If you’ve recently lost the home you fell in love with to another buyer, then you know what a strong
sellers’ market it is in Charlotte, NC. And if your price range is below $300,000, then be prepared to pull
out all the stops to compete with the other offers that the seller will be comparing to yours. The supply
of homes in this price range is especially low and the demand is high. Below is a list of ways to slay the
1How to Emerge
VICTORIOUS in a Brutal
Sellers’ Market
competition and survive unscathed in this brutal sellers’ market.
GET PREAPPROVED OR GET A
PROOF-OF-FUNDS LETTER
You have to be prepared to make a strong offer before
you find the home of your dreams, which includes an ironclad
preapproval letter or proof-of-funds letter. Unforeseen
glitches in your credit or access to funds can delay getting
your offer in, and the best homes are selling quickly.
2HIRE A BUYER’S AGENT
Hiring a buyer’s agent to represent your best
interests will help you get the home of your dreams
at the best possible price and terms, which may mean
offering more than the asking price in a sellers’ market.
When many buyers are competing for a limited number of
homes, the following strategies can give you the negotiating
advantage in multiple offer situations:
a. Don’t call the agent listed on the sign in the yard of the
home you want to see. And make sure you understand
the risks associated with working with a buyer’s agent
who practices “Dual” or “Designated” Agency. This type
of representation means that the firm generates a sales
commission from both sides of the transaction. It’s legal, but
your buyer agent’s firm also represents the best interests of
the home seller, so make sure you interview several buyer’s
agents to find the one who can do the best job for you.
b. Your buyer’s agent can prepare a Comparative Market
Analysis like the one a listing agent prepares for a seller to
help you decide how much to offer. They can also ensure
that your interests are protected in the event the home you
want doesn’t appraise for the purchase price.
c. Ask your buyer’s agent to present your offer in person.
Most MLS organizations allow buyer’s agents to participate
in the offer presentation, and this gives them the
opportunity to personally promote the advantages of your
offer to the seller and/or the seller’s agent.
3COMPARE EXISTING HOMES WITH
NEW CONSTRUCTION
Did you know you can benefit from the services of
a buyer’s agent even on the purchase of a new construction
home? That’s because a buyer’s agent can help you compare
the recent sales in the builder’s neighborhood with the
price of the new home you’re considering and help you
formulate an offer – just as if you were considering
how much to offer on an existing home. She can also
negotiate builder upgrades on your behalf and tell you
which builders are offering close-outs, special incentives
and price reductions on inventory homes which may
include upgraded features at a discount. And if you’re
building from the ground up, your buyer’s agent will be
charlotte lifestyle may/june 20 >>
WRITTEN BY JULIE TUGGLE