Here’s what you need to know about the state of our real estate market.
What’s going on in the Columbia real estate market? Let’s take a look at the latest numbers and find out what they mean for you.
Over the last few months, the biggest trend we’ve seen is that things are slowing down. This is despite our astronomically low inventory—we only have 1.1 months of supply. This means that if no new homes entered the market, it would only take 1.1 months for everything in Columbia to sell.
As the biggest real estate team in Columbia, we have a pretty good idea of what our market looks like. This isn’t scientific exactly, but we’ve been in the business long enough to know where things are heading. Based on our experience, it seems like things are slowing down quite a bit. However, there’s no need to be alarmed. A slowdown in the market is pretty normal for this time of year.
What does this mean for you? First off, we’re still in a seller’s market. Most homes are put under contract quickly, but instead of 20 offers, sellers are receiving five or six. On top of this, people from all over the country are moving to our area, so there’s plenty of demand.
If you are looking to sell, we suggest you act fast. Based on the slowdown, we aren’t sure how long this great seller’s market will last. You’ll have to figure out your living situation once you sell, but we would be happy to help you with that. As for buyers, you could wait for prices to fall, but it isn’t guaranteed. If you wait too long, interest rates could go up, and your buying power will be affected.
If you have any questions about the state of our market, please reach out to us via phone or email. We are always willing to help!