Charleston boasts beautiful beaches, lush suburbs, an award-winning historical district, a wide variety of shopping, nationally-recognized restaurants, and many, many opportunities for outdoor sporting. With all of this to offer, it is no wonder than Charleston is a favorite spot for locals and tourists alike. No matter if you’re a summer-time visitor looking to make Charleston your new year-round home or a long-term renter from the area, now is the time that you should consider purchasing a slice of Charleston to make your own.
But why should you act now? Real estate experts are pointing to several trends in the housing and financial markets that translate to the perfect opportunity to get in on your dream condo, townhouse, or home in the near future.
- The U.S. had seen record low interest rates in the last few years, which has been great for those who were looking to purchase property. However, nothing lasts forever, and now interest rates are climbing slowly back up. If you didn’t purchase when the rates were extremely low, don’t worry. They are still far below historic averages, so you still have time to make use of this great opportunity.
- Along with rising interest rates, there are other signs of economic rebound occurring here in Charleston. While this rebound is wonderful for job security and availability, it also signals a transition from a buyers’ market (with plenty of inventory, low interest rates, and sellers hungry to close a deal) to a sellers’ market (with low inventory, higher rates, and sellers who might be willing to wait longer to accept a bid). If you act while the buyers’ market is in place, you have a much better chance of getting a great piece of property at a great price.
- The listing inventory in the Charleston area MLS is at a record low with only 5600 homes currently listed. This low inventory, combined with the attractive interest rates and economic rebound, could encourage more people to purchase a home. But with more people interested in a limited amount of homes, the sellers might be less apt to negotiate—so find your property and scoop it up before word gets out!
- In 2012, South Carolina realtors saw an increase of 7% in residential sales. If the Charleston area follows the state average into 2014, more people will be choosing to move to the area, upgrade from their existing home, or make the leap into homeownership after renting. Get ahead of the trends and start your real estate search in early 2014.
- The Federal Reserve is considering scaling down the stimulus plan that has been in place for the past few years. This stimulus plan was directed at helping the country out of the recent recession in part by providing special loan terms and packages to prospective homebuyers. Without this stimulus in place, the potential homebuyer could face a steep increase in closing costs and interest rates. Why pay more when you don’t have to? Don’t wait and miss out on these valuable discounts.
If you have any questions or would like to discuss real estate on any level, feel free to reach me directly at 843.437.8386 or email me at [email protected].