If you’re a hopeful home buyer in Charleston, hearing the term “seller’s market” may invoke some fear. It’s true that the current market is quite a competitive one…but that doesn’t mean it’s impossible to find your dream home and win an offer war. Instead, it just means you’ll need a bit of extra savvy to help you get there!
Why is Charleston a Seller’s Market?
Essentially, a seller’s market means that there are more people interested in buying homes than there are homes for sale. This leads to consistently low inventory, causing a reduction of options for buyers—which then leads to multiple offers on homes. Charleston specifically has had a reputation as an “it city” for years, leading to an influx of high housing demand. This, compounded with the fact that housing market inventories are experiencing record lows across the country, creates the perfect scenario for a multiple offer situation.
How Can I Win a Multiple Offer Situation?
Draft an Offer That’s as Clean as Possible
It’s easy to assume that every seller is hoping to get the highest offer possible for their home, and that is true to some degree—however, with a clean offer, you can offer the unique benefit of making the process easier on the seller. Submitting a “clean” offer (i.e. an offer that doesn’t ask for concessions or closing costs from the seller) can make your bid stand out, as it means the seller doesn’t have to do any extra legwork to get the transaction finalized.
Increase Your Earnest Money Deposit
Not everyone can afford to increase their offer price by an exorbitant amount, but one creative way to make your offer unique is by increasing the amount of earnest money you put down. Ultimately, earnest money is part of your down payment so you aren’t actually spending more to purchase the home—but you are showing the sellers that you’re extremely serious about this being the home for you.
Write a Personalized Letter to the Seller
Depending on who is selling the home you’re interested in, a personalized letter may make all the difference if there are multiple offers that are extremely similar otherwise. Selling a home is a business transaction, but it is also often a sentimental one. If you put in an offer that’s identical to another but the seller connects with your story and your dreams for the home, you may just beat out the others.
If you’re ready to start the process of finding your dream home, we would love to help you! Contact us today for more information about buying a home in Charleston and submitting winning offers.
