By Michele Moriarty, Realtor, Luxury Simplified Real Estate
Buying a house is one of the biggest commitments you make in your life. When making an offer on a home, you are always hoping to get a “yes,” but understand that there is also a chance your offer can be rejected. Waiting for an answer can be painful. In order for your offer to be accepted, here are 4 important tips to consider when making an offer in the Charleston SC housing market.
Know your budget. For some this can be the most stressful step, but once you determine your price point, you can narrow down the types of homes to view. Talking to a lender will help to understand what you can afford. Knowing your budget will also help you gauge your ability to afford the monthly expenses that come with home ownership such as utilities and maintenance. In the event the home you're considering requires renovations or repairs, knowing your price limit will help account for the costs associated with these changes.
Be timely. The inventory of homes for sale - those that meet your criteria and price range in Charleston SC - can be tight, making the competition for homes great. The faster you act, the better your odds. Speaking to a lender and getting pre-approved will streamline this process for you to make an offer in a timely manner.
Make a solid offer. Your offer should take into account recent home sales and current listings in the neighborhood. Having a knowledgeable Buyers’ Agent is key to making a solid offer. Their expertise will help you understand the market and comparable sales in the area. With this information you will be able to make a solid offer that is within your budget in a confident and timely manner.
Be ready to negotiate. Most offers will get at least one counteroffer from the sellers so be ready to negotiate. Knowing the amount you can afford (Step 1) will help you with the negotiation. Being confident in what you feel the home is worth to you will help make a solid counteroffer. Your real estate agent will play a major role in providing advice and guidance during the negotiations and making a counteroffer.
Once all items are agreed upon and you and the sellers have signed the purchase contract, your agent will advise you on the next steps of purchasing your home. This will likely include recommending that you hire a home inspector (take a look at our Home Inspection Guide here) and a termite inspector to ensure awareness of any undisclosed problems or issues. If any issues are found, your agent will recommend having repairs completed by the sellers, re-negotiating the terms or canceling the contract.
These four tips will help you make a confident and educated offer on a home, thus increasing the likelihood of receiving a "yes" on your offer.
Note: The inventory of available homes in the Charleston real estate market is at record lows as growth has soared in the tech, aviation and manufacturing industries and more people have discovered the appeal of living in the Holy City. So, if you are lucky enough to find your dream home in Charleston, it's more important than ever to be completely prepared to make a strong, solid offer. Have a look at what is currently available in some of Charleston's most popular neighborhoods ... www.CharlestonSCHomeInfo.com