How Do You Juggle Two Real Estate Transactions Simultaneously?

How do you juggle the timelines of selling your current house and buying a new one at the same time? These tricks will keep the process smooth and seamless.

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Many homeowners struggle with bridging the gap when buying and selling a home at the same time. It can be difficult to juggle the timelines required to sell you current house and find a new one without having to carry two mortgages or needing to find temporary housing.

Start the process by talking to an expert real estate advisor whose job it is to counsel you and help you navigate the process thanks to lots of prior experience. They can help make the process easy and seamless for you.

Before you even list your current house on the market, get pre-approved and underwritten for financing so you can be sure you're ready to buy your next house. This makes the whole process so much easier when you get an offer on our current home. In today's market, you can get pre-approved pretty quickly, too.

After that, you'll need to consider whether you'll have a contingency. In North Carolina, due diligence can go a long way in ensuring you don't need a contingency in your offer to buy a home. You'll also need a plan for closing day and/or moving day. On moving day, your house needs to be free and clear, so you need to plan for a couple days with your items either in a truck or in some kind of pod storage.

Getting pre-approved for financing will speed up the process of buying your next home.

On the day of closing, you typically want the same attorney to close both the sale of your current home and the purchase of your next home so the money is all in one place. This can be one of the biggest hiccups that can occur when buying and selling a house at the same time.

There are plenty of other tips and secrets for buying and selling a home at the same time, and I'd be more than happy to share them with you or answer any other questions you have about real estate here in the Charlotte area. Just give me a call or send me an email soon. I'd love to help you out!

5 Things to Remember When Buying Your First Home

What are the things you should remember as a first-time homebuyer? I’ve compiled a list of five tips to help the process go smoothly.

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What do you need to know when you’re buying your first home? I’ve compiled a list of things to remember:

1. How much money do you need to put down? A lot of times you’re thinking you need to put down 20% when you could actually get a loan that lets you put as little as 0% down on your first home.

2. What is your credit score? A common misconception is that your credit score needs to be in the high 700s for you to be able to buy a home. The reality is that a good 30% of people who got loans in the last two quarters had less than a 700 credit score. Even if you think you’ve got a low credit score, run it by a lender anyway. You may be surprised and qualify for a home loan.

Even if you think you’ve got a low credit score, run it by a lender anyway.

3. Make sure to get a pre-approval. To make the process more smooth, meet with a lender to get yourself pre-approved before you even start looking at homes. That way you know that you’re ready to start the process when you find your new home.

4. Are there any assistance programs that you qualify for? If you’re struggling to come up with a down payment for your first home, there are assistance programs designed to help remove some of that burden.

There have also been changes to how student loans are treated by lenders, meaning it’s easier to qualify for a mortgage today. Take the time to buy a house now instead of waiting, as the guidelines may change in the future and make it more difficult to buy a home later down the road.

5. Be sure to hire an expert advisor. Hire a real estate agent who has experience in helping first-time buyers navigate the process. All of the agents on my team are here to help you, guide you, and counsel you. We want to make the home buying experience as enjoyable as possible and help you realize your dream of owning your first home.

If you have any other real estate questions or you’re looking to buy or sell a home, please give me a call. I’d be happy to help.

How to Win a Bidding War

If you want your offer to be seen by sellers for the property of your dreams, here are a few simple steps you can take to win a bidding war.

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As you know, the market in Charlotte is a seller’s market. Many homes in the $400,000 or less range are turning into bidding wars, and these situations can have nine or more offers on one property. In this highly competitive market, how can you make your offer stand out from the rest?

If you want your offer to be seen by sellers for the property of your dreams, here are a few simple steps you can take.

1. Having a competitive price is key. Your agent should share what other homes have gone for when there have been multiple offers. This information will help you decide on an offer that will stand out from the pack.

2. Don’t expect sellers to cover closing costs. In a multiple offer situation, sellers rarely accept offers that ask for them to cover closing costs. To gain that edge over your competition, ensure that your bid covers those costs.

3. Think about the time frame. Sellers generally expect a 30-to 45-day window of time between the moment your contract is signed and the day you close. Your offer will stand out if you can stay as close to that timeframe as possible.

4. Make sure you’re pre-approved by lenders, not just pre-qualified. Sellers are looking for pre-approvals in a multiple offer situation. This means that you’ve gone through the underwriting process, turned in your paperwork, and are just waiting for an acceptance on a house. The extra legwork will put your offer ahead of anyone who hasn’t been pre-approved. For an added edge, try and get approval from a respected local lender.

5. Listen to your agent. We are professionals with a lot of experience with these types of situations. We’ll give you a list of suggestions that will ensure that you’ll be noticed by sellers and put your offer above the rest. Let us provide you with sophisticated strategies that will help you get the home of your dreams.

We are professionals with a lot of experience with these types of situations.

If you have any questions regarding bidding wars or anything else related to real estate in the Charlotte area, give me a call. I’d be happy to help.

What’s Happening in the Charlotte Real Estate Market?

What is happening in the Charlotte real estate market as we start the spring selling season?

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A lot has transpired over the last three months in the Charlotte real estate market. What’s happening as we enter the second quarter and the spring selling season?

So far, the second quarter is off to a strong start. New listings increased by 6.1% in the first week of the second quarter, with 1,471 new listings on the market. Pending sales also increased by 15% with 1,250 homes under contract at the start of the second quarter. So, buyers are out there and looking to make a deal.

The big issue in our market right now is housing inventory. Inventory dropped 19.3%, with only 9,360 homes available on the market. As a result, home prices are on the rise and buyers often find themselves in multiple offer situations.

As the first quarter ended, the average sales price went up 10.3% to $271,166. Days on market has dropped to 55 days, and we only have 2.5 months of inventory on the market, which places us in a strong seller’s market.

Despite all of this, sellers still aren’t getting out there and listing their homes. Even if you are not thinking of selling your house for another three to five years, you need to know that the market is strong right now. Plus, those historically low interest rates are starting to tick up to the mid-4% range; some loans are already at 5%. All market indicators show that interest rates will only continue to rise.

We are in a strong seller’s market, but housing affordability is still strong.

If you have any life-changing moves in the next couple of years, it’s a good idea to explore your home selling options right now; prices are back to where they were in 2006 and interest rates won’t be this low for much longer.

The good news for buyers is that the housing affordability index is still strong at 135, which means that the median income in our area is 135% of what it takes to buy a median-priced home in the Charlotte market. That is great news because, in our community, rents continue to skyrocket.

Whether you are exploring your options for selling or trying to find a home in this competitive market, we are here to help you. If you have any questions, just give us a call. We look forward to hearing from you!

Key Points to Know About Home Inspections

Inspections are one of the most important elements of any home sale. Here are the important aspects of an inspection you need to be aware of whether you're buying or selling a home.

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Inspections are an extremely important part of purchasing a home.

Home inspectors are licensed in North Carolina and South Carolina. They'll look at everything in the home from the slab, crawlspace, and foundation all the way up to the roof line. They check all major systems like your water heater, your roof, heating and cooling systems, electrical, and plumbing. They'll also examine structural items like windows and doors.

As they finish, they'll prepare a report that's very picture-intensive and details about every component of the home. Their job is to say whether something functions properly or not.

They might advise you to consult other experts like a roofer, plumber, HVAC specialist, or structural engineer to get a better idea of what it would cost to repair anything they found issues with in the home.

If inspectors find issues, they can refer you to experts like plumbers or structural engineers.

As you think about buying a home or selling your current house, the inspector is integral in making sure you have the best investment and that you'll be able to negotiate repairs. You are also free to choose any inspector you'd like.

If you have any questions about home inspections or you're thinking about buying or selling a home in the Charlotte area, give me a call or send me an email. I'd be glad to help!

Why Use a Realtor When Selling?

If you’re thinking about selling your home on your own, think again. The only way to get the most out of your home sale is by hiring a Realtor.

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As you prepare to sell, you might be thinking you can save some money by not hiring a Realtor and listing your home by yourself. Studies have shown that the opposite is true. You get more money out of your home when using a Realtor for several reasons.

The first is that a Realtor is an expert advisor. They are educated, trained, and know the market well. They know all the rules, regulations, and work that it takes to get your home sold. When it comes to selling, a well-trained seasoned expert can make a huge difference on whether you get top dollar for your home or not.

I’ve seen FSBO (For Sale By Owner) sellers do a few things that you should avoid if you’re going that route, including how they handle their due diligence fees, earnest money deposits, and disclosures. I also see many of them fail to use high-quality professional photography when marketing their home.

An expert Realtor will help you protect your largest investment.

Your home is typically the biggest investment you will make in your life. You want to hire someone to sell it who is an expert and can get you the most amount of money with the least inconvenience.

If you have any questions for us or if you’re thinking about selling, make a wise decision and contact myself or another local Realtor to talk about how we can make a difference in selling your home. We are always here to help, and we look forward to hearing from you.

7 Home Improvements to Skip When Selling Your Home

When preparing your home for the market, you probably will need to make some improvements. However, there are seven home improvements you should avoid in order to sell quickly and for top dollar.

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When you prepare your home for the market, you may want to make a few improvements. However, there are some improvements that might make a buyer think twice about purchasing your home. These are the top seven home improvements you should avoid:

1. Wallpaper. While wallpaper is very popular in model homes right now, buyers may not like the wallpaper that you choose for your home. Wallpaper is a red flag to buyers.

2. Lighting. Although you may need to update your lighting if you purchased your home before 2005, don’t go out and buy lavish light fixtures. Instead, get brushed nickel light fixtures that are practical and blend in with your home. Don’t go overboard.

3. Painting. Don’t add textures to your walls. In fact, if you can, get rid of popcorn ceilings. If you use a technique for painting that requires anything but paint, that will be very hard for the buyer to change, and they may pass on your home.

Don’t combine too many different types of flooring throughout your home.

4. Flooring is another key piece to selling your home. When you update your flooring, make sure that you are consistent throughout your home. You don’t need a combination of laminate, tile, hardwood, and carpeting throughout the home. Be consistent and use the same textures and colors throughout your home.

5. Carpet. Don’t put too much carpet in your home. A lot of people want to get rid of carpeting in order to keep the house cleaner or reduce allergies.

6. Bold wall colors. You might love bright reds, blues, or fuchsias, but the buyer will want to change that wall color. Some buyers may avoid buying your house completely because painting over such bright colors can be very difficult.

7. Spas, hot tubs, and pools might not be worth it. You need to think twice before making such a huge investment. If you have a high-end home with plenty of yard, installing a pool or hot tub could be fine. Otherwise, buyers may just see these additions as big expenses. Spas, hot tubs, and pools can distract buyers or turn them away entirely, especially if they have small children.

If you avoid these seven home improvements, you are more likely to have a successful home sale. If you have any other questions about selling your home, just give me a call or send me an email. I would be happy to help you!

What Happened With Charlotte Real Estate in 2016?

As we begin 2017, let’s look back on the past year. Here is what happened in the Charlotte real estate market in 2016.

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As we head into 2017, we wanted to take a look at the 2016 numbers for the Charlotte real estate market to see where we stand heading into the new year. A lot has happened in the past year that you need to know about if you’re looking to buy or sell.

Closed sales went up by 8.4% in 2016 when compared to 2015. The average sale price also went up by $20,000 all across the board. We also saw average sale prices go up by 6.5%.

Our inventory also declined. As we began December, our supply of homes was down by 25.7% from the previous year. That’s a big difference. Our average days on market dropped by about 10 days as well.

Due to the lack of inventory, the supply in our region sits at just 2.3 months. This figure was at 3.4 months last year.

Act sooner rather than later.

All of these indicators point to Charlotte being a strong seller's market right now. You can still have a successful home purchase, but you have some things to consider there. Right now, we have home prices hitting their pre-recession levels. That’s huge for sellers who have been waiting to gain equity back in their homes. We’ve also got interest rates starting to tick up a bit. They are well above 4% now and are expected to go up again in the coming year. This will affect your buying power.

If you're thinking about buying or selling, you should act sooner rather than later. We’ve got a healthy market right now that can benefit buyers and sellers. If you have any questions at all, don’t hesitate to reach out by giving us a call or sending us an email. We look forward to hearing from you.

4 Ways to Winterize Your Charlotte Home

Winterizing your home will prevent it from incurring any more damage if another winter storm hits. Here are some tips on how to get this done.  

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What can you do to winterize your home here in Charlotte?

In light of our ice and snow earlier in January, there are a few precautions you can take before the next storm hits. Of course, this being Charlotte, the storm might never come. Wasn't it great to be in the 70's on Sunday?! It makes me wish we could jump straight to spring. With temperatures expected to be low in the coming weeks, though, it’s best to be prepared.

The first thing you can do to winterize your home is to drain all the water from your water spigots on the outside and remove any hose bibs. This is one of the key places where freezing occurs on most people’s properties. You can also buy a cover for as little as $2.

Secondly, clean out your gutters. Many of us have trees in our backyards, and it’s no good to have gutters full of dead leaves when you have ice building up. This can damage your roof.

It’s no good to have gutters full of dead leaves when ice is building up.

Third, keep an eye on your carbon monoxide detectors. Make sure their batteries are fresh and they’re operating correctly. With so many of us using our gas fireplaces, you can never be too careful.

Finally, make sure your air filters are clean. This is something that you should do on a monthly basis. While your systems are working harder and you’re using more heat, though, you want to make sure they’re highly functional right now.

If you have any time left, look around your house and see if you need any other weather stripping or anything needs to be caulked so you’re not letting any extra cold air in.

Hopefully this cold weather will be gone soon, but in the meantime, if you have any questions about this or any other real estate topic, please don’t hesitate to reach out to us. We’d be happy to help you!