There is not doubt that the real estate market is on fire. With all of the Covid-19 restrictions in larger cities, people are flocking to South Carolina to get some relief from all of that. There is also a trend with less inventory of resale homes coupled with the increasingly difficult time builders are having getting building materials for new homes. The climate for buyers to find homes to live in is getting tougher and tougher! When a home hits the market for sale, you can count on a multiple offer situation along with the struggle of just being able to view the home.
This market is frustrating for buyers but exciting for sellers since most homes go under contract on the first day of listing. Most offers with multiple contingencies are not accepted and if your offer is contingent on selling your home, you probably will be disappointed to find your offer was rejected. The next issue you have, if you don’t have many contingencies, is sale price. At this time in the market, the sale price is merely a suggestion and most offers that are accepted are over listing price. Some offers that are accepted are buyers who offer cash above appraisal.
How long can this trend continue? We think it could carry on this way for the next two years and possibly longer. The bottom line is, don’t wait around looking for a deal because there just are very few of those around. If you are ready to sell, there is no time like the present to get that home on the market. If you have a rental home, your vacancy rate will remain very low and rental rates will continue to increase. If you need further information about how to position yourself in this real estate market, give us a call today, we will be glad to help!
