BUYING… in a Seller’s Market By Lynne R. Anderson REALTOR, Accredited Buyers Agent Sea Pines Real Estate at the Beach Club
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magine this: you finally found the perfect property on Hilton Head, newly listed for sale and within your price range. The problem is, it’s filled with other potential buyers thinking the exact same thing. A seller’s market is simply a matter of supply and demand economics. Inventory is low and demand is high, resulting in some properties being on the market for only hours with multiple offers. With historically low interest rates combined with the Coronavirus crisis, the real estate market across the country and on Hilton Head has seen record-breaking buyer demand. According to data from the HHAAOR (Hilton Head Area Association of Realtors), the June 2020 one year change in Closed Sales was up +7.3%; the one year change in Median Sales Price was up +8.3% and importantly, the one year change in Months Supply is way down, -29.6%.
the Beginning.
UNDER CONTRACT 31 SHELL RING ROAD SEA PINES $699,000
Fear not - It’s still possible to buy a home in a seller’s market, though it can obviously be more difficult. Adhere to these tried and true tips for buying an island retreat, and your path to home ownership will be much smoother. 1 GET PREAPPROVED Getting pre-approved and having your lender already on board before you make an offer, lets the seller know you’re qualified—and motivated. Additionally, it should give you a leg up against competitive bidders, demonstrate your financial security and serious intent. 2 HIRE A GREAT REALTOR Hire an experienced real estate agent who has a proven track record of winning offers, and who hears about listings as soon as they hit the market. In a seller’s market, properties move quickly. This way you’ll have a better chance of getting the home you want. 3 THINK FAST. ACT FASTER There’s really no time to “sleep on it” in a seller’s market - a listing you love today could be gone tomorrow. On Hilton Head, don’t wait for
a weekend showing. Making an offer with a “walk through contingency” or “eyes on-site” is a good option. Be flexible and be available. 4 MAKE A STRONG OPENING OFFER No one wants to pay more than necessary, but you also don’t want to lose the right house with a low offer. Have your real estate agent do their homework on comps sold to determine an offer strategy. Consider including a built-in escalation clause that automatically and incrementally increases your offer should competitive bids come in. 5 MAKE YOUR OFFER STAND OUT If possible, put down a larger deposit. Consider FRONT ROW (Left to Right): buying the property “as is,” but retainDavid theLove right 290-5644 to an inspection. Pay cash if possible(843) versus David@davidlove.com Gregg Russell making the seller wait 4 to 6 weeks until you (843) 422-4477 gruss3027@aol.com obtain financing. You can still use a lender, but Lynne Anderson (843) 384-5426 lynneriggsanderson@gmail.com your’e demonstrating the need not to. Write Rob Reichel a personal note to the seller - many 843-384-6789 people Rob@robreichel.com Corbitt develop an emotional attachment toWendy their (843) 816-2672 Wendy@wendycorbitt.com home. Sometimes a personal letter or video Jeff Hall 843-384-7941 with a bit about yourself, why you love the Jammerhhi@gmail.com Lorri Lewis property and your emotional investment may (843) 422-6448 give you some leverage to close thelorrilewis@yahoo.com sale. Paula Traver (843) 247-3728 Hhi4me@outlook.com Sara Callen (843) 441-2247 callens@roadrunner.com
Interest rates are at historic lows, inventory remains tight and the real estate market is hot! Are you ready to list and sell your property? Are you a buyer looking for a credentialed Buyer’s Agent?
Call, text or email me for a free consultation.
• 35-year Hilton Head Resident • Real Estate and Resort Marketing Expert • Accredited Buyers Agent • Sea Pines Specialist • Five-Star Client Reviews • Vanderbilt University Alum
Lynne Anderson REALTOR/BUYERS AGENT
843.384.5426
LynneRiggsAnderson@gmail.com
ImagineHiltonHead.com
Your Realtor for Island Life
BeachClubRealEstate.com
BACK ROW (Left to Right): Susan Ochsner (843) 816-6388 yourhiltonheadagent@mac.com Bill Buryk (770) 696-8033 Hiltonheadbill@yahoo.com Samantha Kaufman 843-422-5081 Samantha@livingthelowcountry.com Nancy Love (843) 290-3069 Nancy@nancylove.com Drew Davis (843) 422-5438 Captaindrewdavis@gmail.com Mary Pracht (843) 298-1715 marypracht@gmail.com Lee Simmons (843) 301-5745 lsimmons@islandstops.com Pete Rebish (843) 290-0998 rebishpeter@gmail.com Nancy Cunningham (843) 683-4580 yeanancy@yahoo.com Barbra Finer (843) 384-7314 Barbra@barbrafiner.com Tracey Kersteen 203-415-2179 Tkersteen@gmail.com Penny Perrone (315) 708-5171 Pennyperronegray@gmail.com Kathy Love (843) 290-5654 Kathy@kathylove.com Amy Thomas (337) 304-4924 amy@beachclubrealestate.com John Coulter (843) 476-0424 Johncoulterhhi@gmail.com
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