COVID-19, Quarantine and Real Estate
Ever since the U.S. got affected by the COVID-19 crisis and states imposed quarantine restrictions we have been getting questions about the real estate market and ways to be able to buy or sell real estate during this time. Here are a few of the most common questions that we've had to answer.
Can I Sell My Charleston Home During COVID-19 Crisis?
The answer is YES!
Our market slowed down by about 30% during February and March, but since April it has rebounded drastically! The first three weeks in May registered RECORD NUMBERS of homes (see table below - click table to enlarge) going under contract. Demand for homes in the Charleston Area is at a RECORD HIGH!
Are Charleston Home Prices Declining Due to COVID-19 Crisis?
The relationship between supply and demand is what drives prices up or down.
Our market has been undersupplied and demand is as strong as ever. Prices are steady and primed to rise again.
The Months of Inventory index measures whether a market is a "sellers' market" (more buyers than sellers), a "balanced market" (same number of sellers and buyers) or an "over-supplied" market (more sellers than buyers). The chart below (click to enlarge and view LIVE CHART) shows that the Charleston, SC Metro Area is at around 3.2 Months of Inventory (in other words, one out of every three "For Sale" signs you will see is under contract), which shows a strong "seller's market"..
[NOTE: There are certain sub-markets within the metro area that are behaving substantially different! To learn more about YOUR area and YOUR neighborhood, please book a virtual chat with us and we'll show you - LIVE!]
Can I Sell My Charleston Home Safely?
We have implemented VIRTUAL Listing and Buyer appointments, 3D tours, videos, VIRTUAL Open Houses and CDC-compliant showing protocols to ensure that potential buyers can and will see your home online before booking an in-person showing, so only SERIOUS BUYERS come in-person and follow the safety protocols, for everyone's safety.
Book a free, virtual conversation with us to get all your questions answered.
Can I Get a Mortgage Loan During this Crisis?
The only types of loans that have been affected are FHA loans for low credit score applicants (below 600) and Jumbo Loans (above $485K). Some lenders are still doing these. All other loans are happening "as usual". Job security is the key questions for all applicants.
Book a VIRTUAL BUYER CONSULTATION (at no charge) to get all your questions answered.
Or call/text 843-900-0155 to connect with our Buyer Specialist.