This past week marked the second week of multiple offers on properties in various price ranges on Shelter Island.
As has been the case in prior years, the positive real estate activity that the South Fork has experienced since early summer trickled over to Shelter Island with a slight delay; The South Fork’s “hot” market has now arrived on Shelter Island.
What should Buyers and Sellers do when faced with more than one offer at a time?
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· Buyers should be ready to show their best terms and credentials when submitting an offer. If financing is a contingency, Buyers would be well advised to have a pre approval ready with the best financing scenario outlined.
· Sellers should navigate multiple offers carefully. Without careful planning, many sellers have been left with no sale at all. Going back to the first buyer who has made an offer and giving them an option with a measured timeline to increase their offer, comparing terms, then going to the second buyer once the first buyer has been given an opportunity seems to be the most successful route, where parties feel they have been given a fair shake.
Find out what's happening in North Forkfor free with the latest updates from Patch.
Along with brisk real estate activity, there are some characteristics frequently associated with boom markets that require more diligence on the part of real estate agents. Clarifying contingencies so that there are no misunderstandings or misinterpretations that might derail a transaction and following up on a daily basis with inspections, attorneys and appraisers so that the process flows smoothly is crucial.
Since Labor Day, there have been several price revisions on properties listed for sale, indicating that Sellers are motivated to accomplish a sale.
September so far has been as active as August was. It appears that there are many customers who shopped on the South Fork during the summertime and, seeing the incredible value here, are considering now Shelter Island. That being said, customers continue to be thoughtful with their planned purchase and astute in their information gathering process.
