Prepare Yourself in this Difficult Charlotte Real Estate Market to Act Quickly

 

Many homebuyers around the country are experiencing frustration at low inventories of available homes and the resulting multiple offer situations that lead to “bidding wars” for available properties.  The Charlotte metropolitan area (Charlotte… Matthews… Mint Hill… Indian Trail… Huntersville… Concord… etc.) is no exception.  So how does a buyer address this situation and win?

 

The answer is preparation.  The first step in the process of finding a home or investment property is the same in any market: Get mortgage pre-approval and a letter of pre-qualification from your lender BEFORE you begin looking for a home.  Why?  This accomplishes several critically important things.  First, it allows you to know with some certainty what you can and cannot afford.  Why fall in love with a $450,000 home if you can qualify for only $350,000 in financing and have no other resources?  Secondly, sellers in this market (and most other markets) now insist that all offers be accompanied by either a pre-approval letter for financing or proof of funds on deposit to close a cash purchase.  Why would a seller commit to a contract that takes his or her property off the market with having some assurance that the buyer can actually close?  Pre-approval saves you critical time that would have been wasted getting pre-approved AFTER finding a home in a market where there will almost certainly be other buyers who are prepared to make an immediate offer on the home you think would be perfect for you. 

 

After getting that all-important pre-approval letter from you lender, do your homework.  There is far too much riding on the accuracy of your information to rely on those freebee sites like Zillow and Trulia and their notoriously inaccurate “Zestimates” of value.  Find a realtor who has access to the most recent data and carefully research the market value of any home you might want to make an offer on.  As our company motto goes: “Solid analysis identifies great opportunities.”  There is no substitute for doing your homework, and doing it well.  Armed with a solid opinion of market value, you have a ceiling value above which you are unwilling to bid against other buyers competing for the same home.  If others are willing to bid above fair market value for a home, let them have it and move on to the next. 

 

Preparation.  It is a key to success in most things in life, and it is certainly critically important in buying a home or investment property.  Get organized.  Do your homework.  Know the current market in your areas of interest; and position yourself to move quickly and decisively on an opportunity.  A large part of this is also knowing when to “pull the plug” on negotiations and move on to the next opportunity.  In the current real estate market, it’s all about preparation.

 

For more information and to search the entire Charlotte area MLS system for homes, townhouses, condos, land, and more, FREE, go to www.EricDorerRealEstate.com.