You do not have to look very far to see or hear something or someone telling you how bad the current Real Estate market is today. Believe it or not, there are still transactions occurring! People are buying homes, Homeowners are selling homes, Lenders are lending money. Really! This market has changed some dynamics of transacting Real Estate but hasn't stopped the Charlotte Real Estate market from functioning. Here are a few tips, suggestions, ideas, and thoughts on how this is occurring.
If you are selling a home, MAKE IT STAND OUT! With the plethora of options for today's buyer it is of foremost importance that your home absolutely has to me memorable. Seriously consider hiring professionals to market your home. A Realtor and a home-staging expert can pay dividends above and beyond what they charge. A properly staged and priced home will sell quicker and closer to your listing price.
If you are buying a home, CONSULT A REPUTABLE LENDER FIRST. One inescapable casualty of this current housing downturn has been the availability of "easy money." I do not believe anyone now, with what we have seen, would argue that changes had to occur in the lending guidelines. With these changes the need to consult with a reputable lender before beginning your search will save you time, money, and heartache. The loans have changed, the requirements for qualification have changed, and savvy sellers are asking for pre-qualification letters before accepting offers to purchase. The last thing you want to tell your family is, "I am sorry but we cannot afford that home." Devastating.
If you are a move-up buyer, LOOK AT BOTH TRANSACTIONS AS A WHOLE. If you have to sell your current home in order to buy the next home you are actually in a pretty good position if you consider the savings you can receive on the purchase of your next home. Price your current home as aggressively as possible by taking into account the savings you will be getting (versus the market value) on the next home. Many people can actually finance the difference into the next loan.
If you are buying, CONSIDER NEW CONSTRUCTION AS AN OPTION. Builders are feeling the effects of this downturn just as badly as individual homeowners. Many builders are offering terrific incentives for you to buy a finished home, an inventory or 'spec' home. Depending on your particular situation and the builder's willingess to negotiate the savings can be well into the tens of thousands of dollars. Consider partially completed homes as well. In those cases the builder might be willing to add extra options that would dramatically improve your quality of life.
If you want a real bargain, LOOK AT SHORT SALES AND FORECLOSURES. People with flexibility, patience, and some sweat equity can realize some great bargains buying a home that is in, or approaching foreclosure. One word of caution, though. Buuing short sales and foreclosures is not for the weak of hear or stomach. Many homes are in terrible disrepair or damaged by malicious homeowners before eviction. Another thing to consider is the process required to secure one of these 'bargains.' Banks must approve all short sales. This process alone could take weeks or months. Foreclosures are sold by bid. You could fall in love with one home and be outbid. If you are considering jumping into the world of bargain hunting via short sales or foreclosures I would urge you to consult an expert. A Realtor or Attorney can assist in navigating the process of bidding on short sales and foreclosures. Lastly, be ready to get to get your hands dirty - or hire someone to do the work for you!
What are your tips for navigating the choppy waters of the Charlotte Real Estate market? What challenges have you experienced?
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