If you’re involved in real estate as a buyer or seller in Charlotte, North Carolina, these days, you know it’s a fast and furious housing market. Homes are being sold sight-unseen and offer prices are soaring above list price. It’s what is often referred to as a “seller’s market,” but what does that really mean?
It means the inventory of homes in and around the Charlotte area are at an all-time low. Among other factors, the number of people who have moved to the region in the last year has increased the demand for housing. Although new homes are being built at record numbers in and around the city, it will take time for these homes to accommodate the masses. And with record-low interest rates, it makes buying a home more appealing than ever.
SELLERS: When you list your house for sale, you should know what price you would like to sell for and be sure to have a plan for where you are going to live, as your home will likely go under contract quickly. The median number of days on market in the Charlotte area is about six. You may receive offer(s) for over the list price, which is exciting for sellers but the appraisal value should be considered when accepting an above-list-price offer.
BUYERS: When preparing to buy a home in a seller’s market, you should have a pre-approval letter with a responsive, local lender. Have your real estate agent set you up on a search thorough MLS and be ready to go see homes the day they come on the market. Be prepared to offer over the list price and offer a large due diligence fee, if there are multiple offers. You should also discuss the appraisal process with your real estate agent so you have a good understanding of your options if the home doesn’t appraise.
There are a lot of tips and tricks your agent can help you with to sell your home or to find the home of your dreams, even in a seller’s market. Email me or call me at 252-412-5367 to find your new home.