February 2023 Housing Market Report
Hi Neighbor,
Eventually your current home may begin to feel too small for you. You may want more amenities or even a larger yard. When you decide to upgrade to a bigger house, you may come to realize that the process involves many moving parts. You have to deal with multiple parties, legalities, the current market environment — and much more.
For most of us, our homes are the largest financial asset we’ll ever own—so you are right to want to understand this asset and the market you are in. As you consider buying, you deserve the insight and guidance from an expert in your local market.
Here are the top things to know about the Beaufort real estate market right now:
Beaufort County is Enticing New Residents
The absorption rate in Beaufort county is rising. Which means that more people are moving here than are leaving. This is important to know for buyers, because this means homes are going to come off the market faster than in other areas. You will need to make quick but thought-out decisions. If you sit too long, that home may be gone.
Why are people interested in Beaufort? In the past year, South Carolina in general has become a hot spot for new out of state residents. Our growing cities (Charleston in particular) is bringing in daily traffic which trickles down to Beaufort. With the right strategic plan, pricing, and positioning of your current property, we can attract maximum offers and get your home sold for the highest possible price in the fewest days on market.
New Neighborhoods are in the Process
Beaufort, Bluffton and Ridgeland are expanding its inventory, as there appears to be new neighborhoods every time we drive around. New homes are being built, but the lack of materials and supplies is dragging the process out. With incomplete homes, there are not as many listings. If we compare this past January to January 2022, we see that the number of new listings has decreased 12.1%. Consequentially, the number of closings has decreased as well by 14.3%. Besides the incomplete neighborhoods, the rise of interest rates is causing the lack of new listings and closings. When strategically well-priced and properly positioned on the market, homes are selling close to list price.
Interest Rates are Creating a Nationwide Slowdown
Due to the rise of inflation, the median sales price has increased 7.8%. We have seen that homes are trending towards staying on the market longer. The rising cost of interest rates has deterred sellers and buyers across the board to make moves. The homes that are selling the quickest are in the $100,000 range and $300,001+ homes are selling the slowest. Regardless of what twists and turns the market takes, to maximize your return on investment, it’s crucial that you strategically position your home to buyers.
If you’re thinking about buying in the next 12 months, now is the time to start preparing for market.
If you want the highest return on your investment and the fewest days on market, you want a knowledgeable professional experienced in: interior design, sales, financing, sales and negotiation.
My proven process allows my clients to maximize what is likely their largest financial investment of their lifetime.
If you are thinking about upgrading to a bigger house in the next 12 months, call me today for your Strategic Marketing Consultation → 803-465-1725
We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.
To your success,
Melody Branham
Licence #117578
Keller Williams
www.MelodySellsSC.com
MelodySellsSC@gmail.com
803-465-1725
