Home buyers in this area are really struggling but in a good way (for the economy). Sellers, on the other hand, are right where they want to be. Spring does of course tend to bring out the people ready to move, however, the limited supply of starter to mid-size homes is creating a frustrating buying atmosphere.
When priced correctly in any economy, houses will sell. When priced correctly right now? We have things called ‘limited supply’, ‘selling like hotcakes’ and ‘multiple offer situations’.
I am currently working with two buyer(s) experiencing these trends: one newly married mid-20s couple and one single graduate just out of college from Florida. In the past 3 weeks, between these two clients we have been hit with a request for what’s called a ‘highest and best’ offer. It is exactly what it sounds like. The buyer must submit their highest and best offer; this includes purchase price, length of time to close, financing used, and requests made (closing costs, inspections, repairs, etc.) Unfortunately, both clients have been denied by at least one seller.
What I’m getting at is this:
Sellers: If you live in the Charlotte area or an area starting to pick up like Charlotte’s and are ready to sell your home, now may be the time to do so. If situations like I mentioned arise, there’s a phenomenal chance you will sell your home higher than what you listed it at. This does not mean over price it. Listen to your REALTOR and pay attention to your competition.
Buyers: Do not… let me repeat… DO NOT be opposed to offering full price, if not above list price. If you want the house, that may be what it takes.
This is a great sign for the housing recovery and a kick-start for sellers and buyers alike!