1st Quarter Market Update!

  • Josh McConnell
  • 04/4/21
While it seems that life may be returning to normal, the market remains anything but that. The stats below continue to show that inventory continues to stay at historic lows, and demand remains steady.
The average days on market is down to 4, and honestly that could be lower as many sellers are allowing showings all weekend with an end of Sunday timeline to submit all offers.
Buyers are definitely frustrated in the market, as competition is incredibly high and the environment is very different than a year ago when many started to consider purchasing. We now have to be creative in our offers, prepare for and navigate some of the new complexities that are occurring more often (e.g. appraisal issues), and remain agile. We've started to employ showing concierges across the Charleston area, so that we are able to provide virtual or on site tours for our buyers within hours of hitting the market. Additionally, we are forming strategies and implementing contingencies for our buyers knowing the complexities that are arising throughout the financing process. We are also communicating with listing agents to ensure we understand anything and everything that can make the offer more appealing to the seller, and accommodate where possible. These strategies are proving effective, as we are winning most of the multiple offer scenarios we have faced in 2021. In some cases, we've been up against as many as 12 other offers.
Sellers are enjoying some of the least amount of stress selling than they have in some time. If the proper marketing and pricing strategy are employed, sellers simply need to plan to be out of the house for a weekend, and review the offers upon return. That said, marketing and pricing still matter. We see some sellers putting ridiculous price tags on their home and doing almost nothing to market or justify the home. These homes will sit on the market and, if sold, will ultimately sell for a lower price. Greed does not pay for these sellers, and proper pricing drives a higher price through competition. If your home has been for sale two weeks or more, you have an issue with your price and/or marketing strategy.
This is a complex environment in which to be buying or selling a home. Please consult with a professional before entering a transaction. It may seem like a simple process from the outside, but for those of us who navigate through 50+ transactions/yr, we know the complexities of these transactions. For most, this is too large of a transaction to roll the dice. If you're considering buying or selling in this market, please give us a call.

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