Things you should know if you’re thinking of selling your home in this changing market.
#1 You have more options for your next home
Over the past year we’ve heard so many say they would move if they had someplace to go. Well, guess what? Now you do! The number of available homes (inventory) has been steadily increasing since January. Currently in the Charleston Tri County area there are over 2,800 homes for sale, up from 1,458 at the beginning of the year.
If your next move has you staying in the area, this increase in inventory means more options for you as a buyer!
#2 Overall, the number of homes available is still low
While we do have more available homes on the market, we are still in a seller’s market. For a balanced market (6 months of inventory), we need an additional 7,000+ homes for sale. At the end of August we had about 1.6 months of inventory in the Charleston area. Nationally, there was about 3.3 months of inventory.
With inventory remaining low, your home will still be in demand if priced correctly.
#3 Your home’s equity has increased – substantially!
Homeowners in the greater Charleston area have seen their home’s value increase by as much as 25% in the last two years! That’s bananas! For the 15 previous years (2004-2019) we saw an average increase of 4.24% in home values.
So if you are worried about the increase in home prices affecting the price of your new home, that could very well be offset by the equity you have in your current home.
Curious about what your home may be worth? Sign up for our free home valuation tool or schedule a time to sit down with us. We believe in, and love, educating our friends and clients about what is probably their single largest asset – their home.
Lauren and Elena | Lauren Zurilla & Associates
Sources: Charleston Trident MLS and KCM Should I Sell My House This Year?