With the Charlotte housing market changing, and with spring being an amazing season to be out and about in Charlotte, it’s also a great time to be looking for a new home. But the changes in the market can mean multiple offers on homes you’re interested in. What’s the best way to deal with that situation as a buyer? Here are a few tips:
Understand that cash can be your tipping point. The more earnest money and the larger the down payment you can bring to the table, the more serious your offer appears to the seller. Getting preapproved for your financing, not just prequalified, will allow you to act faster, which is also usually appealing to a seller.
Avoid any unnecessary contingencies. The more obstacles a seller sees, the less apt he or she is to go for your offer.
Be patient. Sellers will need time to decide which offer to accept. Even then, your offer may not be accepted, so be prepared to look longer than if you were looking in a buyer’s market.
Be prepared to pay more than the seller’s asking price. Money talks, and without other incentives to choose a lower offer, the highest bid often wins. And in this market, the highest bid could very well be higher than what the house is listed at.
Do your homework. Know the market. Know what you are comfortable paying, and know what the value is of the homes you’re perusing. This will help you make the most sensible offer for your budget while still feeling like you’re not overpaying for your new home.
- Trust your agent. It is your agent’s duty to help walk you through the process of what happens with multiple offers. If your offer is denied, your agent can help you find out what the shortcomings of your offer were, whether it was too late, too low, etc. Your agent also knows the market, so he or she may also know of other properties that fit the bill for you.
Robin Husney, Your Charlotte NC Real Estate Specialist