Is it still a buyer’s market today in Savannah, or is it a seller’s market? As experts in the Savannah real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no. You really need to dig down a little deeper to fully understand. Here are some tips to help.
The State of the Real Estate Market for Buyers in Savannah Georgia
It really depends on the property type and location around [markey_city].
Single-family homes that are in great locations combined with being priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns. You know you have seen the difference during your travels around Savannah
Buyers tend to look for the same thing – Things such as good neighborhoods, access to transportation, shopping, good schools, close to work, etc. all have higher demand when it comes to selling your house. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of their market.
What about condos and townhouses – Especially those a little off the beaten path, or with some funky features, it can show quite a different story. Prices were down in certain areas of Savannah, but seem to be rebounding as the rental market increases.
Investment properties are in demand – The massive amounts of foreign cash flooding in to invest in US real estate have impacted the RINCON market in unique ways. Foreign investors see the opportunity to generate wealth outside of their own country because their economy may not be as strong as ours is.
Overall, people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out. Investors are not looking for the best houses with the highest sales price, they are looking for properties that they can add value to and in return generate some profit for their work.
Financing is still a major obstacle for buyers. Banks are being incredibly strict. Some are starting to require more money down and even changing their terms at the last minute. Not only are they requiring a higher down payment, but they are also looking for higher and higher credit scores. It’s not uncommon for pre-approved buyers to get their loans pulled right before closing escrow.
Overall the markets remain incredibly polarized, there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle. And unfortunately, most houses fall into the middle category.
Does it sound confusing? We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Savannah because we believe in the community and the people here. After all, we at Cash Homes Savannah live here.
If you need to sell a property near Savannah, we can help you.
We buy properties like yours, from people who need to sell fast.