A Few Things to Know About the Charleston Housing Market – Fall 2022
There is no doubt that our housing market in Charleston is changing. Interest rates have risen quickly and have decreased what buyers can afford. There are three big differences in selling your house this fall versus in the spring of 2022.
- Preparing your house for the market is important again and necessary. Over the last couple of years, you could get away with a house not being pristine and not being fully staged. There was so little inventory and so much demand that people would buy houses regardless of the conditions or issues that it might have. Currently, houses that aren’t ready for the market are not selling quickly at all.
- The number of days on market has gone up. We are definitely seeing houses take longer to sell. Almost every house that we listed for sale over the last two years took less than a week to go under contract (some less than 24 hours). Now we’re seeing houses on the market for 30 or 40 days before going under contract with a buyer.
- Pricing makes a big difference. When you price a house, it sends a message to the buyers out there about the seriousness and motivation of the seller. Don’t think about it necessarily as the “selling” price, but more as the “marketing” price. You want to set a price that attracts home buyers to see your house. Buyer demand has decreased significantly, and inventory is going up, so pricing makes a difference.
It is more important than ever that you are consulting with a real estate professional with experience, especially in a changing market. Our team has helped hundreds of families buy and sell homes in the Charleston area. We study the market daily to help you stay informed and make the right decisions. Reach out to us if you have any questions or are curious what your home is worth in todays market!