SCSold.com Market Update – October

Everybody has an opinion of what’s happening to our local market, none of us has the crystal ball though. What I can tell you is those people who have to move are listing their homes and getting them sold in less than a month.
Buyers who need a house now are buying those homes. The buyers are finding they have more choices and less competition. Less competition with more choices for buyers, aligned with higher purchase costs in the way of interest rates, will eventually see values start to decline. Not major loss of value, just enough to balance rates vs affordability

Will this mean sellers will lose money? Not necessarily.  Sellers who have owned homes longer than 24 months probably won’t. They may not have optimized their cash out by selling during in the past year or so. They’ll be fine though. Most are in a positive equity position and will walk away from the sale with money in their pocket.
For those home purchasers in the last two years trying to resell will almost definitely put them in a negative equity position. This could cause a short sale situation or force them into turning the home into a rental (a great investment strategy).

If you’re considering buying or selling and need a consultation please contact us.

Looking To Buy In The Summerville SC Area

Just a few of our Raving Fans. See more here

“We should thank Greg so much for selling our home. We really felt like we were getting good advice from him and never felt that he had anything but our best interests at heart. Greg has a great personality – a true professional, thorough, responsive, and a total problem solver. He has the experience and knowledge, so no need to look for any other agent. He found solutions and gave us sound advice every step of the way. Greg courteously and patiently responded to our questions as he went through the entire process of the house sale and time frame. From beginning to end all went smoothly. He did a beautiful job presenting our house inside and out. From the top-notch quality of the listing photos and the overall advertising in the promotion of our home to the day of closing, we could not have asked for more. We were very pleased with the listing, sale time, and fast closing. Any potential problems and suggestions for solutions were promptly communicated. We appreciated him keeping in touch through the entire process and follow-up. He stayed on top of every detail due to having great real estate and construction knowledge, he even helped organize tradesmen for the repairs and communicated very well overall. He also counseled us about a few details we had missed. The result was a perfectly smooth no hassle transaction. We were very impressed with his professionalism and would not hesitate for a moment to refer anyone we know to him in both selling and buying capacities.” – Lily Madani, Sold a Home in Mount Pleasant

“We used Greg Flanagan again when it was time to sell our house that he had helped us buy. He’s amazing! He kept us updated and gave fantastic feedback on our property prior to listing it, the photos for the listing were very well done, always punctual, so responsive to all communication, and very enjoyable to be around. We will always have a great friend in Greg and can’t recommend him highly enough!” – Ann Gillet, Sold a Home in North Charleston, SC