You’ve probably heard some crazy stories about people selling in this market. Recently, our team had one home sell for $135,000 over asking (total sales price: $1,060,000). Ninety-four people came to this home’s open house, multiple offers came in, and now the sellers are closed. Other homes have gone under contract while incoming soon status or after a single day on the market. We’ve even heard of buyers’ agents knocking on doors and making offers on homes that aren’t for sale. It can seem like the wild west, which is exactly why real estate representation is more important than ever.
First, some background on why we’re in a shortage.
1. The Coronavirus Pandemic Hit Hard
With more people working from home and not having to relocate for work, fewer houses hit the market. Plus, many people who were thinking of listing decided to wait, mostly due to economic uncertainty and fear about having people in and out of their homes for showings and open houses.
2. Millennial Buyers Don’t Want to Rent
A wave of millennials, the fastest-growing segment of homebuyers are looking to buy their first (or next) home and now account for 38% of the home buying market, according to the National Association of Realtors®.
3. Investors Are Flooding the Market
A huge influx of investors from people with small portfolios to big players who buy hundreds of homes in hot areas are snapping up homes.
4. Building Material Prices Have Skyrocketed, So New Construction Prices Are Spiking
Maybe you found this out firsthand by trying to do a DIY project during the pandemic. A quick trip to a big box home improvement store might have put that on hold when you saw lots of empty shelves and soaring prices. Fortune magazine just posted that the price of lumber is up 193% and still climbing.
This perfect storm of variables means you can get top dollar for your home and find your next dream home if you use an experienced, savvy real estate agent.
Here’s what to look for in a listing agent.
1. Transactional Experience
Find a Realtor® who does at least 30 transactions a year. Lots of agents work part-time, but in this market, you need a full-time agent who is current on all the aspects of real estate because they are practicing them daily. Our team is the #1 Allen Tate team in the Carolinas, and last year we helped more than 400 families with their real estate needs. Experience counts.
2. Marketing & Negotiation Skills
Every home needs a custom marketing plan. This could include staging, drone/aerial video, Matterport tour, open houses, Facebook ads, an ad in the Wall Street Journal, and more. Then when the offers come in, your agent needs a strategy to see that all your goals are met at the closing table. Being able to read offers is a skill that is honed over time. Our team has been honing that skill for almost 20 years.
3. Communication & Expertise
Read real estate agents’ Google and Zillow reviews. Happy clients leave glowing reviews. You’ll be able to learn from their experiences which agents text back right away, provide a high level of service, and put ease in the real estate process. By the way, check out our 161 5-Star Google reviews. That’s an excellent place to start.
Get in touch if you’re thinking about entering the Charlotte, Fort Mill, or Rock Hill markets. We’re excited to make your experience a 5-Star one!