The Wall Street Journal recently published an article regarding 1st quarter sales in the top 51 markets across the country. They compared either the 1Q 2014 2014 or 4Q 2014 with 1Q 2015 . The chart above shows the metro areas with the least and most change in sales prices. Charlotte- Gastonia- Concord area was 5th on the list with a 17.7% change. We have seen strong increases in sales prices over the past 12-15 months, which has been great for sellers. But we are also seeing lower levels of inventory, which is helping drive up prices. In many areas, there are more buyers seeking homes than homes to purchase and combined with rising prices and lower inventory, it is tough for buyers right now. The chances of getting into a multiple offer situation are very strong when buying a home in and around Charlotte. So what can a buyer do to come out on top when buying a new home?
Understand prices are on the rise and sellers can command more for their home
Assume someone else is going to be interested in the same property
Make your offer as clean as possible
- Give as much due diligence money as you are comfortable with
- If you can afford to pay your closing costs, don’t ask for them
- Buy the home warranty yourself
- Make the settlement date as early as possible
- Be preapproved with a reputable lender in town (NOT a .Com) and make it specific. If an underwriter has looked at your loan documents, have the lender say that in the letter.
- Ask for reasonable repairs from the seller. There may be another offer waiting in the wings and sellers have no incentive to make a lot of repairs in the current market.
Get a conventional loan if possible. FHA appraisals attach to the property for 6 months so sellers in appreciating markets are wary of accepting an offer using an FHA loan.
Finally, find an agent who understands the current market and assumes you will be competing with other buyers. Experienced agents KNOW how to make your offer come out on top!
The Ann Rudd Group trains its buyers agents to write clean, competitive offers for their clients. Give us a call today so we can help you find and buy the best home for you!