The market is still crazy and I want you to be prepared if you are buying or selling a home at this time. I’ve put together my top three things you need to know about the market right now! As always, if you have any questions don’t hesitate to reach out to me directly.
Number One: High Due Diligence
The due diligence fee is an amount paid by the buyer directly to the seller, which the seller deposits and keeps. If the deal closes, the buyer will have that amount credited back to them at closing. If the buyer backs out prior to the end of the due diligence date, they will at least get their earnest money back. With low inventory, buyers are paying more due diligence.
Number Two: Over Asking Price
Be prepared to go over the asking price. It’s a competitive market right now and almost all of the transactions we’ve seen have been over asking price, especially in hot areas like inside the beltline. It’s even more important now to get your finances lined up before you start looking for your new home.
Number Three: High Earnest
Earnest money is put down before closing on a house to show you are serious about purchasing. It’s typically around 1%-3% of the sale price and is held in an escrow account until the deal is complete. However, we are seeing these percentages go up, so if you’re serious, this number may be higher.
What this all means is that it’s a seller’s market, which is why you need someone on your team. I would love to be that person for you. Sellers and buyers contact me today by calling 919-438-0548 or emailing Ryan@HudsonResidential.com.