Kids Back to School – Is Now a Good Time to Consider Moving?

With kids finally back to school, many of us are both sad to see them go, and exhaling that we finally have a little extra time to get things done. With fall on the horizon and the holidays just around the corner, is now a good time to consider listing your Summerville home? Post-pandemic conditions had our community’s real estate market red hot, but what do things look like for the next couple of months? Do conditions look like they might continue to favor a seller?

What Kind of Market are We Currently Experiencing?

When you look at the statistics, there are currently 1,923 active listings in the Lowcountry, which is way down from the 4,200 listings that were available just one year ago in August of 2020. Once more, the average sold price has gone up by as much as $100,000 for those who have had their homes sold recently. With a historically low inventory comes buyers competing for very few options and listings – it is a seller’s market for sure. If you are considering listing your home, now is the time to act.

What Do Forecasts Say About the Future?

Although the holidays traditionally pose a time of decreased activity, nothing is what it used to be in real estate. Forecasts are that the trend of a seller’s market will continue as long as inventory remains low. We are also living in a time of historically low interest rates, with no real threat of them raising any time soon. That means people are able to finance a new home more easily than in the past. Those two conditions combined mean that there is likely not going to be a buyer’s market in the near future. The longer the inventory remains so scarce, the higher the prices will climb, and the quicker your home will sell instead of sitting on the market.

Getting Ready to List

Unfortunately, it isn’t a wise choice to just hang the “for sale” sign out and see what happens. Even in a seller’s market, there are some things that you can do to increase the competitive nature of your home and increase your selling price. It does become a fine line to walk, however, you don’t want to throw money into fixing up a home unless you know that you will have a good rate of return. If you invest too much in your upgrades or spend money unwisely, then you will be spending too much without getting anything for it.

What About the Cost of Remodeling?

Another reason that you might want to consider moving versus renovating is that the cost of materials has skyrocketed. Sure, you might be able to borrow money more cheaply to have renovations and remodeling work done, but with labor and materials at an all-time high, now is probably not a good time to add on instead of moving to find a more suitable home. Also, due to conditions right now, post-pandemic, contractors are still overflowing with work, which not only makes them more expensive; you might end up waiting forever!

As we head into fall, with kids returning to school, many people are asking whether now is a good time to list their Summerville home. With real estate market conditions standing where they are, and forecasts are that they will likely stay put, now is a perfect time to call Sea Turtle Properties to list your home. Contact us so we can work out a plan to get your home market-ready and sold before the holidays!

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