For this month’s update, we are focusing on one of our talented Buyer Specialists, Lisa Thyer. This spring, Lisa has been in the middle of the action, writing contracts left and right and she holds a unique perspective on the current Charlotte market. She has worked through several multiple offer situations already, which is something you see quite often this time of year. As someone who represents buyers in a seller’s market, we thought she could provide some quality insight on what it takes to buy a home right now.
What is your opinion of the current market?
- It all depends on price point and location. In general, if you’re below $400k it’s competitive. However, it can be competitive in any price point especially if you’re in a hot neighborhood
- Inventory is low all around the board, but especially below $300k. Lots of buyers, not a lot of places to buy. It’s all about being prepared!
What do buyers need to do right now to prepare to buy a home in the current market climate?
- There are three factors in choosing a home. Location, price and condition. In this current market, it’s imperative to figure out which factors are most important to you and which you may be willing to compromise on. When a property checks all three boxes, competition is fierce. If you go in understanding that, and you go in knowing that you can’t fall in love with a house until it’s yours, you’ll be able to navigate better.
- Be prepared to put in an offer before you start looking because things are moving so fast. If you’re not ready, and you fall in love with a house you might lose the opportunity. Talk to your lender, know where your down payment is coming from, what type of loan you want, your price point – everything. Be ready! And if you don’t know what ready looks like – we can help you!
What advice do you have for buyers who encounter a multiple offer situation?
- It’s important to know the type of seller we will be working with. Catering to the seller is key, and that’s where I come in. It’s my job to find out who we are dealing with and what the seller is motivated by. If it’s an investor selling a property, it’s important to understand their priority is the numbers. If it’s an owner selling their family home, it’s important to know that they’re going to be motivated by personal connection. We have a lot of luck with personal letters. For 2 of the multiple offer situations I’ve been in this year, our buyers didn’t get the contract the first time around. Both times the sellers reached back out to us after the initial contract fell through because of our client’s personal letters. Personal connection can make a huge difference.
What insight do you have for buyers who want to buy a home right now but are intimidated by the market?
- While it’s more difficult than normal right now, I haven’t had a buyer who was truly ready to buy who wasn’t able to. It might mean a little more work, we may have to look at a few more houses than usual but we love working hard for our clients, no matter what the market is like.
- Prices are going up however I don’t suggest sitting around banking on downturn. The market is hot and it’s hard to say if that’s a trend or because Charlotte is growing. If you’re ready and wanting to buy, then we’re here to help you do that.
- We are here as a resource for you to get educated about the market and the buying process. If you are intimidated, we can help you do the research and get comfortable. Talk to us – we’re here to help you whether you decide to buy now, or wait!
What does it mean to be a buyer’s agent right now:
- Things come up, things don’t go perfectly (but they can get close). No deal will go perfectly, so as a buyer’s agent it’s my job to help you get through that. Patience as well as proactivity is key!
- We know it can be a terrifying process, and that it’s not just about the numbers. There are emotions and feelings involved and it can get very personal! We understand that you don’t do this everyday, but we do! It’s okay to have questions and it’s my job to teach buyers about the process so they get as comfortable as possible and understand what is going on.
If you are on the fence, trying to decide if now is the time. Start exploring, open conversations with us, lenders and get your toe in the water to see if you’re ready. They only way to be sure to try and educate yourself. If you fall off the horse, you get back up! But you’re never going to get on the horse if you don’t go to the barn!