INVENTORY IS LOW + SALES ARE HOT!

With the serene natural beauty of the creeks, marshes, rivers, the intracoastal waterway and the Atlantic Ocean combined with moderate temperatures, low taxes, slower pace, and a whole lot of southern charm, it’s no wonder so many people are flocking to the Grand Strand in search of refuge from larger cities in the north and west.

Working from home has become the norm and the availability of outdoor space is more important. While working remote, so many have realized that as long at the cell service works and internet speed is fast, they can work from anywhere. That “wait until we retire” mentality is out the window. People want that escape now!

SALES PRICE

Pawleys Island

SALES PRICE data collected from CCAR MLS

The demand for housing in our area is on the rise and inventory can’t keep up. This creates a tough and super competitive sellers market.

Tips for buying in a sellers market:

Get pre-approval and ideally from a local lender. It’s always a good idea to get a pre-approval letter, but it’s become a necessity to be able to prove you’re qualified for a seller to feel comfortable taking your offer seriously.
Sell your home first. I know, which comes first, the chicken or the egg? Timing a move so that you can hop easily from the old house into the new one is the most ideal scenario but sellers these days aren’t accepting contingencies so you can sell your home while under contract with them. If you plan to take out a mortgage, its really helpful to have the ability to make a quick jump when the right house pops up. This is especially true when you’re going up against cash buyers.
Do your homework. Do as much research as you can on the neighborhoods and types of homes you are interested in. Know what you can get for the money you have to spend. Again, speed is key right now and there is no time to wait and think on it for a few days. Listings are being put under contract in a matter of hours and not days.
Ask your realtor (me, duh) to create a customized home search directly in your MLS. Zillow, Redfin, and Realtor.com stream their feeds automatically from MLS so you will get an alert of new listings at the same time as those national sites.
Schedule a tour asap. Do a virtual or live Facetime tour if you aren’t local. This is just one of many reasons why you need to have a really good relationship and trust in your realtor (duh, me!). You’d be surprised how many buyers are making offers sight unseen.

Tips for selling in a hot market:

Price your home right.
Be prepared for multiple offers.
Remember your ultimate goal is to sell your house. Sometimes you need to know when to hold ‘em and when to fold ‘em. Don’t pass up a really great offer because you think something better might come in.
Get schooled on the various parts of the contract and decide ahead of time which items can move one offer to the front or back of the line during multiple offers with similar price points.