South Carolina residential real estate buying trends

On Behalf of | Sep 13, 2021 | real estate | 0 comments

The real estate market has surged as increasing numbers of potential buyers view available properties online and place their offers electronically. As noted by Columbia Regional Business Report, the median sale prices across South Carolina increased by 14.2% between June 2020 and May 2021.

With 53.5% fewer single-family homes and high buyer demand, Palmetto State’s real estate market supports an average of one month’s worth of inventory. Condominium buyers and sellers have shown more flexibility and can often complete a transaction in about five weeks.

Online listings and virtual tours

Online listings featuring clear images of properties’ internal and external features help to attract buyers quickly. As noted by Realtor.com, virtual home video tours offering 3D and 360-degree views make it possible to review a property without the need for an in-person visit. The convenience of not traveling allows buyers to review several listings at once.

Links to virtual area maps provide buyers with visuals enabling them to view neighborhoods online and plan their commutes. Accurate descriptions and disclosures of known hazards such as flooding help buyers to decide which offers to respond to by email.

Internet-assisted closings and ironclad transactions

Some property owners have enough confidence to list and sell their homes without involving a realtor or an agent. Serious issues such as a previously unknown material defect, however, could delay a closing. Drafting a contract between a buyer and seller may require terms that protect each party from worrisome complications.

With help from the internet, deals may close quickly. Remaining aware of how real estate sales have changed can also make a difference in bringing about a smooth closing. A remote transaction may require an effective and legally binding contract to protect buyers and sellers from potential property damage issues, financial mishaps and fraud.