Overall, the market is performing well, with interest rates remaining relatively high. This has resulted in many sellers choosing to hold onto their homes rather than list them, fearing they may miss out on low interest rates they are currently locked into.
However, despite this, the market is showing signs of stability and normalization. Home appreciation over the past year has been around 4%, which is within a normal range. Sellers are typically receiving about 98% of their asking price, indicating a balanced market without the bidding wars seen in recent years. As interest rates are expected to decrease in the future, we anticipate a return to bidding wars and higher selling prices, particularly in desirable areas like Charleston where demand remains strong. Rents have also increased significantly, making homeownership more affordable in many cases, especially when interest rates are lower. Some other notable points include a decrease in days on market, as well as a decrease in inventory, making it more of a seller’s market. Despite this, opportunities exist for both buyers and sellers alike. For sellers, we offer a guaranteed cash offer program, providing a hassle-free alternative to traditional listing methods. This can be particularly appealing for those looking to avoid the stress of open houses, repairs, and staging. For buyers, now is a great time to lock in a purchase price before interest rates decrease and prices rise. While current interest rates may be higher, refinancing options are available in the future as rates decrease and prices increase. We also have access to competitive interest rates in the 4% range, making homeownership even more attainable. If you have any questions or would like to explore your options further, please don’t hesitate to reach out. We’re here to help you navigate the market and make informed decisions.
