Hot Sales in Cool Markets!

While some real estate markets are experiencing increasing listing times and decreasing sales, others are still doing well or even booming. Regardless of which applies, how do you position yourself for a quick, full-price sale? Even in slow markets, some houses sell quite quickly, and it's for the very same reasons that they would in a hot market.

The best performers these days are older homes with three bedrooms and two baths. In addition to those features, they are priced a few thousand dollars below the area's average asking price.

You won’t consider competitive pricing a concession when offers come in more quickly and with less negotiation. Peace of mind and a quick sale are more than worth the difference between your asking price and that of your competition.

The second common denominator among successful sales in slow markets is the fact that the properties show like model homes. Sure, location is critical, but it's condition, condition, condition that helps to set your offering apart from other homes on the market at the same price.

The final factor these sales share? Aggressive marketing by a real estate agent. A professional who shows your home to an already qualified and motivated group of buyers is worth his or her weight in gold at the closing table. Combine price, condition, and marketing for a satisfying sales result!

Timing Isn't Everything

In light of declining sales and tougher loan requirements, many potential buyers are asking if they should buy now, or wait several months before moving forward with a decision. The thing is, you can't time the real estate market any more than you can time the stock market. Simply put, the best time to buy is simply when you need to do so.

Start searching now, targeting your preferred locations and getting a sense of the local trends. Speak with local realty professionals to gauge listing times, list-to-sale ratios, and contract terms. There’s no such thing as a “national” market, and every area is going through its own adjustments, up or down.

Now is a good time to begin your loan search as well, to determine how much home you can afford, and to start assembling the required paperwork. If you're not pressured to move right now, securing loan pre-approval will give you the chance to immediately take advantage if an excellent purchase opportunity appears.

Owners who are pressured to sell for reasons like foreclosure or job relocation may be more willing to negotiate, but if you really love a particular home, don't lose it by haggling over a few thousand dollars. A home is not a stock certificate. In a buyers market, take your time, do your homework, and make the most of it.

Truth or Consequences!

It's more difficult than ever to realistically and successfully price your home for sale. Many economic factors affect your pricing decision. Agents present you with the facts, but the final determination of asking price is yours and yours alone. So contact a representative and familiarize yourself with the following criteria.

There are more homes for sale now than in the past. Larger inventories exist mainly due to the fact that many sellers waited to list, trying to catch the top of the market. Now they're trying to sell before it bottoms out.

While still historically low, mortgage rates are creeping up. Every rate increase disqualifies a segment of buyers for financing, negatively impacting your selling ability.

Besides higher interest rates, buyers are subject to stricter loan application requirements. Again, the higher downpayments and credit scores needed for financing eliminate many applicants from your pool of prospective buyers.

Are there homes in your neighborhood that investors couldn't "flip"? Then they are either vacant or listed below market value by owners who would rather take the loss than become landlords. Either way, these homes and foreclosed properties adversely affect property values of others in your community.

This is reality. Expect your agent to be completely honest with you about it, and learn that trust, reason and determination will create a sale, even in a down market.

Stepping Up to Down Markets

Remember the ancient curse, "May you live in interesting times?" While many are indeed cursing the current real estate climate, others see opportunities. In a "soft" market, the short-term options dwindle, but seasoned investors in for the long haul are positioned to take advantage.

In the words of billionaire J. Paul Getty, "Buy when everyone else is selling and hold until everyone else is buying." Just like the stock market, more money is often made in a down cycle than in an up market.

Slower times encourage sellers to be more open to negotiation. Combine acceptance of lower prices with currently low interest rates, and you've got the perfect recipe for bargains. Real estate is continually cycling, and it's guaranteed that prices will rise again. The time to get in is now, before that begins to happen.

A "buy and hold" strategy works in this market, while your property appreciates. While you wait, consider leasing it. The property can pay for itself with rent collected, and an investor that can pay off a small mortgage is in an excellent position indeed.

Learn from your real estate agent and tax advisor how a "1031 Exchange" can greatly reduce your tax liability when it does come time to sell your investment. Now is the time to get in, but be sure to know how you'll get out, too!

OPEN HOUSE | May 10 & 11 | 2-4 PM

SATURDAY, MAY 10

Lofts on Broughton

LIVE MODERN

Condominums from $249,900 and up

This is the first offering of finished space by the Lofts on Broughton

OPEN HOUSE

Saturday, May 10 - 2-4 PM

310 West Broughton Street

SUNDAY, May 11

Cobblestone Row

New Construction in Historic Savannah

From $299,900 and up

Opportunity knocks, stroll over to see great new townhomes with

garages and carriage house apartments

OPEN HOUSE

Sunday, May 11 - 2-4 PM

308 East 31 Street

Michael Jewett Joins Cora Bett Thomas Realty & Associates

SAVANNAH, Ga. – D. Michael Jewett, a real estate professional who specializes in the listing and sale of luxury residential property, recently joined Cora Bett Thomas Realty & Associates as a sales associate. In his new position, Michael represents clients in buying and selling distinctive property throughout the South Carolina Lowcountry area.

An exclusive affiliate of Christie’s Great Estates, Cora Bett Thomas Realty & Associates is considered by many to be the pre-eminent real estate marketing firm serving coastal Georgia and South Carolina. The firm was recently the recipient of a Leading Real Estate Companies of the World® Member Achievement Award as well as two first place awards in the Leading Real Estate Companies of the World® Marketing Contest with a 1st Place - Company Brand Advertising category and another 1st Place - Property Advertising category.

“We warmly welcome Michael to our team of accomplished sales professionals,” said Cora Bett Thomas, founder and CEO of Cora Bett Thomas Realty & Associates. “Our firm and our clients will truly benefit from his extensive experience and knowledge.”

Click here for more on Michael Jewett

In Your Own Backyard!

Are you aware that over two million people in the United States have real estate licenses? With that many practitioners, the seed quickly separates from the chaff, with a small percentage rising to the top in quality service to buyers and sellers.

As you consider the mountains of documentation, financing, negotiating, marketing, inspections and the like, where would you begin to locate the agent best suited to your needs? It makes sense to start at home, with those individuals who participate in neighborhood organizations, local government, charities, etc.

It makes sense to work with someone who is active within and knowledgeable about the local community. More information for your choice of representative can be found through open houses, advertising, and referrals and recommendations from other agents, neighbors, and local business leaders.

Once you've interviewed and selected a real estate agent, make sure your relationship is clearly defined and documented. Some agents represent sellers, while others exclusively represent buyers. Make sure your representative explains how he or she works with all parties to the transaction, and provides a complete "agency disclosure" to document your relationship.

Then your agent will begin discussion of local market conditions and how they come to bear upon your listing or your purchase. A carefully selected representative from your community will provide all the information you need to move forward with confidence.

OPEN HOUSE WEEKEND - May 3-4

SATURDAY, MAY 3rd

Lofts on Broughton - 301 West Broughton St
$149,000 - $449,900
Historic District
Open House 2-4 pm

201 East York St
$475,000 - $720,000
Historic District

Open House 1-4 pm

SUNDAY, MAY 4th

113 East 53rd St
$279,900
Ardsley Park
Open House 2-5 pm

Cobblestone Row - 308 East 31st St.
$299,900 and up
Thomas Square / Victorian District
OPEN HOUSE 2-4 pm

6 Wilton Lane
$349,000
Olde Town – Wilmington Island

Open House 3-5 pm

610 Habersham St
$535,000
Historic District

Open House 2-4 pm

109 Baymeadow Pt
$697,300
Southbridge
Open House 3-5 pm