In this week's blog post, we talk about how to determine the best time to sell and how you can best prepare to list your home. Be sure to stay tuned in a couple of weeks to hear about the best time to buy and tips for first time home buyers. Here's a quick review of the national and local market:
National Market Update: The continued increase in activity for the national real estate market is attributable to the persistence of lower mortgage rates. While they are rising slightly, they are still well below what they have been the last several years, and below where economists thought they would be at this time. According to research by the National Association of Realtors, "economists expected rates to climb to 5.5% in 2019, but instead they have hovered around 4%. (They were 4.17% on 30-year, fixed-rate mortgages as of April 18, according to Freddie Mac data.) Economists say rates are now likely to rise a little to 4.5%, still well below what buyers were dreading.”
Local Market Update: According to the latest stats for home sales in the Tri-County from the Charleston Trident Association of Realtors, for the last 12 months (April 2018-March 2019) "Pending Sales in the Charleston- Trident region were down 0.5 percent overall. The price range with the largest gain in sales was the $200,001 to $300,000 range, where they increased 4.5 percent." A small decrease compared to most surrounding areas. According to additional figures, the homes that are performing well on the market are outlined below:
"The overall Median Sales Price were up 5.8 percent to $269,900. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 5.1 percent to $289,000. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 33 days; the price range that tended to sell the slowest was the $300,001 and Above range at 72 days."
5 Elements to determining the best time to sell your house
If you follow these five elements and find yourself ready to sell, give us a call to talk over the listing process. Selling your home doesn't have to be a headache. We have an experienced team with over 25 years in Lowcountry real estate. We are here to serve you and look forward to walking with you along this journey!