Consider these three things when looking at today’s housing market.
There are many things to consider when looking at our current housing market, and I am going to share three with you today:
- Don’t compare one local market to another. I have many out-of-state buyers who are asking me when the market is going to crash in Charleston. I always warn them to never equate what's going on in one local market with what's happening in another local market, especially here in Charleston. Many of my out-of-town buyers come from New York, New Jersey, Chicago, Portland, Pittsburgh, Ohio, or Michigan. What are they seeing right now? They're seeing a net outflow of residents. What are we seeing here in Charleston? Well, we're seeing a large influx of people, even during these times of recession.
"Jump back into the market and find a home that truly works for you and your family." - Don’t compare this recession to the last one. This recession is very different from the last recession of 2008. That one was caused by real estate and lax lending standards. Right now, most people in homes have a high credit score, and with the increase in property values, they're sitting on maybe $100,000 or $1 million of equity. Plus, we don't have those people that own five or six condos and three or four homes that are found vacant. This is a much different recession, really caused by inflation.
- This is a great time to buy. Gone are the days when you had to put in an offer quickly. Now you can take your time. Although the properties are moving relatively quickly and inventory is still relatively low, you can take the time to visit the home, inspect it, and ask for repairs to be made. Also, there are more homes to look at. I always remind our clients we have a large inventory of off-market homes on top of what can be seen on the MLS. Values may dip a little bit, but nothing dramatic.
