Are Buyers Gaining Upper Hand in Housing Market?

In South Carolina jut as in major U.S metropolitan areas  Median home values rose 7.5% last year, consistent with increases in both 2016 and 2017. But many economist project that may be about to change as the inventory of homes for sale rose last year for the first time in four years.

Zillow’s senior economist, Aaron Terrazas, said:

For four years, it felt like home buyers couldn’t catch a break as for-sale inventory became tighter and tighter with each passing month. But during the second half of 2018, something shifted. Home buyers aren’t out of the woods yet, but there is a glimmer of light on the horizon. The number of homes on the market is hesitantly inching higher – now approaching the highest level in a year and a half. In the priciest markets, the jump has been even more definitive. But buyers should not mistake a few more options for a sudden bounty. With home values still increasing at a steady clip, it’s clear that demand still outstrips supply, and with mortgage rates down from recent highs, the first quarter of 2019 is shaping up to be more competitive than the lull we saw as 2018 came to a close.

Buyers will see less competition, but that might not help first-timers.

“Buyers who are able to stay in the market will find less competition as more buyers are priced out but feel an increased sense of urgency to close before it gets even more expensive. Their largest struggle next year will be reconciling wants, needs and budget versus the heavy competition of 2018. Although the number of homes for sale is increasing, which is an improvement for buyers, the majority of new inventory is focused in the mid- to higher-end price tier, not entry-level.” — Danielle Hale, Realtor.com