If you’ve recently seen reports about the current lack of inventory in the Charleston market, you’re not alone—and it’s not just an issue local to the area, either. Across the country, housing markets are seeing record lows when it comes to inventory, which has been driven by a number of unprecedented factors in recent months.
Understandably, this development has both buyers and sellers nervous about what that means for their current situation—is now a good time to buy, a good time to sell, or a good time to stay put and deal with whatever issues you’re currently facing with your home? A lot of our clients are struggling with these questions right now, so we’ve decided to do an in-depth examination for what low inventory means for both buyers and sellers in Charleston.
What a Lack of Housing Inventory Means for Charleston Buyers
Even before the current low in housing inventory, Charleston has long been a competitive housing market. Regularly named one of the best places in America to live, work, and retire, many people choose Charleston for many reasons—but in a housing market that’s already tight, the attention of being an “it city” can make it harder to buy a home.
However, if you’re a buyer on the hunt, that doesn’t mean it’s time to give up! A lack of inventory definitely does not mean that it’ll be impossible to find your dream home—in fact, with record low mortgage rates making it possible for buyers to afford more house for their money, it may mean you have a better shot at getting exactly what you’re looking for. Even in a competitive market, the majority of prospective buyers will still be putting in similar offers. That means now is an ideal time to work with a real estate group who has a deep understanding of what sets offers apart in the market (and honing your writing skills to craft a killer offer letter doesn’t hurt, either!). Even if there’s a lot of competition for the home you’re interested in, you have more of a chance than ever to make yourself stand out as a buyer.
What a Lack of Housing Inventory Means When Selling Your Charleston Home
You have likely heard that the current climate is a seller’s market, and we do have to admit that to be true. Though many people are hesitant to make a move right now due to economic uncertainty, for the sellers that are pursuing a change, the market is working in their favor. If your current house is not working well for your situation, selling may be a great option.
With historically low mortgage rates, selling now is a great way to take advantage of low interest for your next home, and you will likely be able to qualify for a lot more house pending on the sale of your current one. Additionally, with the high price of lumber, renovations have become far more costly than they used to be—so if you are deciding between a remodel and a whole new home, selling and buying may be the smartest choice.
If you are ready to take the leap towards buying a home or selling your current one, we’d love to be a resource for you. Contact us today to learn how we can help you navigate the competitive Charleston market.
