Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.
Issue link: http://www.epageflip.net/i/1418713
28 UCW OCTOBER 13-19, 2021 Best of Fayetteville FEATURE Tips for homebuyers in a seller's market a STAFF REPORT A combination of factors, including low interest rates and a pandemic-driven decision by many city dwellers to look for houses in the suburbs, has created a housing boom for much of 2020 and 2021. at boom has created an undeniable seller's market in real estate. Just what is a seller's market? e financial resource Investopedia defines it as a marketplace in which there are fewer goods for sale than there are interested buyers, giving sellers the ability to dictate prices. Since mid-2020, there has been an extremely low inventory of homes for sale but a very high interest among purchasing parties. Data from the National Association of Realtors indicated that, by the end of February 2021, hous- ing inventory fell to a record low of 1.02 million units. ese factors have led to a surge in com- petition from buyers, including bidding wars on homes and all-cash offers to entice sellers. In December 2020, the median listing prices for single-family homes shot up 13.4% from the same time the previous year, according to Realtor.com, and it hasn't slowed down much since. Jeffrey Mezger, a 40-year veteran of the real estate indus- try and CEO of KB Home, says it's the best seller's housing market he's seen in his career. So where does this leave buyers interested in relocating? Here are some tips. Consider areas with slower overall price growth. Experts say the southern and midwest- ern United States offer the best value for home shoppers because of their meager price growth. ClearCapital, which tracks housing values, says San Antonio, St. Louis and the Dallas/Fort Worth areas experienced the least price appreciation from 2019 into 2020. Get preapproval or have your funds ready. Speed is the way to go if a buyer is interested in a property and wants to make an offer. Real estate professionals say buyers should be "offer ready," which means having a mortgage preapproval let- ter or proof of funds for a down payment ready to go. Failure to have funds in check can slow down the process or compel sellers to reject an offer. Work with a real estate agent. ese are com- plicated times and it pays for buyers to have a professional working in their corner. A real estate agent uses his or her knowledge to make a timely offer and negotiate on the buyer's behalf. He or she also will provide insight into specific neigh- borhoods, amenities and school districts. Eliminate certain contingencies from the equation. Contingencies are factors that must be met before a sale can go through, according to the relocation site Moving.com. A common con- tingency is the need to sell one's current home before closing on another. Asking for extended closing periods or certain home repairs are some additional contingencies that can make buyers less attractive to sellers. Make it personal. Buyers can offer a personal- ized note with the offer that may connect with the seller emotionally and set one them apart from others who have made similar offers. Buying in a seller's market can be challenging. But some strategies can set buyers apart from the pack. 2021 BEST REALTOR Mary Bunnells 208 Hay St. Fayetteville, NC 28301 910 527-9251 I am humbled at having your vote for Best Realtor. Serving Cumberland, Harnett, Hoke, Moore and Robeson counties. https://marybunnells.c21.com Mary was extremely knowledgeable, helpful, and on top of every aspect of our purchase. I'm so thankful to have had her as my agent. Highly recommend! - Client Testimonial Lunch • Dinner • Special Events • Private Parties • 910-527-1467 Facebook.com/RBurgertruck • RBurgertruck@gmail.com Thanks to ALL for Your Support! Love people serve them tasty food 2021 Best food truck