South Carolina Housing Values Remain Secure Amidst Inflation Concerns

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    South Carolina Housing Values Remain Secure Amidst Inflation Concerns

    We’ve all heard about, experienced, or have been directly impacted by the huge levels of inflation in the economy right now. Between sky-high gas prices, rising prices at the grocery store, and nationwide concerns about the impact these factors will have on everyday life, there’s no doubt that inflation is extremely high right now, and that officials and those in government will be taking steps to get it under control.

    The current rates of the hyperinflation of course impact the housing market, which causes concern for those involved in the real estate market, and for those who own and rent homes alike. Rent prices are skyrocketing, and while prices for purchasing homes remain fairly stable in many areas, including Spartanburg, many are braced for the continuation of the rise in mortgage interest rates. As a result, many policymakers have put pressure on these mortgage rates, which have risen from 3.11% to 5.25% over the course of five months, to try and keep the housing market stable and keep the prospect of home ownership realistic for those interested during this time.

    When looking for a home in Spartanburg, South Carolina, or the surrounding areas how do these inflation rates impact you, and how is the local housing market impacted by these rates of inflation? Learn more about what these rates mean for prospective home buyers in South Carolina.

    What Does Inflation Mean for the Housing Market?

    Concerns about inflation apply everywhere from the grocery store to big-picture purchases like buying cars, homes, or going to college. In light of hyperinflation, the previously competitive housing market in the US has slowed down significantly. This is the result of a slowdown in moving that occurred after the onset of the COVID-19 pandemic. During the pandemic and immediately after, people made huge moves across and throughout the country due to the rise in remote work. These rates of moving have since slowed down as people settle into their new routines and many companies introduce in-person work once more. Hyperinflation has also dissuaded buyers from looking into new places because of mortgage rates.

    The combination of these 2 factors has resulted in fewer mortgage applications, the lessening chance of having multiple offers on a single housing listing, and more homes being put up for sale. This has also resulted in the slowing of the rates at which homes are selling throughout the country. Many housing markets have also seen the chance of declines in housing prices increase over the course of the next 12 months.

    If you’re looking to buy or sell a home over the course of the next year, keeping up to date with the projections of the current real estate situations is important to make sure you’re not selling your home for less than its worth, or potentially walking into a volatile mortgage situation.

    Should I Buy a Home in South Carolina?

    Amidst these fluctuations in the housing market and the project for a decline in home prices in the next year, the housing market and housing prices in South Carolina have remained stable, and are projected to continue doing so.

    Fortune Magazine and CoreLogic measured 392 regional housing markets and ranked South and North Carolina alike in the ‘very low-risk grouping for the chances of house prices dropping in the next year. This is good news for those who have recently bought a home, and for those looking to sell their home in the coming months. In a volatile housing market like one of the past couple of years, it can be easy for homeowners and those looking to purchase homes alike to approach their situations with a little trepidation, and with good reason. Purchasing a home is a huge commitment, and with mortgage rates higher than ever or in flux, a lot of potential buyers are waiting to make that jump.

    Additionally, with housing prices lowering in so many regions, homeowners concerned about the value of their home and the amount they’ll be able to get for it if they choose to sell can create a stressful situation for all involved. However, with the ongoing stability of the current South Carolina housing market, buyers, sellers, and continual owners alike can enjoy the housing and value security they need.

    Spartanburg Real Estate Trends

    The current housing market in Spartanburg is very stable and is actually heating up now more than ever. As was the case of COVID, new families are moving into Spartanburg, which creates a very stable and favorite housing market for both sellers and for those looking for a place with a good amount of reasonably-priced housing inventory to choose from.

    As a growing city, Spartanburg offers buyers a lot of value for their purchases and has a lot to offer newcomers and locals alike. Between the huge investments from various corporations and developers in our downtown and residential areas in the last couple of years (and for those in the future), plus a booming job market and plenty to do for the whole family, Spartanburg remains a perfect and secure place to live for those moving from all over the country.

    Looking to move into or around Spartanburg in the coming year? Enjoy a stable and reasonably priced housing market and access to everything this great city has to offer! When taking on your move, utilize the next-level services from Carey Moving & Storage our quality of moving experience and unparalleled pricing and value will put you in the best spot possible to start your new life in the area.