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Posted on August 17, 2016 by Dana
The market here in the triangle has shifted more towards a sellers market recently. I am seeing multiple offers on my listings and it all sounds great! However, please keep in mind not all buyers are cash buyers that do not require an appraisal. Some cash buyers order an appraisal for their own piece of mind.
If you have to get a loan in order to purchase your home, then consider the following questions during your negotiations:
1. Are you paying over market value?
2. Do you expect the sellers to reduce their price if it does not appraise?
3. Are you willing to pay the difference?
4. Did you ask for closing costs (i.e. asked the seller to pay some of your closing expenses),
5. Do you expect the sellers to make repairs even though the contract says in current condition?
I ask my buyers this upfront because in the past two years I have seen what I term buyers’ remorse a day or two after they “win.” The buyer may call a parent, grandparent or close friend to explain how they just bid out a ton of other buyers. When they seek advice from trusted confidants, the deal can turn sour quickly!
The key to understanding the pros and cons of multiple offers from my experience is set expectations. It sounds great to get more than asking price for a seller, but perhaps taking a deeper dive into the buyers’ or sellers’ psyche before accepting the offer may be a smart move for everyone!
Posted on August 16, 2016 by Dana
Buying a Home? We Can Help!
Are you aware of all the special lending programs that are available to help you make dreams of buying a home a reality?
One that I have had several clients utilize lately is the NC Home Advantage Mortgage™. This program offers down payment assistance up to 5% of the loan amount and if you are a first-time home buyer or a military veteran, you may be able to boost your savings with a Mortgage Credit Certificate that can save you up to $2,000 on your income taxes every year!
There are still 100% Financing options are available at record low rates! Are you a member of a credit union? Have you considered USDA financing?
Don’t know where to start? Contact me today! We can help you step by step through the process!
Posted on June 26, 2014 by Dana
With the sales of new homes in the US rising to the highest it has been in 6 years, the Triangle area is no different. I was asked today if it is a buyer’s or seller’s market today. I replied to my client – I think buyers are still looking for good deals and not willing to overpay, but sellers are seeing better offers. I have seen more multi-offer on properties this year than I ever have in my career. The market has definitely improved, but buyers are still out for a bargain. Interest rates are still at historic lows and are maintaining for the time being. I am encouraging my clients interested in making a move to buy or sell now and take advantage of the low rates.