As Charlotte home prices continue to increase all around our city, and inventories remain low, deals on homes are becoming harder and harder to find.
I reached out to one of Charlotte’s largest local real estate firms, Dickens Mitchener, to find out some ways that Charlotte buyers can still find a deal in today’s fast-paced seller’s market.
Here are a few of the tips I received;
#1 Find A Well-Connected Buyer’s Agent
When real estate inventory is low, homes can often get bid up above their value, so the best deals can occasionally be found on homes that haven’t hit the market yet. Well-connected buyer’s agents are the key to finding these.
Agents who frequently co-list and network with other Realtors will be the first to hear of deals before they hit the market, and more seasoned agents will also receive more referrals and will often have their own “pocket listings” that you’ll likely be first to know about.
#2 Getting Creative With Terms
Buying a house involves more than just your purchase price. and sellers can sometimes prefer a lower-priced offer if another “term” is more important to them. The “terms” of a real estate contract include; price, earnest money, due diligence fee and time period, closing date, type of financing, inspections, etc.
“Several weeks ago, I was able to help a client purchase a home in Plaza Midwood that had four offers in the first 12 hours on market, knowing someone might come in with cash and my buyer was purchasing with a loan, I advised my client to waive their right for an appraisal and our offer won! Knowing the value and the market I knew the house was worth more than purchase price. Terms are often what can win you the deal even over price,” commented Realtor Cackie Morrow.
#3 Finding a Fixer-Upper
It’s obvious that homes needing more work can be purchased for less, but depending on the neighborhood, the type of work needed, and how significant it is, this is often where you can save the most.
You can save a ton of money in the long run on a home with major cosmetic issues and minor structural issues, compared to one with minor cosmetic issues and major structural issues.
According to Realtor Aubrey Grier, “Buying a home that needs lipstick is where a buyer can potentially find a deal. Charlotte’s current buyer wants move-in ready homes. They don’t even want to paint. It’s a huge change in trend from 10 to 15 years ago. Deals can still be found if a buyer is willing to do some work, because those homes are less desirable currently than in the past, but that is where money can be made in our market.”
Have you recently purchased a home in Charlotte?
Do you have any other advice for new home buyers?