There’s no doubt that 2021 is the year of the seller when it comes to the Charleston housing market. If you’re a homeowner thinking of moving to better suit your changing needs, now is the perfect time to do so. Low mortgage rates are in your favor when you’re ready to purchase your Charleston dream home, and high buyer demand may give you the leverage you need to negotiate the best contract terms on the sale of your house. Here’s a look at what’s driving this sellers’ advantage and why there’s so much opportunity for homeowners who are ready to move this season.
1. Historically Low Inventory
Even with a slight rise in the number of houses for sale this spring, inventory remains near an all-time low (See graph below):
2. Frequent Bidding Wars
As a result of the supply and demand imbalance, Charleston homebuyers are entering bidding wars at an accelerating rate. NAR reports the average number of bids received on the most recently closed sales is 4.8 offers. This number has doubled since the first quarter of 2020 (See graph below):
3. Days on the Market
In today’s market, sellers aren’t waiting very long to find a buyer for their house, either. (See graph below):
Bottom Line
If you’re thinking about moving, these three graphs clearly show that it’s a great time to sell your house. Contact us today to learn more about the opportunities in our Charleston area. – http://bit.ly/ContactCTH