COLUMBIA, S.C. — A South Carolina realtor says the housing market is only getting tougher.
Graeme Moore with The Moore Company says for those buying or looking to buy a house, things are going to be a lot harder.
In comparison to last year, Moore says there are far fewer houses on the market.
“It has gotten a lot worse than 2021,” Moore said. He went on to say the number of properties listed right now is historically low.
According to South Carolina Realtors' market reports, the number of houses listed for sale in Columbia dropped 41.6% from February of 2021 to February of this year.
“We all thought as rates started to creep up, that may have a calming effect on the market, but it hasn’t and rates are rising right along with values right now,” Moore said.
Moving from Salt Lake City to Columbia, Moore's client Ian Adams says he’s spent months frantically searching for a place to call home.
“It’s frustrating to begin to see yourself in a house and lose bidding war after bidding war," Adams said.
The ripple effect, demand for new homes is astronomically high.
Builder Lukas Bunch says each county’s zoning regulations differ, including whether there are limitations on the number of homes that can be built in a development.
"If you’re in a jurisdiction that’s more pro-growth and more pro-development, then that density factor is not an issue," Bunch said.
There is good news for Ian. The offer he put on a house was recently accepted.
“If you don’t have the right levels of patience, you’re going to be in for a really bad time," Adams said.