Where is the South Carolina real estate market heading? Today we’ll respond to this question by covering some critical factors affecting our local market and explaining what they mean for buyers and sellers.
The South Carolina market is still extremely strong. We have limited inventory and high demand, and we predict this trend to continue for the foreseeable future. If you’re a buyer, it’s better to purchase a home sooner rather than later since interest rates will likely increase and diminish your purchasing power. You can also take advantage of the expected 9% appreciation on home prices if you buy now.
“Rising interest rates will likely hurt your purchasing power.”
What will happen with home prices as mortgage rates continue to climb? Historically, rising interest rates don’t have a negative impact on home prices. Home sales may have decreased year over year by 11%, but mortgage rates are not projected to reach up to 9.2%. In summary, we predict home prices to continue to increase, but this will be due to low inventory and high demand.
If you’re a seller, you can still get an excellent price for your home. There’s less competition in the market for buyers, and sellers are more willing to negotiate buyer concessions. Give us a call or send an email if you need help with your real estate plans. We look forward to hearing from you!