It’s been a couple of months since I’ve written an update, but there really isn’t any new news. You’ve heard the news about the “mortgage meltdown”. Inventories in Charleston are high, and sales are flowing like mud. Thick red clay mud that is. Prudential is using their huge marketing budget to tell us that now is a good time to buy. If you need to buy right now because you’re moving, fine. Prices are not that likely to go down a great deal, and interest rates are very low right now. Otherwise, if you’re on the fence…stay on the fence and keep coming back to check on the trend. Look for when the inventory is turning around. After that, prices should stabilize, and possibly start creeping back up again….we’ll see. Not to be a gloomy gus, but I can’t in good concience tell buyers that this is a good time to buy. Keep an eye on interest rates and do the math. Interest rates don’t move that fast, so you’ll have time if they start creeping back up.
Talk to me out there people. Tell me your thoughts, feelings, whatever.