Just like the stock market, the US housing market has a general upward trend with dips and pullbacks occurring along its skyward trajectory. Whether you're a buyer, seller, or investor, keeping up to date on the current state of the housing market can inform on the best times to enter and exit the market — when to buy or sell, that is.
While no one can truly predict what will happen to the housing market in the future, we can make some projections based off the market's past and current performance. Certain factors like economic growth, legislative changes, and consumer trends can influence the housing market's outlook. By analyzing current trends, we can see where the market stands and react skillfully to that information.
South Carolina is a hot market right now and definitely worth keeping an eye on whether you're a buyer, seller, or investor. Let's take a quick look at the expected South Carolina real estate trends in 2019.
2019 Real Estate Market Forecast for South Carolina
The sunny southern state of South Carolina has been gaining a reputation as a major competitor to Florida's retiree and second-homeowner market. While the most prominent markets in Florida have a median home value of around one million dollars, an equally pleasant area in South Carolina such as Myrtle Beach sits at $149,700. These bargain prices are enticing more and more buyers to consider South Carolina over the pricier Florida markets.
Throughout the state, the median home value is $165,800, which represents a 6.8% increase since last year. Home values are predicted to increase another 4.5% this year.
While many are flocking to South Carolina because of its beautiful beaches, historic sites in the state are also major tourist attractions. Tourism makes up 10% of the economy, but the state also has a strong manufacturing and technology presence with many major companies such as Boeing providing jobs to residents.
The increasing home values and robust economy in South Carolina are positioning the state to become a seller's market in 2019. If you're selling your home, that's great, but this may be a more difficult time to get into the market if you're a buyer.
When Is the Best Time to Sell a House in South Carolina in 2019?
As a general rule, the best time to sell a house in the US is in May. Some major markets in South Carolina undercut that time period slightly: in Charleston, for example, selling in April is the best choice, with homes selling for 7.8% more on average than in other months.
Moving from some areas in South Carolina, like Greenville, can be timed better if you sell in July. The regional variation across the state is one of the many reasons that it's always important to work with an experienced real estate agent who knows the market inside out and can advise you on how to move forward with your sale.
The reasons for the spike in the spring and summer months is hard to pinpoint, but may be related to the pleasant weather enticing buyers to get outside and view some homes. While winters in South Carolina can be much milder than in other places across the US, the southern summer just can't be beat.
Another possible reason for this spring and summer spike is families with children not wanting to make a move during the school year. The worst time to sell in South Carolina is January, which makes sense given that it's in the middle of the school year and during some of the worst weather. Local real estate agents may have more insight into what causes these fluctuations and be able to assist you in properly timing the market.
When Is the Best Time to Buy a House in South Carolina in 2019?
The best time to buy in South Carolina will depend partly on your own buying preferences: are you looking for a great selection, or a great deal?
If you want a great selection of houses to choose from, buying in the spring and summer months will be your best bet. This is the most popular time to list a home, so you'll have the largest number of properties to choose from. The disadvantage to this, however, is that you'll potentially be in fierce competition with other buyers, meaning you're unlikely to get a particularly good deal.
If you want to get the most bang for your buck, plan to buy in January. The inclement weather of the winter months makes most buyers want to stay inside instead of go house hunting. This means less competition for you. Sellers that are willing to list in January are also more likely strapped for cash, meaning you have an upper hand to negotiate with. The cost of a home in January is an entire 8.45% less than in other months.
The first and most important step in buying or selling a new property is getting in touch with a qualified real estate agent that knows the market inside out. There is no substitute for the years of experience that a skilled agent can bring to the table. Whether it's through timing the market, utilizing their extensive professional network, or offering guidance during the negotiation process, a good real estate agent will give you the best chance at achieving the best outcome , no matter what your goals in real estate are.
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