WHAT KIND OF MARKET ARE WE IN?

I am frequently asked about what our housing market is like right now.  In reality, that's more than one question, so I'll attempt to answer the questions that I think people are most concerned about.

 

How many homes are for sale in SCCL right now?  

The answer to this question can always be found right here at my website by using the UP-TO-DATE STATS FOR SCCL and CURRENTLY ACTIVE / UNDER CONTRACT / SOLD YTD tabs at the top of the page.  

 

Are we in a Buyers' or Sellers' market?

 

 Home Inventory Determines What Kind of Market We Are In

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

Use the UP-TO-DATE STATS FOR SCCL tab above (and scroll down below the STATS charts) to see "Months Supply of Homes for Sale" interactive graphs below at any time.  

 

SINGLE FAMILY HOMES

CARRIAGE HOMES AND VILLAS

 

You can use the UP-TO-DATE STATS FOR SCCL tab above

to see additional graphs with the following information:

 HOMES FOR SALE • PENDING SALES • CLOSED SALES • AVERAGE DAYS ON MARKET • AVERAGE LIST TO CLOSE DAYS • AVERAGE PERCENT OF ORIGINAL PRICE

 

A Historical Look at the SCCL market... 

Looking back ten years... the largest number of single family homes for sale was 73 in September of 2017.  At that time, there was a 7 month supply, considered a Buyers' Market.

 

 

 

The largest number of Carriage Homes and Villas for sale (prior to the 12 today) was 11 in February of 2018.  At that time, there was a 5.8 month supply, considered to be at the high end of a Sellers' Market.

 

 

 

Note that Pulte sold their last home in SCCL in 2016, 

so some homes in 2015 and 2016 were new builds.

 

Why are so many homes on the market now?

It is important to understand that many of the original owners who purchased when SCCL opened almost twenty years ago are now into their eighties.  Life changes, needs change.  As we get older, our ability (and desire) to keep up a home, shop, cook, drive, deal with medical needs and everyday life may require us to move somewhere that can better meet our current needs. That might mean a continuous care community that covers the range from independent living to skilled nursing or memory care, or moving to be closer to family for support. There are many other reasons that people move, but the current number of homes on the market suggests that many of our residents may be aging out and looking for an alternative living style to meet their needs.

 

Is this a good time to sell?

I frequently tell people that we don't run on a school year schedule, so we don't face the spring/summer rush to get settled before school starts. Buyers are coming to SCCL for a variety of reasons and at various times of year.  Some are looking to get away from winter weather, some are looking to be closer to family, some are still working and move to be close to their employment, and most are looking at our great location (proximity to Charlotte, South Carolina taxes, nearby medical facilities, shopping, and major highways, etc.) and our year-round active lifestyle.  Summer, being a vacation time for many, might mean a slow-down in Buyers... or it might be a good time for folks to visit while on vacation. While it might be a little slower during the heat of the summer, it's always a good time to sell, if that's what meets your needs.    

 

Are sales being affected by mortgage rates?

While mortgage rates are certainly higher than they were four or five years ago, they are still considerably lower than the crazy high rates we remember back in 1981 and the decade that followed.  For some, the current rate may make a difference, but for many who are cashing out on homes they've lived in for a long time, it may not matter.  In October 2023, in a posting called ARE THERE MORE CASH OR LOAN SALES IN SCCL AND TREE TOPS?,  I shared that over half of the homes in SCCL were cash purchases.

 

In case you missed it, here's a great article about Sellers with existing low mortgage rates chosing to move: Why More Sellers Are Choosing To Move, Even with Today’s Rates

 

Here is a posting about interest rates from a March 2018 posting 

that you might find interesting.

Be Thankful You Don't Have to Pay Your Parents' Interest Rate!

If you have any additional questions about our SCCL market, please give me a call!

Why More Sellers Are Choosing To Move, Even with Today’s Rates

Article Courtesy of Keeping Current Matters/The KCM Blog

It’s hard to let go of a 3% mortgage rate. There’s no question about it. It’s the main reason why so many homeowners have delayed their move in recent years. But here’s something to consider.

While your low rate might be ideal, it doesn’t make up being too cramped, having a staircase your knees can’t handle anymore, or being 1,000 miles from your family. And those real-life needs are pushing more sellers off the fence despite today’s rates.

Data shows the share of homeowners with a mortgage rate below 3% is dropping as more people move. And, as a result, the share of homeowners taking on a mortgage rate above 6% is rising, too (see graph below):

The Biggest Reasons People Are Moving Right Now

Why are some homeowners willing to take on a higher rate? A survey from Realtor.com helps shed light on that. It shows 79% of homeowners considering selling today are doing it out of necessity. And that same survey says most of the necessary reasons people are moving are non-financial in nature (see graph below):

 

 

Do any of these reasons resonate for you, too? 

• You Need More Space: Whether it’s a new baby, children needing their own rooms, or having your parents move in so it’s easier to take care of them, outgrowing your space can happen fast.
  

• You Need Less Space: The kids are out of the house now and you’re craving a life that’s a little simpler. Downsizing can be a major relief: fewer rooms to clean, less to maintain, and lower utility bills, too.
  

• You Want to Be Closer to Family: Whether it’s to help with grandchildren or care for aging parents, sometimes the pull of being near loved ones outweighs the math.
  

• A Relationship in Your Life Has Changed: Divorce, separation, or moving in together after a marriage or new partnership – all can create the need for a fresh start and a new place to call home.
  

• Your Job Is Taking You Somewhere New: If you finally landed your dream job or your partner’s company is relocating, you may need to move too.

 

What About Mortgage Rates?

Yes, experts expect mortgage rates to ease, but slowly. The latest projections show only modest declines this year – not the 3% you may be hoping for (see graph below): 

So, while waiting for a big drop in rates might sound strategic, it could just mean more time feeling stuck in a space that no longer fits. And for many, that waiting game has already gone on long enough.

According to Realtor.com, nearly 2 in 3 potential sellers have been thinking about moving for over a year. If you’re one of them, maybe it’s time to ask:

How much longer are you willing to press pause on your life?

Bottom Line

Maybe your current house fit your life five years ago. But that “for now” house you bought in 2020? It just can’t deliver on what you need in 2025. And that’s not just okay, it’s normal.

Mortgage rates are part of the equation, for sure. But the bigger question is:

What kind of home do you need to support the life you’re living now?

Talk to an agent about what’s changed, and what kind of move would actually take your life forward.

 

Why Most Sellers Hire Real Estate Agents Today

 Article Courtesy of Keeping Current Matters/The KCM Blog

Selling your house without an agent as a “For Sale by Owner” (FSBO) may be something you’ve considered. But you should know that, in today’s shifting market, more homeowners are deciding that’s just not worth the risk.

According to the latest data from the National Association of Realtors (NAR), the number of homeowners selling without an agent has hit an all-time low (see graph below):

And for the small number of homeowners who do decide to sell on their own, data shows they’re still not confident they’re making a good choice.

A recent survey finds three out of every four homeowners who don’t plan to use an agent have doubts about whether that’s actually the right decision.

And here’s why. The market is changing – not in a bad way, just in a way that requires a smarter, more strategic approach. And having a real estate expert in your corner really pays off.

Here are just two of the ways an agent’s expertise makes a difference.

1. Getting the Price Right in a Market That’s Evolving

One of the biggest hurdles when selling a house on your own is figuring out the right price. It’s not as simple as picking a number that sounds good or selling your house for what your neighbor’s sold for a few years back – you need to hit the bullseye for where the market is right now. Without an agent’s help, you’re more likely to miss the mark. As Zillow explains:

“Agents are pros when it comes to pricing properties and have their finger on the pulse of your local market. They understand current buying trends and can provide insight into how your home compares to others for sale nearby.”

Basically, they know what’s really selling, what buyers are willing to pay in your area, and how to position your house to sell quickly. That kind of insight can have a big impact, especially in a market that’s balancing out.

2. Handling (and Actually Understanding) the Legal Documents

There’s also a mountain of documentation when selling a house, including everything from disclosures to contracts. And a mistake can have big legal implications. This is another area where having an agent can help.

They’ve handled these documents countless times and know exactly what’s needed to keep everything on track, so you avoid delays. And now that buyers are including more contingencies again and asking for concessions, your agent will guide you through each form step by step, making sure it’s done right and documented correctly the first time.

3. Selling Your House Quickly Even in a Shifting Market

Now that the number of homes for sale has grown, homes aren’t selling at quite the same pace they were. But you can still sell quickly if you have a proven plan to help your house stand out.

Just remember, homeowners don’t have the same network or marketing tools an experienced agent does. So, if you want the process to happen fast, you’ll likely want a pro by your side. 

Bottom Line

Having the right agent and the right strategy is key in a shifting market. Connect with a local pro so you don’t have to take this on solo – and so you can list with confidence, knowing you’ve got expert guidance from day one.

 

CUSTOMER OR CLIENT?

 

Your House Didn’t Sell. Here’s What To Do Now.

Article Courtesy of Keeping Current Matters/The KCM Blog

When your house doesn’t sell, it doesn’t just feel frustrating – it feels personal. You put time, money, and emotional energy into this move. You told your friends and family it was happening. And now that your listing has expired without a buyer? You’re left feeling stuck, and maybe even a little embarrassed.

And here’s what most agents won’t tell you. Over 70% of homeowners who re-list with a different agent sell their house.

Re-list with the same agent? That stat drops to only 50%, according to the latest data from REDX. That’s like leaving the fate of your sale to a coin toss. And that’s not good enough.

 

 REDXdata also shows that only 1 in 3 homeowners with expired listings actually make that change. That means most sellers either give up or repeat the same mistakes, so they get the same disappointing outcome. You deserve better.

Same house. Different strategy. Completely different results. 

Let’s break down what might’ve gone wrong – and how a fresh perspective can help you have a winning strategy this time.

1. It Was Priced Too High

Today, homebuyers are feeling the squeeze of higher mortgage rates, so even a slightly overpriced home will get overlooked. And once your listing starts to go stale, it’s hard to regain momentum.

Missing the mark on pricing is a costly mistake – and too many homeowners are doing that very thing right now.

What we need to do now: We need to analyze the latest sales in your area to make sure you’re hitting the right number. This includes taking a hard look at real-time buyer behavior, and any feedback you got from open houses or showings your first time around. Pricing at, or even just below, current market value is a winning play because it drives more buyers to your listing – and that amps up the competition for your home.

2. It Didn’t Show Well

You only get one shot at a first impression. If the listing photos didn’t pop, the house wasn’t staged well, or it wasn’t updated, most buyers will skip over it without ever scheduling a showing. And even if buyers did show up, small things like scuffed walls, outdated light fixtures, or a wobbly doorknob can turn them away.

What we need to do now: Let’s walk through your house with fresh eyes to see if there are any areas that may have been sticking points inside and out. Sometimes taking down old drapery, some light staging, or even a fresh coat of paint can completely change how a buyer feels about the home.

3. It Didn’t Get the Right Exposure

If your home didn’t sell, chances are it wasn’t getting the visibility it deserved. Generic flyers and a few online photos aren’t enough anymore. Today’s top agents are using highly targeted digital marketing, social media strategies, custom video content, and more to get your listing in front of the right buyers at the right time.

What we need to do now: We have to do more than just put your house online and hope it sells. Together, we can come up with a real plan to maximize its exposure. With the right pricing, staging, and marketing, your house will sell quickly. Here’s a real-world example (see graph below):

4. You Weren’t Willing To Negotiate

In this market, sellers who aren’t open to negotiating on things like closing costs, inspection repairs, or other concessions are often left behind. And if your last agent didn’t set that expectation with you, that’s a real shame.

What we need to do now: Be willing to meet buyers where they are. The goal is to get the deal done – and sometimes that means getting creative to help buyers cross the finish line. Home values have increased by over 55% over the last five years, so you likely have enough wiggle room to offer some perks without sacrificing your bottom line.

Bottom Line

If your house didn’t sell and your listing has expired, you don’t need to give up. You just need a better plan. And maybe, a better partner.

Over 70% of homeowners who switch agents sell their house the second time. That’s not a coincidence. That’s strategy.

If you're ready for a proven approach, talk to a local agent so you know what to do differently – and why doing different things actually works. It’s time to get your move back on track.

REMEMBERING D-DAY

I was deeply touched when I learned that my Dad's calendar page from June 6, 1944 would be featured on the cover of the June 2024 issue of Living@SCCL magazine. 

 

 

 

This article that I wrote about this special piece of D-Day memorabilia was included in the magazine.  Click to enlarge or contact me if you'd like a copy.

The Rooms That Matter Most When You Sell

Article Courtesy of Keeping Current Matters/The KCM Blog

 

Now that buyers have more options for their move, you need to be a bit more intentional about making sure your house looks its best when you sell. And proper staging can be a great way to do just that.

What Is Home Staging?

It’s not about making your house look super trendy or like it belongs in a magazine. It’s about helping it feel welcoming and move-in ready, so it’s easy for buyers to picture themselves living there.

It’s important to understand there’s a range when it comes to staging. It can include everything from simple tweaks to more extensive setups, depending on your needs and budget. But a little bit of time, effort, and money invested in this process can really make a difference when you sell – especially in today’s market.

A study from the National Association of Realtors (NAR) shows staged homes sell faster and for more money than homes that aren’t staged at all (see below):

Which Rooms Matter Most?

The best part is, odds are you don’t have to stage your whole house to make an impact. According to NAR, here’s where buyers’ agents say staging can make the biggest difference (see graph below):

As you can see, agents who talk to buyers regularly agree, the most important spaces to stage are the rooms where buyers will spend the most time, like the living room, primary bedroom, and kitchen.

While this can give you a good general idea of what may be worth it and what’s probably not, it can’t match a local agent’s expertise.

How an Agent Helps You Decide What You Need To Do

Agents are experts on what buyers are looking for where you live, because they hear that feedback all the time in showings, home tours, walkthroughs, and from other agents. And they’ll use those insights to give their opinion on your specific house and what areas may need a little bit of staging help, like if you need to:

• Declutter and depersonalize by removing photos and personal items
• Arrange your furniture to improve the room’s flow and make it feel bigger
• Add plants, move art, or re-arrange other accessories

A lot of buyers can use the agent’s know-how as the only staging advice they need. But, if your home needs more of a transformation, or it’s empty and could benefit from rented furniture, a great agent will be able to determine if bringing in a professional stager might be a good idea, too. Just know that level of help comes with a higher price tag. NAR reports:

“The median dollar value spent when using a staging service was $1,500, compared to $500 when the sellers’ agent personally staged the home.”

A local agent will help you weigh the costs and benefits based on your budget, your timeline, and the overall condition of your house. They’ll also consider how quickly similar homes are selling nearby and what buyers are expecting at your price point.

Bottom Line

Staging doesn’t have to be over-the-top or expensive. It just needs to help buyers feel at home. And a great agent will help you figure out the level of staging that makes the most sense for your goals.

Which room in your house do you think would make the biggest impression on a buyer?

Get an agent to walk through your home with you and go over what will make your house stand out.