The market is tight as inventory is low, and there are many buyers circling to get into the game. Right now it's fair to say that we are knee deep a “Seller’s Market” in the South Carolina Lowcountry and that one needs to be very savvy in order to have their offer accepted.
There is an art to writing an offer and having a strong, knowledgeable Realtor makes all the difference. Coming in aggressively and locking down a property before multiple offers are presented usually lands you the best opportunity and the desired home. Dancing around the obvious might cause a purchaser to end up with their disappointing second choice.
- Go in knowing your bottomline and where you are comfortable walking away from the transaction without any regrets. Don’t play games! Go in strong and hard knowing you put your best foot forward. Looking at the big picture allows for the win. The cleanest offer usually rises to the top.
- If you can pay cash, pay cash. Cash is always King!
- If you are confident that you can move forward with your loan then waive your loan/finance contingency showing more strength with your offer. This is essentially a cash offer in the eyes of the seller while still allowing the buyer to take advantage of low interest rates.
- If the home is newer or recently remodeled, think about writing the offer “as is” meaning the purchaser still has the right to an inspection but that no repairs will be expected.
- If the home is older but has a new roof or new HVAC, again think about writing an “as is” offer. Fixing small items will be better long term if you are able get a competitive price for the home. Roof & HVAC are the biggest ticket items with a home.
- Think about waiving the inspection contingency/due diligence all together.
- If you are paying cash or know you will be putting down a handsome downpayment with a financed offer, then think about raising your earnest money to show good faith.
- Offer the seller a post-occupancy, of say 14-30 days, to vacate the home. It is easy to have your attorney draw up an agreement that protects all parties.
The more convenient you make it for the seller, the more enticing the offer. Strong terms are as important as pricing and both carry weight. Sometimes terms mean more to a seller than price depending on their situation. Have your Realtor find out as much about the seller and their situation before writing the offer so you know what buttons to press.
The most important aspect of winning during a seller’s market is getting in before multiple offers are presented. If you like the home and you feel like this is “it,” write the offer! Fortune favors the bold! Winners act fast! Are you getting my point?! Multiple offers put a purchaser at a great disadvantage and drive up price and emotion. Keep a level head and treat buying a house like any other financial investment.
Let us help you succeed and get the house you want in a very aggressive market that shows no sign of weakening. The world has shifted and people want to live in the Lowcountry. There is still room for appreciation in the Hilton Head and Bluffton markets making them both a wise investment over other beach/resort markets. Those buyers that held out in the summer or fall are kicking themselves now. Don’t let that be you, if you wait until this summer to buy.
Written by Allison Cobb of The Cobb Group, a Charter One Realty Team
Photo by Scott Graham on Unsplash, Photo by DocuSign on Unsplash
Posted by The Cobb Group on
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