Tips for buying or selling a home in hot real estate market

Tips for buying or selling a home in hot real estate market

Charlotte’s Housing Market

The chaos of Charlotte’s real estate market has made plenty of headlines recently, with prospective home buyers eagerly waiting for a cool down and sellers looking to strike while the iron’s hot.

Things have calmed down some in recent months, data shows, but it’s still a seller’s market.

That means buyers need to take the necessary steps to be prepared for entering the market. And while sellers may often have an upper hand, there are still things to be done in order to maximize potential profits.

Tips for buying a home in Charlotte

Consider your financial situation

The idea of buying a home is exciting, but it’s also an expensive long-term investment. That’s especially true in a seller’s market with high mortgage interest rates.

It’s important to understand your financial situation — including your credit score, what kind of interest rate it’ll get you and what kind of down payment you can make. Also, it helps to know how much you can afford to pay monthly before wading into the market.

Look to the suburbs

Charlotte is full of desirable neighborhoods, but some of the most attractive locales in the city can also be some of the most expensive.

Widening your home search to include some of Charlotte’s many suburbs can often increase your options and get you more for your money.

Avoid making a rash decision

Many have heard stories in recent months of bidding wars for Charlotte-area homes and buyers paying well over the asking price. Some have even waived home inspections, bought a home sight unseen and paid high due diligence fees.

But, local real estate experts say, things have cooled slightly in the latter half of the year. And that means buyers can take a moment to catch their breath and make a logical decision rather than diving into a commitment.

Tips for selling a home

Know what your home is worth

Home values are on the rise in Charlotte, with one report finding that more than half of the city’s homeowners are now “equity rich.”

Knowing your home’s value means you’ll enter into negotiations knowing what a fair price is for your property.

Update your home

Making sure your home appeals to a wide swath of potential buyers can help you get the most money out of your property when it’s time to sell.

Even small improvements — like changing out fixtures or a fresh paint job — can make a difference, local renovation experts say.

Understand the local market

Home sale prices are still high in Charlotte, but the market isn’t as hot as it was earlier in 2022.

That means, local experts advise, home sellers shouldn’t enter the market expecting a bidding war for their home or for it to fly off the market in a matter of hours or days.

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Mary Ramsey is a service journalism reporter with The Charlotte Observer. A native of the Carolinas, she studied journalism at the University of South Carolina and has also worked in Phoenix, Arizona and Louisville, Kentucky.