In the last year, the Covid pandemic has added many difficulties to all of our lives. The economy has been greatly affected as businesses are closing due to a lockdown, and the stock market has been somewhat volatile. It would be easy to assume that the housing market has also taken a dive, however, this is far from true.
Despite how this problematic year has soured several markets and industries, the housing market has remained incredibly strong. Any real estate agent in Charleston will tell you: now is the perfect time for you to consider selling your home.
Mortgage Rates Are At A Record Low
For potential buyers, they will be happy to know that mortgage rates are currently under 3%. You would have to go back over 50 years to get a mortgage rate as low as they are right now.
Because the rates are historically low, you can expect a lot of people who are eager to take advantage of these rates.
There Is Currently A Low Housing Inventory
If you were to check with a Keller Williams agent in Charleston, they would tell you that local inventory, and the inventory of most of the country, is incredibly low. There simply aren't that many houses on the market. Many people who were planning to sell before the pandemic hit decided to wait and see what would happen. This caused a shortage of the number of houses on the market.
The Buyer Demand Is High
Despite the low inventory, buyer demand is actually quite high. There are many more potential buyers than there are actual houses listed on the market. This high demand is leading to quick offers on homes. If your home has been kept in decent condition and you decide that you want to list it for sale, you can expect to have several offers right away. It is also becoming more common for homes to be bought without the buyer ever seeing them in person.
Homes Are Currently Selling At High Prices
When you have low inventory and high buyer demand, this inevitably leads to homes being sold for higher prices. Right now, if you considered selling your home, you can expect buyers to pay top dollar. Many home sellers can list their houses higher than they have been able to in years. Some of them are even getting offers well above their initial asking price. If you wait too long to put your home on the market, the inventory can go back up to meet the buyers' demand. This will make it harder to sell at a high price.
The Needs Of Potential Buyers Have Changed
Due to the large number of people that now work from home amid the pandemic, many people are realizing that their homes just aren't big enough for both living and working. If you have a home that has multiple rooms, there is likely someone who will want it so they can convert an extra room into a home office.