COMMUNITY
Here are a few things to consider in today’s market: • Make sure you are pre-qualified or even pre-approved since the prices are higher than a year ago, and the rates are slightly higher too. You are competing with a lot of other buyers so your offer needs to be as attractive as possible. Loan officers should be available for the listing agent to confirm the status and strength of the borrower.
Why Do I See COMING SOON
YO U M AY H A V E S E E N S I G N S I N YO U R N E I G H B O R H O O D and
around town that say “coming soon.” This is a new marketing technique that realtors are using while the home is prepared for sale. It is a very unique market these days, and they are trying many ways to advertise homes and get the seller the best deal available.
Signs Everywhere!? LKN EXPERT
Shelly Quinn is the Branch Manager of Silverton Mortgage located at 9525 Birkdale Crossing Drive, Suite 203, in Huntersville. You may reach Shelly at 704.609.1339 or shelly.quinn@silvertonmortgage.com.
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JULY 2021
Homes are appreciating in value rapidly. The supply of homes is at an all-time low so this is driving up the prices—and the demand is growing rapidly at the same time. In a seller’s market, the seller has many offers to choose from, and they are getting offers way above list price. The “Coming Soon” sign lets buyer agents know to watch for the listing and gets their buyers ready to compete with a strong offer. The hard part is the buying side. Not enough homes, too many people looking for homes, and buyers are pricing themselves out of what they can qualify for. If you are a seller with an investment property or a second home (or downsizing), you will have a chance to earn top dollar on your investment. But if you need to find another home, you will pay top dollar and may not find a suitable home quick enough. The timing becomes a challenge.
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• The appraisal becomes challenging as they look back at sales, not necessarily at the future. A good appraiser is addressing the aggressive market and making some adjustments to help with this, but often the borrower needs to be prepared to bring some additional cash to closing to cover the difference. • New Construction is tough because the cost of supplies and labor has gone up and continues to go up … not to mention the lack of availability of both! It is hard to get subcontractors to complete projects on time as the supply and demand issues are impacting them as well. • Keep in mind that many people are choosing to stay put and remodel or update their homes, and a good mortgage company can assist with that financing. Working from home has created a need for more space to have an office, for example. The remodel will add even more value to your real estate asset. w
WRITER SHELLY QUINN
