Blog > LowCountry Buyers Finding themselves in BIDDING WARS---Tips on Navigating this Perfect Storm!
LowCountry Buyers Finding themselves in BIDDING WARS---Tips on Navigating this Perfect Storm!
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It's being called the 'Mother of All Bidding-War Seasons' --- 'The Perfect Real Estate Storm' and for buyers it can mean DISAPPOINTMENT if you are not well prepared for the 2020 real estate battle.
Right now there is an alarming low number of homes listed for sale in the Lowcountry.
<img width="400" height="300" src="https://ctarmls.stats.10kresearch.com/infoserv/s-v1/AR86-Y1A?w=400&h=300" />
Take a look at the Listed Homes for the month of September in the tri-county area along side the previous 2 years in the same month, as you can see in Berkeley and Dorchester Counties there is less than a month and a half of inventory on the market... in short if home owners stopped listing and buyers kept buying in just over a month we would be "out of stock"!!
<img width="400" height="300" src="https://ctarmls.stats.10kresearch.com/infoserv/s-v1/ARwY-vTH?w=400&h=300" />
<img width="400" height="300" src="https://ctarmls.stats.10kresearch.com/infoserv/s-v1/ARwk-Hn3?w=400&h=300" />
The good news is homeowners are still listing homes but just not at a fast enough rate to keep up with the number of buyers AND HOW FAST BUYERS ARE BUYING!!
With amazingly low interest rates, a high volume of buyers and a lower than normal inventory we have created the PERFECT STORM and just like any storm you want to be prepared.
Lowcountry folks know exactly how to prepare for Hurricanes, gather up some supplies and batten down the hatches BUT do KNOW how to buy a home in the Perfect Storm.
New Listings in the tri-county area are now the front-lines of the real estate bidding war, not only are sellers receiving multiple offers hours after hitting the market but they are also receiving OVER ASKING offers.
So as a buyer how can you arm yourself with the right tools to win a bidding war?
Ralph Wetherell, Broker In Charge at several AgentOwned Realty Locations has weathered all types of different types of markets in his 30 plus years in LowCountry Real Estate
and says there are several ways a buyer can be more competitive in this market. "Buyers need to have an experienced agent by their side, one that is alerted immediately when properties
are listed and an experienced agent that can identify properties off MLS