Three Proven Tips for Buying a Home Sight Unseen
Yes, these are trying time for home buyers, and not just for those looking for a Charlotte home. Throughout the country, hopeful buyers face shrinking inventories, rising prices, and sellers unwilling to negotiate terms or prices.
But it’s not completely one-sided. Interest rates remain low, and buyers and their agents have learned how to cope in an historic seller’s market. Thanks to a robust economy, the US housing market continues to sail along, as buyers respond by making multiple offers, many over the asking price, and even making offers on homes sight unseen.
It’s not as crazy as it might sound. As the housing market heats up, buyers have to use every advantage to snag a house faster than the competition. And making an attractive offer on a house you haven’t physically toured is not only possible, but smart in a frenzied market.
Finding the right agent, one you can trust to not only look after your best interests, but to skillfully negotiate a good offer, is essential. That means choosing an agent who’s familiar with the area, whose communication style suits yours, and has solid negotiating experience. Look for an agent who can provide testimonials from actual buyers. And working with an exclusive buyer’s agent who will represent only you, and never the seller, makes more sense than ever in a seller’s market.
Second, it’s smart to use technology to your advantage. Google Maps can give you a good feel for the neighborhood you’re considering, and you can take a virtual tour of many homes, either through the seller’s agent web site, or through a personalized Zoom meeting with your buyer’s agent.
Also, utilize all available resources to help you make an informed decision. Friends and family may be able to check out the neighborhood or even tour the home. Another resource is a home inspector who can advise you on the overall condition of the home you’re interested in. Some buyers opt to waive repair agreements with sellers, and a competent inspector can offer insights into the advisability of such a move. Again, your buyer’s agent can help by recommending qualified inspectors.
As you can see, the latest market update confirms the seller’s market is still running hot. As of June 30, the number of homes on the market in the greater Charlotte region dipped by 51.8%, or 3,720 units, to only 3,462 homes. Homes listed for sale remained on the market only 13 days, a drop of 65.8% from June, 2020. The median sales price plummeted once again, this month by $52,000, or 18.4%, to $335,000. And the percent of original price received nudged up to 102%, a 4.5% increase from last year.
These are the overall numbers for the greater Charlotte Metro area. For more detail, see the reports for Charlotte, Matthews, and Huntersville.