I’ve got an embarrassing story to tell you.
And it’s one I usually wouldn’t share. But there are valuable lessons to help you better navigate the Lake Oconee Real Estate Market in 2021 as a buyer or seller.
I’ve been working with a husband and wife looking for a lakefront home on Lake Oconee. I have to protect their identity names due to confidentiality, so we’ll call them Bob and Sharon.
Bob and Sharon were looking for a property with big water views on Lake Oconee’s Richland side. They wanted a house with vaulted ceilings, an open floor plan for entertaining their family and friends.
Most of all, they wanted an outdoor entertaining area with a level lot to escape to the lake on those hot Georgia summers with their seven kids and their grandkids.
A month ago, I was researching listings, and the perfect house hit the market.
The home was stunning: huge water and sunset views, turn-key ready, and only a couple of years old.
I called Bob and Sharon immediately to schedule a showing because this one wasn’t going to last.
But Sharon was away on a girls’ weekend and wasn’t going to be able to make it.
Bob was in Florida on business.
So, what happened?
Bob and Sharon knew this house checked every box imaginable. And they know the real estate market is red hot.
They wrote a full-price cash offer (over 1,000,000) within four hours of the house being listed with a 30-day closing.
But that wasn’t all. There was also an escalation clause, meaning they were willing to beat any other competing offers by a predetermined amount.
We immediately sent the offer to the listing agent. We were confident we would get the house–it was the cleanest offer imaginable and the first offer in hand.
But within two hours, the listing agent said she had eight other offers.
And later that night?
The seller ended up choosing a different offer (brought by another Kim and Lin Logan Team agent).
Bob, Sharon, and I had to pick our jaws off the floor.
They were disappointed. And me?
Well…my tail was between my legs–I couldn’t believe we didn’t get the house.
As it turns out, the winning offer came from a close friend of the seller’s neighbor. The personal connection ended up putting them over the edge.
And now, a month later, my buyers have found a house that looks like a better fit in hindsight.
But there are two lessons from my embarrassing story that are crucial for:
1. If you’re looking to buy, you have to be aggressive.
For the last year, I’ve been telling my buyers that you need to approach every offer as if it’s the only offer you get to make.
If you try to negotiate hot-property down on price, it’s doubtful you’ll get the home. And if you have a personal connection, write a letter, or present the cleanest possible offer (with your Kim and Lin Logan Real Estate agent, obviously) will work to your benefit.
2. Right now is the best time to sell your home at maximum value.
The market is red hot for three reasons.
First, our economy’s ever-changing dynamics are pushing people out of cities and into suburbs and vacation markets like Lake Oconee. We can’t predict the future, but we don’t see this changing any time soon as we move to a more mobile workforce.
Second, buying power is at an all-time high due to record low interest rates. Real Estate is regularly considered one of the top long-term investments, meaning buying now can be a savvy move year down the road.
Third, supply and demand. There is a national housing shortage due to slow-building and supply chain disruptions from Covid-19. When more people are looking to buy ( with the help of record low-interest rates), demand sky-rockets. This is even more prevalent with lakefront property, which is already scarce.
So, how do you navigate this market to find your dream home?
Kim and Lin Logan Real Estate has been the top-selling team at the lake Since 2008. We dominate the market and get you maximum exposure online and in the local area on the listing side. With Kim’s expert staging and Lin’s precision-guided pricing as a licensed appraiser, you’re set up for success with the Kim and Lin Logan Team.
And if you’re looking to buy? Kim and Lin Logan Real Estate has 13 experienced buyers agents dedicated to providing you with world-class customer service.
To learn more and experience the Kim and Lin Logan Real Estate advantage, give us a call at 1 706-338-0757 to get started.