Did you buy a home at the height of the real estate market? Don't panic!
If you purchased a home recently, you bought at the height of the real estate market. The market shift we’re experiencing and media opinion may have you a little worried, but ask yourself two things:
Do you need to sell your home right now?
Do you feel the same about your home as when you bought it?
If the answer is YES to these questions, then you absolutely made the right decision.
If you’re concerned about a loss in equity, the average single family home price in The Midlands of South Carolina was:
$165,841 in 2012
$216,449 in 2017 and
$331,358 in 2022.
The average single family home price has doubled since 2017!
Can you turn around and sell your home immediately and break even — maybe, but is your equity safe and will your home be worth much more five years? Based on the data I believe you purchased at the exact right time.