By Wes and Cathy Cleary
While buyers’ wants and needs have evolved through the years, their “must-haves” have changed most significantly recently. What used to be a deterrent for some is now highly sought after, and frankly a new priority for most. Not surprisingly, rural areas are in high demand. Reliable internet is also a huge factor. Working remotely is available for a much broader base of individuals, and families with school-aged children also want options for their kids to keep up with scholastics, while enjoying an environment abundant with healthy outdoor recreational activities. Lake Lure is a natural fit for these lifestyle choices. It is away from it all, yet close enough to almost anything one might want, convenience to shopping, dining, and airports. Regardless of which part of the Lake one considers, access to Interstate 26 will take anywhere from 15-20 minutes and a trip to Hendersonville, Asheville, Spartanburg, or Greenville will be anywhere from 30 minutes to an hour away. Charlotte & Columbia are about 2 hours away.
Buyers may want to take note, professional service providers, such as lenders, closing attorneys, surveyors, and appraisers are still very busy, so it is important to check with them before setting the terms of your offer, especially the due diligence period expiration and closing dates. While “Buyer Representations” within the NC Offer To Purchase and Contract (Form 2-T for residential property) indicate intent for a buyer to obtain a loan, and/or a need to sell or lease another property to qualify for a loan or complete the purchase, these are not contingencies. Unanticipated delays occurring due to a 3RD party being backlogged or a delay in closing for the sale of your other property may not matter to your seller. They may have another offer waiting in the wings, as full price, above asking and multiple offers have become much more common.
For sellers, setting the asking price can be a challenge. While real estate agents can look at data and sales trends to predict a range for the most probable selling price, an appraiser is the only professional licensed to provide an opinion on the value of your property. Getting an appraisal before going on the market can help ensure you are not leaving anything on the table when setting your asking price and help avoid having a deal fall apart if an appraisal comes in lower than your contract price. The good news is we are seeing appraisals coming in in-line with current trends, and there are qualified buyers ready to make a purchase, but lack of inventory continues to be an issue. As of today, while writing this column, there are just 27 residential properties actively listed for sale in Lake Lure, 5 of which are lakefront. There are 25 homes under contract, and 22 have closed since January 1st, 2021. If you have been thinking of selling, this is definitely a good time to give it whirl!
Wes and Cathy Cleary of Team Cleary Real Estate are full-time, full-service Realtors licensed in NC/SC with Agent Group Realty. TeamClearyWNC@gmail.com; 828-785-2115 for Wes or 828-808-6790 for Cathy; www.TeamCleary.com