The reality of Charleston realty
I noticed this listing in the Charleston MLS the other day and while it is somewhat bizarre to suggest that the buyer names price, that is of course what happens in a real estate transaction since the seller lists their home at an asking price and the buyer determines what they would like to offer.
But let's talk a little about the reality of Charleston realty. A seller who is listing their home needs to be competitively priced (and condition and availability are helpful as well.) There is too much inventory for a seller to think their home is so special so it should sell for a premium to market.
Now, buyers have to be realistic as well if they hope to buy a home that interests them. And that reality might be like a cold shower because some real estate consumers seem to be getting their information from either late night infomercials indicating you can buy a home for pennies on the dollar (not likely) or tidbits of data from the media indicating the currently dismal state of the housing market and basing value on misinformation.
I've been asked by buyers who previously tried to lowball their way into a bargain why their offers weren't responded to and the short answer is that there offer wasn't even close to being realistic. One example that I recall was a buyer telling me that he offered 50% off and didn't get a response. I looked the property up and the house actually went under contract and sold for 6% off list price. Gee, can you imagine why the seller didn't bother to respond.
Bottom line, you don't have to pay list price and there are situations where you can buy for much less than list price. It's all about evaluating the real value of the home in today's market, looking at the listing history, how long it's been on the market, how many price reductions have been taken and gaining some insight into the seller's motivation. But a home that isn't in your price range can't be made to fit your price range with an unrealistic offer.
You can buy advantageously in today's Charleston real estate market but like the title of the 90's movie, "Reality Bites".