A Look Back at the 2018 Market Statistics From the Greater Columbia Area

Based on 2018’s market statistics, there are a few important trends that were predicted to take place in 2019.

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It’s time to take a look back at South Carolina’s market stats from 2018 to get an
idea of what trends might take shape moving forward in 2019.

Last year, home prices were consistently up again in most markets. While most of the US saw a
reduction in price increases, South Carolina’s price increases were in line with the last several years.
High demand for new homes for sale fueled these price increases. A fourth interest rate hike
by the Federal Reserve spooked the stock market to close out the year, and the Fed indicated that
the number of rate increases would be cut in half in 2019.

Here are some of 2018’s year-over-year statistics compared to 2017:

• The number of new listings rose 2.7% to 116,267
• The number of closed sales rose 3.8% to 87,256
• The median sale price rose 5.5% to $200,000
• The percentage of list price received at sale rose 0.3% to 97.4%

The increase in the number of new listings and closed sales indicates that buyers were plentiful
amidst higher prices, increased interest rates, and historically low inventory.

The overall level of inventory increased 2.2% to 28,721 units, while the month’s supply remained
relatively flat at four months. Inventory has been decreasing overall over the last eight years,
but a national shift is beginning to affect local supply as well.

Unemployment rates remained remarkably low, and wages continued to improve for many US
households. It’s generally good for all parties involved in real estate transactions when wages grow,
but the average increase didn’t keep pace with home price increases, which created an affordability
crux in the second half of 2018.

Based on these numbers, it was predicted that inventory would improve in 2019, and that would
apply some downward pressure on prices for beleaguered homebuyers. Though month-to-month
price increases were common in 2018, it was thought that that might change too this year.

With this in mind, housing affordability remains an important storyline as 2019 continues to take shape.
Right now, conditions are improving in South Carolina regarding prices and the number of sales,
but the market is flattening out across the rest of the US. Overall, it’s still a great time to buy or sell.

As always, if you have any questions about our market or you’re thinking of buying or selling a home,
don’t hesitate to reach out to me. I’d love to help you.

Advice for Pricing Your Columbia Home Correctly

Pricing your home correctly is essential to getting it sold. Here are some tips to help you get on the right path.

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This week, I’ve got some great tips for you on how to price your home to sell. Every time I go on a listing appointment or get asked about a home’s worth, there's a process I employ for pricing my listings. Here’s an outline of the discussion, with timestamps so that you can skip ahead to the section(s) that interest you most:

0:50- How to define your target market and buyer pool
2:35- Why looking at comparables with the same features as your home is important
3:30- How your motivation as a home seller can play a role in your final sale price
4:30- The importance of not letting your ego get in the way of your price
5:15- What will happen if you overprice your house?
6:15- Why bringing in a lowball offer is a mistake
7:00- Final thoughts on the kind of professional that will help you price your home correctly

I hope this information was helpful to you. If you have any other questions about pricing, selling your home, or anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

Be Well-Prepared If You Plan to Buy & Sell at the Same Time

If you’re wondering what the different approaches are to seamlessly buy and sell a home at the same time, here’s how.

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A seller situation that I’ve become fairly familiar with is that of the person who wants to sell their current home and move into another all at once. They often come to me with certain concerns and assumptions swirling in their minds, so I’d like to take a few moments to clear some of that up.  

First, when you’re presented with a good offer on your home, don’t hesitate to act on it. Now, if you’re in the market for a specialty home, such as a lakehouse or one that possesses qualities not found in many other properties, you need to leap at the opportunity when a home like that hits the market to fend off competition.

It’s unwise to assume that you’ll be able to carry a second mortgage while your current home is on the market without first checking with a lender.

Aside from that, don’t operate under the assumption that you’ll be able to carry a second mortgage with ease while your current home is for sale. That’s simply not a wise assumption to make. My advice is to check with a lender to determine if you can juggle both simultaneously. Know that going under contract for a new home and selling your current home all in the same day is a pretty rare occurrence.

In a few words, timing is critical. It’s important to prepare yourself for one of two things: If you sell your current home before finding your next, you’ll have to seek temporary housing. On the other hand, if you make a purchase while your home remains on the market, you’ll be left with two mortgage payments to make short term.

If buying and selling simultaneously is a strategy that interests you, please give me a call. I can point you in the direction of some lenders that can assist you with questions of this nature, give you a market analysis on your home, and discuss what you can expect if you plan to enter the market soon.