If you would have told me last year that the entire world would be shutting down due to a virus in 2020- I would have said you are either delusional, or I would have feared some sort of doomsday apocalypse (or both). And yet, here we are.
Now that we are past the initial phase/stage of infection, and on to the second stage- let's take a look at where we stand in all of this with Covid 19.
Many of you are wondering how Coronavirus will affect buying or selling a home in this Charleston real estate market. Short term- things are humming along, and have been. We are doing much more online marketing, online virtual showings, and of course plenty of online meetings. It is still an absolute sellers market right now with a low number of available homes on the market. Inventory is low, which always increases home values/prices when coupled with high demand. Long term- that's the tricky one. There are a lot of folks that have been laid off, and also a number of businesses that have closed their doors. Looking out across this winter and into next year- we have to feel that this will affect the housing market. Right? But by how much?
One possibility is us seeing a gradual eroding or declining of home values over the long term due to these factors. Another possibly would be seeing all of us as a country pull together with a sustainable "bounce back". Only time will tell, but I have to believe in the latter. I see a large factor that truly plays into all of this, and that is the fact that people are moving here in droves. From all over the country! The historic city, employment opportunities, and climate all play a large part in why people move here. And I don't see this stopping any time soon. As a matter of fact- maybe it's time for you to retire to Charleston. We are happy to have you!
So yes, while Coronavirus has us changing the way we do things daily, and yes- some businesses and folks will suffer- I see Charleston only getting stronger in the years to come!
Mike Ciucci specializes in the Charleston SC real estate market. He has been a Charleston realtor for over 15 years, focusing on quality and attention to detail his clients have come to expect.