Thank you, Robby Brady, of Allen Tate Realtors, for taking the time to speak with us recently.
We discussed the current housing market. While the housing market in Upstate South Carolina has changed over the last year there is still strong demand and not enough inventory. During the height of the market, coming out of the pandemic, homes took about 1 month to sell. Currently, homes are taking 3.3 months to sell. However, 6-7 months is more normal or an average time frame for a home to stay on the market.
Home buyers should prepare and plan for the purchase of a home rather than make emotional purchases. Planning should include understanding the tax impact of making financial assets available, determining the best way to structure the mortgage, including variables such as interest rates and an affordable payment. When selling and buying a home it is very important to make sure that everything is lined up and ready for closing, especially that the funds are available and in the correct accounts at the correct time.
Planning is critical when buying and/or selling a home. Robby recommends when buying a home, the financial advisor, mortgage lender, real estate agent, and closing attorney should be part of this planning process.