Good,Time,Buy,Real,Estate,Char finance, share, loan A Good Time to Buy Real Estate in Charleston SC!
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Around the summer of last year, the Charleston real estate market (like many others around the country) experienced a drop in home prices. Fluctuations are natural in real estate markets and anything else that is economically based. Most of us are familiar with the charts that have a wavy line that steadily rises with a pattern of high points (called crests) followed by low points (called troughs). The Charleston real estate market had experienced such a rapid increase of home prices in the eight years before that a drop in the market was predicted months before it started to happen. Most real estate experts agree that this is the lowest point the trough of real estate prices. Some experts even believe that prices are starting to go up again in some areas. The good news for home buyers, though, is that real estate prices now are some of the lowest weve seen in years. And, they probably wont get much lower in the coming months. Many of our clients ask us about the effect the real estate market will have on them selling their homes and buying up (buying a larger or more expensive house). Although it will be harder to sell their homes with the current market, its an ideal time to move up. Since prices are so low right now, sellers wont get as much money as they would have gotten a year ago for their current homes. But, when these sellers go to buy another home, they will pay the lowest amount possible for it. This is especially beneficial for people moving up where that percentage of price reduction means saving more money on the more expensive house. There are still a lot of homes on the market to sell. The Charleston areas have months worth of inventory in a market that is slowly becoming less flooded. In the past 3 months, the MLS has shed almost 2,000 listings! So, Charlestons real estate market is certainly headed in the right direction. Between having a lot of homes to choose from and taking advantage of the low prices, the next few months are going to be a good time to buy real estate in Charleston. As real estate agents, were expecting a milder fall and winter than usual, as buyers are wanting to take advantage of current market trends.
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