If you are keeping tabs on today’s real estate market, you already know that we are in the midst of an ultimate seller’s market. The number of buyers searching for a home is currently outweighing how many houses are available for sale. This is making it extremely competitive for those who are wanting to buy right now, and leaves us all scratching our heads wondering, is the housing supply ever going to rise? If you are on the hunt for a new home this year, here is what you can expect, and what you need to know!
The Pandemic and the Demand for Housing
When the pandemic hit the United States in the early Spring of 2020, it awakened a renewed appreciation of the meaning of home. The pandemic boosted the demand for housing by increasing the desire to work from home. Having a safe place to live and work became very important to many Americans throughout the country. Plus, with the money being saved from no longer having to commute, potential buyers had more funds to spend than they did prior. These factors helped push up house prices.
Investors Are Gaining Advantage in the Market
Investors looking to make a profit have increased their presence in the real estate market over the past few years, as well. This has made it more difficult for families to find a home because the more investors in the real estate market, the more expensive housing becomes as investors and corporations are buying houses and turning them into rental properties.
What Does All of This Mean for You?
For a buyer, low inventory can be a challenge because you don’t want to settle for anything
less than the home of your dreams. But, even though inventory is low, more homes are predicted to become available throughout the next year. However, even with this good news, you will not want to delay your home search and will want to immediately make an offer on any home that you truly like. Waiting for prices to suddenly drop to what they were in the past, or expecting many home options to be available, would be a mistake. Remember your goals and why finding a home is so important as these will be your motivation behind your home buying process.
It’s Not Impossible to Find the Home of Your Dreams With Team Lail-Chambers!
If you are planning to buy this year in Charleston, SC, call Team Lail-Chambers to learn more about what’s happening in your desired area, what homes are available, and why it’s still worthwhile to prioritize your home search today. The staff here at Team Lail-Chambers, led by Bob Chambers & Pheobe Lail-Chambers, are well-acquainted with Charleston and the Lowcountry and are happy to help you decide on the best neighborhood for you and your family. Contact us today! We are ready and waiting to help you find your perfect Charleston home!