What Should A Buyer Do In A Multiple Offer Situation?

You have been out searching for homes with your buyer's agent throughout the Charlotte, NC. Region. He has shown you quite a few homes and you have selected one that fits your needs and wants. You and your Realtor go over the comparables in the area and present a fair offer on the house. The seller's agent replies back to you that you are involved in a multiple offer situation.... You have a deadline to get back to the seller with your highest and best offer. This situation is becoming more prevalent today than it has in the past few years. With interest rates at historic lows and rents going up substantially because of the market more buyers are out looking and purchasing homes in the Charlotte, NC. Area. This has led to homes that are priced right and show well to get multiple offers on them. So what do you do? First, do not over react to the situation. There are still plenty of homes out there. This may be the right home for you but do you want to over pay for a house? I hear a lot of buyers get nervous that they are going to lose the house unless they pay too much for the house...Not necessarily true. I just had a situation where we went through the comparables and I advised them of what I thought a fair market value was for the house in the condition it was in. We presented our highest and best offer at that number (which was less than the asking price) and were notified we were the highest offer. So, you do not always have to base your decision that you will have to pay over the asking price to guarantee you will get the house. Second, make sure your buyer's agent does his homework on the house. Carefully go over the property disclosure statement. Check and see what the age on some of the items is in the house. Verify the comparables are the most recent and accurate ones for that house. An informed decision is always the best decision. There will be cases where after gathering the information you may find out the house was underpriced and offer over the asking price for the house. I had that situation about four months ago. Actually, i think the agent did it intentionally so as to get into a bidding war and get close to what they felt the house was worth. In his case it worked. We went 20% over asking price and still lost out on the house. Third, do not make a hasty decision. As in all multiple offer situations the seller should give you at least 24 hours if not a little more to decide on what you’re highest and best offer is going to be. Think about it and sleep on it and rethink about it again then make a decision. I hear too many buyers tell me go in with X dollars without even thinking about it or hesitating on the decision. I explain that we have time and think about it and we talk through it to make sure they are making the best decision that is for them. Multiple offer situations can be a tricky situation if not handled properly. I always make sure my buyers fully understand the situation and we go over again all the comparable and the numbers and we work together to come up with what is a fair number and price for the house that i feel is good for them and one they feel comfortable making... Just know that sometimes you may not win the multiple offer situation and that may not be a bad thing. Dave diCecco Realtor/Broker www.davedicecco.com

When Selling Your Charlotte, NC. Home; Why Did You Buy It?

When a seller is looking to market their home for sale and begins the process of talking to different Realtors the first question most Realtors ask is: "Why do you want to sell the house?" is that answer going to help your Realtor sell the house? probably not. The first question I ask someone is why did you buy that house? This is going to help me market the house and sell the house for them. If there was a reason someone bought that house; chances are there is someone out there who may purchase that house for the same reasons again. Instead of focusing on why they are selling a house your Realtor should focus on why you bought that house. By asking that question; I can tailor a marketing plan around it. I can highlight the features that sold them on that house and when a prospective buyer is looking at the house online or in person those highlights might trigger something they did not think about and bring a potential offer to the table. I never really thought much of it until recently when I was doing a listing presentation and the seller looked at me like I was speaking a foreign language. They mentioned no-one asked that before. Then I had a recent closing where the buyer told me that the highlights of why the seller bought the house in my video is what attracted them to go and look at the house and eventually purchase it. The competition is large out there and without something to give you an edge; what separates you form the competition when a prospective buyer is looking at a home? Tell your realtor why you bought the home initially and ensure they are incorporating that into the description of the home and using it to help you get your home sold….It could be the difference between your home selling and not selling Dave diCecco Realtor/Broker www.davedicecco.com

How To Price Your Charlotte NC. Home Correctly

Pricing your home to sell form the onset is crucial in today's market. Buyers still have plenty of choices to choose from when it comes to looking at homes. So, making sure you have your home priced correctly can make the difference in selling your home in 30 to 60 days or 180 to 200 days. But how do you know if your home is priced right? Sellers do not want to price their home to low and feel they lost money that they could have received if it were priced higher. But are there are ways to know if the Realtor you chose or choose is helping you price your home correctly or not. There are some things to look for in the pricing strategy that can help you decipher what is a fair price to list your house at: First, sold comparable. You have to factor in updates and condition and adjust for square footage and features. The ideal situation is to find the most recent and work back at least 3 months, then go back six months. In some cases I have even gone back a year. This helps me see what the trend is in the neighborhood. Is it going up or down. Second, I always go back and look at the days on the market, what the original asking price was, and the asking price was when the offer was negotiated and agreed upon. Those are good indications on how to price your home to sell. Third, is the difference between the asking price and the agreed upon selling price. What percentage off the asking price did the seller settle for? Take that percentage and add that back intot he average sold price. When you take all three of those things and configure a price off of that you can get a realistic expectation as to what the asking price should be and what you can realistically expect to receive for the house as well as how long it will take to sell the house. Of course there are other factors to take into account as well….but this is a good gauge to get an idea of what to expect on a sale price and how to price your home correctly form the onset. Dave diCecco Realtor/Broker www.davedicecco.com