What I Think We'll See in the 2nd Quarter Market

With the first quarter in the books, I wanted to give you some predictions for the second quarter here in the Charleston market. I think it will be an amazing time to get your house on the market.

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With the second quarter underway, I wanted to give you my predictions for the upcoming months here in the Charleston market. 

The first important thing to note is that there was a lot of pent-up demand last year because of the storms we had and because of the election. The first quarter of 2017 was absolutely amazing though with more people putting their home on the market than normal, more sales, and more people moving to Charleston. This is a testament to the market because the first quarter is typically one of the slowest quarters of the year. 

So what does it all mean for the second quarter?

Everybody wants to move during the summer when the kids are out of school and the days are longer.

Remember that even more people get their homes ready to go on the market at this time of year. They want to move during the summertime when the kids aren’t in school and they have more all-around flexibility, along with longer days. The real estate market typically has the highest turnover rate in the second and third quarters.

However, it’s important to remember that all the people planning to move to Charleston are planning their move during this period. That’s why if you’re considering selling your house, now might be the absolute best time. We can help you figure out exactly what you need to do to get your house ready for sale because now might be a perfect time. 

If you’re thinking about selling your house or you have any other questions we can answer, don’t hesitate to give me a call or send me an email. I’d love to help you out!

What 5 Statistics Define the Charleston Real Estate Market?

How has the Charleston real estate market improved over the last year? Here’s what the numbers tell us.

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I just got a report with all the latest statistics from the Charleston real estate market and I wanted to share some of the most important numbers with you. These five statistics paint a promising picture of our market and show just how far we’ve come since the recession.

1. New listings. Almost 23,000 new homes have come on the market in the last 12 months.

2. Home sales. How many homes were sold during the same time frame? Some of you may be under the impression that every home that comes on the market is selling. However, that’s not what’s happening in reality. Out of those 23,000 listings, only 17,700 sold. That means there are between 5,000 and 6,000 properties that failed to sell. Regardless of what you think about the market, I encourage you to make sure that your Realtor has a strong marketing plan in place to sell your home. That's really the only way to guarantee a sale in this market.

It is taking an average of 11 showings to sell a home.

3. Median sale price. This is intriguing. During the recession, the median sale price was around $180,000. Today, it’s at $240,000. It’s increased by over $50,000 in the past five years, but there are people who still think their home won’t sell. If that’s the impression you're under, I invite you to give us a call. If you tell us how much you owe and how much you’d like to sell for, we would be happy to give you our honest, professional opinion if that is doable.

4. Market time. How long does it take a home to sell on average? Over the past 12 months, the answer is 58 days.

5. Average showings. Finally, let’s look at the average number of showings it takes for a home to get an offer. Right now, homes are getting offers after an average of 11 showings.

If you’re interested in learning more and taking a better look at these statistics, you can view them in their entirety here.

If you have any other questions about Charleston real estate, don’t hesitate to give us a call or send us an email. We would love to hear from you.

What Does the Charleston Market Look Like?

The latest numbers are in for Charleston. We are excited to share them with you today.

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We’ve got the latest numbers for the Charleston real estate market and we wanted to share them with you today. So far in 2016, 19,000 homes have been listed on the market and 14,000 of those have sold. A large percentage have sold, but there will always be homes that don’t sell for a variety of reasons. Whether it’s because they are priced too high, they're unable to accommodate showings, or they simply go too long without an offer, not every home will sell.

This year, the median price in Charleston is $239,000, a 5.7% jump from last year’s median price. Our average sale price is also up by around 4.5% to $320,000.

Last year, we had about a five-month supply of inventory at this time. Right now, our supply is at 3.6 months. What we mean by this is that if no more new homes came on the market after now, it would take 3.6 months to sell all the homes on the market at the current rate homes are selling. Anything below five to six months is considered a seller’s market, so that’s what we are in right now in Charleston.

Buyers are more reluctant to pay full price.

I do want to caution you that in this fourth quarter, we have seen a growing trend of buyers becoming a little reluctant to pay full price. However, a lot of people are taking their homes off the market right now before the holidays, so you have a window of opportunity to sell high now.

If your home is eligible to be shown during the holidays, I recommend you get it on the market right now. You can get ahead of the January rush that will come and get your home under contract while there is less competition and more serious buyers.

We are in a tremendous market for home sellers. If you have any questions for us or you’re thinking or buying or selling, give us a call or send us an email. We would be happy to come out to your home and give you a complimentary home valuation to show you what you could really sell for this holiday season. We look forward to hearing from you soon.

How Will the Election Affect Our Housing Market?

With the presidential election just weeks away, many people are concerned about what effect this election will have on the housing market. In reality, things look good no matter who is elected.

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As the 2016 election nears, we find that several aspects of business are affected. What does that mean for the housing market?

One of the leading indicators of where we’re headed is consumer confidence. Consumer confidence is the willingness of an average U.S. citizen to purchase or finance a large asset. What we have found is that consumer confidence tends to remain high as we approach the election.

The National Association of Realtors says the housing market did show resilience and had its best first quarter of the year for existing home sales since 2007.

The dream of homeownership is still alive.

According to Fannie Mae, home sales should pick up heading into the future season. The main reason for this is declining mortgage rates. According to Freddie Mac, forecast housing continues to maintain its momentum through the remainder of 2016.

The outlook of the national housing market is projected to stay strong through the remainder of the year. The dream of homeownership, the American dream, continues to remain stronger than the fear of uncertainty in the next presidency. As we approach this election, the market is still strong and it is still a great time to buy and sell in Charleston.

If you have any questions, don’t hesitate to give us a call or send us an email. We would love to hear from you soon.

Your Charleston Home’s Value Has Probably Risen

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We’ve got some great news to share about our great city. Charleston has recently been ranked the number two most popular destination for movers in 2016. The three contributing factors to this are strong job growth, low vacancy rates, and high affordability.

For us in Charleston, this means a few things. For one, more people are moving to the area. That’s obvious. We have 43 newcomers each day on average. Jobs will also continue to grow, as the Charleston region is ranked in the top-10 in the U.S. for job seekers.

Our median sale price has risen by 11.4%!

If you own a Charleston home, its value has likely risen. The median sales price is 11.4% higher right now than it was at the same time last year.

If you’re interested in finding out what your home is worth or want to see what is out there for purchase, check out the links above. You can also give me a call or send me an email with any questions. I look forward to hearing from you!

What’s Happening in the Charleston Market Right Now?

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Did you know that our real estate market is on fire right now?

So far this year, we’ve had more than 9,000 properties go under contract and successfully sell to someone else. About this same time last year, we only had about 8,000 properties. To put that into perspective, we have about 2,000 homes listed on the market every single month. Pretty soon we’re going to be out of available inventory, so if you’re thinking about selling your home, now might be a great time.

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If you’re thinking about selling your home, now would be a great time.

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The median sales price over the past year has increased about 6%. The average sales price has increased about 4.3%. This means that if you own a $300,000 property, over the past year your home has increased in value by $12,000. If you couldn’t sell your home previously, please call our office immediately and we can tell you what your property may be worth. You can also click on the links above to search for available homes and see how much your property can sell for in this market.

If you have any other questions, call us anyway or send us an email. We’d love to reach out to you.

What Loan Products Are Available in the Charleston Area?

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Today, mortgage expert Todd Sevier joins us again to dig deeper into the lending process. Today he answers: What's the difference between a fixed-rate mortgage and an adjustable-rate mortgage?

A fixed-rate mortgage means that the rate you lock in when you are granted a loan remains the same for the duration of the loan. Some things, like taxes and insurance, can change over time, but the majority of your mortgage payment (the principal and interest) will never change. The most common loan is a 30-year fixed-rate, but you can also get loans for shorter periods.

An adjustable-rate mortgage is typically going to have a lower start rate that will be fixed for a period of anywhere from 2-10 years. In that time frame, the rate will adjust. It can go up or down, depending on where the market is at that particular time. A rule of thumb when getting an adjustable rate is you should know what your future plans entail. If you get an adjustable-rate loan that will change in five years, do you plan on selling by then? If so, that loan may be a great option for you; if you're planning on living in the home for a longer period of time, you want to get a fixed-rate loan.

If you have any specific questions about this topic, or if you need real estate assistance of any kind, don't hesitate to reach out to us. You can reach Todd at (843) 408-0856 or by email at Todd@scmtgpro.com. We would love to hear from you!

What's the First Step of the Lending Process?

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Today, we're excited to have our friend Todd Sevier of ResMac Home Loans join us today to discuss the current state of the mortgage market.

The first thing people ask when it comes to buying a new home is how much they can actually afford. The primary things lenders are looking at are credit, income, and assets. An ideal credit score would be above 600, and the lender will also check to ensure you haven't had any foreclosures or bankruptcies in the recent past.

When looking at income, they will check to ensure you have a stable job and are current with all your payments. Also, your lender will check to make sure you have the available assets to put forward as a down payment if you are able to obtain the loan.

If you would like additional information about the mortgage market here in Charleston, or if you would like real estate assistance of any kind, don't hesitate to reach out to us! If you would like to reach Todd directly, you can call him at (843) 408-0856 or email him at Todd@scmtgpro.com. We would love to hear from you!

Come Join Us Here In Paradise!

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Today, I'm coming to you from sunny Charleston, South Carolina.  It's pretty quiet and calm here, and the weather this week is supposed to climb up to 80 degrees! I really enjoy the climate here, but I do also like it when it gets cold up north, because people often flock here to escape the harsh weather, and that helps our real estate market to run year-round! 
 
This is why we sell a lot of homes in the winter. In fact, since December 1, over 500 people have moved Charleston. While many areas in the Northeast have had record-low temperatures and record-high snowfall, we haven't had a single drop of snow here in Charleston this winter!

Today we have our Buyer Specialist with us, Rachel Spence, and if you're thinking of making the move towards a warmer climate, then she is the person you need to be speaking with. Rachel will talk to you about your needs and desires, and she can then find a great part of Charleston for you to live in. She knows great loan officers that can help you find the appropriate financing.

Please contact us if you're interested, because we have some properties that are not listed on the MLS that we would like to show you. These are great homes that have little-to-no competition.
 
If you want to escape the cold and move to the Palmetto State, give us a call or shoot us an email. We would love for you to join us in paradise!

Charleston Real Estate Market Update for June 2014

There are a variety of opportunities in the Charleston real estate market for both buyers and sellers. If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.

Charleston Real Estate Market Update for June 2014

Welcome to my Charleston real estate video blog. I'll be updating you twice a month with important market data in order for you to make more informed decisions in regards to real estate. Today I will be going over what is currently happening in our local market.

• Home sales have increased by 2.3%
• There have been 1,094 homes sold so far this year. This is an increase from last year, and shows some needed improvement.
• Over 2,000 more homes have come onto the market. This means that 1 out of every 2 homes on the market is selling. This is good for the Charleston market, but it still tells me that you need a professional to help sell your home. 

This means that if you're trying to sell your home that you will need the help of a capable agent such as myself. We have proven, repeatable systems in place that can help to sell your home. 

If you or anyone else you know needs help buying, selling, or investing in Charleston real estate, then please do not hesitate to contact us. We are always willing to help you out.

Hopefully this information has been useful to you.

Stay tuned for more important information on the Charleston real estate market!