Buyer, Be Careful

BUYER, Buyer, Be Careful BE CAREFUL

TIPS TO NAVIGATE A PERSISTENT SELLERS’ MARKET TIPS TO NAVIGATE A PERSISTENT SELLERS’ MARKET

TEMPERATURES ARE EASING UP, but the proverbial mercury is only rising when it comes to Savannah’s whitehot real estate market. While sellers might experience a welcome windfall to line their pockets, buyers are in a tricky position: they want to make a home in the Hostess City, but at what cost? We spoke with local real estate experts on what buyers can do to come out on top amidst a sellers' market.

MARKET WATCH

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Melissa Stanford, broker/owner, Weichert, REALTORS©-Stanford & Company

ON BEING EXTRA EARNEST:

As a buyer in today’s market, in my opinion, you need to fi gure out how to be as non-contingent as possible. One way to do that is putting more earnest money down. Instead of the usual 1 percent, do 3 to 5 percent. Shorter due diligence periods — say, seven or 10 days instead of 14 — have also been winning off ers.

ON PULLING THE TRIGGER:

One of the things I would really caution any buyer in today’s market is that waiting will cost them. This is a true housing shortage with a large demand, so waiting a year to see if pricing is going to go down is not going to save you any money.

Ridley Stallings and Melissa Rowan, The Rowan Stallings Group at Austin Hill Realty & Associates

ON SETTING A BUDGET:

Whether it’s a sellers’ market or a buyers’ one, we tell all our buyers to know their number. This is the price, following a comparable market analysis, that they are comfortable going up to — and if the price exceeds it, they are comfortable walking away.

ON PUTTING EMOTIONS ASIDE:

Choosing a home is such a personal decision and can become very emotional. Try to keep your feelings in check: You don’t want to overpay in a multiple-off er situation because you let your emotions take control. Remember, there’s more than one “perfect home” out there.

MARKET WATCH

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Taavo Roos, Celia Dunn Sotheby’s

International Realty

ON A KEY CONTINGENCY:

You can have a shorter due diligence period, but never forgo an inspection.

In a market where many houses are hundreds of years old, you want to know what you are getting into.

ON STANDING OUT IN A CROWD:

If there are multiple off ers on a property, even if you aren’t necessarily coming in at the highest price, you can still succeed. High earnest money, a quick close and not asking for home warranties are all ways to set yourself apart. Make the off er as strong as possible — but also as simple as possible.

Liza DiMarco, Berkshire Hathaway HomeServices

ON MAKING A LIST (AND CHECKING IT TWICE):

When a buyer works too hard to fi t themselves into a property out of fear of loss, it could be the wrong fi t in the end. Buyers should create a list of features they’d like in a home and know exactly what type of home will suit them best. The right house wants the right buyer, too.

ON GOING LOCAL:

Never use an online mortgage company. Use a local lender so if things need to be done on the fl y, there’s someone who will be ready to help at the drop of a hat — and at off hours.

Bradford Moody, Seabolt Real Estate

ON PRACTICALITY:

Buyers should have realistic expectations of the market they’re dealing with. They should not expect bargain-basement pricing, especially if a home is priced according to today’s market.

ON OPTIONS:

Adequate research will help buyers know the general pricing and neighborhood conditions. Given the state of the market, they should be knowledgeable on what their price point will get them in multiple areas of the city. An experienced agent — one who has working relationships with other agents — is mandatory for the best possible deal at the best possible price.