Why Do I See "Coming Soon" Signs Everywhere!?

COMMUNITY

Why Do I See

COMING YOU MAY HAVE

SOON SEEN SIGNS IN YOUR NEIGHBORHOOD and around town that say “coming soon.” is 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. Homes are appreciating in value rapidly. e 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 o ers to choose from, and they are getting o ers way above list price. e “Coming Soon” sign lets buyer agents know to watch for the listing and gets their buyers ready to compete with a strong o er. e 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 nd another home, you will pay top dollar and may not nd a suitable home quick enough. e timing becomes a challenge.

Signs Everywhere!?

LKNEXPERT

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. Here are a few things to consider in today’s market: • Make sure you are pre-quali ed 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 o er needs to be as attractive as possible. Loan o cers should be available for the listing agent to con rm the status and strength of the borrower.

• e 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 di erence. • 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 nancing. Working from home has created a need for more space to have an o ce, for example. e remodel will add even more value to your real estate asset. w

DRSARAH STUCHELL

R ELAT I ON S H I P E XPE RT

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