Insights, Tips, and Advice for the Savannah Area

The short answer: yes you can. However, it can be a problem when you have to sell your house as a condition for the loan to  purchase your next house. Most sellers won’t be interested in accepting an offer that has this contingency. As long as you have the cash available for the down payment and/or the financing secure, you can buy a home without selling your existing one, and sell it after you sign the sales agreement.

On average, many buyers find a home within a few months of when they begin their search. The buyers who are able to find homes in this market are the ones who are decisive and prepared. They’ve made their wish list and know their deal breakers. That way when a home hits the market – they don’t hesitate.

Only 28% of homes purchased last quarter were all cash offers. The majority of consumers finance the home. In fact, the average down payment is 12%. You don’t need an all-cash offer to win. You just need a great offer.

Unless a natural disaster or an act of God, we DON’T think the Savannah Area Real Estate Market will crash. It’s not 2008. The previous housing crash was caused by a mortgage crisis. There were too many people, and too many banks lending money to people who couldn’t afford the homes. As a result, when home values began to decline, the consumer had no ability to repay the mortgage and so then couldn’t sell the home and had to foreclose. Today, the housing market is built on stable and consistent lending standards and therefore is unlikely to experience any type of crash due to nefarious lending.