In 2016, Jake Reed moved cross-country from Los Angeles to Charlotte to relocate for a job as a loan officer. However, after landing on the east coast he decided to harness his knowledge from over 15 years in the mortgage industry to become a full-time real estate agent.
For the past 5 years, Jake has been an agent with Next Home, where he closes over 50 transactions annually. The best part about being a real estate agent for Jake is getting to know clients and helping them find the perfect property. He especially likes working with others who, like he had been just a few years ago, are out-of-staters looking to make Charlotte home.
Growing Economy with More Relocations and Fewer Homes
Jake and his relocation clients are part of the reason Charlotte’s growing so quickly. On average, 60 people each day move to the Charlotte area. Over the past decade, that’s resulted in a 59.6% growth rate, making Charlotte one of the fastest-growing cities in the country.
While economic growth is beneficial to Charlotte, it has helped create a strong seller’s market. This has made it harder to buy an affordable home. In fact, in the last decade, the median housing price has increased by over $90,000! The rapid population growth has also resulted in less inventory available for buyers in Charlotte. In a balanced market, there would be enough housing inventory to last buyers 6 months if no new homes were added. Currently, Charlotte only has 1.5 months of inventory, which is down from 2.1 months of inventory in 2019.
Buying from Out of State Challenges
Charlotte homes are only on the market for 29 days on average, down from 36 days in 2019. When homebuyers find a house, they have to act on it immediately or lose it—a timeline especially difficult for out of towners.
“It’s all sorts of competitive in the market.” Jake says, “There’s a lot of buyers in the marketplace, so there’s competition and a lack of inventory.”
Many of Jake’s clients currently have homes in other states. This means that, because of mortgage contingencies, they must sell it first before they’re able to buy in Charlotte. This leaves them with the risk of getting to Charlotte without a place to hang their hat.
Finding a Dream Home – Before Moving or Selling
Of course, Jake does everything he can to ensure this doesn’t happen. This includes using Ribbon.
With Ribbon’s Cash Offer program, Jake’s clients can put in a contingency-free offer, even before they sell their existing home. Since cash offers already have the financing figured out, sellers don’t have to worry about the sale falling through when the buyer still needs to sell.
And, a cash offer can help his relocation clients close faster. If they need to move to Charlotte in just a few weeks, they can close on a home in 14-21 days with a cash offer. They don’t have to worry about underwriting, appraising, or other loan processes that can take 45 days or more. Instead, they can move in two weeks after finding their dream home.
Especially in a competitive market, Jake sees benefits for both sellers and buyers with cash offers. “Ribbon helps secure the property for the buyer and eliminate the contingency,” according to Jake, “And, the seller doesn’t have to worry about financing or an appraisal. Ribbon is a simple, easy way for a buyer to purchase a home. So, there’s really no red tape either side has to worry about.”
Relocating to the Perfect Home
Having the cash offer option has helped Jake close transactions that would not have been possible without contingency-free offers.
One of those transactions was a client from California. Before they sold their existing home, they found their dream home in Charlotte. It was everything they’d been looking for. But, the seller wouldn’t hold the house for them as they had other offers that could purchase the home quicker.
Before they lost out on that home, Jake was able to get a Ribbon Cash Offer that offered little risk for the seller. And, helped the seller get out of their home in 14 days – instead of more than a month.
“We got the house for them with Ribbon,” Jake recalls. “And, they were so happy to get out of California and move into their dream home here.” And we were happy to help.