For the most part, hurricane Florence passed by our area with very little storm impact. A few strong wind gusts and high surf caused minimal destruction to property and beaches. After the storm,
How To Land A Deal
Fewer Foreclosures and Short Sales! Low Inventory! You have been hearing these stories about the housing market in Charleston, but don’t worry! While an inexpensive house might not fall in your lap, deals are still out there if you are willing to look! Here are some tips to land the best bargain on a home!
1. Know What a Deal Looks Like
There are so many factors that influence price (location, condition, square footage, etc.) it can sometimes be difficult to spot a deal when it comes around. Most of the best deals are not advertised as deals, but rather they involve motivated sellers who are competing with foreclosures and short sales in their neighborhood. An excellent buyer’s agent can help you find these properties.
2. Pull the Trigger
The most important advice in the current Charleston market is to act quickly! Since inventory is low (almost 45% lower than last year!) and houses are selling quickly (lots of other buyers are out there!), you might miss a deal if you don’t act immediately. When you find the house you want to buy, go ahead and submit an offer!
3. Negotiate Wisely
A trained real estate agent can help you determine a good offer. You do not want to submit an offer so low that the owner will immediately toss it in the trash, but you also do not want to submit an offer higher than what the owner would accept. Again, this is why having a good buyer’s agent is so important. Your agent can negotiate with the seller’s agent with your best interest in mind.
4. Offer incentives Beyond Price
In today’s market in Charleston you can easily find yourself in a multiple-offer situation. Especially if you are competing with investors, be sure to offer incentives. Can you close later or earlier to accommodate the seller? Can you cover your own closing costs? Can you help pay for any necessary repairs? Ask your agent to help you determine the best plan of action for your situation.
5. Make Concessions
Remember, there are lots of great houses, but no perfect houses. Have realistic expectations and make a “need,” “want,” and “dream” list. To find a deal you might need to give up something on your wish list, but many of your wants can be added later (especially details like countertops, paint, and flooring).
Good luck as you hunt for a deal! Stay vigilant and I know you’ll find the house that’s perfect for you!
Hank Johnson, a graduate of The Citadel, has a proven track record as a CFO, businessman, Entrepreneur and real estate investor. Hank has been active and successful in the Charleston community for ove....