View the Video version of this Episode at: https://www.jenniferobrienhomes.com/2022/03/29/1st-quarter-market-update/
It’s the end of the 1st Quarter in 2022. What has happened in the Charleston Real estate market and where do I see it going? Stay tuned and I’ll tell you all about it!
Through the 1st Quarter in the Charleston area we have continued to experience a sellers market. The properties for sale in our MLS has averaged 1000 daily between 3 counties. The median sales price is up 14% over last year which is much higher than the national average of 6%. Our inventory has shrunk 49% since last year.
What does this mean for sellers? Generally, sellers are receiving multiple offers and over asking sales prices. Homes tend to sell within 1 - 2 days. Sellers also have the opportunity to ask for favors from their prospective buyers. For example, maybe you need to rent the home back for a period of time or an extended closing date.
What does this mean for buyers? You need to be ready. If you’re working with me, we will have already developed a plan for identifying properties, getting your proof of funds organized and getting you pre-qualified with a lender. The more tools in your belt when you make an offer, the more likely your offer will be accepted.
Where do I see the market for the 2nd Quarter going? With the high buyer demand, I see the sellers marketing continuing through the 2nd quarter. Interest rates are rising, which affects the buyers purchasing power and their maximum budget. We still have a lot of buyers in the Charleston market and I do not see the rate increase affecting the home prices through June. It will affect how much a buyer can spend. I wouldn’t anticipate the market slowing down until the 3rd quarter of the year.
Does this mean you should wait to buy? No, the prices are going to continue to climb. I have several ways to help you win your home in this market and relieve any stress and anxiety you may be feeling.
What to do if you’re on the fence about selling? Give me a call. We will have a no commitment conversation tol discuss pricing strategy and what options work best for your family.
