Spring Market Update
The Spring market in Charlotte is officially under way and it is hotter than EVER. Truly, in my 16 years experience, I’ve never seen a market like this and hearing the same from agents who have been in the biz 20+ years. More buyers in Charlotte and fewer homes are driving the prices up, sometimes WAY up. I just closed two homes in Dilworth last week. One that went under contract without even going on the market and the other closed for $45,000 over asking and at $485/square foot!! (The average in Dilworth for the last 6 months is $361/ft).
When I spoke to the sellers that ended up closing at $485/ft in the fall, we talked about listing at $765k in the spring. Come February, it was evident that we could ask $865k….$100,000 more! And then we ended up receiving $910,000.
This is the type of market we’re dealing with that’s why it’s so important to have an agent who understands each specific market/neighborhood. Now, more than ever in this multiple-offer environment, it is important to have your Pre-Approval from a trusted lender before beginning your home search. Buyers are seeing that they need to jump QUICKLY on offers and waiting to submit your Pre-Approval letter may mean you’re out of the race (considering that some homes are getting 6+ offers that are ALL over-asking price). Also, as soon as you go under contract on a home, we can get the ball rolling on the loan process and close as quickly as possible (another “plus” when negotiating in a multiple offer situation). Many sellers are looking for “clean” offers with minimal requests such as a short due diligence period, quick closing, no warranties and appraisal-waiver addendums. Feel free to reach out if you’re a buyer wanting to know how to WIN in these situations or a seller wanting to make sure you poise yourself to be a sought-after home. Happy Hunting! Sarah