What Is A Buyer In Multiple offer Situation To Do In Charlotte, NC.?

What are buyers that are experiencing multiple offer situations in the Charlotte, NC. market to do today? First thing is you should not panic. Yes, we are seeing a multitude of homes in the Charlotte market going into multiple offer situations and I expect that to increase as we go farther into the selling season this spring. Just because a house has multiple offers on it does not mean you have to over pay for the house. A lot of first time buyers I am working with I have to calm down. The emotions are running high; they are aware that this is the nicest house they have seen and is the one they want. They sit with me and we go over the comparable for the neighborhood and the shift in pricing and come up with what i and they agree to be a fair value on the house and make an offer based on that. I submit the offer to receive a response form the listing agent stating that the house is now under multiple offers and I need your highest and best offer by X date and time. Now the buyers are devastated.... What if we lose the house? How much do we bid to ensure we get the house? A lot of questions are going through our minds. This is all normal. But do not panic and over pay for a house. In my last three transactions representing the buyer two of them went to multiple offers and the third we bid on the day it hit the market. I lost one of the multiple offers and won the other. I negotiated a slightly better than market deal for the other house based on the quick response time. Since January I have received offers and closed or under contract on seven of my listings. On six of the seven I either received an initial offer at full price or went into multiple offer situations and the seller received full price for the house (and in one case over value). So yes the market is changing and I tell buyers all the time; you need to think about it before you put an offer in. however; now you cannot think for a few days. It has to be within 24 hours or you may lose that property to someone else who was faster and ready or panicked. Based on my experiences (which talking to other Realtors seems to be a common theme) homes are moving faster and for more money than they were in 2012. Some realtors are pricing their homes over market value because of that and when multiple offers come in they are getting the price because a buyer over paid for a house. No home is that perfect that it warrants over paying for the house. As I explain to buyers all the time. If this house is the right one we will win the bid on it. If not I will find you another one. It may not look that way now but trust me there is another house out there for you. So far, I have not let anyone down. It may take longer than someone wants but I always find them another house and they are thankful for it. So, even though the market is shifting and prices are going up....do not over pay for a house. Have your Realtor do a comparable market analysis and tell you what the value should be and adjust for the price inflation going on right now and stay true to your number....A home purchase are the largest single purchase a person will make in their lifetime. Make sure you are making the best one. Just because you do not win that house does not mean you will not find the right house at the right price Dave diCecco Realtor/Broker Coldwell Banker United www.davedicecco.com

Housing Market In Charlotte, NC. Continues To Show Signs Of Improvement

The housing market in Charlotte, NC. continues to show signs that it is coming out of one of the worst housing recessions in our memory. All the signs are pointing to the fact we are on the upswing and consumer confidence is rising on selling and buying homes. The facts are showing this trend to be accurate as well. In February 2013 the city of Charlotte, NC. had 730 closed sales versus 573 in February 2012. That accounted for an increase 27.4% in homes that actually closed in the month of February form the previous year. Being we are in the south the weather does not really factor in for us as it would for home sellers and buyers in areas of the country prone to snow. Another interesting fact that shows evidence that the housing market is in the upswing is pending sales. These are homes that are under contract but have not yet closed because of loans and other factors; but are scheduled to close. The number for February 2013 was 1,149 homes under contract. In February 2012 that number was 709. That is an astonishing increase of 62.1% from last year at the same time. Couple that with the fact that home inventory in the city of Charlotte, NC. is down to 3.1 months at the end of February 2013 versus 7.7 months the same time last year and there is a lot of reason why sellers are starting to put homes back on the market and buyers are not hesitating to purchase homes now. However; like all things it always comes down to price and market. You still have to price your home to sell based on current market conditions and not over price your home. Buyers are buying homes but they are not overpaying for homes based on market conditions..... Dave diCecco Realtor/Broker Coldwell Banker United www.davedicecco.com

Charlotte, NC. 4th Most Family Friendly City

I came across an article the other day that intrigued me and kept me reading on. As I read on it began to list attributes in the 50 largest cities and which cities were considered the most family friendly cities. Charlotte, NC. was fourth among the list of the family friendly cities. Moving here from the Northeast eight years ago I understood why...but now the rest of the United States is starting to realize this as well. To ensure that before I wrote this blog post the criteria was not biased in anyway i looked to see what criteria they used in the calculations. They took the largest 50 cities in terms of population and used factors such as marital status, age, housing prices, median income, crime rates, education levels, and available education and the availability of parks, museums and places of worship. As I scrolled through the list of criteria and being a father of four children from high School to elementary school, I realized these were factors in where we lived as well and helped us decide on moving to the Charlotte, NC region from Connecticut. Charlotte offers a very attractive average home price that allows most of the working people in Charlotte area to be able to afford to own a home. Being the second largest banking center behind New York City and home to the largest electric company has not hurt the income or job growth in the Charlotte area and opened up various avenues for people with numerous universities and private colleges around as well. I know from personal experience education was a major factor in my location when I moved. I wanted to ensure that my children had the opportunity to make a good life for themselves and afford them the opportunities to achieve their goals. Charlotte, NC. takes a hard knock on public education. But as a father and Realtor in the market that has the largest school system in the state; they do an exceptional job educating the young minds of today. The last criteria was parks, museums and places of worship. charlotte is not short on parks and natural greenways...In fact there is not an area or a neighborhood section you can go to that does not offer some type of park like settings or play area for children of all ages. In uptown Charlotte there are various types of museums available and for all different types of tastes of people as well. Also living in Charlotte there is nothing short of an abundance of places of worship regardless of denomination in the charlotte area.... it may have taken some think tanks a little longer but Charlotte, NC. being ranked 4th out of 50 large cities for family friendliness did not surprise me. What did was we were not ranked higher.... Dave diCecco Realtor/Broker Coldwell Banker United www.davedicecco.com