Now more than ever is the best time to be moving out of Savannah.
In some cases, homes have ended up selling for over 20 percent of the original asking price, and sometimes even in cash!
Many sellers around the country lucked out on selling their homes shockingly fast with record prices.
And the cause of this lucky boom in the real estate market?
Lack of inventory and low-interest rates. Because of the housing shortage spanning decades—affordable homes not being built and not many houses to begin with—this gives a leg up to anyone trying to sell their home for a good rate.
Record low mortgages from the pandemic contribute to the lack of inventory, as many homeowners decide to stay and refinance their properties.
As of 2021, there were only 870 houses for sale when the normal amount, according to the CEO of the Savannah Board of Realtors, is around 2,300.
However, this change of pace is creating more competition amongst buyers. Because of this new cutthroat atmosphere, homes are going under contract within days, even 24 hours, of being put on the market.
With housing decreasing, prices rise, and realtors advise sellers to renovate to rank up the property value. Realtors use every trick at their disposal to help people sell their homes, such as choosing specific days to put them up on the market.
There’s something else to watch out for, though—the market is a bubble, and can be moments from bursting. But people are optimistic that it will stabilize, even with prices skyrocketing, leaving the possibility of being priced.
There’s only one way to find out the future of the real estate market; dive in.
Real Estate and Exterior Renovations
If you’re looking to sell your home or a real estate investor, making home improvements like exterior renovations such as replacing doors, fences, decks, and more can help add value to the home.
Also, if you’re looking to buy a home that could use some improvements, renovating the exterior can help elevate your home experience.
In The Coastal Empire that including areas like Pooler, Guyton, Richmond Hill, Bluffton, and more, the bugs can get bad during the warmer months like summer.
Having a screen room can be your safe haven from bugs, a nice gathering area for friends and family, or a place to enjoy the view while enjoying a shaded enclosed space.
These are just a few examples of how fixing up your home can add to the quality of your life.