Mortgage interest rates are currently pushing 8%, a rate that is slowing down the national housing market to be sure. However, there is still an inventory shortage in the Columbia area market which is a good thing for home sellers.
The potential buyers who would have looked at a home similar to yours in January 2022 are different from the buyers who are out there shopping today. The buyers who were looking to cash in with a historically low mortgage interest rate earlier this year have probably stopped house hunting. Taking their place are buyers who need a place to live.
The market has begun to change. While there has not been a major decline in home prices around here, sellers should be aware that it may take a bit longer to sell your home than earlier this year and there may not be a bidding war from buyers scrambling to buy it.
The present supply of homes in the Columbia market still favors home sellers and home values are at a historically high level.
The answer is “yes, this is a good time to sell your home!” Keep in mind as more homes are put on the market, and the supply of available homes goes up, prices may start to soften.
If you are thinking of selling your home, allow me to give you a free, no-obligation Broker’s Price Opinion. Please call or text me at 803-223-5723, or fill out the form below and I will be in touch.
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Karen Foster, Broker-in-Charge | findkarenfoster@gmail.com | 803-223-5723