Sometimes when you are planning on selling a home in Charleston, it’s a good idea to examine some of the recent real estate trends for the area so you can see what other sellers are doing, and look at how buyers are currently affecting sales. An experienced real estate agent can provide you with information on real estate trends in the area and help guide you on how to best approach pricing your home and listing it on the market.
One factor to ask a real estate agent about is the inventory, or number of homes for sale. When the inventory is low, there aren’t as many homes for you to compete with as a seller. Qualified buyers have fewer options to choose from, making it more likely that homes don’t stay on the market quite as long. When inventory is high, sellers may have to offer more incentives to get buyers to look at their property over someone else’s. As you can see by the green line in the graph, inventory in Charleston is as high as it has been in about a year.
Another factor to look at is the median price of homes. This tends to fluctuate with inventory–sometimes matching it and sometimes moving in the opposite direction. Generally, when inventory is high, prices go down–it’s the supply and demand at work. As a seller, you are in the best position if you can enter the market when inventory is fairly low and prices are fairly high. However, as you can see from the red line, median prices for homes in Charleston are the highest they have been in a year.
So what does this mean for you as a seller? It means that median prices are high, so there are many qualified buyers out there who can pay fair prices. It also means that because inventory is so high, you may need to offer incentives to get your home to stand out above the rest in order to get those qualified buyers to visit your property.
We’re happy to help you with any other questions you have about real estate trends, selling a home in Charleston or any other real estate issues. Just contact us and we’ll get back to you as soon as possible.
