Cash for a competitive market
We’re in a truly unique sellers’ market at the moment. It’s moving fast and lots of buyers– many for the first time– are entering the market, turning the “high season” into a year-round rush. If you’re on the hunt for a new home in the coming months, here are some key details you need to know so you can navigate the current housing market with ease.
Changes in mortgage options
Since July 2020, mortgage rates have been at a historic low—holding below 3% for the first time! This has incentivized buyers, many of whom are entering the market as first time buyers, to take the exciting leap to find something permanent. Because of the high volume of loan applications, buyers can expect somewhat longer timelines for lender approval and processing.
Decreasing inventory levels
This timeline is especially important as many areas, not just areas around cities, are facing a decrease in inventory availability. Nationally, Realtor.com noted a 39% decrease in inventory, compared to this time last year. Likewise, time on market is also down compared to 2019, as most areas are seeing an average of 54 days on market–which is 12 days less than the average days on market last year.
Locally, our region is echoing that trend, experiencing an average days on market of 48 in Raleigh and just 42 days on market in the Charlotte Metro area.
So what now?
In a highly competitive market, it’s imperative that your offer stand apart from the rest. Some buyers offer to cover some of the expenses that are traditionally covered by the seller, and still others attempt to minimize the number of contingencies requested to stand out.
You can also go the route of presenting a full-cash offer, thanks to the help of one of Allen Tate’s technology partners.
Through our partnership with Ribbon, first-time homebuyers can present an all cash offer, backed by Ribbon, to win deals and close in just 14 days.
Additionally, if you’re trying to purchase a home but need to sell yours at the same time, you can take advantage of the Buy Before You Sell program, which removes all contingencies so you can buy and move into a new home before selling your current one.
To learn more about how a cash offer can make your offer the winning offer, you can learn more or sign up for a free consultation.