The market we are experiencing right now is due to less buyer demand and not a supply issue.

Due to the continued rise in interest rates, the buyer demand continues to drop, especially for the homes priced higher than the median sales price where the interest rates have affected the monthly payment more drastically. Homes that haven’t been well cared for tend to have trouble selling without price reductions and homes priced inappropriately from the start that have been well cared for tend to have trouble selling as well.

Currently, the amount of homes that are under contract vs for sale is under 20% consistently now, whereas 6 months ago this number was well above 60%. Also, we need to understand with less home pendings overall, there will be less sales for agents.

What we need to keep an eye on is monitoring neighborhoods where price reductions are needed today in order to get the property sold because next year when a new wave of people sell, those will be the new comparables to price the home.

My suggestion to you, if you believe the trend continues do not wait til next year to get it on the market as you may be left with less equity.

-Steve Kozlowski | Realtor

Steve Kozlowski
Licensed Realtor^® | Century 21 - Vanguard
900 Lake Murray Blvd, Irmo, SC 29063
P: (803) 999-7065 | E: steveski@c21v.com 

https://www.columbiarealestateforsale.com/steve-kozlowski/

2022 Housing Market Forecast