HAPPY APRIL FROM LORD GROUP REALTY
Happy April from Lord Group Realty! Doesn’t it seem just a few short months ago that school was letting out-last year??? Time flies! Brooke, my own daughter will be graduating from college in the next few weeks and before you know it summer will be here!
Now for some real estate news. Did you know that median sales price in Charlotte, NC grew by a double –digit increment last month, slating Charlotte as the third highest out of 53 markets according to a new housing report? In March the median price range of $226,500 rose 13.3% . Only two other markets posted higher increases, being Manchester, N.H at 15.8% and Orlando, Fl at 13.7% Yes, this is great news but this has also created an issue-low inventory! Housing inventory in Mecklenburg, Gaston, Cabarrus and Union county is down 20.3% from last year! Our supply isn’t keeping up with our demand, and thus my advice below.
If you want to sell your home in this market – NO PROBLEM! In the past 4 months I have not had a home on the market for over a week before receiving multiple offers, typically in less than even a few days. The trick is making sure you can secure your next home, which brings me to a few pointers I’d like to give. First, understand, that in this market, we are not being lazy or rude when we say we cannot afford to show you homes if you own a home that you need to sell, and your home is not currently on the market. Why bother, anything you like will be gone in a matter of days-and you need to SELL first! Second, once your home IS on the market and we receive an offer, you are now able to make an offer on another home, contingent on your home sale closing. What does that mean? That means, if your home sale does not close, you will not be legally bound to close on the purchase of the next home-BUT that also means, when competing against other offers-which you will be –understand that not only do you have to be competitive in your offer-I.E higher DD and earnest money amounts, offering above asking price, NOT asking for personal property, but it also means you have to be even MORE competitive on all of the above because your offer is contingent on your home sale closing , while other offers will not have ANY contingencies!
Next, some advice for first time buyers. First of all, God bless you! I remember when the first time buyer could take their time, wait to meet on a weekend day, look at 8 homes, and make a leisurely offer on a home, and be up against little to no competition. ANNOUNCEMENT-THIS IS A SELLER’S MARKET AND INVENTORY IS LOW!!!!!!!!!!! Having been in the business almost 15 years and receiving at least 60% of my business from referrals, I find myself privileged enough to get to work with past client’s children, nieces, etc, who are buying their first home. First time home buyer, please know this-if you think we enjoy telling you, “If you like this home, we have to put in an offer today, offer above asking price and ask for NOTHING extra-and oh, that FHA loan you want to use-sorry we need to do conventional AND you will have to put more money down,”-you are wrong. Be realistic and understand the facts-which again is that it’s a sellers’ market with low inventory. If you are not willing to do the above and want, “negotiating power”-(if I had a dollar for every time I’ve heard this) , then DON’T waste your time trying to buy a home right now. Wait until the market evens out a little and then resume your home search at that time. It’s my job to tell you the truth, good, bad and ugly, and although I would love to have negotiating power along with my client, currently there is none at this time in our market. The average first time home buyer makes 5-9 offers before acquiring a property. So listen and follow advice in the beginning versus 9 offers later wishing that you had done so the first time around and potentially snagged the home you REALLY wanted.
Now for some fun! Most all of you know that I LOVE to make videos throughout the year of experiences with my family and friends. I thought I’d include a few here highlighting some things to do and places to go in and around Charlotte, NC! I look forward to hearing from you so please don’t hesitate to reach out anytime and say, “Hello”!