Charleston is one of the fastest-growing cities in the nation, growing at nearly 3X the U.S population average. This is great for various economic reasons but what does this mean for the Real Estate market and how does it affect you directly?
According to the Charleston Regional Development Alliance, 26 new people move to the Charleston region each day. Resulting in an influx of buyers and an inventory shortage. Inventory is steadily dropping and median home prices are on the rise.
Our current market shows Inventory of Homes for Sale is approximately 6% lower than this time last year and while units for sale diminish, this ultimately drives up the median sales price. In a nutshell, there are fewer options, at a higher price.
While you can find a good deal here and there, low inventory means pickings are slim and you have to dive deeper into your search to find your next property. With that in mind, one of the most valuable resources a buyer or seller can utilize is a well connected real estate agent.
Let’s just say you are currently browsing for a home in the competitive market that we are in, you find a home and are excited to put an offer in. This is great until you call your agent, give him or her the green light to put in an offer and find out the house is already in a bidding war and the competing price to play has skyrocketed. Not ideal right? The correct answer is no! It is not ideal and it is our goal at Charleston Empire Properties to make sure this doesn’t happen. One of our niches is off-market properties, we work day in and day out to make sure we have the deals that you don’t see on the MLS or Zillow.
One of the advantages of working with Charleston Empire Properties is we will help find that needle in the haystack with you, we pride ourselves on being a full-service Real Estate company. That means we’re here for you before, during and after the deal is closed.
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