Lake Wylie Blog

How to Handle a Multiple Offer Situation

June 1, 2021 by lkw_df Leave a Comment

If you are thinking about buying a house in the next few months, chances are you will find yourself in a multiple offer situation. The Charlotte region is one of the hottest markets in the country right now with buyers outnumbering sellers. This puts extra stress on homebuyers as they have to figure out ways to stand out from the crowd. Here are a few tips for handling multiple offers.

As a seller, multiple offers are really easy. Just sit back and let offers pour in and pick the best of the lot. As a buyer, they can be nerve wracking exercises with plenty of disappointment. This is probably keeping many more risk averse people out of the housing market. For those people with high risk tolerance, they can still be challenging because it is hard to know how much to offer and what terms will entice a seller to pick your offer out of the crowd.

One of the best things you can do is to make an aggressive offer. This may seem like obvious, but you don’t know what the other offers are and if you really want the home, you need to be willing to pay for it. This can take the form of an offer over list price, or more earnest money to take the home off the market, or both if you deem it necessary.

Another way to stand out is to take most of all contingencies out of the contract. This can mean not asking the seller to make any repairs, being willing to pay the difference if the home does not appraise for the contract price, and taking off loan conditions to name a few. It also means not making your offer contingent on selling your home first.

Another way to stand out is to offer to let the seller stay in the home for nominal or no rent for a few months so they can find their next home. This can be really attractive for a seller who will turn right around and become a buyer.

Personalized letters that are thoughtfully crafted can sway a seller to accept your offer. If you have a good story why their home should become your home, you can sway a seller away from a potentially more attractive offer. There is no guarantee that this will work, but it is definitely worth a try.

If you are a buyer about to enter the market in the Lake Wylie area, call us at 803-831-8588 to talk over your options and what you can do to prepare to make an offer on a home. You can view current listings and create custom searches on our website here.

Neighborhood Spotlight: Morgan’s Branch

May 28, 2021 by lkw_df Leave a Comment

If you are looking for great places in the Lake Wylie area with a Belmont address, Morgan’s Branch is a great new construction neighborhood in close out mode. Bonterra Builders and Taylor Morrison developed the project with 153 homesites and amenities. The location can’t be beaten and the schools are highly desirable, you don’t want to miss it.

Morgan’s Branch is located just minutes from Daniel Stowe Botanical Gardens and Stowe Park. Highway access is close by for a quick trip to Uptown Charlotte or Charlotte Douglas International Airport. The heart of Belmont is also close by for community events, and you can’t forget Lake Wylie nearby for water sports of all kinds.

Development in Morgan’s Branch started in 2015 and the last four homes are currently finishing up. All five of them are already under contract so unless a contract falls through, you may have to wait until someone lists a fully built home.

These homes are desirable because there are a mix of one and two story homes with between 2,500 and 3,700 square feet of living space. They have 3 to 5 bedrooms and 2.5-4 bathrooms. All have 2 car garages, open floorplans, and great arts and crafts architectural features like shed dormer windows, rocking chair front porches, and much more.

Community amenities include a pool, club house and tot lot. Residents also enjoy designated boat storage. There are public boat ramps just a few miles away so you can have days on the water.

In the past year, 18 homes sold in Morgan’s Branch with prices ranging from $300,000 to $442,000. If you are interested in a home here, we can get you on our list so you will be notified as soon as one becomes available.

For more information on buying or selling a home in Morgan’s Branch or any other neighborhood in the Lake Wylie area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

Neighborhood Spotlight: Amberly

May 23, 2021 by lkw_df Leave a Comment

Brought to you by Meritage Homes, Amberly is the jewel of Belmont, North Carolina. This new construction neighborhood is ideally placed at the heart of Belmont, and close to the South Fork Catawba River. The neighborhood is walking distance to South Point High School and children attend highly rated Gaston County schools.

Meritage is offering the Piedmont Series, a collection of spacious ranch and two-story homes perfect for any family. Homes have between 3 and 6 bedrooms, 2-4 full bathrooms, 1 half-bathroom, and up to 3,803 square feet of living space. There are some basement plan homes which have additional living spaces such as full guest suites, game rooms and more. Each home has an open floor plan with large island and energy efficient features.

Homes in Amberly start in the mid-$300,000’s, but with options and upgrades, have sold for as much as $420,000. All of these homes have been new construction. There have not been any re-sales of these homes yet which shows that owners that moved in last year are truly satisfied with their homes.

There are currently 39 homes for sale from the builder, and all but two of them are under contract. You need to jump on these opportunities when they come available in this tight real estate market. Also remember that it is in your best interest to have a Realtor represent you in any real estate transaction, even new construction.

For more information on buying or selling a home in Amberly or any other neighborhood in the Lake Wylie area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

Featured Listing Coming Soon: 5 Holly Berry Woods Court

May 18, 2021 by lkw_df Leave a Comment

We have a new listing about to hit the market in desirable River Hills and you don’t want to miss it! This home is a true one-of-a-kind that just finished a complete reconstruction. This is a boon to any buyer as there will be nothing to do but relax and enjoy the resort lifestyle.

This home is located on the 8th hole fairway of the amazing River Hills Golf Course. The manicured golf course is the perfect backdrop and can be enjoyed from the screened porch, the large deck, and the koi pond. You’ll be the envy of the neighborhood with truly one of the most stunning views of the course.

Walk in the door of this home and you’ll be awash in natural light. Soaring vaulted ceilings and wide open spaces make this home modern and grand while still feeling homey. The gourmet kitchen features a large island and top of the line, professional grade appliances. Gracious wood tones warm up the space and unite the rooms and compliment the wood of the cabinetry.

Throughout the over 3,000 square feet, you can see the attention to detail from Six Kings Custom Homebuilders. They spent 9 months reconstructing this home touching all parts of the 4 bedrooms, 3 ½ baths, and the finished basement. You’ll love the master suite with custom walk-in closets, vaulted ceiling, and breathtaking master bath.

With the pace of the real estate market right now, you don’t want to let this home slip by. Give us a call at 803-831-8588 to get started putting your offer together.

For more information on this home or any other home or neighborhood in the Lake Wylie area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

To view the full listing on this home and to see additional photos, click here.

Neighborhood Spotlight: The Meridians

May 14, 2021 by lkw_df Leave a Comment

If you love The Palisades, but don’t need a huge home or are looking for a 1-story floor plan, The Meridians may be just the right neighborhood to find your next home. Low-maintenance homes are the feature, with the homeowner’s association taking care of much of the exterior and yards. This is perfect for anyone needing extra assistance or low on time.

Neighborhood amenities are shared with The Palisades and includes membership to the Palisades Country Club (monthly dues required with membership). This includes resort-style swimming facilities, tennis complex, and state-of-the-art fitness center. Additionally there is a PGA worthy golf course, banquet facilities. The Meridians also has a clubhouse, fitness center and pool specifically for their section of the neighborhood.

Homes in The Meridians contain craftsman style detailing built in the last few years. They are under 3,000 square feet with 2-4 bedrooms and 2.5-3.5 bathrooms. Interiors are full of great style and detailing. There is garage space for 2 or 3 cars. Many of the homes back to woods for additional privacy, and have patios, porches or decks to enjoy our great weather.

In the past year, 14 homes sold in The Meridians with an average sale price of almost $370,000. This was the close-out of the new construction homes so a typical year may not see that many homes change owners. There is currently one listing available, but it has only been listed for a few days and won’t last long.

For more information on buying or selling a home in The Meridians or any other neighborhood in the Lake Wylie area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

April Market Report: Greater Lake Wylie Area

May 13, 2021 by lkw_df Leave a Comment

It appears that the trends that have persisted over the past year are still holding strong in the Charlotte Region. Prices are rising and supply is still not enough to meet demand even though new listings are up. This could be an indication that the market is in the first stages of correction as many more people are starting to be comfortable listing their homes.

Canopy Realtor Association reports each month on numbers based on listings in the Canopy Multiple Listing Service. According to the report, the supply of homes is at just 3,018 or just a 0.6 month supply of homes. Last April the supply was at 9,099 or a 2.1 month supply. A balanced market between buyers and sellers is typically considered to be a 4-6 month supply. This is despite 5,711 new listings, up 32.5% from last year.

When you look just at the Greater Lake Wylie area, you see just 109 listings, representing a 0.7 month supply of homes. These homes are selling for 19.4% more than the same time last year. This is an increase of, on average almost $75,000 in just one year. While this is great news for sellers, buyers are feeling the pinch. Buyers are having to bring more money to get the same home and are facing steep competition. Many homes are seeing multiple offer situations and the average home is now selling for 102.4% of the list price.

Hopefully once inventory comes in line with demand we will begin to see prices stabilize. Until then, buyers will need to be resilient as they may have to put in offers on multiple homes before they win the bidding war. Sellers are not immune to difficulty, as they are often having trouble once they become buyers. We are seeing a lot of sellers ask to lease back their home for a few months while they find their next home. We can help you with all of these issues.

For more information on buying or selling a home in the Lake Wylie area call us at 803-831-8588. You can view current listings and create custom searches on our website here.

You Might Not Need 20% Down on a Home

May 12, 2021 by lkw_df Leave a Comment

Many people, especially first time buyers are discouraged from entering the real estate market because they can’t come up with 20% of the purchase price for a down payment. Conventional wisdom has always held that you put down that amount so you don’t have to pay private mortgage insurance (PMI). These days, there are many options so that you don’t have to have to pay that much money up front, and in some cases, don’t have to put down any money at all.

There are now a variety of loan programs available that allow buyers to bring less money to the table. One of the most popular of these recently is the 80/15/5 loan. This type of loan allows for a large loan of 80% of the purchase price and a small loan for 15% of the purchase price. The 5% is the amount the buyer pays up front. This makes it look like you have 20% down so you don’t have PMI on the loan. The smaller 15% loan typically has a higher interest rate so many buyers choose to refinance once they have 20% equity in the home so they can get rid of the higher rate loan and not have to pay PMI.

If you qualify, another way not to have to bring as much money to the closing table is by getting an Federal Housing Administration (FHA) or Veterans Administration (VA) loan. These loans typically have lower money down requirements like 5 or 10 percent of the purchase price but they can come with more stringent inspection requirements or other requirements to qualify.

First time buyers can also apply for grants and financial assistance that can help with down payments. There are many of these programs out there so make sure to ask your lender if you qualify.

Finally, many lenders have come up with additional loan products to help buyers. These can vary by lender so you should talk with your lender to see all of the options available to you. It is important to have all of these conversations with your lender before you start looking for homes so you know realistically how much home you can afford. This helps steer your home search and helps you to be ready to go in this fast paced real estate market so you can be competitive and secure the home of your dreams.

To get started, give us a call at 803-831-8588. To view current listings and create customized searches for homes, click here.

Neighborhood Spotlight: Misty Waters

May 11, 2021 by lkw_df Leave a Comment

Picture yourself relaxing in a hammock under the shade of an old growth tree with the sound of the lake lapping gently at the shore behind you. This daydream could be yours if you purchase a home in Misty Waters on Lake Wylie. Located in Belmont in a gated enclave, Misty Waters is in a wonderful location to enjoy all the best Lake Wylie has to offer, from boating to fishing, to water sports of all types.

Misty Waters was developed in the early 2000’s and features large executive style homes with at least 4,000 square feet of living space. Many of the homes include full finished basements with additional living quarters perfect for house parties, multi-generational living, or an income suite. Some homes also feature a first floor guest suite. Large kitchens and open floor plans round out the first floors of most of these homes.

Additionally most of these homes have multiple other bedrooms with access to full bathrooms. Many also have bonus spaces used for home offices, school rooms, home theaters, or extra bedrooms. Sumptuous master suites include spa-like bathrooms perfect for unwinding at the end of the day. Community amenities in addition to large lots mean plenty of green space to enjoy the weather when not on the Lake.

In the last year, only two homes and two lots sold in Misty Waters showing that once you own one of these amazing homes, it’s hard to leave. They sold in the high $700,000’s. Neither home had a waterfront lot, and those typically command a premium. There are currently no homes listed for sale in the community, but call us at 803-831-8588 and you can be the first to know when a home in Misty Waters is about to hit the market.

For more information on buying or selling a home in the Misty Waters or any other neighborhood in the Lake Wylie area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.