The Charleston Real Estate Advisor

Charleston in America's 25 Strongest Housing Market

Charleston SC housing market has been named one of "America's 25 Strongest Housing Market" by Forbes Magazine.  They look for a turn around in the Charleston real estate market in 2009.   Everyday we see more positive leading indicators that we have hit bottom in the Charleston real estate market and starting to build into a recovery.

Charleston Real Estate Buyers Looking At Homes

Charleston real estate buyers were out in force looking at Charleston homes for sale during the 1st two weeks of January.  The numbers in Mt Pleasant indicate that we have not seen these many buyers out since Sep 08 when the panic hit financial markets and the buyers became gun shy.  We expected an upturn in buyers looking at homes but not this strong.  We saw similar uptick in buyers on James Island, Dorchester County and Berkeley County.

(Note: The data in the chart shows number of showings appointments logged through Centralized Showing Service (CSS) for Mt Pleasant.  We use the data to measure the momentum in the market on a weekly basis.)

What brought out the buyers out?  Is it the low interest rates (4.5% range)?  The new administration?  Lower housing prices?  What do you think is causing the Charleston real estate buyers to come out in January?

How to Get Best Selling Price For Your Charleston Home

Everyone would like to get the best selling price for their home.  In the local Charleston real estate market the best way to get the best price for your home and to sell it in the fastest time is to price your home correctly when you first put your home on the market.  Testing the market with a higher price and then lowering the price after a few months results in a lower sales price and much longer time on the market.  Chuck Avera of Keller Williams Realty Charleston Mount Pleasant completed an in-depth study of the list price to sell price ratio and found that the homes priced to right when first listed (selling in under 90 days) had a selling price 94% of the original list price.  The homes that took over a year to sell only got 75% of the original list price.  Having to wait over year to sell and getting only 75% of your list price are two good reasons to price your home right when you first list your Charleston home for sale in this current market.  For more details on the study please go to www.ionmarketupdate.com.

Mortgage Rate Quote for Charleston SC as Jan 12th, 2009

Rates on home purchases remain steady and rates on refinancing mortgages improved from last week. 
Bank of America is quoting rates as of 01/12/09 for home purchases at 4.375% on 30 year fixed mortgage with 1 point,  the APR is at 4.498%
Refinancing rates on a 30 year fixed mortgage are a little higher at 4.625% and 1 point, the APR is 4.758%. 

Charleston Homes Sales Up In December

There is positive news in the latest CTAR MLS numbers for the month of December 2008.   For the 1st time in 6 months,  the number of homes sold in the Charleston tri-county region were higher when compared to the month before. This could be a floor indicating we have finally hit bottom in the Charleston real estate market and could start a slow path toward recovery.  The numbers in Mt Pleasant and West Ashley were both up approximately 18% compared to November residential units sold.   Mt Pleasant tends to be the leading indicator for the Charleston market, so seeing a floor on units sold in Mt Pleasant is positive news.  In Dorchester County, homes sales seem to be forming a base. Berkeley County sales were stronger earlier this year and lag behind the rest of the markets by approximately 3 months.  What do you think, is this the bottom or a "dead man's" bounce? 

Keller Williams Charleston Homecoming Games

Keller Williams Charleston Homecoming

Keller Williams Charleston Best Buy List - Jan 7th, 2009

This week's Keller Williams Charleston Best Buy List has two condos with positive cash! ( River Bend and Rivers Point Row).   Both are priced below $80,000.  There is a resort condo on the Isle of Palms (Sea Cabin) for just under $300K.  In Ivy Hall,  you can get a 4 bedroom home with at $275,000.  Here is a link to current Keller Williams Best Buy List as of Jan 7th, 2009. 

(River Bend and River Point Row will not show up until midnight since they are both new listings.)

For agents:

Instructions for agents on how to post the Best Buy List to their website.

Start off 2009 With Dave Ramsey "Get Straight with Money"

Start 2009 off on the right foot! Host Dave Jenks of Business by The Book talks with money management expert, best-selling author and TV and radio personality Dave Ramsey.

• What happens to money?
• What wealth can come of home ownership and investments?
• What’s the diagnosis of the current market?

Dave covers all these questions and much more.  What did you like about this interview?

Locally, we will begin the Financial Peace University Course very shortly.  If you are interested, please let me know and I will send you more information.

South Carolina Home Buyers - Are Empty Nesters and Single

The recent report on South Carolina Homebuyers and Sellers has some interesting facts on the buyers.   Over one third of the homes being bought in South Carolina are purchased by a single people, with single women out buying single men by 3 to 1.  (24% of the buyers were single females and 8% were single males).  Of the married couples (63%) that purchased a home nearly two thirds of these families have no children residing at home (empty nesters). This leaves only 25% of the homebuyers with children looking for a larger house with more bedrooms and space.  The other 75% of the homebuyers are looking for smaller and easier to maintain homes.   This reflects the trend we are seeing toward smaller homes selling faster than the larger homes.
More information on SC Buyers:

  SC Buyers on Internet and Social Networks

  SC Buyers are Younger