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Charleston SC Housing News for Home Buyers and home Sellers

As Buyers and Sellers you are probably in a quandary on when to make the move to enter in what seems to be an unstable housing market. Who can blame you, it’s a scary industry right now. Do I have your answer? No. That is entirely up to your individual circumstances. 
Life determines when you’re ready to buy or sell a home, not interest rates or rising prices. Many people took advantage of the lower rates yet at the same time paid a premium price for their home. Would they do the same now? Of course not.
What’s My Home Worth?

We’re already starting to see sellers concede to rate buydowns, closing cost concessions and reduced sales prices. All in an attempt to become competitive in the marketplace. Days on the market (DOM) has increased dramatically during the past 60 days. On a properly priced home, expect a 20-45 day marketing period before going under contract and then another 30-45 day closing period. Based on these numbers if you intend to sell and be in your next home by a certain date you’ll need to plan 6 months ahead for the logistics of a move. Remember you’ll still need some time to repair, pack and find a new home. December into January is the time to begin activity if you’re looking to move after the kids are out of school. 

Charleston SC Area Homes For Sale- Click Here


What would make me buy in this market? For me, quite simply I have no way of knowing what the future will bring. Today is a known entity, the future is a crapshoot. Rising rates, rising prices, inflation..just never know what is coming down the road. If it goes the other way, falling rates, falling values deflation, I have the opportunity to lower my payments through lower rates, I already own a home I don’t particularly care about the value if I don’t foresee a need to move, and deflation will allow me to purchase a second home to start building my long term wealth. Interest rates are stabilizing in the mid 6% range with an opportunity of a seller buydown during the first two years. The first year rates would be 2% below present rate, The second year would be 1% below the original rate. 
People buy and sell homes everyday in the Charleston/Summerville area. Serious buyers and sellers are out during the Holiday season, take advantage of some great deals during this time. If you’re timing the market in any way, I need to borrow your crystal ball, even a clock is correct twice a day. 

Contact us to discuss your real estate needs. 

Have a Merry Christmas and Happy Hanukkah

The Team  

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