As we head into the second quarter of 2021, the spring market is in full swing. Things are definitely looking much different than they did at this time last year. The thing that stands out the most is the low inventory in the Summerville, SC area. Houses are being sold much quicker than they can be replenished. In the real estate world, when inventory is low, we call that a “seller’s market.” With very few houses on the market, they are going fast and for the asking price or more.
What Does That Mean for Sellers?
As a seller, it is an ideal time to get your home on the market now. When inventory is this low, the market does have to correct itself at some point, but not anytime soon. So if you are considering whether you want to list and move, now is a perfect time. The high competition is driving prices up, which is not so good for buyers but excellent for you!
Another thing driving the spring market’s force is the historically low-interest rates. Not only are homes being refinancing at a great rate; many are becoming first-time buyers. With interest rates as low as 3% on a 15-year fixed, it is super enticing for people to take the plunge to buy for the first time or to trade up. Almost like free money, low-interest rates mean that you end up paying a whole lot less for your home over the term of the loan.
One consequence of the pandemic that we might not have seen coming is the record number of people vacating big cities. People in Illinois and New York are making their way to warmer temperatures and away from crowded cities. Charleston is a perfect happy-medium because it has a big city feel but is still quaint and small enough to be more “hometown-like.” So the entire nation is experiencing a shortage of homes on the market, but South Carolina’s inventory is even lower than the average city across the United States.
Rental Properties Will Soon be Needed
Forecasters are predicting, as we head into a post-pandemic recovery, that there will be a greater need for rental properties. Many people who are trying to keep their heads above water after losing a huge chunk of their savings due to employment issues, will likely be forced to sell in the next coming years, or they will go into foreclosure. That will be just the situation to increase inventory, but it will also increase the necessity for rentals in the Summerville area.
As we head deeper into 2021, the real estate market is still red-hot for sellers. Houses can’t be listed as quickly as they are going, which is making it a seller’s market. Most home sellers are not only getting offers that are close if not more than the asking price; the houses are not sitting on the market like in other real estate climates.
So my advice to you, as a realtor in Summerville, SC is that if you are even considering listing in the next year, you should do it now. As history has shown us, the market will correct itself at some point, but no one knows when. It is always a good idea to strike when the iron is hot, and for home sellers, the iron couldn’t be hotter. Contact Sea Turtle Properties today to list your Summerville home today!