Last Updated on May 2, 2021 by Eric
The strong seller’s market we are experiencing in Lake Keowee is not something most potential homebuyers are used to. With so many people relocating here from the city, there is much more competition than normal causing multiple offers on homes. If you are trying unsuccessfully to get an offer accepted on a Lake Keowee home, we have a few tips for you based on our experience in this market.
Start With Your Best Offer
Usually, when making an offer on a home, the tactic is to start a little lower than you’d like to spend and then work your way up to a price that works for both you and the seller.
In this market, that won’t work.
Your initial offer will need to be at or even slightly above the asking price with the expectation that you will probably end up paying more than that. Suppose you try to start negotiations at a lower price. In that case, there is a good chance that one of the other offers will come in higher and your offer won’t even be considered.
Waive the Appraisal Contingency
While usually waiving the appraisal contingency is a risky move, it may be something to consider in this market. In an area like Lake Keowee, values have been increasing in the last year.
Homebuyers are prepared to cover the difference between a low appraised value and a higher purchase price anyway, so why not waive the contingency all together to strengthen your offer? Your lender will still need to conduct the appraisal to see how much money they lend you. Still, if you make it clear that a low appraisal will not be reason for renegotiation or for the deal to fall through, the seller may be grateful and accept your offer.
Be Flexible With the Closing Date
An easy way to appeal to the seller is by being flexible with your closing date. Some sellers may want to close as quickly as possible, while others may need to extend closings by a few months. Either way giving them the option to close at their convenience will help your offer stand out. You may have to sacrifice the summer season on the lake by doing this, but at least your offer will be accepted.
Write a Letter
An old tried and true method of getting an offer accepted is to write the sellers a letter. It may sound silly, but it can work. It is especially effective when the seller has an emotional attachment to the home and you hit an area that resonates with them.
You can write about what you love most about the house. Or explain that you have been saving for years for a place where you and your kids can spend the summer playing on the lake and making memories. A letter to the seller can be especially meaningful in a busy seller’s market where the seller may feel overwhelmed with all of the attention the house is receiving.
We Are Here For You
Buying a home in a seller’s market is a challenge. Rest assured that the agents at Bob Hill Realty are here to help guide you through the process. We know this market and have more tips and tricks up our sleeves to get you the home you’ve been dreaming of. Give us a call to start your Lake Keowee home search today.
