Persistence Is Key
If you are currently looking for a home in or around Charlotte, I’m sure you’ve dealt with the frustration. The current housing inventory is around 2 months! That means if no other houses were listed, in 2 months, everything listed now would be sold, and there would be zero houses left. That is the sign of big-time “seller’s market.” Charlotte is growing at a rapid pace. Last I heard, there were over 100+ people moving to the Charlotte Metro area every day.
There is currently not enough housing available for everyone. This means people are OVERPAYING big time for rent. A big issue we are seeing is that most people aren’t selling because there is nowhere else to go! It’s a GREAT time to sell, but if you don’t have anywhere else to go, you’ll be in the same boat as other current home buyers. We are seeing tons of multiple offer situations when well-priced houses that are in good condition come on the market. This leads to bidding wars and homes usually selling for more than what they are listed for.
As a home buyer, you have to get creative. Call every single For Sale By Owner sign you see and try negotiating. Don’t be timid to start making tons of offers. If you want to find a good deal in this market, you have to be patient and persistent. Try looking out in the suburbs of Charlotte. If you work near uptown, it may be a longer drive, but you can surely get more bang for your buck the further away from Charlotte you get. The main thing to remember is that you’re not the only frustrated one trying to buy a house. Keep your head up, stay persistent, and it will eventually pay off.