Historically low housing market driving more and more buyers to New Construction

With the Charleston and surrounding areas feeling the crunch of the historically lower existing home inventory, New Construction may be a great option if you have time to wait? With more and more people escaping the colder weather and moving for more jobs coming to our area, the current housing inventory is feeling the pressure! 

The housing market inventory was down 43% in January 2021 compared to January 2020. Homes going on the market during that same time was down 23%. However, home prices increased by around 15%. The average days on market were down as well. In our low inventory, if a house goes on the market, you are getting in bidding wars, playing highest and best, and losing a lot in the multiple offer situations. Cash offers are winning a lot; people are paying above and beyond the asking price, even if it does not appraise! People need homes, and frustrations are building amongst buyers! So why not consider new construction if you have the time to wait? You can basically build your home to your liking and chose all your options in the process. You do not have to go into an existing home saying, I need to change this, paint this, upgrade this. It will all be brand new! So if you are not in a time crunch and can wait around 5-8 months, new construction may be for you! New construction is being overwhelmed as well. So times maybe longer? I do highly recommend you have your own agent! The agent on-site works for the builder, not necessarily you. You will have an experienced person working on your behalf! Making sure everything in the process is taken care of, and you will also have someone you can ask questions if you do not know? As a buyer, you do not pay an agent that is representing you! The seller or the builder is the one that does that, so why not have someone working for you for FREE! Plus, with the number of homes being built at once, you will have an extra set of eyes and knowledge watching along the whole time. 

With home values increasing more and more each day, the time may be right for you to consider new construction. Homes that are not even completed already have built equity! Some by as much as $15,000. So if you are looking to move to the area, or needing an agent to assist you, why not give me a call and I can go through the process and or just have a great conversation with you about what you are looking for in a home. With dozens of builders around the area, I am sure we can find something that will fit your needs. As always, I am here to help! I am your Nexton connection!