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How Much Can The Market Sustain In This Heat
Dated: July 6 2018
If you've been home searching you immediate notice the pricing for homes seem to be high, almost unaffordable. If you're a native to the Lowcountry, it's almost a dream that housing prices have recovered to pre-recession times. Everyone wonders how much longer can the market hold at this point? While pricing continues an upward trend, I'm beginning to recognize shifts in the market. Using the higher priced homes in the market as a benchmark, homes that are not yet sold or under contract continue to increase their days on market (DOM) while the sellers fail to recognize the need to reduce the pricing quick enough. Simply put, sellers are expecting to garnish prices above what sold last year and this ideology may be near its end.
So what's the cure? Where do we go from here?
It is crucial to price your home correctly in this ever changing market. Inflating pricing a percentage over comps in the last 12 months may not be the approach to have. With rising interests rates still increasing, and homes still selling in record time, pricing home your home accordingly is a must if you aren't willing to sit on the market. As interest rates continue to rise, home owners may not be able to continue to sell their homes at an unrealistic price within hours or days of hitting the market.
What's the answer?
If you're looking to capture the highest price possible for your home, now may be the time to consider selling. With home affordability dropping over the last 6 years, rising interest rates will only further complicate an already complex situation. If you have questions or would like to further about some areas of the market that I believe are experiencing a softening of pricing, give me a call!
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