Despite the rise in listings (up 27.8% to 602 new listings in April), the number of closed sales dipped by 7.5%, and pending sales fell 18.5%. This slowing pace is mirrored in how long homes are staying on the market. The average days on market until sale increased by 22.4% year-to-date, from 49 to 60 days. The number of days from listing to close also rose slightly to 94 days.

Sellers Still Holding an Advantage (But It’s Softening)

Sellers are still receiving close to asking price, with the percent of original list price received at 95.7%, only a slight drop from last year. However, with inventory growing and homes taking longer to sell, we may be seeing a softening shift toward a more balanced market.

What This Means for Buyers and Sellers

If you're a buyer, the expanding inventory is welcome news—it means more choices and possibly less competition. But be prepared for prices that remain elevated.

If you're a seller, you’re still in a good position, especially if you price your home well. However, keep in mind that with homes taking longer to sell, it’s more important than ever to have the right pricing and marketing strategy.

Whether you're buying or selling in Buncombe County, working with a knowledgeable local real estate agent can help you navigate these evolving conditions and make the most of today’s market.

The Spring 2025 Wall Street Journal/Realtor.com Housing Market Ranking offers a comprehensive look into the evolving U.S. housing landscape, highlighting regions that balance affordability, economic vitality, and livability. (Spring 2024 WSJ/Realtor.com Housing Market Ranking)

🏡 Top Markets Leading the Charge

This season, Toledo, Ohio, claims the top spot, boasting a median listing price of $235,000—nearly $200,000 below the national median. Its affordability, combined with robust buyer demand and swift market activity, underscores its appeal.

Other notable markets include:

• Manchester-Nashua, NH: With a median price of $565,000 and low unemployment, it offers proximity to Boston without the hefty price tag. (Winter 2025 WSJ/Realtor.com Housing Market Ranking)

• Rockford, IL: Affordable at $249,000, it presents opportunities for both buyers and investors.

• Springfield, MA and Canton-Massillon, OH: Both regions combine reasonable home prices with steady demand. (Realtor.com’s top housing markets for 2025)

These areas exemplify the trend of buyers gravitating towards markets that offer economic stability and a higher quality of life without exorbitant costs. (Spring 2024 WSJ/Realtor.com Housing Market Ranking)

📉 Affordability Challenges in the Northeast and West

Conversely, states like Connecticut, New York, and California received failing grades in Realtor.com's recent affordability and construction report. Factors such as restrictive zoning laws and high building costs contribute to limited housing supply and elevated prices, making homeownership a distant dream for many. (Connecticut flunks national 'report card' on home construction, affordability of existing housing)

For instance, Hartford, CT, despite its economic potential, faces challenges with a median listing price of $450,000 and an unemployment rate of 4.4%, reflecting broader regional issues. (Fall 2024 WSJ/Realtor.com Housing Market Ranking)

🌱 Midwest: The Emerging Haven

The Midwest stands out not just for affordability but also for climate resilience. Cities like Appleton, WI, and Akron, OH, offer lower risks of extreme weather events, adding to their appeal. Moreover, the cost of living in these areas is often below the national average, providing a balanced lifestyle for residents. (Fall 2024 WSJ/Realtor.com Housing Market Ranking)

🔍 Key Takeaways for Buyers and Investors

• Affordability is Paramount: Markets offering lower home prices without compromising on amenities are in high demand. (Realtor.com’s top housing markets for 2025)

• Economic Stability Matters: Regions with steady job growth and low unemployment rates attract more buyers. (These 10 US Metros Will Likely Be Top Housing Markets in 2025)

• Climate Resilience is a Bonus: Areas less prone to natural disasters are becoming increasingly attractive.

As the housing market continues to evolve, staying informed about regional trends and economic indicators is crucial for making sound investment decisions.

For a deeper dive into the Spring 2025 Housing Market Ranking, visit Realtor.com's official report.

Spring is bringing more activity to the Buncombe County housing market. According to the latest data, new listings were up 15.3% compared to last March, giving buyers more options as inventory climbs. In fact, the number of homes for sale rose 40.7% year-over-year, pushing the months supply of inventory from 2.4 to 3.7—a sign the market may be shifting toward better balance.

However, closed sales dipped 10%, and homes are sitting longer, with days on market up 23.5%. The median sales price also edged down slightly to $455,000, though the average price remained steady near $590,000.

Overall, we’re seeing signs of a cooling market with more choices for buyers and slightly more negotiating room. It’s a good time to talk with a local Realtor®—whether you're thinking about buying, selling, or just staying informed.

10 Common Garden Mistakes That Attract Pests (And How to Fix Them)

A beautiful garden can quickly turn into a pest paradise if you're not careful. The Spruce highlights 10 common mistakes that make your garden more inviting to bugs—and simple ways to fix them:

1. Overwatering – Too much moisture attracts slugs, gnats, and mosquitoes. Stick to a regular watering schedule and use well-draining soil.

2. Using Broad Insecticides – These can kill helpful bugs along with the bad ones. Opt for targeted pest control methods to protect natural predators.

3. Leaving Plant Debris – Dead leaves create cozy hiding spots for pests. Keep your garden tidy.

4. Overcrowding Plants – Poor air circulation invites mold and insects. Give plants room to breathe.

5. Skipping Weeding – Weeds attract and shelter pests. Stay on top of them.

6. Over-mulching – Mulch is great—until it traps too much moisture. Apply moderately and keep it away from stems.

7. Not Rotating Crops – Growing the same thing in the same place every year attracts pests. Switch it up!

8. Too Much Fertilizer – Overfed plants grow fast and weak, making them easy targets. Follow guidelines carefully.

9. Ignoring Pest Signs – Small issues can quickly escalate. Inspect regularly and act fast.

10. Dirty Tools – Unclean tools can spread pests and disease. Clean them often.

Avoiding these slip-ups can help your garden stay healthy, balanced, and pest-free.

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