An article in Forbes Magazine, January 2009 listed Charelston as one of the top 25 strongest housing markets in the country. One of the key indicators is when a particular market is projected to hit bottom. The article says that Charleston will hit bottom in late 2009. So what’s happening right now? I can tell you. Inventory is still increasing along with days on market while monthly sales are at an all time low, sub 500 per month. Woh, that’s bad. January was 415 and February – 388. There may be a few unposted sales for February, but not many I don’t think.
I’m very glad to see that someone thinks things are going to get better soon. Charleston is a great place to live. Prices have finally started to come down significantly, at least from an average and median price standpoint. The average is down $42,000 and the median $20,000. This could be that more expensive houses aren’t selling so you have to be careful what to conclude from these averages. They don’t necessarily mean that you can expect to buy the same home for $20,000-$40,000 less.
There are opportunities out there for those that are in a position to buy. While there are many sellers that are still unrealistic about what they can expect a buyer to pay, there should be enough that are seeing the light that you should be able to get a deal. I’ve been saying this every since 2007 when things started going down hill. If you work with a sharper harder working agent, you can definately find deals. I’m not on the bandwagon with the “This is a great time to buy” crowd. I know I certainly wouldn’t be happy if I purchased a home and watched it drop in value by $20,000. We don’t know where the bottom is going to be, or how long it is going to take.
If you can’t stomach an extra move, and you’re going to be in your house awhile, the interest rates are low, and we probably are close to reaching our bottom. No one can tell you, however, what that bottom is going to look like. Interest rates are a huge part of the equation over 10 years or more, so definately keep a close eye out if you’re in a position to buy. Also, definately make sure you are working with a skilled and hardworking agent. If you need a referral, please get in touch with us.