Housing price, holly molly! (for sale, movers, appliances)
Charleston areaCharleston - North Charleston - Mt. Pleasant - Summerville - Goose Creek
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Is it because of inflation or something happened? I was looking to buy a house and spend too much time to decide what I want. And now the price is up and up, seems like my budget has to be up with the current market. What just happened within the last 6 months?
Is it because of inflation or something happened? I was looking to buy a house and spend too much time to decide what I want. And now the price is up and up, seems like my budget has to be up with the current market. What just happened within the last 6 months?
1) Demand - 2021 National Movers Study shows about 2 move in to SC for every 1 that moves out. You'll also notice if you select SC and click the Income bar that 45% had 150K+ incomes, so they have the assets to bid up existing housing for sale.
2) Supply (Chains) - builders are saying they have troubles getting the materials to finish (or in some cases, start) their new homes. I drove past the new Toll Brothers Forest Edge community on my way to the Annual Forest Cleanup this weekend. They have 3 "quick delivery" homes listed - available in NINE MONTHS!
With new residential construction I am hearing the biggest problems remain lumber (now more available but prices are not coming down much), appliances, and labor to do actual installs. With commercial the problems seem to be doors and mechanical units being hard to come by. And everyone says their suppliers are only holding their quotes for miniscule amounts of time. It used to be that your quote was good for at least a month but no more.
Is it because of inflation or something happened? I was looking to buy a house and spend too much time to decide what I want. And now the price is up and up, seems like my budget has to be up with the current market. What just happened within the last 6 months?
Nothing special in the last 6 months. Pricing is just going upwards. There's not a lot of inventory on the market, every liveable home will get several offers in just days. If you're not the kind of person who can make quick decisions, you're gonna get outbid repeatedly.
Is it because of inflation or something happened? I was looking to buy a house and spend too much time to decide what I want. And now the price is up and up, seems like my budget has to be up with the current market. What just happened within the last 6 months?
The past two years caught most of us by surprise... who would have thought that housing prices would spike like they did during a pandemic? The "experts" were saying that the market would cool down considerably in 2022 but now some of them are changing their tune. Zillow is now saying to expect 16% gains for 2022.
The biggest driving forces behind the rise in prices is low inventory and low interest rates. Sounds like rates are likely to go up and from what I've seen in the past, that increases demand in the short term as buyers try to purchase before the rate rise. This spring should be interesting.
The past two years caught most of us by surprise... who would have thought that housing prices would spike like they did during a pandemic? The "experts" were saying that the market would cool down considerably in 2022 but now some of them are changing their tune. Zillow is now saying to expect 16% gains for 2022.
The biggest driving forces behind the rise in prices is low inventory and low interest rates. Sounds like rates are likely to go up and from what I've seen in the past, that increases demand in the short term as buyers try to purchase before the rate rise. This spring should be interesting.
I agree with buyers flocking. I'm just ready to see what people will do when their tax bill come because there home is worth more now. Interesting times coming soon. Really gonna hit high taxed areas.
I agree with buyers flocking. I'm just ready to see what people will do when their tax bill come because there home is worth more now. Interesting times coming soon. Really gonna hit high taxed areas.
Rushing in to buy without taking time to really consider the property is a dangerous game. Recent surveys suggest that buyers have been making poor decisions in this rushed market:
"About a third of respondents regret buying a house that needed more work than they anticipated, 31 percent wish the home they bought was bigger and 21 percent thought they overpaid."
That first category, the house needing more work than anticipated, is what I see too often.
Rushing in to buy without taking time to really consider the property is a dangerous game. Recent surveys suggest that buyers have been making poor decisions in this rushed market:
"About a third of respondents regret buying a house that needed more work than they anticipated, 31 percent wish the home they bought was bigger and 21 percent thought they overpaid."
That first category, the house needing more work than anticipated, is what I see too often.
Id say to anyone if you don't need a house, park your money for 2 years and just watch these houses come back on the market for what they was sold for and it might see there for a while
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