The market used to be so very different in Charleston South Carolina. When I started real estate in 1995, all I remember is how things always seem to sell, and sell quickly. The next decade proved to be a whirlwind of real estate activity and, looking back in time, 1997 to 2006 showed a dramatic rise in prices. From a day-to-day perspective this meant absolute craziness. I remember sitting in movie theaters listening to conversations before the movie started. The topics were always about real estate. It seemed like everyone was trying to buy, and excited about selling. It was as if that's the way it always was. This was normal for me. If I didn't sell in the first month, I started to think that I placed the sign in the wrong yard.
Almost like a light switch was being turned off, the real estate market stopped producing great results in the fourth quarter of 2006. Of course I really didn't realize it at the time; I just found ourselves having to try to explain to sellers why we were stopped getting showings on their homes.
Things were a little rough for a few years, but fortunately, I am still doing what I love to do and I made it through a major shift in the real estate market. During those changing times I had to regroup, and really try to figure out a different way to sell real estate. While the sky was falling in 2008, many realtors ended up getting out of the business completely. This was not an option for me. (I like it far too much)
One of the biggest things that I learned during this shift, was that I had to sell a property not once but twice. And in some cases, I even had to sell it three times.
The first sale is of course the most apparent; finding a buyer that wanted to buy the property. This is still pretty straightforward. The house goes on the market, we make a lot of phone calls, buyers ask questions, I market the property like crazy, and showings occur. If the property is presented well, and placed in the market correctly, showings occur and ultimately a contract is delivered.
The second sale gets a little bit more tricky. Homes in Charleston South Carolina are starting to raise in value. The problem with that is that appraisers have to go back in time to find comparables. So the second sale is actually selling the property to the appraiser. This can prove to be a challenge, especially with the new appraisal rules, as appraisers have to work in a very strict environment with tight regulations(too tight in my opinion).
Meeting with the appraiser, showing them comparables that were used to price the property, explaining all the activity we've had, and pointing out all the features and benefits that the property offers is far more important than it ever was.
As you may already know, the property has to appraise for the sale price or more in order for a buyer to obtain a loan. There are of course some exceptions, like if the buyer is putting down 20% or more, however, that is not typically the case when it comes to most buyers in these days and times.
Appraisers have a very difficult job. They have to follow a certain set rule of how to operate. I could have 30 buyers that want to buy a house for full price or more, yet the appraiser will still have to go through it's rigorous, detailed blueprint on how it is to be performed.
In summation, It certainly is not the fault of appraisers, it is just the human element that I deal with where their logic and inflexibility sometimes makes me feel like I'm banging my head up against the wall. I am sure I am not the only agent who has these feelings and challenges to deal with, but certainly having these problems beats the alternative. With these issues that I frequently face, it means I'm selling houses (regardless of how difficult it can be at times)... And I'm happy to do it.
If I can ever assist you with any homes in Charleston South Carolina, don't hesitate to let me know. Thanks for reading!
For more info visit MT Pleasant SC Homes for Sale
Nat Wallen is a Realtor in Charleston SC specializing in residential property sales. He has been licensed since 1995 and is the top listing agent with Carolina One Real Estate. Carolina One Real Estate is the largest company in the Charleston SC area of 700 plus agents. NOTE: Nat Wallen never solicits consumers interacting with his blog unless requested. YOUR comments are encouraged and welcomed. Thanks!