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Home Selling

Short-Term and Long-Term Forecast for 2020’s Spring Market – Buyers Now is Your Call to Action!

When you look over the statistics of what happened in the fall of 2019, you can make some predictions about what is to come. And what they tell us is that the Spring Market this year will be in the homebuyer’s favor.

When you look over the statistics of what happened in the fall of 2019, you can make some predictions about what is to come. And what they tell us is that the Spring Market this year will be in the homebuyer’s favor. The combination of the continuation of last years trend, combined with the increased inventory of the spring market, means this is your call to action.

Now is the time to take advantage of the best of conditions for the person who is in the market for a new home in the Charleston market. Both short-term and long-term forecasts indicate that it is time to team up with your agent now to find your dream house because housing inventory will be at its seasonal high and prices may drop because of this.

Short-Term Forecasts for Buyers

When you look at the statistics from the fall of 2019, they spell out a buyer’s market in Charleston. And it doesn’t look like things will change entering into the spring market, which begins this upcoming month.

According to Charleston Trident Association of Realtors this November of 2019:

  • Closed sales decreased by as much as 15% from the previous year
  • Median home sale prices were down by 4% from the year before, and
  • Properties were sold 124 days slower than they were the previous November year

The data from last fall suggests that many homeowners, wishing to list, decided not to due to the conditions of the market. The result? The trend of homeowners waiting to list last fall, hoping that the spring market would be their financial savior, will lead to more inventory as the spring market hits.

The real estate “Spring Market,” which is defined as the market between February and May, statistics show more than 60-65% of home buying transactions happen. As we head into February 2020, therefore, conditions are ripe; if you don’t start now and get ahead, you might fall behind.

Long Term – What Does it All Mean?

As a realtor within the Charleston area, as well as a resident myself, I’m proud to note that Charleston continues to rank as one of the top 10 growth markets in the United States. And just to add a little more optimism, according to trends, the Charleston housing market is expected to outperform the entire nation over the next three to five years.

Although the beautiful weather, outstanding community, and charm are among the major reasons, conditions like migration, job growth and the affordability of housing only add to the allure of moving to the greatest city in the South. In fact, SmartAsset recently named the city of Charleston number eight on to their “Top Boomtowns in America, 2019 Edition.” And it isn’t just the beloved city of Charleston, also on the list was Mount Pleasant, ranking #3 and North Charleston, ranking #9.

Buyers – This is Your Call, Take Action NOW!

If you are a buyer, this is my call to action, The best of the buyer’s market is happening…now. And the quicker you start your home search with your realtor, the better chance you will have of finding the home of your dreams, at a great price. You have both short and long-term reasons to find a newer home, or to find your new home, in Charleston.

If you are considering home buying in the year 2020, the most important first step is to contact a professional today to start building a plan to prepare yourself to get the most out of the buyer’s market, already in progress.

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