Multiple offers in a supposedly slow Charleston real estate market
It's December and real estate activity should be slow due to the Holiday season but that isn't necessarily the case. The other day, three buyers put offers on a home for sale in Charleston.
What's going on with that.
You just shouldn't assume that because you're looking for a home for sale that you are the only person in Charleston who is doing so. Because we all know what the word assume means, don't we.
My buyers offer was not the highest and they chose not to get into a bidding war which is very understandable if you don't want to overpay. And there are many other very nice homes available (and the best way to avoid overpaying is to not fall in love with a home and feeling like you absolutely must have it no matter what).
But prior to writing their offer, my buyers thought that they could make a low bid and get the home. And I had to be the "bad guy" and explain that more than likely, that low bid was going to be rejected by the seller. I'm not a genius and I don't know what the seller might be thinking but based on the circumstances (how long the listing had been available for sale, what similar homes in the area have sold for recently and other factors), that low bid was not going to either be accepted or even get a counter offer.
They did agree to go with my advice and made a reasonable offer which in fact was counter offered by the seller and had a pretty good chance of succeeding and at a comfortable price for my buyers until two other offers materialized and they chose to withdraw their offer.
Now, there are circumstances when a low offer is appropriate and will succeed but you have to find the right situation. Obviously, this wasn't the time or place for it.
So if you happen to think that the Charleston real estate market is dead, think again.