Has The Coronavirus Sent the Real Estate Market Into Another 2008 Market Crash?
The real estate market is changing and evolving along with every other industry due to the impacts of the coronavirus. Many have been curious about how the real estate market will handle these changes throughout the remainder of the year. At Jeff Cook Real Estate, we carefully track the trends of the market to better assess how we can best conduct business.
After reviewing the data from our area, we can confidently conclude that the real estate market hasn’t taken a break during the quarantine. Families in Charleston, Columbia, Greenville, and Rock Hill are still buying and selling homes. From March 15th - May 1st, 2020, we saw an increase in written contracts for homes by 30% from 2019 to 2020. We also found that in April 2020 the average sale price for a home in Charleston, SC was $290,000. This is up 7% compared to last year!
Real estate experts everywhere have had to rethink their buying/selling process to better serve the community safely. Our team of experts has been able to identify the areas of the market that are directly impacted by the new health and safety guidelines and create solutions so we can continue on with serving families.
Here are the aspects of the home selling and buying process we have seamlessly transitioned to virtual:
- Remote Consultations
- 3D Home Tours & Open Houses
- Private Showings
- Drive-By Appraisals
- Online Home Inspection Reports
- Attorney-Only Closings
- Electronic Signatures
- Money Wiring
- Mortgage Process
SUPPLY VS. DEMAND
The other way the pandemic has affected the real estate industry comes back to a simple issue of supply and demand. At times it has felt as though buyers should have the advantage, but in reality, neither buyers nor sellers have the upper hand. Demand is increasing because buyers are isolated and browsing for homes online, along with all-time low-interest rates. Couple that with home seller reservations to allow buyers into their homes, we are seeing a 30% increase in buyers writing contracts, but the number of listings is down 22% compared to last year. This is why we are seeing an increase in sales prices by 7% year over year. This figure is why sellers are on an equal playing field eliminating buyer advantage.
Since the pandemic has not largely impacted the real estate market, we are continuing to move forward and begin implementing new ways to buy and sell real estate. It’s important to have an expert by your side to better navigate the ever-changing landscape of the market. Jeff Cook Real Estate has the virtual tools to make sure your home is sold safely and efficiently.
With the anticipation of new listings hitting the market once we move out of the pandemic, make sure you have the right tools to make your home stand out among the crowd. Jeff Cook Real Estate’s brand recognition and cutting-edge marketing is the right step to selling your home quickly and for top dollar among uncertain times.
Selling your home and moving into a new one can be an emotional experience. For those choosing to sell in the midst of the coronavirus pandemic, it can be even more so. During the pandemic, Jeff Cook Real Estate has been able to continue to safely sell homes to our clients throughout Charleston, Columbia, Greenville, and Rock Hill. Our team of experts has been able to assess the areas of the market that are directly impacted by the new health and safety guidelines and create solutions so we can continue serving families.
Jeff Cook Real Estate is able to safely conduct an accurate valuation of your home and we’re happy to assist you in the home selling process! Give us a call today at 855-HEY-JEFF to partner with an agent today!