Facebook
X
Pinterest
Copy Link
It’s mid 2024 and the Covid Housing spike is over!!! Maybe you bought, maybe you didn’t but it’s safe to say nothing looks the same as it did just 4-5 short years ago. I’m Jonathan Tiedman real estate expert with Century 21 803 Realty. Since 2023 I have not only started renovating and investing, I also have purchased a home for my own family. So it’s suffice to say, I have done my fair share personally in today’s market. Let’s look at what making a move in real estate looks like today.
Now before we dive too deep down the rabbit hole there are two kinds of real estate transactions. Personal, and Investments. For now, let’s put “personal” on the side. Here we are talking about everything profits, baby!
Ever heard someone say there’s money in real estate. Well that’s because there is. Now you just need to know if you are the one making it or spending it? In Lexington County alone the past two years 485 houses have been sold more than once. Meaning it was either someone selling it for the sole purpose of making a profit or they decided that house just wasn’t the one. Over half of those homes sold for $50k more than they did the last time. That’s more than the average salary in South Carolina! How can this be you may ask? Well it’s all a matter of doing the work, and hiring the right people. There are a plethora of factors to consider when investing in real estate. But there is serious money to be made in it. The first step is finding the right realtor who works in this space. One who is familiar with holding costs and is in tune with the current market.
When identifying a property for yourself to use as an investment it is important to know your strengths and weaknesses. Have you ever painted, put in flooring, or do you know a guy? Then those might be things you look for in a property. Inversely, if you don’t know how to do any of that but you are a numbers guy like myself meaning that 3 + 2 never = 7. Then you can focus on incorporating some of the renovation budget into the overall “deal”. It really can be that simple. It is all determined on if you have the time and dedication to find the next step in the process.
If you have ever considered investing in real estate, now is the time. Interest rates are higher than they were 2 years ago and one investor was still able to gross $320,000 on a home sold after just 4 months, here in West Columbia.
In 2022 we had record low inventory. This meant that buyers didn’t have a lot of choices and even when they did there wasn’t much to negotiate on. In the last 12 months, homes sold for 6.7% more than they did that fiscal year prior. With a median home price of $349,974 (Lexington County). How does that benefit us when buying today?
We don’t have the inventory shortages we did and despite the rise in interest rates hundreds of people are still able to make a substantial profit off of the market. When we consider all the information from the first category. In order for someone to buy they need to take the same steps as someone who does when investing and start making a team. Reach out to a realtor and tell them what your plan is. Get in touch with a financing institution if you need financing and fill them in on your goals. Then start considering what things you can look past, work on, or live with/without. Too many people get caught up in rates and prices when the truth is despite these minor hurdles. Inventory is growing so your checklist is even easier to find. So buyers now have more options than they ever have in the last 1000 days!
Lastly, if all these things are true we may assume that now isn’t a great time to sell, and that’s not true either! We have a 54% increase in inventory, yes, so you may not be able to just slap a price tag on your house and watch the offers start rolling in. But, homes are still selling for more and we are only seeing an average of 2 days longer on the market. Having the right marketing techniques can make sure you are still getting the most for your home and setting you up for the next chapter in your life. If you are using a realtor to list your house, keep them up to date on what your goals are so they can understand and identify any pivots areas that may need to take place.
The right time to make a real estate move was 5 years ago. The next best time is now. Constantly waiting to time the market or look for the perfect scenario will only have you stuck in a loop that never ends which keeps you, your family, and your goals in limbo. Make your future a reality. If you need help taking the next step you can submit your questions ( here ) and a member of my team would be happy to help get you started down the right path.
