Everywhere I go people keep asking about my thoughts on the local real estate market. Is it going to flatten? Will home prices go down if we wait to buy? How is rising inflation, and how are the interest rates affecting the local real estate market? Should I buy now? I don’t want to miss the market, should I sell now? First of all, we don’t have a crystal ball. There are so many factors involved in this equation that we can’t predict but we can look towards the past. History is the greatest predictor of the future. That being said, we are in unique times, and we would never have been able to predict that a worldwide pandemic would spur the wild west type real estate market of the last two years! As the world settles down, history is still the greatest indicator of the direction of our local real estate.
The Lowcountry market is a different market than many and does not always follow national or worldwide trends. We have a large secondary market, and we also have very little industry. People move here because they want to be here. More and more folks are selling in traditional primary markets because they can now work where they want and living here provides a very good quality of life. Those that were unable to retire 10 years ago have now built up substantial equity in their homes and portfolios have recovered allowing them to follow retirement dreams. There are a lot of cash buyers in the Lowcountry so interest rate hikes (although still historically low) are not as strong of a factor. Sellers have the opportunity to sell homes without having to make many repairs and can capitalize on demand. Little in the way of negotiating is allowing sellers to upgrade or move on to other locations with good fortune on their side. There couldn’t be a stronger time to sell a home in Bluffton or Hilton Head Island.
Bottomline… we believe the buyer pool may dwindle a bit as the furry of the last two years is calming some but this is still a very desirable
area in which to live. Inventory is still very low and desire is very high. We do not predict that prices will come down but may stabilize some while the market adjusts. There is still room for appreciation in this area so although we might not see the large price jumps of the last few years, we believe the arrow will still continue to point north. Those that waited to purchase are kicking themselves. Pull off the bandaid and jump into the market now! Stabilizing is really just a gentle reset before the next wave of buyers roll into town. The current market is the new norm, and we are fortunate to live in paradise. We have what so many want, and this is what is going to keep this area forever desirable.
If you are a Seller call us today to discuss how we can help you with the sale of your home. We are happy to sit down and discuss the current market as well as where we see things going in your neighborhood. Each situation is still a little different and offers unique opportunities. There are so many factors that play into pricing and timing.
If you are Buyer, let’s start with touring communities and find where you best gel. This is always the best place to begin your search in the Lowcountry. Amenities, HOA fees, and location all contribute to your quality of life. When buying a home here you buy a piece of community and wellbeing with every home and that makes all the difference.
Whether buying or selling in Bluffton or Hilton Head Island, The Cobb Group believes this is a journey not a destination.
Written by Allison Cobb 5/10/22
Posted by The Cobb Group on
Leave A Comment