Real Estate Market Watch…What’s it Worth?

By Wes and Cathy Cleary

The question most often asked by buyers and sellers alike is, “What’s this home worth?” Very frequently when a homeowner calls to inquire about the prospect of selling they will set an appointment, anxiously awaiting the answer to this key question. Similarly, buyers realizing the current market is highly competitive, are also looking for an answer to the same question before submitting an offer.

The fact is, there is no right or wrong answer when it comes to putting a number to a given property. The most important thing sellers may want to keep in mind is to determine their desired timeline for selling. If there are circumstances that create an urgency to your situation, you might want to approach pricing more aggressively to help secure an offer more quickly. Real estate agents can utilize a combination of local expertise combined with various tools and resources to help predict the most probable selling price – most often a price range based on statistics, comparable properties, and market conditions & trends.

In today’s market, buyers will need to expect their offer will be in competition against others. Sellers are certainly sitting with more leverage, usually entertaining several offers at a time, so there are several ways to make your offer more attractive and stand out above the rest. While cash is king, the length of time set for the due diligence period, the close date, and deposit options are just a few factors that could make your offer more enticing to a seller. The purchase price is important, but not always the deciding factor for sellers. Our expertise as real estate agents can help predict the most probable selling price, based on a comparative market analysis, while an appraiser is the only professional licensed to provide the current value of a home.

The appraisal can be the critical piece that can make or break a deal. Buyers who intend to finance a purchase are wise to have their lender order the appraisal as soon as you go under contract, as there are a limited number of appraisers available in our area. Keep in mind the standard NC contract does not allow for a finance contingency, so the appraisal report should be completed well before the end of the due diligence period. If there is a deficit between the purchase price and the appraised value, you will want to have time to work it out with the seller before deposit monies become non-refundable – usually 5 p.m. on the due diligence expiration date.

If you are looking to buy or sell, be sure to reach out to your local Realtor to help you through the process. Having invested, rented, bought, and sold real estate in Western North Carolina since 1997 we thrive on sharing some of what we’ve learned through the years and are available to discuss your needs any time.

Wes and Cathy Cleary of Team Cleary Real Estate, Inc. are full-service licensed NC & SC Realtors® who live in Lake Lure.; call 828-785-2115 for Wes or 828-808-6790 for Cathy;

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