Have you been listening to the news lately? Since COVID the media has been very chatty about the housing market stirring up some uneasiness in those considering selling their home or those needing to buy a new home in the Charleston area and beyond. Unfortunately, two years later the rumors and stories are still in full force.
Here are the statistics being shared:
“The overall number of homes for sale in the U.S. increased by a whopping 67.8% in February. That amounts to 234,000 more homes on the market than there were during this same month last year,” according to Realtor.com.
This statement makes the general public think three things:
1- Homes aren’t selling, it’s no longer a seller’s market.
2- People are having to sell their homes due to the economic stress.
3- They can get a home for a good deal because they aren’t selling.
But that’s not the full picture… the remainder of the stats show:
NEW “listings were down in February, with 15.9% fewer home sellers entering the market compared with a year earlier. This lack of new homes for sale is even starker when you compare these numbers with pre-COVID-19 levels from 2017 to 2019, when fresh listings were 27% higher than they are now,” states Realtor.com.
It’s always important to follow up on the full story and stance of newsworthy information especially in large life decisions like finding a new home or selling yours.
The houses on the market noted in the first burb are mostly old, or stale, listings. Homes that have been sitting on the market for months and months. These don’t make up a valid picture of today’s live housing market. While we are looking to strike a balance in the Charleston housing market the pendulum is still swinging to the sellers’ favor. Inventory is better but still low, available homes for sale are still selling at top dollar and Charleston, Summerville, Mount Pleasant, West Ashley are all still extremely desired locations for locals and transplants searching for homes.
The MOST IMPORTANT tool you can have in today’s housing market is a GOOD REAL ESTATE AGENT. We are here to not only help you buy or sell a home but to navigate the truths vs the rumors, find the advantages for you and work your specific situation to your benefit.
Need some guidance? I would love to assist you on your home journey.