Impact of Covid-19 on Real Estate in Charleston SC

Posted By Liz Loadholt @ Jul 14th 2020 11:14am In: Market conditions

 Impact of Covid-19 on Real Estate in Charleston SC


Covid-19 has definitely had an effect on real estate.

 The inventory of homes for sale in the Charleston SC market was low for the area before COVID. However, now it is extremely low and it keeps going down. In 2006 there were roughly 10,000 homes in inventory and today, July of 2020, there are less than 4,000. All of the decreases are not because of COVID but have certainly contributed to it. Also, due to COVID-19, the buyer sales are off -- just not so much.  

Sellers have benefited from COVID.

Due to the low inventory, sellers have been able to sell their homes for more money than they would have before. Also, homes typically sell quicker.
Sellers don’t want strangers in their homes.

In my opinion, COVID has made a lot of folks very concerned about having strangers in their home. So, unless they absolutely have to move, they are not moving.  Our “move-up” market is practically non-existent.
The Charleston SC market has a lot of buyers.

Even though the inventory is low and COVID is rampant in the Charleston County area, there are still a large number of buyers -- folks moving to our area.
Real estate agents had to rethink their methods.

Real Estate agents have had to back up and rethink how they are selling real estate.  The old fashioned open houses are practically non-existent. Agents have learned how to make very detailed videos of homes so that the sellers don’t have to have strangers invade their homes. Agents have to have an inventory of sanitized wipes, gloves, and masks --not only for themselves but for their clients.

Covid-19 and real estate

Demand of Technologies

According to a survey conducted by the National Assoc of Realtors in June 2020, technologies such as Zoom, virtual tours, live virtual tours, virtual open houses are going to increase. Check out the entire survey here. https://www.nar.realtor/research-and-statistics/research-reports/market-recovery-survey

Mama Liz Loadholt

Mama Liz Loadholt logo

AgentOwned Realty

Liz@agentownedrealty.com


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