JANUARY - END OF MONTH UPDATE

2/1/21

UPDATE

We have hit an all-time low for ACTIVE Single Family Residence listings!

There are currently only 5 ACTIVE SFR listings!

If you've been following sales here in SCCL, you likely know how crazy the market has been in recent months.  Today, we are at an all-time low for ACTIVE single family residence (SFR) listings.  One year ago, there were 34 ACTIVE SFRs... today there are 6 (4 River Homes and 2 Summit Homes, with no Manor Homes available).  This month, 13 SFRs went UNDER CONTRACT and 15 CLOSED.  There are currently only 2 ACTIVE Carriage Home/Villa listings, with 2 having gone UNDER CONTRACT and 2 having CLOSED this month.

Things look quite similar to when I posted my  JANUARY MID-MONTH UPDATE, though numbers changed as new ACTIVE listings came on the market and others went UNDER CONTRACT. 

STATS FOR JANUARY can also be found using the UP-TO-DATE STATS FOR SCCL tab above, which gets updated regularly.

CURRENTLY ACTIVE/UNDER CONTRACT/SOLD YTD properties can be found using the tab above.

Information about specific properties can be found using the PROPERTY SEARCH tab above.

Contact me if you'd like to receive property updates by email.

 

 

     JANUARY - DAYS ON MARKET

 DAYS ON MARKET (DOM) / CUMULATIVE DAYS ON MARKET (CDOM)

CDOM includes DOM for a previous listing of the same property.

 

Carriage Homes and Villas

 

If you missed my summary for 2020 SCCL activity, please be sure to check it out here: 

End of Year Summary

 

With inventory down, we are currently in a Seller's market.

If you have been thinking about making a move,

now might be the perfect time to put your home on the market.

Give me a call, if you'd like to discuss your plans.

Financial Fundamentals for Homebuyers [INFOGRAPHIC]

 Infographic Courtesy of Keeping Current Matters/The KCM Blog

Some Highlights

• When you’re thinking about buying a home, there are a few key steps to take before you even start to look at houses.
• From saving for your down payment to getting pre-approved for a mortgage, you’ll want to make sure you keep your financial plan on track from the beginning.
• Reach out to a local real estate professional and a trusted lender today to make sure you have the best possible guidance as you begin your homebuying process.

5 Tips for Homebuyers Who Want to Make a Competitive Offer

Article Courtesy of Keeping Current Matters/The KCM Blog

Today’s real estate market has high buyer interest and low housing inventory. With so many buyers competing for a limited number of homes, it’s more important than ever to know the ins and outs of making a confident and competitive offer. Here are five keys to success for this important stage in the homebuying process.

1. Listen to Your Real Estate Agent

A recent article from Freddie Mac offers guidance on making an offer on a home in today’s market. Right off the bat, it points out how emotional this can be for buyers and why trusted professionals can help you stay focused on the most important things:

“Remember to let your homebuying team guide you on your journey, not your emotions. Their support and expertise will keep you from compromising on your must-haves and future financial stability.”

Your real estate professional should be your primary source for answers to the questions you have when you’re ready to make an offer.

2. Understand Your Finances

Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this is to reach out to your lender to get pre-approved for a loan early in the homebuying process. Only 44% of today’s prospective homebuyers are planning to apply for pre-approval, so be sure to take this step so you stand out from the crowd. It shows sellers you’re a serious, qualified buyer and can give you a competitive edge if you enter a bidding war.

3. Be Ready to Move Quickly

According to the Realtors Confidence Index, published monthly by the National Association of Realtors (NAR), the average property being sold today is receiving more than three offers and is only on the market for a few weeks. These are both results of today’s competitive market, showing how important it is to stay agile and vigilant in your search. As soon as you find the right home for your needs, be prepared to work with your agent to submit an offer as quickly as possible.

4. Make a Fair Offer

It’s only natural to want the best deal you can get on a home. However, Freddie Mac also warns that submitting an offer that’s too low can lead sellers to doubt how serious you are as a buyer. Don’t submit an offer that will be tossed out as soon as it’s received. The expertise your agent brings to this part of the process will help you stay competitive:

“Your agent will work with you to make an informed offer based on the market value of the home, the condition of the home and recent home sale prices in the area.”

5. Be a Flexible Negotiator

After submitting an offer, the seller may accept it, reject it, or counter it with their own changes. In a competitive market, it’s important to stay nimble throughout the negotiation process. Your position can be strengthened with an offer that includes flexible move-in dates, a higher price, or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized). There are, however, certain contingencies you don’t want to forego. Freddie Mac explains:

“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”

Bottom Line

Today’s competitive market makes it more important than ever to make a strong offer on a home, and a trusted expert can help you rise to the top along the way.

JANUARY MID-MONTH UPDATE

It's hard to believe we are already just past the halfway point for January... but here we are, with an astonishingly low inventory of 6 ACTIVE Single Family Residence (SFR) listings and 1 ACTIVE Villa listing.  Activity has been strong with 11 SFR homes and 2 Villas going under contract.

 

 DAYS ON MARKET (DOM) / CUMULATIVE DAYS ON MARKET (CDOM)

CDOM includes DOM for a previous listing of the same property.

 

Single Family Residences

 

Villas and Carriage Homes

 

END OF DECEMBER STATS

Interactive versions of these and additional graphs 

can be found under the UP-TO-DATE STATS FOR SCCL tab above.

 

MONTHS SUPPLY

 Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale. 

• Less than 6 months of inventory = Seller's Market with upward pressure on prices
• More than 6 months of inventory = Buyer's Market with downward pressure on prices.

Single Family Residences

Villas and Carriage Homes

 

AVERAGE DAYS ON MARKET

 

Single Family Residences

Villas and Carriage Homes

 

AVERAGE PERCENT OF ORIGINAL LIST PRICE

Single Family Residences

Villas and Carriage Homes

 

 Current stats can always be accessed using the tab at the top of the page.

Things to Avoid after Applying for a Mortgage [INFOGRAPHIC]

 Infographic Courtesy of Keeping Current Matters/The KCM Blog

 

Some Highlights

• There are a few key things to make sure you avoid after applying for a mortgage to help make sure you still qualify for your loan at the closing table.
• Along the way, be sure to discuss any changes in income, assets, or credit with your lender, so you don’t unintentionally jeopardize your application.
• The best plan is to fully disclose your intentions with your lender before you do anything financial in nature.

Why Right Now May Be the Time to Sell Your House

 Article Courtesy of Keeping Current Matters/The KCM Blog

The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows.

According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. That’s not the case, however, on the supply side. Seller traffic is simply not keeping up. Here’s a breakdown by state:

 

As the maps show, buyer traffic is high, but seller traffic is low. With so few homes for sale right now, record-low inventory is creating a mismatch between supply and demand.

NAR also just reported that the actual number of homes currently for sale stands at 1.28 million, down 22% from one year ago (1.64 million). Additionally, inventory is at an all-time low with 2.3 months supply available at the current sales pace. In a normal market, that number would be 6.0 months of inventory – significantly higher than it is today.

What does this mean for buyers and sellers?

Buyers need to remain patient in the search process. At the same time, they must be ready to act immediately once they find the right home since bidding wars are more common when so few houses are available for sale.

Sellers may not want to wait until spring to put their houses on the market, though. With such high buyer demand and such a low supply, now is the perfect time to sell a house on optimal terms.

Bottom Line

The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.

 

SC COVID-19 Vaccine Update

Be sure to read about two different options below.

MUSC (Medical University of South Carolina)

COVID-19 VACCINATION UPDATE

Governor Henry McMaster and the South Carolina Department of Health and Environmental Control (SCDHEC) have announced that beginning Wednesday, Jan. 13, South Carolina residents age 70 or older, regardless of health status or preexisting conditions, can schedule appointments to receive the COVID-19 vaccine. South Carolina residents who qualify for a vaccine at this time will be asked to sign an attestation that they meet eligibility requirements established by DHEC and may be asked to provide a driver’s license or some other form of ID at time of appointment to confirm eligibility. 

Eligible citizens should visit https://muschealth.org/vaccine-1a to make an appointment. 

The community is encouraged to monitor muschealth.org for COVID-19 vaccination updates. MUSC Health is aligned with CDC and SCDHEC recommendations for distribution of COVID-19 vaccines.

All individuals in Phase 1a will need to sign an attestation to their vaccine status and may need to present credentials/proof to verify they qualify to receive vaccination.  Patients who will not attest to their status or who are not able to present credentials (e.g., driver’s license for the 70+ group or employer badge, medical license, picture of license, or other proof for Phase 1a group) will not be vaccinated and asked to return with proof at their earliest convenience.  

As supply becomes more readily available, MUSC Health will next offer the Pfizer vaccine to community essential workers in early 2021. The community is encouraged to monitor muschealth.org for COVID-19 vaccine availability criteria, updates and FAQs. 

ATRIUM HEALTH

Who’s eligible for the COVID-19 vaccine

Updated January 14

Following state guidelines, we’re now offering the COVID-19 vaccine to:

• Everyone ages 65 and older
• Healthcare workers with in-person patient contact
• Long-term care staff and residents

Atrium Health is now giving the vaccine to Atrium Health patients 65 and over. Use this link to schedule an appointment.  

 

Due to high demand, appointments for the event at Charlotte Motor Speedway are full. This event is by appointment only, and we will not be able to accommodate walk-ins during those days. Please check back soon for more vaccination events or schedule at another location via MyAtriumHealth.

Stay positive, everybody! There is a light at the end of the tunnel!

Is This the Year to Sell My House?

Article Courtesy of Keeping Current Matters/The KCM Blog

If one of the questions you’re asking yourself is, “Should I sell my house this year?” consumer sentiment about selling today should boost your confidence in the right direction. Even with the current health crisis that continues to challenge our nation, Americans still feel good about selling a house. Here’s why.

According to the latest Home Purchase Sentiment Index from Fannie Mae, 57% of consumer respondents to their survey indicate now is a good time to buy a home, while 59% feel it’s a good time to sell one:

“The percentage of respondents who say it is a good time to sell a home remained the same at 59%, while the percentage who say it’s a bad time to sell decreased from 35% to 33%. As a result, the net share of those who say it is a good time to sell increased 2 percentage points month over month.”

As you can see, many still believe that, despite everything going on in the world, it is still a good time to sell a house.

Why is now a good time to sell?

There simply are not enough homes available to meet today’s buyer demand, and they’re selling just as quickly as they’re coming to the market. According to the National Association of Realtors (NAR), unsold inventory available today sits at a 2.3-month supply at the current sales pace, which is down from a 2.5-month supply from the previous month. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory to balance out.

With so few homes available for buyers to choose from, we’re in a true sellers’ market. Homeowners ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers who are feeling the pull of intense competition when it comes to finding their dream home. Lawrence Yun, Chief Economist for NAR, notes how quickly homes are selling right now, further confirming the benefits to sellers this season:

“The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates.”

However, this sweet spot for sellers won’t last forever. As more homes are listed this year, this tip toward sellers may start to wane. According to Danielle Hale, Chief Economist at realtor.com, more choices for buyers are on the not-too-distant horizon:

“The bright spot for buyers is that more homes are likely to become available in the last six months of 2021. That should give folks more options to choose from and take away some of their urgency. With a larger selection, buyers may not be forced to make a decision in mere hours and will have more time to make up their minds.”

Bottom Line

If you’re ready to make a move, you can feel good about the current sentiment in the market and the advantageous conditions for today’s sellers. Contact a local real estate professional today to determine the best next step when it comes to selling your house this year.

Why It’s Important to Price Your House Right Today

Article Courtesy of Keeping Current Matters/The KCM Blog

Even in today’s sellers’ market, setting the right price for your house is one of the most valuable things you can do. According to the U.S. Economic Outlook by the National Association of Realtors (NAR), existing home prices nationwide are forecasted to increase by 4.5% in 2021. This means experts anticipate home values will continue climbing next year. Danielle Hale, Chief Economist for realtor.com, notes:

“We expect price gains to ease somewhat in 2021 and end 5.7% above 2020 levels, decelerating steadily through the spring and summer, and then gradually reaccelerating toward the end of the year.”

How to Price Your House

When it comes to setting the right price for your house, the goal is to increase visibility and drive more buyers your way. Instead of trying to win the negotiation with one buyer, you should price your house so that demand is maximized and more buyers want to take a look.

As a seller in today’s market, you might be thinking about pricing your house on the high end while so many of today’s buyers are searching harder than ever just to find a home to purchase. But here’s the thing – a high price tag does not mean you’re going to cash in big on the sale. It’s actually more likely to deter buyers.

Right now, even when there are so few houses for sale, your house is more likely to sit on the market longer or require a price drop that can send buyers running if it isn’t priced just right from the very beginning.

 

It’s important to make sure your house is priced correctly by working with a trusted real estate professional throughout the process. When you price it competitively from the start, you won’t be negotiating with one buyer. Instead, you’ll likely have multiple buyers competing for the house, potentially increasing the final sale price.

The key is to make sure your house is priced to sell immediately. This way, it will be seen by the greatest number of buyers. More than one of them may be interested, and it will be more likely to sell at a competitive price.

Bottom Line

Reach out to a local real estate professional to price your house correctly from the start so you can maximize your exposure and your return.

3 Must-Do’s When Selling Your House This Year

Article Courtesy of Keeping Current Matters/The KCM Blog

It’s exciting to put a house on the market and to think about making new memories in new spaces. However, despite the anticipation of what’s to come, we can still have deep sentimental attachments to the home we’re leaving behind. Growing emotions can help or hinder a sale depending on how we manage them.

When it comes to the bottom line, homeowners need to know what it takes to avoid costly mistakes when it’s time to move. Being mindful and prepared for the process can help you stay on the right track when selling your house this year.

1. Price Your Home Right

When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing price. Believe it or not, that’s not always true. Don’t forget that the buyer’s bank will send an appraisal to determine the fair value for your house. The bank will not lend more than what the house is worth, so be aware that you might need to renegotiate the price after the appraisal. A real estate professional will help you set the true value of your home.

2. Keep Your Emotions in Check

Today, homeowners are living in their houses for a longer period of time. Since 1985, the average tenure, or the time a homeowner has owned their home, has increased from 5 to 10 years (as shown in the graph  below):

This is several years longer than what used to be the historical norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you bought or the house where your children grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.

For some homeowners, that makes it even harder to negotiate and separate the emotional value of the house from the fair market price. That’s why you need a real estate professional to help you with the negotiations along the way.

3. Stage Your Home Properly

We’re generally quite proud of our décor and how we’ve customized our houses to make them our own unique homes, but not all buyers will feel the same way about your design. That’s why it’s so important to make sure you stage your house with the buyer in mind.

Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. Stage and declutter so they can visualize their own dreams as they walk down the hall. A real estate professional can help you with tips to get your home ready to stage and sell.

Bottom Line

Today’s sellers’ market might be your best chance to make a move. If you’re considering selling your house, reach out to a local real estate professional to help you navigate through the process while prioritizing these must-do’s.

Buying a Home in a Seller’s Market: How to Get the Most for Your Money

Excellent article by Anita Ginsburg

Courtesy of RISMedia

 During a buyer's market is when most experts will recommend you buy real estate. A buyer's market is when there are more properties for sale than prospective buyers, and sellers are more willing to go with a low bid.

However, that doesn't mean you can't buy a new home in a seller's market, when there are more buyers than homes, and sellers can afford to hold out for higher offers. You just need to make sure you do it right and arm yourself with the right information.

Highlights of topics covered:

• Start Your Search Early
• Make a Compelling Offer
• Demonstrate Credit Worthiness
• Incorporate the Escalation Clause

Click HERE for full article.

End of Year Summary

Over this past year I have shared sales stats that have been quite amazing to follow.  Today, as we begin a new year, I want to share an overview of where we started last January and where we ended up on December 31st.

As you can see, there were 35 ACTIVE Single Family Home listings on January 1, 2020.  When the year ended,  there were only 10 ACTIVE listings.  While showings came to a screeching halt at about mid-March, with only 7 properties going UNDER CONTRACT in April, activity started picking up as restrictions eased up.  By the end of June there were 27 ACTIVE listings.  That number dropped to 16 at the end of July and increased again in August and September, with another drop in October and November, ending with just 10 ACTIVE listings on December 31st.  We saw an all-time low of just 7 ACTIVE listings on December 24th.

Villas and Carriage homes showed similar activity, with 9 ACTIVE listings at the beginning of January and NONE at the end of December.

With the increased number of people moving down from the north, it is likely that we will continue to see lots of activity in 2021.  The low current inventory of homes may have potential buyers waiting for more homes to become available.  If you're thinking about putting your home on the market, this would be a great time to do it! 

You can find the most current information on ACTIVE, UNDER CONTRACT, and CLOSED (SOLD) YTD by clicking this link or using the tab at the top of the page. 

Current stats can be found by clicking HERE and can also be viewed at any time by clicking the STATS tab above.  That link also has interactive charts with the most current stats available through CMLS for specific parameters (through the end of the previous month).

 If you would like to set up a personalized search to follow our SCCL market, please CONTACT ME.  I'd be happy to create an auto-email to bring that information to you daily.