The summer of 2020 has, for many people, been the summer of quarantine. But it's also been the summer of historically low mortgage rates. In early August, the average interest rate on the 30
As we continue to navigate through the unprecedented times due to COVID-19 we are seeing some steady trends start to emerge. While there are still many unknowns our recent local market statistics are starting to paint a promising picture. What we do know is the inventory is at HISTORIC lows. Supply is down across the board meaning fewer people are selling right now. This has lead us into a sellers market.
A seller’s market occurs when demand exceeds supply, or there are more buyers seeking to purchase homes than there are available homes on the market. This often leads to multiple buyers interested in a single property, resulting in bidding wars. A seller’s market is a fantastic time to sell your home as you could secure a sale price that’s higher than your listing price, or at least more than your bottom line (the lowest price you’d be willing to accept for your home).If you’re buying a home in a seller’s market, be aware that the seller has the advantage. If other buyers are interested in the same property you’re making an offer on, trying to get a lower sale price probably won’t work to your advantage. In fact, you could lose the opportunity to purchase the property altogether if a competing buyer makes a higher offer.
If you have considered selling there may not be a better time than now. Contact us today at 843-532-4653!
About Dan Lorentz, ABR, CRS, Founder & Team Leader of Greater Charleston Properties: Founder and Team Leader of the Greater Charleston Properties Team, Dan Lorentz, has lived in the Charleston, SC ....