The U.S. entered 2021 with pandemic fatigue, though it didn’t slow down homebuyer activity. The first months of the year have seen rapid growth in home prices as low inventory of houses on the market combined with high buyer demand creates fierce competition in suburban areas and medium-to-small metro areas across the country.
Looking forward to late spring and summer, the fast rollout of COVID-19 vaccines is raising the hope of many people that an end to the pandemic is in sight. But some housing market trends caused by the pandemic are expected to continue. The current real estate market in South Carolina has witnessed a great boom, and it is an environment waiting to erupt.
However, one thing a lot of realtors are afraid of is the shortage of homes in this city. There is a high demand for homes, but the current supply may not meet up. New constructions are not enough to solve the problems because the inventory has gone down.
You must know about the low interest rates caused by the pandemic is the leading cause of the hot real estate market. In the seller’s market, the interest rates were as low as 2.6%, leading to an increase in demand for real estate properties.
Impact of COVID-19 on the South Carolina Real Estate
Covid-19 has changed the way we buy and sell houses in South Carolina. Before the advent of the pandemic, sellers open their homes for every potential buyer to walk through and allow them to see them. But now, pictures and virtual tours are popular for home buying, and people are buying houses without being in them physically.
The simple way realtors sell properties is by putting the picture online and getting the clients to go on FaceTime to see what they are buying. This is another reason why you should be careful with the people you deal with. It is in your best interest that you work with a trusted home buyer like Sell Your House Fast- GSAP. We are good at what we do. You will definitely get the maximum satisfaction you deserve when you work with us.
That said, another significant impact of COVID-19 on South Carolina real estate is the low mortgage rate. A lot of people lost their jobs due to the pandemic. Thus, it was right for the lenders to reduce the interest rates for intending home buyers and people who cannot afford to complete their mortgage.
Pros of COVID-19 on the South Carolina Real Estate
Undoubtedly, COVID-19 created a lot of opportunities for real estate business in the state. It led to a massive demand for houses from families, individuals, and commercial entities looking to get the best abode in the right environment.
Remote working (work from home) has even made people want to acquire homes for themselves during the pandemic. It’s just that they are looking for cities with a lower cost of living to stay. As a result, several people are beginning to move from the bigger cities into the smaller cities like Greenville, Pickens, Spartanburg, and so on to continue with their lives.
Cons of COVID-19 on the South Carolina Real Estate.
COVID-19 made the demand for living in these cities so high. This may not be considered as a Con, but it made the home prices go high from the usual prices.
Selling Your House in Upstate, South Carolina
You should know your selling strategy and work with a timeline if you are a seller. Never put your house for sale when you do not have a temporary place to stay.
To be on the safer side, reach out to professional homebuyers like Sell Your House Fast- GSAP. They are one of the best home buyers in Upstate SC, and over the years, they have worked with several clients to deliver excellent real estate value.