Lake Wylie Real Estate

If You’re Not a Seasoned Buyer, Beware

July 20, 2021 by lkw_df Leave a Comment

There has been a trend recently to eliminate provisions in a standard real estate contract to make a more attractive offer. This can be a good idea if you have deep pockets, or if you know what to look for in a home. For first time buyers, or even seasoned buyers it can be a costly mistake. Provisions in contracts are put there for your protection and they should only be taken out if you are sure of being able to take on the risk. Let’s look at the most common contract provisions and what they do for you.

Financing – Most buyers are going to need a loan in order to purchase a home. This provision makes sure that the buyer can get out of the contract if they can’t get a loan. This can be important if there is an abrupt change of employment or another factor that makes it impossible to secure financing. This is not necessary if you have an all cash offer.
Inspection – this one could cost a buyer a lot of money if waived. This gives the buyer the right to bring in an inspector to look for defects in the home before purchase. There is typically another round of negotiations after inspection to resolve any large issues like HVAC or roof. In this competitive market, many people are waiving this, but big ticket repairs could cost you a lot of money after closing.
Sale of Existing Home – this contingency allows you to get out of a contract if the sale of your existing home falls through. This is a risk to the seller of the home as the deal can fall through, but many people are waiving this provision right now to make a stronger offer. It can be risky to omit, but if you have a well qualified buyer for your home, it can be one of the least risky of the provisions to leave out.
Closing Costs – In a buyers market, the seller may be willing to pay for closing costs for the buyer, but in today’s market, some buyers may be willing to pay their own closing costs or pay for some of the closing costs for the seller as an added incentive.
Closing Date – the closing date is typically around 30-60 days after the contract date so that a buyer has time to line up financing. With an all cash offer, this can be as little as a week out. Quick timing can be attractive to buyers and sellers, though some sellers may want to lease the property back after closing so they have time to find their next home.

These are the most common conditions of a home sale. Omitting any of them from a contract can hurt the buyer or the seller. In this market where you want to stand out, it is important to know the level of risk you are willing to take on to win a multiple offer situation. Give us a call at 803-831-8588 and we can put together a winning plan. You can view current listings and create custom searches on our website here.

What is an “All Cash Offer”?

July 5, 2021 by lkw_df Leave a Comment

With the market going the way it has been, you keep hearing about homes selling the day they list with an all cash offer for above list price. The trend has been all cash offers winning bidding wars on listings with multiple offer situations. But, what is an all cash offer anyway? Does it mean lugging a suitcase full of bills to closing? Nope. It just means that the buyer can purchase the home without having to arrange a mortgage.

All cash offers are on the rise, with an increase from 15% to 25% of all home purchases over the last year. They are attractive to sellers because they don’t have to worry about a deal falling apart because the buyer can’t secure their funding. They can also get you to the closing table more quickly because you don’t have to wait for a loan package to be put together.

For buyers, they are attractive because they make a stronger offer. This can be especially helpful for buyers who really love a property and want to make sure that they win a bidding war.

Does that mean that all buyers who have all cash offers have to provide all of the cash at closing? Nope, a lot of those buyers will end up mortgaging the property, or mortgaging other assets to pay for the property. There have been a lot of people who have had windfall events like an inheritance, cryptocurrency sale, or other event leaving them with cash as a powerful bargaining chip.

What an all cash offer typically means is that a home contract can have fewer contingencies. Without a mortgage company involved there is no mortgage contingency. An appraisal may not be needed either though it is required for lender financing.

All is not lost if you can’t make an all cash offer. You can still make an attractive offer with tools such as personalized letters, removing contingencies, or offering above list price. Another strong tool right now is leasing the property back to the seller so they have a few months to find their next home.

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.

Featured Listing: 15016 High Bluff Court

June 18, 2021 by lkw_df Leave a Comment

If you have always wanted the perfect home in Regency at Palisades, bring your offers. This amazing home at 15016 High Bluff Court was just listed and won’t last long.

This home is located in the award winning community of Regency at Palisades. This highly desirable neighborhood features amazing amenities including a clubhouse, fitness center, game court, golf, outdoor pool, playground, sports court, tennis courts, and walking trails. It is also right next to Lake Wylie for water sports of all types.

This stunning ranch home offers features rarely found in the neighborhood and shows just like new. There is a private backyard, and upgraded side load garage. Inside the garage is a workshop space but there is still room to park two cars. The full brick exterior has clean architectural details and features mature landscaping.

Interior features include a recently upgraded gourmet kitchen with cast iron farmhouse sink, new quartz counters, Jenn Air gas cooktop, walk-in pantry, and soft close cabinets. The open floor plan allows sightlines from the kitchen to the great room and breakfast room. The generous master suite was extended so it is now a true master retreat with a walk-in-closet and master bath with a generous tub and separate shower.

Two other bedrooms, one and a half other bathrooms, laundry room, dining room, and a home office round out the 2,344 square feet. There is great attention to detail with extensive millwork including trey ceilings, wainscotting, and crown molding. Out back you’ll find a partially covered deck perfect for entertaining. You don’t want to miss out on this home, it will go quickly.

For more information about this home, see the full listing here. To learn more about this 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: 4576 Charlotte Highway

June 16, 2021 by lkw_df Leave a Comment

Have we got the ideal investment property for you. 4576 Charlotte Highway in Clover, South Carolina is a gem of a rental property with strong rental history. You can have short and long term investment goals with this property.

This listing has a great location, set a little bit back from the main road, but right along a high traffic area in the heart of Lake Wylie. The property is zoned BD-III which is building development district III. The current tenant is a landscape company. There would be no immediate need to do anything else with the property.

The house itself has three bedrooms and 2 bathrooms in a total of 1,628 square feet. It sits on a .39 acre lot with a long driveway. There is a deck out back as well as a fireplace in the living area. The home is zoned for award winning Clover schools.

With a little bit of time, the property could have a great long range investment as it is a commercial lot that sits surrounded by retail and restaurants. As Lake Wylie grows and expands, the value of this property will appreciate. In the meantime, you could be the beneficiary of steady rental income.

To learn more about this great property or any other property 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 listing on this property, click here.

Neighborhood Spotlight: Somerset at Autumn Cove

June 4, 2021 by lkw_df Leave a Comment

On the shores of Lake Wylie, you’ll find a fantastic neighborhood with great amenities, close to all of the conveniences you need. Somerset at Autumn Cove is a highly desirable community right off of Highway 49 in the heart of Lake Wylie.

Residents of Somerset at Autumn Cove enjoy lake access, pool, cabana, and boat storage. They are close to schools, the YMCA, and many options for shopping and dining.

Somerset at Autumn Cove was developed by Eastwood Homes between 2008 and 2017. These homes sit on large lots with some approaching an acre in size. Interior lots are wooded and offer great private spaces. Homes with lake frontage typically have docks, floating docks, piers, and outdoor living spaces perfect for taking advantage of sweeping views of Lake Wylie.

Many of the homes have full basements giving a range of between 1,800 to almost 4,000 square feet of living space. There are one, two, and three story plans in the neighborhood with 3-6 bedrooms, 2-5 bathrooms, and 2 or 3 car garages. These homes have open and flexible floor plans with guest suites, media rooms, home offices, and chef’s kitchens. Owner’s suites feature spa-like bathrooms, amazing attention to detail, and relaxation galore.

In the last year, 12 homes sold in Somerset at Autumn Cove for an average sale price of just under $400,000. Most of these homes sold in less than a week for list price or above. There are currently four homes on the market with three of them already under contract. One additional home is coming soon so there is still a chance of getting in on this amazing community.

For more information on buying or selling a home in Somerset at Autumn Cove 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.

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.

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.