Charleston housing market outlook and the end of government intervention
Some are saying that with the end of government intervention in the housing market that another round of home price declines is likely. And while that might be the case in other areas around the country, I personally don't think that the Charleston real estate market will suffer the same fate.
With Charleston home sales are up sharply this year, it isn't just the first time home buyer taking advantage of the tax credit that is driving the Charleston real estate market. Sure, demand by the first time home buyer has been pulled forward some and I do expect that lower priced homes might have a slight decline in activity near term, it's important to note that both mid priced and luxury Charleston real estate have done very well this year.
Our local economy remains much stronger than many other places around the country with all important job growth and we continue to see lots of interest by retirees (and soon to be retirees) interested in relocating to Charleston.
Prices have improved and many buyers feel like now is a good time to buy a home in Charleston. Interest rates continue to be favorable especially for mortgage rates on jumbo non conforming loans over $417,000.
All this assumes that the situation in Greece doesn't result in another worldwide financial crisis and that the economy overall continues to recover from the depths of the 4th quarter in 2008.
Or maybe Goldman Sachs can just buy Greece.
But watch out if they "shorted" the whole country. 