How To Work With A Builder On A New Construction Home? – Kelly Cherry

On this episode of The Closing Table, we sat down with Kelly Cherry!

To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…

Here’s what you missed from Kelly Cherry…

The conversation began with Kelly, a longtime resident of Raleigh for 38 years, introducing herself as an individual more than just a real estate professional. Outside of the realm of property transactions, she fulfills the roles of a devoted mother to two children, a dedicated wife, and an ardent supporter of NC State games. In an alternate reality, she envisions herself immersed in the realms of health and wellness.

Having amassed a decade of experience in real estate, Kelly aligns her expertise with Keller Williams, predominantly servicing the Triangle area, including Research Triangle Park and Wayne County, along with surrounding counties. Specializing primarily in working with sellers, Kelly manages her own real estate business, occasionally assisting buyers. Her noteworthy achievements and commitment to her clients set her apart in the competitive real estate landscape.

Operating within the geographical confines of the vibrant Triangle area, Kelly proudly caters to the diverse real estate needs of this region. The market spans several notable landmarks, attractions, and activities that contribute to its allure. Emphasizing the area’s four distinct seasons, Kelly highlights the region’s consistent ranking among the top ten places to live, drawing in a steady influx of new residents. With an eye on the evolving landscape of Raleigh, she underscores the burgeoning culinary scene, vibrant cultural offerings, outstanding schools, and a blend of urban and natural spaces. For Kelly, this is not just a market; it’s a forever home that encapsulates everything she desires.

Delving into the economic facets of the real estate market, Kelly sheds light on the prevailing conditions. Presently, the market witnesses a modest inventory of approximately 1.7 months, a notable increase from previous years. Despite this, turnkey houses still garner multiple offers, indicating a resilient market. Prices, while not fluctuating significantly, maintain stability due to the relatively low inventory. The average sales price, inclusive of multiple counties, stands at around $470,000. Noteworthy is the emergence of million-dollar homes in Raleigh, a trend reflective of the dynamic growth in the area. Kelly’s insights capture the economic pulse of a market that continues to thrive and evolve.

In the realm of homebuying assistance, the city of Durham boasts a down payment assistance program alongside the NC Home Advantage Mortgage, providing valuable financial support to prospective homeowners. The NC Home Advantage Mortgage offers an enticing $15,000 down payment assistance, a significant boost for those navigating the challenges of home affordability.

While Kelly clarifies her role as a real estate professional and not a lender, she enthusiastically underscores the significance of these programs within the community. For first-time homebuyers struggling to find homes under the $350,000 mark or facing challenges with the condition or location of available properties, these programs prove to be lifelines. Kelly emphasizes that some individuals may feel outpriced in the current market, making these assistance programs invaluable, especially for those lacking the immediate cash for a down payment.

Recognizing the specific criteria associated with these programs, Kelly urges interested parties to consult with a lender for detailed information. Leveraging her close collaborations with lenders, she emphasizes the importance of finding the right package tailored to individual criteria. Kelly’s advice resonates with the idea that these assistance programs not only bridge financial gaps but also serve as pillars of support for aspiring homeowners.

Kelly, drawing on her wealth of real estate experience, acknowledges the inherent variability in the closing process and the associated financial transactions. Emphasizing the uniqueness of each transaction, she highlights the unexpected circumstances that may arise before closing, necessitating adaptability on the part of lenders. Kelly underscores the importance of strong partnerships and open communication with lenders, as they play a crucial role in navigating unforeseen challenges and finding solutions.

Sharing anecdotes from her experiences, Kelly illustrates the diverse challenges that may surface, including instances where smaller banks require in-person authorization for wire transfers. She stresses the need for clients to be aware of such bank requirements to prevent last-minute hurdles. Kelly also touches upon the prevalent issue of wire fraud, a significant concern in real estate transactions. To mitigate this risk, she underscores the practice of giving wire instructions over the phone, steering clear of email communication to prevent fraudulent activities.

Following that, Kelly reflects on the early stages of building her business, emphasizing the challenges of saying yes to every opportunity. Balancing the demands of a growing business and personal commitments became a delicate act. She underscores the importance of protecting one’s time, advising agents to align client interactions with their schedules. Kelly advocates for setting expectations upfront, ensuring that both parties are on the same page regarding time constraints and personal priorities. By managing her schedule, Kelly not only maintains a healthy work-life balance but also delivers exceptional results to her clients.

Transitioning to the luxury market, particularly in the realm of high-end new constructions, Kelly brings to light the intricacies of this unique niche. She delves into her collaboration with luxury custom builders, unveiling the meticulous process of identifying suitable lots, developing properties that fit seamlessly into neighborhoods, and ensuring lasting appeal. The detailed decision-making involves considerations of market trends that stand the test of time. Despite the complexity, Kelly finds fulfillment in seeing these projects come to fruition, underscoring her passion for the luxury real estate landscape.

The conversation wraps up with Kelly opening up about the unexpected and tragic loss of her younger brother and father within a month of each other in 2022. In this difficult time, her assistant, who handles marketing and closings, stepped in to manage the workload as Kelly needed time away from work. This experience reinforces the need for business owners to be prepared for unforeseen challenges and underscores the value of having a reliable support system. Kelly encourages fellow agents to establish a foundation early on by securing assistance or identifying colleagues who can step in during challenging times, ensuring continuity in business operations and personal well-being.

Check out Kelly Cherry:

Facebook Business Page: https://www.facebook.com/KellyCherryRealtor

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