These tips will give you the advantage you need in a bidding war.
Did you know that the average days on market for homes in the Greater Charlotte area is just 24 days? To clarify, ‘days on market’ means the number of days a property is on the MLS until an offer is accepted for it. In some areas, like here in Fort Mill, that number is in the single digits. Last year at this time, the average was 46 days. The fact that inventory has been reduced by 60% has played a big part in this drop.
If you’re a buyer, this means you’ll be competing against many other buyers for the same properties in this market. Fortunately, the Carolinas Dream Team has been very successful winning homes in this ultra-competitive market, and we have seven tips to share to help you beat out the competition and win your dream home:
1. Have a strong pre-approval or proof of funds. This isn’t just a pre-qualification. A pre-approval means you’ve made a full application and gotten preliminary approval. We work with excellent lender partners, and we like to have our buyers’ lenders call the listing agents and share just how strong our buyers’ positions are.
2. No contingencies on home inspections. Accept the home as is. Though we still recommend scheduling a home inspection during the due diligence period just so you’re fully aware of what you’re getting into.
3. No contingencies on appraisal. In the current market, you’ll likely have to pay more than what someone paid for a comparable property three to six months ago. Be prepared for that and waive the appraisal contingency.
4. Pay over the asking price. Last year at this time, homes were selling at 98% of their asking price. Today that number is 101%.
5. Offer to pay the seller’s closing costs. Additionally, you could take care of any unwanted belongings the seller would rather leave behind.
6. Make a strong earnest money deposit, have a strong due diligence fee, and have a closing date that works best for the seller. You and your Realtor should communicate with the listing agent and find out the ideal closing date for the seller.
7. Work with a Realtor with access to off-market properties. We prospect for sellers for our buyers every day. As a result, we have access to dozens of homes that have not yet hit the market, and we can avoid that competition altogether.
Now for the best part of today’s segment. It’s dad joke time…
Q: Which Star Wars character would make the best Realtor?
A: LAND-o Calrissean.
As always, if you have questions about this topic or there’s anything we can help you with, don’t hesitate to reach out to us. We’d love to help you.