Charleston Real Estate Market Update 8/13/08

A “Wait and See” approach seems to be driving many buyers today that don’t have a major reason to make a move now.  Realtors and Lenders are trying to convince buyers that, “Now is a good time to buy.”  Sales for July were down dramatically, 34.3%, 782 vs 1190 units, from the same month last year, and inventories still are over 11,000 across the three counties.  It’s pretty obvious that buyers just aren’t buying the “Now is a good time to buy.” mantra. 

This is not what sellers want to here, for sure.  It’s always wise for sellers, no matter what the situation, to try to look at things through the buyer’s eyes.  Buyers are skiddish that they are going to make a move, and prices are going to fall.  Surprisingly, in spite of all indications to the contrary, average home prices continue to hold steady.  What is changing is the average discount, which used to be under 2%, and is now almost 6%. 

I very much look forward for your sake and mine that things turn around sooner rather than later.  I know that for many of you, this is a moot point, because you can’t make a move until someone buys your home.  At present, I think we are in a bit of a vicious circle.  The good news is, it can’t stay this way forever.  Something has to break lose.  This is a country of innovation, initiative, and results, and eventually the progress we continue to make with efficiencies and progress across the board can overcome just about anything.

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3 responses to “Charleston Real Estate Market Update 8/13/08

  1. Hi Jim,

    I own a couple of investment homes in the North Charleston and Goose Creek area. Over the last 6 months the appreciation rates for both of these homes in the area have remained around zero. As a matter of fact, appraised at a lower value than that what they appraised a year ago. Based upon your experience and discussions/meetings with other realtors, how long are they predicting this slump to last?

    EMF

  2. Hello
    thanks for your info on moving to the Charleston SC area. I know that the real estate market is a little shakey right now but I thought that I would check it out anyway. Eventually this will turn around and I want to be ready.

  3. EMF; Anyone who says they have the answers is full of you know what. We would like to think that things will turn in the next one to three years. The best you can do if you don’t have direct access to MLS statistics is to stay connected to this site, or to your Realtor if you have one, and watch to see when the inventories and days on market start to go down.

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