Are you interested to find out about the
(5) Hacks On How To Sell Your Home For More Money?
Are you interested to find out about the
(5) Hacks On How To Sell Your Home For More Money?
Here’s why our real estate market is in a price bubble right now.
Presently, we’re selling more homes than are available on the market, meaning housing availability is shrinking dramatically. We’re already in a price bubble because homes are selling, on average, at about 43% over their list prices. Last year, that average was 26%
So why not just build more homes? During the COVID-19 lockdown, many homeowners decided to remodel their homes, which means prices for plywood and other building products rose sky-high. Plywood prices, for example, rose 300%. This means builders have to absorb these costs somehow.
A shortage of building materials led to home prices (including new construction) going way up. Builders can only afford to build so many homes at one time, so they’re not building as many homes as they want, which doesn’t satisfy demand. This demand isn’t going anywhere either because investors are pulling their money out of financial markets and investing it in places where they can get better interest rates or returns on their investments. In this case, that’s real estate.
"We’re already in a price bubble because homes are selling, on average, at about 43% over their list prices."
Next, if you’re a buyer and want to win any kind of bid, you have to bid way over asking price with nonrefundable down payments that exceed $10,000 or $20,000. Most offers out there will be cash offers, and sellers like them because that means they don’t have to wait until just before the closing date for their buyer’s loan to be approved. A cash offer also means there’s no appraisal involved in the transaction, which is another reason these offers are going way over asking price—there’s no worry over the property being appraised at the accepted offer price. Therefore, a lot of financed offers are leaving the market.
Cash buyers have preference over financed buyers, but you can make a combination offer by getting a loan and agreeing to pay the potential appraisal difference in cash. The current market is difficult for first-time homebuyers, and many of them are being squeezed out of the market. Sometimes they just need to look in a different area to buy in or increase their budget considerably.
According to Realtor.com, a Maryland home recently got 88 offers after it was listed—76 of which were cash offers, and 70% of those offers were over asking price. The bottom line is that if you want to buy a quality house, you need to have cash in the bank and be able to bid high. Forget about negotiating prices downward.
If you’d like to know more about our market or need help buying a home, don’t hesitate to reach out to me. I’d love to help you.
Here’s everything to know about the best pricing strategies in our market.
Sellers want to get as much money as they can from their home sales. Today I’m going to show you how to price your home in this market to get the most money possible for your property. There are several pricing rules to take into account and several different strategies you can use. I’m excited to go through them all with you in detail.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message, or use these timestamps to browse specific topics at your leisure:
0:30 — The first rule of pricing and your home’s value
1:30 — The buyer’s POV when it comes to home prices
2:30 — The three different strategies for setting your home’s price
3:35 — Why pricing too high turns you into bait
4:25 — The idea behind pricing below market value to attract multiple offers
5:50 — My pricing recommendation/ wrapping things up
If you have any questions for me about pricing your home for sale, handling multiple offers, or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
Here are a few tips to help keep your AC unit well-maintained.
Today I’m joined by Rado Baldzhiev, owner of IRV Plumbing, Electrical & HVAC, to cover the most common issues that tend to beset air conditioning systems this time of year. Now that summer is upon us, you need to ensure your air conditioning system is working properly so you don’t have to make a service call on a 90-degree day and live in a hothouse for however long it takes for a professional to show up. Preventive maintenance can go a long way in avoiding this type of situation, and we’ll tell you what you need to know.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety or use these timestamps to browse specific points at your leisure:
1:02—The most common issue Rado sees
2:21—Another common issue
4:20—The best way to calibrate your air conditioning system
5:15—Make sure you have enough Freon in your system, your outside condenser unit is always clean, and your system is calibrated properly to the outside temperature
6:11—Take advantage of a limited IRV offer
6:42—Wrapping things up
As always, if you have questions about this or any real estate topic, don’t hesitate to reach out to me. If I use one of your questions as the basis of a future video, you’ll receive $25. I look forward to hearing from you.
Here’s how to make your offer stand out in a multiple-offer situation.
Today we’ll discuss how to get an offer accepted. You need four things before writing your offer:
1. Have their contract.
2. Pre-approval letter. This is different from a pre-qualification letter.
3. Due diligence money. This should be about 3% to 5% of the purchase price. In multiple-offer situations, this can increase to 8% to 10% depending on how many buyers there are and how badly you want the house.
4. Earnest money check. Part of the down payment that can be any amount depending on other factors.
"If you forfeit repairs, you’ll pay for all the little things, but it will make your offer more attractive."
If you want the house badly enough and it’s in very good shape, you can forfeit all the repairs or put a cap on it so any repair over $6,000 needs to be discussed and you have the right to cancel the contract. Sellers never want to make repairs right before they move out, so if you forfeit repairs, you’ll pay for all the little things, but it will make your offer more attractive.
Make the offer subject to the appraisal so that if the difference between the appraisal and your offer is too high, you have a right to cancel the contract.
The buying agent should talk to the listing agent and find out what the seller’s situation is. Knowing if the seller needs to move out quickly, wants their money quickly, or if they're interested in a rent-back until maybe their new home is finished are critical things that can win an offer in this market.
If you have a question or topic, please contact us. If we pick your question, we’ll send you a $25 check. If you have any questions about today’s topic or real estate in general you’d like to discuss with us, let us know. We’re happy to help you. Have a great day.
The Charlotte Real Estate market is the most active I’ve seen – ever. Yes, it is crazy.
This IS NOT a 2008-2009 bubble, either – loan standards are high. This is true buyer demand, caused by buyers, investors, and refinancing, and less than one month inventory of homes.
As of today, there were 3,522 active homes for sale in the MLS, and 4,481 homes were sold last month. That’s scary. Builders cannot keep up with present demand.
I just helped a buyer secure a 3.9% 30-year investment loan (lucky guy) for a rental property, too. Keep it in perspective, interest rates were 18% in the 1980s!
If you are thinking of selling your Charlotte area home this summer, I can almost guarantee that you will likely get the highest price ever for your home. Just these past 6 months in Mecklenburg County we’ve seen sales prices rise as much as 26% over asking price!! And Feb through Feb prices increased 10.4% year over year.
With the recent shortage of homes, I know of several homebuyers willing to pay “whatever it takes” to get into a bigger home in a desirable location since so many people are working from home now. Thanks to my successful 10-Day Selling System, I will get you Top Market Value, if you list with me.
My phone rings off the hook now. I may be able to arrange an off-market sale so you can skip the strangers walking through your home while still getting full market value - at your list price.
The #1 concern I’m hearing from my clients, however, is “Where will I move if I sell now?”
I have the exact solution for this very problem – few people know about it.
I have a lender who can likely get you a very attractive set up:
For a few thousand dollars of interest (well spent), you can get cash upfront to buy your next home – without selling your current home first. Yep, it’s possible to sell your house after buying a new one, now.
This way you can make a “cash offer” to beat out other buyers and skip the hassle of timing your closing dates.
You simply move into your new home and then we sell your home – it’s what the rich people do, now it’s possible for you too.
This is how smart sellers are buying their next home in this hot market.
You get the certainty of buying the new home you want first and then selling your old one.
Stay in touch. Things are looking up after a crazy past year.
Please call me at 704-576-8080 or email me firstname.lastname@example.org at and let me know if you’re thinking of buying or selling now.
Many buyers go online to check out home listings, which is why professional-quality photography is so important. You want to make a great first impression through your pictures, so there are a few things you should do to ensure your photos make the property look its best. Here are the primary do’s and don’ts to consider.
You can always hire a professional real estate photographer to capture the pictures for you, or you can simply do it yourself. If you choose to do it on your own, you need good photography equipment in order to get the “wow” factor you’re looking for. Avoid using your cell phone; instead, get a professional camera with a tripod. You should also use a wide-angle lens, as this can help you capture the entire room in one picture. You can also use lighting to ensure no areas are too bright or too dark. A diffuser is helpful, as this makes the light spread through the room evenly.
Some people use a drone to take aerial photography, but I don’t recommend it. How often will someone see their home from the sky? It’s not something that people really consider when purchasing a property—they want to know what it’s like to be inside, on the porch, or in the driveway. So, while drone shots are impressive, they’re unnecessary.
When taking pictures, make sure to use diagonal angles that show off the entire room. If you take a picture from the middle of the room, you’ll cause buyers to experience tunnel vision. Don’t include pictures of half-bathrooms either, as it’s nearly impossible to get good photos in these cramped spaces.
Finally, avoid uploading more than 20 to 25 pictures. You can take a lot, and then sort through them later, but make sure not to overwhelm buyers with hundreds of photos. People tend to click on the first five pictures and then the click rate goes down dramatically, so make your first few really shine.
If you have any questions about photography or would like more information about real estate, feel free to reach out to me. I look forward to hearing from you soon.
Here’s how to prepare your home for showings before you put it on the market.
Buying a Charlotte home? See all homes for sale
Selling your Charlotte home? Find out the value of your home in today's market
Before putting your home on the market, it’s wise to do a few simple things to your home to ensure you find a buyer in record time and sell for top dollar. There are a few critical areas you’ll want to look at; these will make your home attractive for showings and prepare it for professional photography, which will attract even more buyers to your listing.
The first and perhaps most important thing to do is to declutter your home. Basically, it’s time to get rid of all the “stuff” that’s filling up your home—things you don’t need, items that are filling rooms, etc. You can rent a portable storage unit through companies like PODS, which will make decluttering much easier. It allows you to remove any unneeded furniture from your home and stow it away for showings. This opens up your rooms, makes them look larger, and allows buyers to easily walk through your home.
Moving into the kitchen, you’ll want to remove everything from your countertops and ensure they are clean. You want the buyers to see the beautiful counters and the amount of space they’d be able to enjoy if they purchased your home. You can maybe leave a coffee machine, but try to remove any other unnecessary items and decorations. Take items off the cabinetry and stow them away in cabinets; make sure to do so in an organized, tidy way, as buyers will often go through cabinets, drawers, and closets to see how much space there is.
Buyers love a good master bedroom, so you want to make the best impression you can. Make sure the bed is made properly, and open the windows to ensure everything is nice and bright. Clean up the master bathroom, tidy the counters, and remove items like shampoo bottles, soap, and other hygiene products. Do the same in the home’s other bathrooms.
Additionally, it’s important to understand that rooms look best in neutral colors. Crazy, bright colors—reds, greens, oranges, and so on—may be perfect for your family or children, but it can be distracting to prospective homebuyers. You may want to consider some fresh paint in colors that don’t take a buyer’s attention away from your home.
If you follow these simple steps, your home will be in a perfect position for showings, and you’ll be more likely to get your property sold quickly. If you have any questions or would like more information about real estate, feel free to reach out to me. I look forward to hearing from you soon.
Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!
You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.
We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.