Isle of Palms Office

1400 Palm Boulevard Ste. M
Isle of Palms, SC 29451
843.886.5600

Real Estate Inquiries:
realestate@dunesproperties.com
Vacation Rental Inquiries:
vacations@dunesproperties.com


Folly Beach Office

31 Center Street
Folly Beach, SC 29439
843.588.3800

Real Estate Inquiries:
realestate@dunesproperties.com
Vacation Rental Inquiries:
vacations@dunesproperties.com


Dunes Downtown

11 Fulton Street
Charleston, SC 29401
843.722.5618

Real Estate Inquiries:
realestate@dunesproperties.com
Vacation Rental Inquiries:
vacations@dunesproperties.com


Kiawah Seabrook Office

1887 Andell Bluff Boulevard
Johns Island, SC 29455
843.768.9800

Real Estate Inquiries:
realestate@dunesproperties.com
Vacation Rental Inquiries:
vacations@dunesproperties.com


Mount Pleasant Office

835 Coleman Blvd Ste. 200
Mount Pleasant, SC 29464
843.881.5600

Real Estate Inquiries:
realestate@dunesproperties.com
Vacation Rental Inquiries:
vacations@dunesproperties.com


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The Charleston Coast From Our View...

One Agent’s Take on Navigating Multiple Offers

You may have heard that the Charleston Real Estate Market has very low inventory and many sellers are receiving multiple offers. It’s true. I have ready and willing buyers and yet I have no homes to show them that meet their criteria. Homes that do come on the market are moving rapidly, many with multiple offers. One of my colleagues wrote nine different contracts for her buyers on various properties, all over asking price, and none were accepted. For my sellers, I am recommending that there are several ways to deal with multiple offers that have benefits beyond simply taking the highest monetary offer.

1.The most widely used method when a seller receives multiple offers is to ask for each buyer’s Highest and Best Offer. This allows buyers to reconsider their offer and increase if they are able and seriously interested. The risk a seller takes is that some buyers will not want to engage in a bidding “war” and high offers may be allowed to expire. I always remind my sellers that contracts are more than just the offered price. The other terms may not be as desirable such as closing date, required financing, and other contingencies.

2. The next likely choice is to pick the best offer, weighing all factors, and move forward. Sellers may not realize as much profit potential, but it is a simpler and quicker resolution. Buying and selling is inherently about risk tolerance and the risk/reward may not be worth the chance of losing an enthusiastic buyer.

3. Sellers also have the option of handling the offers in the order they are received making counter offers (or not) accordingly. In a low inventory market such as we are experiencing in 2021, this has considerably less risk that the buyers will find another property and walk away; however, an offer to purchase does come with a deadline for response, so timing can be an issue.

4. Another response sellers can employ is to create a universal counter offer and send it to all buyers. This can minimize the downside options throughout the contract for the seller. This method requires top notch communication on the part of the seller’s agent in order to insure a fair process for all. Deadlines, dates and times are extremely important to managing this process successfully.

On a side note, from a buyer’s perspective, escalation clauses have recently received a lot of notice with the current market conditions. This involves writing an offer with incremental dollar increases on a schedule to outbid other buyers without necessarily offering their highest and best offer. For example, a buyer might indicate that he/she will automatically pay $1000 over the next highest competitive offer without having to renegotiate. My advice to sellers and buyers is to avoid this option at this time. The difference for buyers over the life of the mortgage is minimal and for sellers, the chance of getting what the market may demand is diminished.

5. If you are a seller and find yourself in a multiple offer situation, you can also reject all offers and raise the price. The obvious risk of driving buyers away is high and greedy homeowners may cut off their noses to spite their faces in this scenario.

There may be other solutions to the enviable problem of multiple offers. If you have an idea, please share.

– Terry Bell-Aby, Realtor®
Mobile  508-627-2988  | Terry@dunesproperties.com

Charleston Area Market Stats through July (and other news)

Charleston Area Market Stats thru July 2021

“The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages. For borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction. The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to the NAR.”
~ Charleston Trident Association of REALTORS® (CTAR)

Market Statistics by Area:

Closed Sales +13.3% | Median Sales Price +14.8% | Months Supply -63.0%

Downtown Charleston

Upper Charleston Peninsula

Upper Mount Pleasant

Lower Mount Pleasant

Daniel Island

Folly Beach

Isle of Palms/Wild Dunes

Sullivan’s Island

Kiawah Island

Seabrook Island

James Island

West Ashley

Johns Island

North Charleston

Summerville

Goose Creek

Featured Listing

708 E Erie Avenue, Folly Beach
3 beds,  2.5 baths, 1390 sq ft   |  Offered for $1,325,000

Take in breathtaking sunset views of the Folly River from this updated and well-maintained Folly Beach home. The living area with giant vaulted ceilings and kitchen are on the first floor along with the master bedroom and spacious master bath. Off the living area is a screened porch where you can relax and soak in the beautiful sights or entertain a larger crowd on the adjoining deck. Upstairs are two bedrooms split by a full bathroom. With a long list of updates already made, it’s worry-free and ready for you to move right in! For more info, visit: www.708EastErie.com.

Agent Spotlight

kain slowikowski realtor spotlight

“Some buyers are looking to get away from the hustle and bustle of living in a growing city. Others have been interested in affordability, lifestyle, desire for land, and water access. (Slowikowski, Post & Courier)

Congratulations to Kain Slowikowski, featured in the Post & Courier‘s article Rural rise: Buyers move to the country for a low-key lifestyleCLICK HERE to read the full article!
*May require a Post & Courier subscription

In the News

Charleston Coast Vacations

Sign up today to enjoy your FREE digital issue of Charleston Magazine
compliments of Charleston Coast Vacations!
Simply CLICK HERE to claim your free subscription. 

Charleston Area Market Stats through June (and other news)

“School’s out, and as vaccination rates rise and America enters a new normal, the U.S. housing market continues along at a frenzied pace, with low interest rates and limited inventory fueling record high sales prices. May saw the median existing home sales price exceed $350,000, a 24% increase and the largest year-over-year increase since 1999, according to the National Association of REALTORS®. Eager buyers are making multiple offers, some for well over asking price, while others are making offers on homes sight unseen…As we ease into new routines and look forward to a post-pandemic future, one thing remains certain: America desperately needs more homes.”
~ Charleston Trident Association of REALTORS® (CTAR)

Market Statistics by Area:

Closed Sales +19.0% | Median Sales Price +22.8% | Months Supply -72.4%

Downtown Charleston

Upper Charleston Peninsula

Upper Mount Pleasant

Lower Mount Pleasant

Daniel Island

Folly Beach

Isle of Palms/Wild Dunes

Sullivan’s Island

Kiawah Island

Seabrook Island

James Island

West Ashley

Johns Island

North Charleston

Summerville

Goose Creek

Featured Listing

14SaturdayRd IOn

14 Saturday Road, I’On
5 beds,  4.5 baths, 4400 sq ft   |  Offered for $2,300,000

Nestled in highly sought after I’On, this exquisite marsh front home was custom built by Structures Building Company and designed by architect Neal van Dalen. The home boasts beautiful sunset views of Hobcaw Creek from the kitchen, sunroom, family room, master bedroom and additional bedrooms, while the outdoor area is equally impressive with double back porches and an additional screened porch providing outdoor living spaces to enjoy the view and nature. There is also a lovely carriage house with over 600 square feet complete with indoor staircase, kitchenette, large living space/bedroom and full bath which can comfortably house your guests or provide a great home office. For more information on this stunning home, visit bit.ly/14SaturdayRd.

In the News

Charleston Coast Vacations

Sign up today to enjoy your FREE digital issue of Charleston Magazine
compliments of Charleston Coast Vacations!
Simply CLICK HERE to claim your free subscription. 

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