Every industry in the world is still adapting to the effects of the Covid-19 pandemic. The real estate market is certainly no different. With so many components of the United States economy in a state of flux, the real estate market has undergone changes on multiple levels.
In a market as competitive as the Charleston Real Estate SC housing market, it’s important that you know how to find and secure the best possible deal on a home that you’re interested in buying. Whether you’re looking for a new home for you and your family or you’re in the market for your newest investment opportunity, you can apply these tips when purchasing a new home in Charleston, SC.
Prepare for Higher Prices
With the United States housing inventory at a record low, the current market greatly favors sellers. Since the real estate industry is all about supply and demand, a sellers’ market means that prices are higher than they’ve been in recent years. As a buyer, that’s not what you want to hear. However, if you want to purchase a home, you’re going to have to accept that you’ll be paying more than you would’ve had to pay a couple years ago.
Get Pre-Approved Early
Not only are there fewer houses on the market, but the ones that are out there are selling quicker than ever before. With that in mind, it’s crucial that you have your affairs in order before you even start looking for homes. Getting approved for a mortgage can take weeks or even months depending on how busy your chosen mortgage lender is. Sellers aren’t going to wait on you to get approved for a mortgage, so it’s a good idea to have all of your financing in order before you even bother putting in an offer.
Consider Finding a Fixer
The competitive nature of the housing market does serve one benefit for buyers. Those buyers who are willing to take on a home that needs a little extra work can often get a good deal. This doesn’t mean that you are going to get a slightly outdated home for next to nothing, simply that you can find a more budget friendly option if you’re willing to look for a home that needs a little extra work. Weigh out the pros and cons (both logistically and financially) and try to find the best deal for you.
Consider Waiting Until Later in the year
Traditionally, spring and early summer are the most competitive times in the real estate industry. With that in mind, this may be the best time to start actively shopping for a new home. Real estate agents point to the spring and early summer as the busiest times of the year, so the fact that we’re entering the end of the year means that things may be a bit slower. Sellers who weren’t able to secure a deal for their property earlier in the year may be more open to negotiating now that the market is slowing down.