Last Updated on December 7, 2021 by Eric
The Seneca real estate market has been a seller’s market for the last couple of years, and it doesn’t look like that will be changing anytime soon. In fact, all signs point to Seneca home values increasing, inventory remaining low, and conditions favoring the sellers as more people move to our area.
So, what is a buyer in a seller’s market to do? Many homes near Lake Keowee and the surrounding area receive multiple offers, so you need to make your purchase offer stand out so that it gets accepted. Here are a few ways you could do that.
Include a Pre-Approval Letter
Regardless of the Seneca real estate market, a pre-approval letter must be included when you submit an offer. A pre-approval letter will show the home seller that you can get a loan in the amount you offered. You get a pre-approval letter from your lender once they have looked over your finances, credit score, and verify your employment. Submitting all of your documents to the lender before you make an offer also reduces the risk of the deal falling through, which is something else the seller will be happy to know.
Do Your Homework
Even though Seneca home values have increased in the last year, that doesn’t mean you should automatically resign yourself to offering the asking price. At the same time, since the market is competitive, you should not submit a super low offer either. Take time to look up comparable homes to see what they are selling for to make sure the amount you are offering makes sense.
Something else to look at is how long homes are staying on the market. If the listing is right on the water but has been on the market for a few weeks, you may have a little bit of room to negotiate. However, if the listing is brand new and you really want the house, you may need a different strategy. The good news is, all of the Realtors at Bob Hill Realty are experts in Seneca and the surrounding area, so we can take care of this part for you.
Make Sure Your Offer Is Clean
Selling a home can be incredibly stressful. The seller wants an offer that will net them a lot of money and is sure to close on time without giving them too many extra headaches. One way to make the seller think working with you will be an easy experience is to have as few contingencies as possible.
One contingency that scares away a lot of sellers is the home sale contingency. This means that the seller would have to wait for your home to successfully close before you would be able to close on theirs, and there’s a lot that could go wrong in the meantime.
Removing the appraisal contingency is something else you could do to strengthen your offer. If you go this route, you will need to come in with extra cash if the home appraisal comes in for less than the purchase price.
Let’s Get Moving
If you’re up for the challenge of getting your offer accepted in Seneca’s real estate market, we are here to help. We may have some other tricks up our sleeves as well. Contact us so we can get the process started.
