In the past few weeks, I have seen many signs that we have reached a bottom in the Charleston real estate market and it is now time to buy. Here what I am reading and seeing.
• Talk radio finance guru, Dave Ramsey is telling his radio audience this might be the best time in history to buy real estate.
• Jim Cramer of TheStreet.com, is calling the bottom for the real estate market. He previously was bearish on real estate.
• Interest Rates on a 30 yr fixed rate mortgage have dropped below 5%. This rate has not been seen since World War II.
• Housing prices have dropped below fundamental values nationwide.
• In Charleston, we are seeing bidding wars on distressed properties indicating a floor in home price values.
• The inventory of homes for sale in Mt Pleasant has quietly dropped by 20%! Mt Pleasant has been the leading indicator for real estate in Charleston and this is a positive sign for the Charleston Real Estate Market.
• December residential sales units are 25% greater than November’s. November 2008 appears to be the bottom for real estate sales in the Charleston area.
Here is what I recommend:
Start the applying for a new mortgage. The loan officers will start to back up when the word gets out. • If you are thinking about buying, narrow your search and make an offer. The best deals will go first. For a detailed report on “Why it is Time to Buy Real Estate Now in Charleston SC” send me an email at jim@jimnear.com and I will send you the report.
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