Real Estate trends forward as 2018 progresses – SCNow

This post was originally published and is credit to this site

FLORENCE, S.C. — The Florence real estate market continues to benefit from construction and overall growth in the area.

The real estate market saw inventory for sale increase from 491 properties in January to 540 in February.

Keon Aldrich, president of the Pee Dee Realtor Association, said the increase is good for both homebuyers and for real estate people alike.

“We always have people complaining that they have customers, but not enough inventory,” Aldrich said. “The more inventory we have, the more options customers and Realtors have, which helps stimulate the economy.”

The median sales price for a home in Florence jumped by 30.8 percent in January to $200,450, but had a decrease in February, averaging $164,450.

Still, the number is up 1.6 percent from February of 2017.

Aldrich said a tendency she is seeing at the moment is for homebuyers to hold off on buying a house in hopes of the interest rate decreasing.

“Right now, the interest rate is really high,” Aldrich said. “You can credit that to a lot of things, but buyers want a lower interest than what it’s currently at right now. That means, at least in some ways, that they are willing to kind of play ‘wait and see.”’

Jennifer King, CEO of the Pee Dee Realtor Association, said the association has added 15 to its number just in the first couple of months in 2018.

“That kind of tells you a little of what you need to know about the market,” King said. “Real estate is one of those markets where there’s a high burn rate. But we’re seeing people stay and adding new ones, a well.”

Aldrich said an outlook on the next couple of months is tough to predict, but she believes buyers, sellers and the association will continue to move forward and see added success.

“It’s kind of tough to tell,” Aldrich said. “The market is still doing great. We’re going to keep moving forward and it’s one of those deals where it’s just tough to tell in our market sometimes.”