It is a buyers market in Charleston
... but don't expect to steal a home.
There are some very good deals right now in the Charleston real estate market. Inventory remains high and there are lots of good choices for home buyers. You know it's a buyers market when the first thing that some Charleston real estate agents might say to you is that their seller is very motivated before responding to your inquiry of more information or even if you just set an appointment to view their listing.
But having said that, I'm seeing homes go under contract every day so you should understand that you aren't the only person considering buying a home in Charleston today. There are other buyers in the market competing with you for the perfect home and in fact, there are multiple offers right now on a home that one of my clients has written an offer on.
The Charleston real estate market is different from some of the more distressed markets that are the focus of the media. Sure, sadly enough, we have some foreclosures but home after home in neighborhood after neighborhood are not all lender owned homes. And there are plenty of short sales out there and some buyers are willing to wait the lengthy process out to get that all elusive 3rd party lender approval. And while many sellers are motivated, that doesn't mean that either they or their agent is stupid and will accept a ridiculous offer that you might consider tossing out. Sellers and their agent know what comparable homes are selling for.
So if you've heard from a friend in let's say Florida for example that buyers are offering 20% to 50% off list price and are successfully buying homes, that doesn't necessarily mean that you can do that in Charleston. In using Florida as the above example, it is probably one of the most distressed housing markets in the country. But Charleston isn't. We've had good job growth in the Charleston area despite the poor economy and current recession. And companies are moving here, the recent headline that Boeing will be building a second assembly facility in Charleston for the 787 Dreamliner is a perfect example.
Charleston is one of those special places that people want to live. People are relocating to Charleston every day. Retirees and future retirees put it high on their list of places they want to consider retiring to.
So while it is a buyers market and with mortgage interest rates continuing to remain below 5%, if you think this is a good time for you to buy and you're looking for help navigating the Charleston market, I'll be happy to work with you to find and buy the perfect home.