Real estate is one of the most popular investment options for people around the world. In countries such as Canada and Australia, the real estate market is considered to be one of the most prosperous and promising markets. So, what exactly is the state of the South Carolina real estate market? Let’s take a look.
An Overview Of The Real Estate Market
It’s important to remember that real estate is a big country and we’re only looking at the state of South Carolina here. There are a lot more interesting things going on in the real estate market than what we’ll discuss here. For instance, development is booming in the state with new projects going up all the time. There are also a lot of foreign buyers who see the state as a safe and desirable place to live, which helps drive up prices.
Average Home Size
The average size of a home in South Carolina is approximately 1500 square feet. This represents an increase of about 40% compared to the same time last year. The trend towards larger homes is being driven by a combination of factors. First, land prices are high and many individuals are looking to make the most of their investment by building a bigger house to rent. Second, the cost of living is also on the increase, which drives up the demand for bigger and better luxury homes. The rise in the cost of living and demand for luxury amenities is also resulting in higher sales prices.
Homes On The Market
According to data from the South Carolina Association of Realtors (SCAR), as of August 2018, there were 4,400 homes for sale in the state. This represents an increase of about 8% compared to the same time last year. While this is a positive sign, it also means that there are more people looking for homes and this drives up prices. This uptick in demand is likely due to the fact that interest rates are at an all-time low and many homeowners are now comfortable enough to list their properties for sale.
Million Dollar Club
In South Carolina, it’s not uncommon for wealthy individuals to spend their hard-earned money on luxurious amenities and large houses that they rarely use. As a result, some areas of the state have become known as the Million Dollar Club. These are neighborhoods where expensive homes sell for over a million dollars and luxury amenities like swimming pools and tennis courts are commonplace.
Vacancy Rate Decreases
This year’s edition of the SCAR’s Housing Market Survey shows that the rate of vacant homes decreased by 3% in the state of South Carolina. While this is a positive sign, it also means that there are more people who are struggling to find a home. More and more people are opting to rent rather than buy a property and as a result, there are fewer opportunities for first-time home buyers. In the long term, this can be problematic as there are always going to be people who want to buy a home and it makes finding a place to live harder for everyone else.
How To Improve Your Chances Of Buying A Home
With so much going on in the real estate market in South Carolina, it’s helpful to remember that you can always do more to improve your chances of buying a home. This includes paying attention to the little things like updating your LinkedIn profile and getting your credit report checked. A good rental agent will also be able to give you advice on how to make the most of your opportunity while also being mindful of your budget. Don’t be afraid to ask for help; chances are, someone is going to be able to advise you on what to do next to make your dream of owning a home come true.
