{"id":571,"date":"2021-02-16T00:00:00","date_gmt":"2021-02-16T00:00:00","guid":{"rendered":"https:\/\/legacy.showhomes.com\/charleston\/understanding-the-current-real-estate-market\/"},"modified":"2022-05-24T20:01:55","modified_gmt":"2022-05-24T20:01:55","slug":"understanding-the-current-real-estate-market","status":"publish","type":"post","link":"https:\/\/legacy.showhomes.com\/charleston\/understanding-the-current-real-estate-market\/","title":{"rendered":"Understanding the Current Real Estate Market"},"content":{"rendered":"

Right now, it is a hot real estate
\nmarket. One could compare the current market to “Charleston hot” in August when
\nhumidity and heat mix for uncomfortable and sticky perspiration. We have less
\nthan 2,000 active listings and rising prices: the typical result of low
\ninventory and high demand. Couple this with low interest rates – buyers’ demand
\nis even more insatiable. We haven’t seen anything quite like it in recent
\nhistory. How long this type of market will last, we aren’t sure – but for now,
\nthis real estate phenomena exists, especially here in the Charleston market.<\/span><\/p>\n

\u00a0<\/span>Wanting to get a better understanding of this market and its
\nimplications for buyers and sellers, I asked several real estate agents a few
\nquestions and to share their thoughts with me:<\/span><\/p>\n

What
\nimpact is the current real estate market having on buyers?<\/u><\/span><\/i><\/b><\/p>\n

Buyers are nervous.\u00a0 They know they could be in
\nmultiple offer situations and when they lose a home, they get frustrated.
\nSome buyers that do not have to move are backing off.\u00a0 Prices in our area
\nare going up and making homes out of reach for many.\u00a0 Those buyers are moving
\nfurther out, which\u00a0can mean higher commute costs.\u00a0 Overall, this
\nmarket does have its downside.<\/span><\/p>\n

Franne
\nSchwarb, Realtor\u00ae, Coldwell Banker<\/span><\/p>\n

\u00a0<\/span><\/p>\n

The lack of inventory is the biggest issue buyers are
\nfacing. Homes that are well staged and in good repair are selling at a premium
\nprice right now. Buyers are able to pay the higher prices because mortgage
\nrates are still so low, but most don’t really want to do a lot of work once
\nthey buy.\u00a0<\/span><\/p>\n

Noah Moore,
\nRealtor\u00ae, Carolina One Real Estate<\/span><\/p>\n

\u00a0<\/span><\/p>\n

It is definitely\u00a0putting a sense of urgency on
\nbuyers, and rightly so.\u00a0 Our inventory from late fall to now, which was
\nalready low at that time, has now been cut in half.\u00a0 Multiple offer
\nsituations, but buyers still want close to perfection on homes; ideally, most do
\nnot want to do any renovations or improvements.<\/span><\/p>\n

Kim
\nMeyer, Realtor \u00ae, Keller Williams Realty<\/span><\/p>\n

\u00a0<\/span><\/p>\n

What
\nis the pulse of sellers right now?<\/u><\/span><\/i><\/b><\/p>\n

Some sellers think they can ask anything for their
\nhome and get it.\u00a0 I like to call that a “wish price”.\u00a0 We
\nwill list a house for whatever a seller wants us to, but they must keep in mind
\nthat it has to appraise and if they get greedy it could sit on the
\nmarket.\u00a0 We don’t know what the future will hold and the market can turn.<\/span><\/p>\n

Franne
\nSchwarb, Realtor\u00ae, Coldwell Banker<\/span><\/p>\n

\u00a0<\/span><\/p>\n

There are a lot of people selling so they can move closer to
\nfamily or have more room now that they have spent so much time at home. It
\nseems that the biggest hold up for people not selling is the uncertainty of
\nwhere they will buy next. The problem is that once you do find that perfect
\nplace it may be too late if you are not ready on your\u00a0end. Although some
\nhomes are selling quickly, there is a misconception\u00a0of what will sell
\nfast. We tend to see this with homes that are put on the market that are not
\nready (staging, repairs, landscaping).\u00a0<\/span><\/p>\n

Noah Moore,
\nRealtor\u00ae, Carolina One Real Estate<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Sellers should not stop with plans on improvements or
\nmaking sure it is Real-Estate-Ready, and that’s where staging comes in.\u00a0\u00a0<\/span><\/span>\u00a0<\/span><\/p>\n

Kim
\nMeyer, Realtor \u00ae, Keller Williams Realty<\/span><\/p>\n

\u00a0<\/span><\/p>\n

What advice would you offer to homeowners who are considering
\nselling in the next couple of months?<\/u><\/span><\/i><\/b><\/p>\n

\u00a0<\/span>Use a REALTOR\u00ae.\u00a0 There is a difference between a REALTOR\u00ae and
\na real estate agent.\u00a0 Do your homework\u00a0and make sure your agent does
\nthe same.\u00a0 Know your competition.\u00a0 My best advice: use a
\nstager.\u00a0 You don’t get a 2nd chance to make a 1st impression.\u00a0\u00a0<\/span><\/p>\n

\u00a0<\/span>Franne
\nSchwarb, Realtor\u00ae, Coldwell Banker<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Work with professionals. Have your home ready so you
\ndon’t run into surprises at every corner. Think of what you would want if you
\nwere purchasing a new home for yourself. Ensure your home is
\nprofessionally\u00a0photographed, get professional advice for staging your
\nhome, and get a pre-inspection for your home. Do all of these things with a
\npurpose so you can\u00a0quickly get your home on the market. It is the perfect
\ntime!\u00a0\u00a0<\/span><\/p>\n

Noah Moore,
\nRealtor\u00ae, Carolina One Real Estate<\/span><\/p>\n

Curb appeal a must; fresh\u00a0paint, plantings, even
\nhouse numbers make a difference in addition to having the interior clean, tidy,
\nand expertly staged.<\/span><\/p>\n

Kim
\nMeyer, Realtor \u00ae, Keller Williams Realty<\/span><\/p>\n

\n

Based
\non the answers of these real estate professionals, it is clear that while the
\nmarket is hot, sellers should still be aware that a move-in ready home is the
\nmost marketable and desirable. Buyers should also be ready to make offers
\nquickly, given the low inventory and eagerness of buyers. No matter what market,
\nprofessional staging is a necessary component that these Realtors\u00ae value and
\nrecommend.\u00a0<\/span><\/p>\n

 <\/p>\n

Lorelie Brown,
\nM.A., CPRES, CID is the Owner of Showhomes Charleston in Charleston, SC.\u00a0 RESA-PRO
\nmember, an HSRA-Elite Member and part of HSRA Elite Leadership.\u00a0<\/span><\/i>She is passionate about the power of home staging and has staged over $300 million in real estate.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

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