I want to buy a home in one month

Member since 2023 · 10 posts · 3 votes

We moved to Charlotte 6months ago and started looking for a home but didn't find any home that we liked.

We didn't want to extend our lease as we know that our money is not building any equity.

Instead, we are thinking to buy some town-home/SFH which is ready to quick move-in and continue searching for our dream home.

At the given market, where should I temporarily buy a home that will go for rent and appreciate in future.

My budget for temporary home is from $250-$350k max.

Kindly, please guide us.

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Pat Rineman

Real Estate Agent · Charlotte, NC · Member since 2019 · 13 posts · 23 votes

Hi @Anvesh Reddy - I agree with all of the points made by Abel and Theresa. I think your first step should be getting connected with a local Agent who knows and serves the Charlotte market. Inventory is fairly tight right now, but I am still seeing a lot of great opportunities for buyers at this price point. My clients that are taking advantage of these opportunities have been flexible with their search criteria which opens up more options, even in a tight inventory environment. There are plenty of great sub-markets within the Charlotte region to consider as home price appreciation has been fairly steady, along with rents. Happy to help however I can.

-Pat

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Abel CurielBusiness Member
Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
3y
Hello @Anvesh Reddy!

Have you tried searching the BP forums or using the Find an Agent tool?
6 months is a long time to be searching for a property.
Assuming there is inventory at that pricepoint with your specific criteria, a solid local specialist can help you find something is a lot shorter of a time period.
All the best to you on your search!
Abel
REbuild Team - eXp Realty5234 Reviews
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Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
3y
If you've been looking for 6 months, I'd sit down and determine why you haven't found something. Is it you don't have the money to buy what you want or are there too many things on your wish list?
It will usually take a month from when you put in an offer to move in on the shorter end usually financing takes time. Make sure you are preapproved (which I'm sure you already are). If you are looking for a rental, find a local realtor who works with investors. They will have the best ideas of the local market and after talking to you, get an idea of what works best for you.
If you are buying with 5% down because you will be living there for a while, when running the numbers for rent, it will be harder to cash flow because of the higher mortgage payments.
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Pat Rineman
Real Estate Agent · Charlotte, NC · Member since 2019 · 13 posts · 23 votes
3y
Hi @Anvesh Reddy - I agree with all of the points made by Abel and Theresa. I think your first step should be getting connected with a local Agent who knows and serves the Charlotte market. Inventory is fairly tight right now, but I am still seeing a lot of great opportunities for buyers at this price point. My clients that are taking advantage of these opportunities have been flexible with their search criteria which opens up more options, even in a tight inventory environment. There are plenty of great sub-markets within the Charlotte region to consider as home price appreciation has been fairly steady, along with rents. Happy to help however I can.
-Pat
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Anvesh Reddy
OP
Member since 2023 · 10 posts · 3 votes
3y
Quote from @Theresa Harris:

If you've been looking for 6 months, I'd sit down and determine why you haven't found something. Is it you don't have the money to buy what you want or are there too many things on your wish list?
It will usually take a month from when you put in an offer to move in on the shorter end usually financing takes time. Make sure you are preapproved (which I'm sure you already are). If you are looking for a rental, find a local realtor who works with investors. They will have the best ideas of the local market and after talking to you, get an idea of what works best for you.
If you are buying with 5% down because you will be living there for a while, when running the numbers for rent, it will be harder to cash flow because of the higher mortgage payments.

We had pre-approval letter and we requested for renewal as it got expired few days back. The problem was high demand for the places we are looking for. We submitted multiple offers for a builder in Harrisburgh, NC we didn't found the opportunity.
The communities we are interested has a large vip lists and high bidding etc. Or they are in Monroe, NC or some far away areas.

But we wanted to cool off a little with some temporary home while still fight for our dream home.
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Anvesh Reddy
OP
Member since 2023 · 10 posts · 3 votes
3y
Update: We bought a townhome in Indian Land, SC. Closing is in November.
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