According to Realtor.com, in 2020, housing inventory declined nationally about 39% – the lowest housing inventory year on record.
In Sun City Hilton Head (SCHH), that percentage is much greater. In fact, over the past several years, this real estate broker has been used to seeing at least 100 or more homes for sale in the active senior community.
The last time I looked, a few weeks ago, there were only 28 homes for sale.
Record-low inventories are not just in Sun City, though. They are all over our area, especially in Bluffton, and on the island.
At the same time that housing inventory is disappearing, housing demand is increasing. These days it’s not unusual to see real estate agent email blasts that state “Have ready, willing and qualified buyers for Sun City homes … do you have any new listings coming on market soon?”
What does this mean for sellers? Well, it’s like the real estate Gold Rush in reverse! Simply stated, low inventory and high demand results in higher housing prices. So if you are thinking of selling your Sun City home, now is truly the time to sell.
As per recent census data, lots of folks are moving to South Carolina because of the great weather, many year-round outdoor activities, a strong economy, affordable housing and more.
According to Kiplinger, South Carolina is ranked as one of the most friendly states for taxes on retirees and property taxes in general.
The downside is seller’s uncertainty. On the one hand, sellers can get top dollar for their home by listing now, but where are they going to live after their home sells?
A number of my Sun City clients got rid of uncertainty by doing some very proactive planning. They knew where they wanted to go and they had all their new home buying options perfectly set up to fit into their home selling options.
I have also noticed that today’s buyers are more willing to cooperate with sellers more than ever before. Such cooperation has certainly decreased seller uncertainty leading to win-win negotiations for both sellers and buyers.
Additionally, builders have become more confident to build new homes. And even though they are getting top dollar, they are not overbuilding and they are willing to work well with “sellers who are becoming buyers.”
Larry Stoller is a broker and Realtor with Real Estate Five of the Lowcountry. Larry@RealEstateFive.com, RealEstateFive.com, SunCityOpenHouses247.com