4 Tips When Making An Offer On A Home In Charlotte

You’ve been through the pre-qualification process, the search for a Charlotte home for sale, the decision to buy the right home and now… you’re ready to make an offer on your dream home. But first things first; before you take that leap, Freddie Mac shares 4 Tips on Making An Offer, as featured in a recent edition of their Executive Perspective. 

Based off of their insight, here are 4 things you should know about making an offer:

1. Only Offer What You Can Afford.

“While it's not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”

Well before you browse through Charlotte neighborhoods for homes for sale, you should already have a ballpark range of what you plan to offer on a house. That way, you will be searching only for homes that fit in that range, so you can avoid the temptation of falling in love with homes that are out of your budget. It’s definitely a first-step you don’t want to ignore!

Do your homework on what the average prices for the homes for sale in your preferred Charlotte neighborhood, so you will know how much to offer on a house. If you are a serious homebuyer, getting pre-approved for a mortgage will give you a better picture of what your mortgage amount will look like, so you can make an offer on a home with more confidence in what you can afford to pay, while still making allowances for any repairs that need to be made.

2. You Have to Act Fast.

“Even though there are fewer investors, the inventory of homes for sale is also low and competition for housing continues to heat up in many parts of the country.”

The latest data through December 2016 shows that existing home sales totaled 4.5 million, reaching a peak not seen since 2006, which at that time was 6.48 million. In the South, there were a total of 2,220,000 homes sold, with a 3.6-month supply of homes available, so that there were more buyers competing for homes for sale than in previous years. The median price of homes in the South was $205,000. Of the 138,572 homes that sold in North Carolina, 41,725 of those homes were in Charlotte.

A complete list of totals by city in North Carolina may be found here. If you are making an offer on a house, it’s best to work with your realtor in doing so as soon as you can.

3. Always Leave Room for Negotiating.

“It's likely that you'll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you'll be glad you did your homework first to understand how much you can afford. Always get an independent home inspection, so you know the true condition of the home. If the inspection uncovers undisclosed problems or issues, you can typically re-negotiate the terms or cancel the contract.”

Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.”

Your real estate agent will help guide you through the negotiation process so that you can make a counteroffer that satisfies the terms of the contract.

4. Make a Strong Offer.

Freddie Mac gives this bit of advice when making your offer:

“Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford.”

Want to know how to make your offer stand out? Making it a cash sale, providing an approval letter from your lender, or writing to the seller directly about your interest in buying the home can help your offer stand out from the competition. With further help from your agent, you can see if there are any other measures to take that could work in your favor.

Ultimately, following the best practices when making an offer on a North Carolina home will help you whether this is your first time buying a home in the area, if you are a move-up buyer, or even if you are a Charlotte homeseller looking to relocate to a smaller residence. Help make the process go smoother by having the professional assistance you deserve.

Are you looking for the perfect Charlotte home to call your own? Allow our homebuying neighborhood experts at Showcase Realty in Charlotte to assist you. Call us today at 704-997-3794 today and let’s get you home.