[Price reduced] The new sign in Charleston real estate
Maybe Charleston home sellers are finally getting it. While the Charleston real estate market had steady appreciation during the housing boom, it certainly didn't compare to the frenzy in the most overheated real estate markets around the country. And prices have come down somewhat from the peak and home prices are under pressure every day due to high inventory levels.
Since there is a lot of inventory on the market, any seller who wants to actually sell their home instead of just looking at a for sale sign in their yard not only has to price their home to sell when they list it but if it doesn't sell very quickly or doesn't get very many showings, they will need to reduce their price accordingly.
And a look at a typical day in the Charleston MLS will show you that price reductions are increasingly more common these days in the Charleston area.
Price reductions - 319
Price increases - 9
New listings - 117
Removed listings - 202
I think 319 to 9 says it all. Price reduced is the new sign in Charleston real estate.
As to the removed listings, those can be homes that went under contract or listings that either were withdrawn by the seller or the listing expired unsold.
OK, for both buyers and sellers, the next step is to be realistic.
Sellers should know that buyers have a lot of choices and that if they aren't flexible, many buyers will simply move on to the next home that they like. Sure, one or two may be so in love with a home that they have to have it. But, if you're selling, can you afford to take that chance.
Now buyers have to be somewhat realistic as well. If a home is very well priced or if a price reduction was just taken, a buyer may not necessarily want to pay the asking price but the percentage off that price will certainly be less than if a home was seriously overpriced or a very recent price reduction was not taken. Get a sense of what the real value of the home you are interested in and bid accordingly. A one size fits all approach to making an offer doesn't work.