The real estate market in South Carolina has been similar to most markets across the country. It’s been red hot.
In September 2021, more than 9,300 homes sold at a median sales price of $282,000. That’s 15% more sales and an 11% increase in the median sales price compared to the previous year.
Columbia real estate led the charge as the second-largest city in the state. If you’re looking to sell a home, you’re wondering about the timing of the sale and how much you can make from the sale.
The Columbia real estate market is unpredictable, but you can read between the lines to learn more about the local real state market.
Read on to discover five things to know about the real estate market in Columbia and get tips to sell your house fast.
1. Columbia Is a Growing City
Who would want to buy your house? That’s the top consideration you should have when you’re thinking about listing a property.
It turns out that there are plenty of buyers out there. Investors looking to capture a deal want to buy real estate in Columbia because they see a profitable opportunity.
The quality of life is high while the cost of living is still relatively low. There are top golf courses in the area and it’s a great place for jobs.
The economy doesn’t depend on a single industry or entity. Columbia enjoys a diverse economy in financial services, logistics, manufacturing, healthcare, and technology.
Fort Jackson and the University of South Carolina also call Columbia home. Up and coming sectors are tourism and construction.
All of this means that there are job opportunities in the area. Where there are job opportunities, people will follow. You’ll have an influx of new people looking to purchase property there.
2. Sales May Continue to Slow Down
A few factors drive the Columbia real estate market. Low interest rates meant that there were more buyers to take advantage of these rates.
There was low inventory because people didn’t want to sell in the middle of a pandemic. Construction of new homes was behind the demand for years leading up to the pandemic.
This led to a real estate market where buyers got into bidding wars, driving home values up.
Inflation soared over the last few months and the Federal Reserve hiked interest rates in May and again in June. There’s talk of another increase in July if inflation doesn’t improve.
There are already signs of the real estate market cooling off as buyers try to cope with rising costs and interest rates. This trend may continue for the next couple of months.
The real estate market does remain unpredictable and most experts aren’t quite sure what to make of the market. There are still people buying homes, you might not see a dozen offers in a week.
3. The Rental Market Is Tight
Higher home values hurt one area of the real estate market. First-time homebuyers got outbid for homes across Columbia and the country.
People who sold their homes could buy another one because they got outbid for properties, too. That forced more people to stay in rental homes.
This could be a positive if you’re selling your home. Some investors want to purchase single-family homes and rent to these families.
4. Put Effort Into Home Preparation
An unpredictable market means you have to put your best foot forward when selling your home. Curb appeal and staging the home make a difference in the final sales price.
Curb appeal is the first impression that buyers get when they drive past the property. A neat, clean, and well-maintained home has a lot of curb appeal.
You can boost your home’s curb appeal without spending a ton of money. Remove anything that looks like junk and clutter from the yard.
Get rid of weeds and improve the landscaping. Add mulch around the home and trees on the property. Plant colorful flowers that brighten up the yard.
Inside the home, remove personal items, clutter, and simplify the space as much as you can. You want buyers to picture themselves living there, and it’s hard to do when your family photos are all over the house.
Some sellers don’t have the luxury of time to sell a home. They might sell to avoid foreclosure or get emotional closure after a divorce.
Some sellers inherit property and haven’t put in the effort to maintain the home. Does it make sense to put a ton of money into a home and sell it?
It depends on the scope of work that needs to get done. You might decide that it’s best to sell the house as-is and get a fair price for the home. In that case, look up “get cash for my home.”
You’ll find sellers that will pay cash and close the deal in a couple of weeks.
5. Don’t Forget About Closing Costs
Closing costs are among the forgotten costs when selling your home. They can seriously impact your financial situation if you thought you’d get more profit from the home.
Closing costs in the Columbia real estate market are about 1% of the sales price of the home. You’ll need to pay your real estate agent and your mortgage with the proceeds of the sale.
The Columbia Real Estate Market for Sellers
Is this a good time to sell your home in Columbia? It still is, despite the unpredictability of the Columbia real estate market. The area continues to grow as more jobs flood the area.
Don’t wait too much longer to list your home. You could miss out on the hottest real estate market in decades.
Be sure to visit this site often for the latest news and informative tips.
