Today, more than ever, the world is living uncertain times. The United States and the whole world is going through a difficult period due to the coronavirus pandemic. The US economy took a massive blow as all kinds of businesses and industries suffered the consequences of mandatory lockdowns. This had led to massive layoffs and reduced income levels nationwide.
Not all hope is lost, as some industries have been the exception. The housing industry is one, as post-lockdown home prices are on the rise and Charleston, South Carolina is not the exception.
Not all is uncertainty in 2020. What is certain is the current boom being experienced by the housing industry in the months after lockdown. The National Association of Realtors recently reportedly that U.S. existing home sales surged in September to levels not seen in more than 14 years. The median existing-home price was 14.8% higher than in September 2019.
Lawrence Yun, Chief Economist also from the National Association of Realtors recently forecasted that the "boom" will continue way into 2021. Home sales will rise 9% while prices will rise 3%. As per his comments, this 3% is due to a declining housing shortage. Then again these are forecasts or educated guesses for 2021. As of today, what experts agree is that prices are on the rise post lockdown.
Housing experts agree that the rise in house prices is being caused by a combination of very strong demand for housing and a limited supply of homes for sale. As of July of 2020, national housing inventory declined 32.6% year-over-year while the inventory of newly listed properties declined 13.4% nationally.
This past summer, properties stayed on the market for 18 fewer days than a year earlier. According to realtor.com more real estate agents are reporting bidding wars and homes on average are selling for 8.5% more than they did a year ago.
This is actually great news whether you are a homeowner in Charleston, South Carolina or Augusta, Maine currently debating whether to sell or not. If you do decide to sell a house in Charleston post lockdown, it would be very wise to do it soon, as prices are on the rise. You should have several options to choose from.
Whether you decide to sell directly to the buyer, through a home buying company or with the help of a realtor, these should be exciting times to be in the industry. Take advantage while the demand is strong and inventory low.
You as a homeowner should stay well informed at all times as the current boom can change and vary quickly. Whichever your current situation is, the time to act is now. In uncertain times you can still find certain solutions. Reach out to the nearest home buying company or realtor near you to get you started in all the fun. Whatever problem you might be facing, or no problem at all, they should be able to help you.