Is buying a new home or selling your current home on your radar in the near future? If yes, 2021 is the year to make moves. Home prices are going up, though at a slower pace than what we saw last year.
The National Association of Realtors (NAR) predicts that the annual average price of a home in SC will increase by 8% this year.
Furthermore, interest rates are staying low. Economists predict the average annual 30-year fixed mortgage rate will hover around 3% in 2021. And with an increase in the demand for home buying in SC, it is even expected to be particularly strong this summer and spring, and to plummet in the colder months.
So far this year, the housing market in South Carolina has been getting bigger, better, and more competitive for the buyer. This led to a hike in home prices and home sales in the area. In March 2021, home listings reached $370,000. This is the highest it has ever reached, and price gain moved from 12% to 15%.
The real estate in South Carolina is hot right now, and it is not going down soon. As a result, we will analyze the trends in South Carolina Real estate and determine if selling your property to Sell Your House Fast- Greensville, Spartan Burg, Anderson, and Pickens will be the best investment for you. Let’s explore more.
Analyzing the Real Estate Market in South Carolina
There is a current housing shortage caused by the builders not meeting up with the long-term demand for real estate. Last year, most of the orders were for a single-family home, but there was no adequate inventory to keep up with the rising demand.
Because of the supply imbalance, real estate prices are going higher, and they will remain consistent in 2021 and beyond. This appreciation will only reduce when the supply increases quickly and everything softens.
We believe and expect more inventory to be available. It is excellent because it will slow down the home price appreciation. This is why house construction will continue and won’t stop anytime soon. Before the end of 2021, we predict that the mortgage rates will be higher as monthly payments are getting less affordable.
Since the pandemic has led to an increase in demand, the inventory will decline about 30% annually. Because of the enormous demand, the South Carolina real estate industry people are slowly picking up steam. In the future, there will be several homebuyers who will gain access to the best quality homes.
How Buyers and Sellers Can Benefit From This Trend
Before the pandemic, the housing market was robust. However, due to its effects, the Federal Government imposed a total lockdown and this increased the rate of unemployment to more than 10%. Furthermore, the market data shows that the market starts improving with a lot of buyers and sellers entering the market.
The truth is the real estate market in South Carolina favors the sellers than buyers. Sellers have the more significant advantage to get the best results than buyers. Sellers in these areas face little competition because of the amount of demand in this area. However, buying real estate in South Carolina is the best decision you can take. Since the prices of homes in these areas increase, you will benefit from the seller’s market a lot more than when you hesitate.
There are a lot of opportunities in South Carolina. Some people are moving to South Carolina not only for residential purposes. But also to set up businesses and work remotely with comfort. There are signs of significant commercial growth so, you must choose to sell your commercial or individual properties and get the best results you need.
Selling Your Property with Sell Your Home Fast- GSAP
Selling your property in Greenville, Spartanburg, Anderson, and Pickens is a big decision to make. If you want to list your property in the market, you need to study the market, know how to attract buyers, prepare inspection sessions and close the deal. It could be a hassle for you if you do know what to do.
To get the best results, we advise you to work with a good home buyer in South Carolina to get a desirable result. To be on the safer side, work with a professional homebuyer like Sell My House Fast- GSAP. They understand everything about the city’s sales processes and ensure that you get the best price for your house.
