Wednesday, July 22, 2020 / by Sonya Reiselt
When the pandemic started, many experts believed that the housing industry would take a huge hit. Yes, at first there was a downturn. But now, were seeing a turn around in the market, not only across the nation, but here in Beaufort County. Record-low mortgage rates have fallen to a 50 year low and are driving more demand from home buyers. And now that businesses are reopening, at least for now, there is further confidence among people looking to buy a home in the Lowcountry. Nationwide, there are fewer homes for sale now, which is driving up process and creating bidding wars.
Danielle Hale, Chief Economist at realtor.com says:
“People are surprised that prices are rising, not falling, because in the last recession home prices fell, the difference this time is the severe shortage of homes for sale…We are seeing bigger price increases with [a limited] number of homes…That is likely to lead to more competition and potentially multiple offers and bidding wars.”
According to the recent Realtors Confidence Index (RCI) survey conducted by the National Association of Realtors (NAR), this trend is growing:
“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”
HousingWire also states:
“42% of homeowners who made a purchase during the January to May time period ended up in a bidding war, demonstrating the strong demand for homes amid low inventory.”
If more people return to work, the number of home buyers in Beaufort County will continue to increase. If you plan to buy a home in Beaufort, you need to make sure you have the right guidance from the beginning. Here are two main points to consider:
1. Hire a Trusted Local Beaufort County Real Estate Expert
Now more than ever, you need a real estate expert who has deep knowledge of the Beaufort County housing market. Sonya Reiselt has lived in this are since 1984 and has been a succesful real estate expert in the area for over 9 years. Sonya can use her experience to guide you to buying a home in Beaufort County during these historic times.
2. Get Pre-Approved for a Mortgage
As we've seen, there is a lot more competition on the market for home buyers. It's critical that you get pre-approved for a mortgage. If you don't, you'll be behind all the other home buyers who already know if they're approved. When you have a pre-approval letter, it shows sellers that you are ready to make a deal. Plus, it let's you know how much you can affor before you make the offer. It's a win-win for everyone.
We are certainly living in interesting times, to say the least. But if your goal before the pandemic was to own a home in Beaufort County, don't let that dream slip away. Now is the time to act to make sure that you realize your goal of owning a home.
Looking to buy a home in Beaufort County? Visit our home search feature to find the perfect home for sale. Visit our blog every week for more helpful real estate advice, along with local articles about life in the Lowcountry.