The first thing you should know as a prospective home seller is, it’s still a great market! That’s right, for over 2 years now, sellers in the Lake Norman area have been uniquely positioned to get the best possible value for the sale of their homes. We even saw sellers receive offers well above asking price, no contingencies and multiple offers. It’s Economics 101: when you have more buyers than product, the price will often rise.
There are a number of reasons why sellers are still enjoying a great market here in the Lake Norman area. First, let’s talk a little more about that concept of inventory. In essence, everyone was in the market for a home at the same time. Waterfront home and those that are close to the water are selling in record time. Next, there’s this business with interest rates. Interest rates are certainly up however, at the turn of the century, the average interest rate was over 8%. Twenty years before that, it was closer to 18%. So, while rates are higher than say 5 years ago, they’re still pretty low from a historical standpoint.
Right now, as a Lake Norman home seller you’re holding the key to the most important tangible asset out there, your home. For the time being, multiple offer situations look to be the norm. Lots of buyers want what you have and they’re willing to offer a fair price to get it, offer more deposit money, and forgo standard contingencies.
Don’t think it’s all a done deal though. As a seller, there are a few things you can do so your home is one of the lucky ones selling fast and for more than you imagined. First, focus on maximizing the curb appeal of your home to increase interest and value, (especially considering a more “normal” looking housing market could be on the way sooner than later), make those small repairs, add that new coat of paint, and keep standing out from the competition.
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And they are quick and easy to implement!