Here’s what you need to know about our market as we head into spring.
As we enter the spring, how is our market looking? Let’s take a dive into the statistics to find out.
If you want to know what’s happening in our market, you only need to know one sentence: Demand is high, and supply is low. We have more buyers than ever coming to South Carolina from other states because it’s a great place to live. People are coming here for low taxes, good weather, and plenty of other reasons.
Meanwhile, we only have 0.8 months’ worth of inventory. Based on how many people buy homes in our area, there are only around 800 houses for sale at any given time. Economists say a balanced inventory is closer to six months, so our supply is incredibly low.
“Interest rates remain historically low.”
What does this mean for you? If you’re a seller, this is one of the best times to list your home we’ve ever seen. Prices are up 14% year over year, and it doesn’t look like they’re coming down anytime soon. Plus, the average home is selling in just 28 days. Keep in mind that number is an average; if your property is marketed well, it will sell much faster.
If you’re a buyer, don’t worry. It’s still a fantastic time to purchase a home; you just need a quality agent. Interest rates are increasing to around 4%, but that’s still historically low. In the late 1970s, rates were in the high teens. Even five years ago, a 6% interest rate was considered pretty good.
If you have any questions about buying or selling in this crazy market, please call or email us. We’d love to help in any way we can!
