Quote from @Matt Payne:
There has been a slowdown, and to be expected, as the appreciation and demand were unreasonable essentially. To me it depends on what you compare the current market too. Compared to the covid years then yes slow, compared to the run up years to 2020 then it's still swift and supply is still lagging. If something is priced appropriate it will sell in 2 weeks tops. If it is not priced appropriate, it will sit until it becomes priced appropriate and then it will sell. The demand for housing and investing is still strong here, sellers are just having to adjust their pricing to not forward think about 15-20% appreciation and go back to the "standard" 5-6% annual appreciation when they price a property. Market is correcting, but still biased to the seller as inventory is still lagging... my 2cents
I agree with this, from a distance. I'm hunting for my first property in the area but am an investor based in the Charleston area. We're in a pretty similar situation. As long as you buy right, rehab right you're still selling quickly. Those that bought aggressively these last few years have made enormous gains but are also the ones with properties sitting right now 2-3 months still significantly overpriced. I've never been one to buy needing to set a record in the area to make a good profit. I've always put out a good product in a good area at 95% retail value because I buy a bit more conservatively.
We just listed a property last week and had 25 showings, 4 offers with three over list in the first 48 hours during a tropical depression. I think a slowdown is needed and believe we're in that tough time where sellers still think their property is worth X but it's worth Y. A few months of education is needed to reset expectations.
