It's no news that Charleston is growing at a furious pace. Inventory of homes for sale is shrinking by the day, and days-on-market are as low as they have ever been. Compound that the average home is selling for up to 97% of list price and we are seeing multiple offer situations in certain segments of the market as a the "norm". New construction can't keep up with demand and existing homes seem to last just days. A "Healthy" market generally has a 6 month supply of homes for sale, right now we have about 3 and a half month supply to keep up with purchases. Markets like Hanahan, SC have less than a 2 month supply. With that said, if no homes are listed during the typically slower fall & winter months we would see a desperate market in just weeks.
We would love to give you a free analysis of your neighborhood, while the market desperately needs inventory, you can't just slap a HUGE sticker price on you home and hope a motivated seller comes along. "Why not?" you may ask, because the home must appraise if the buyer is taking a mortgage and that information uses current and previous homes that have sold in the area. Also, an overpriced home will sit much longer and typically sell for a lot less than a correctly priced home. But, supply and demand will push prices of hot areas and many folks may just "feel out" the market. That's great as long as you have a plan as to where you will move should someone buy your home ( We'd love to help with that too!)
Call Jared & Leah
843-861-8142 or 843-718-6550
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