Now that summer is approaching, we are getting calls asking us how the summer will impact those thinking of selling their properties. Over the years, our market has become a 4 – Season market. Meaning, properties sell year around versus years ago when the Grand Strand practically shut down for the winter.
I want to point out a few things that do change during the summer and how they influence your price and the time that it takes to sell:
1) Demand – We all know that there is more vacation traffic in the summer than any other time of the year. More people equal more demand!
2) Supply – It is typical to see less inventory on the market during the summer versus the spring, winter and fall. This is due to owners wanting to rent their properties for income, more sales are occurring, and many people want to buy and move in the summer while their kids are on summer break.
3) Prices – It is common to see a spike in prices during the summer due to the shifting supply and demand curve. If there are more buyers in the market and less properties for sale, prices are more likely to see an increase.
4) Days On Market – When the Grand Strand is busy; we notice a decrease in how long it takes to sell real estate. This is also tied to supply and demand.
As a property owner myself, if I am planning on selling, I tend to market my property in the summer to give myself the best chance of selling for top dollar. Selling real estate is a big financial decision and I always want to put myself in the best position possible. Economics 101 will always suggest you sell when demand is high and supply is low…this is where we are now.
For those that own condos on a rental program, selling now is always a tough decision because you want to receive the summer income to help you with you expenses. I have some additional information here on how you can "Keep Your Income and Give Away the Expense" of your resort property.
As you know, I am not in the business of talking you into selling. My company's commitment to you is to "Empower you with the information necessary to help you make sound financial decisions with you real estate holdings".
I hope you continue to find my information helpful. You may not be in the market to buy or sell today but we would still like to assist your friends and family.