Our local market has changed and continues to change…for the
better! Below is a portion of a letter written
by the president of Carolina One Real Estate, Michael Scarafile, that was just
recently published in the Charleston News and Courier.
"June 23, 2013
To Carolina One Real Estate Clients and Friends,
It is certainly amazing how fast the real estate market can change. As we approach the halfway point of 2013, I wanted to take a minute to update you on the Metro Charleston real estate market, to let you know where we are now, and what that might mean for you.
The Facts
The overall real estate market is strong. Compared to this time last year, the number of homes for sale is down 13%. Written contracts have increased 27% and closed sales have increased 22%. A “healthy” market is driven by a balance between supply and demand. As demand for housing increases and supply diminishes, values increase. In the Charleston Trident Association of Realtors MLS, the average sales price, compared to this time last year, has increased 5.6% and the median price has increased 8.1%. All good news.
If I want to buy, what does this mean for me?
Real Estate continues to be extremely affordable. It is important to understand the difference between the “price” and the “cost” of buying a home. For example, if you bought a $200,000 home with a 10% down payment in 2006, the top of the market, with average interest rates at 6.5% then, your monthly principle and interest payment would have been $1,137. Today, with average rates around 4%, a $200,000 home with a 10% down payment would cost $859 a month - 25% less!
Although prices and interest rates are beginning to edge up, both remain a real advantage to buyers right now. First time home buyers are often surprised to discover it can be more affordable today to buy than to rent and that they can qualify for a loan with several low down payment mortgage options available. And for move-up buyers, this is a unique window to be able to sell as the market is strengthening and at the same time buy while the rates are still low and good values are still available.
If I want to sell, what does it mean for me?
The great news is that with fewer homes for sale and more buyers in the market, you have less competition, and most homes will sell for a higher price than in the last few years. There are many homeowners who wanted to sell several years ago and couldn’t, either because their mortgage was higher than the value in their home, or they chose not to because the timing was not right. If you fall into either category and are still thinking about moving, this is a good time to reevaluate.
How can my Realtor help me?
Medicine is a great analogy. There’s more medical information on the Internet than we could ever use, but information is only a starting point. We still look to a doctor to use his/her training, knowledge and experience to diagnose and treat us as a unique individual. Real estate is no different. Your Realtor has the market knowledge and professional expertise to advise and guide you through the process in order to achieve your individual goals.
At Carolina One, we take our responsibility and commitment to you very seriously. We understand
the financial importance and emotional significance of buying or selling a home and are privileged to represent almost 1 of every 3 real estate buyers and sellers in Greater Charleston. If you’re thinking about buying or selling, want information specific to your situation or just have a question, it’s always our pleasure to help. Contact your Carolina One agent or email me personally and I’ll put you in touch with one of our professionals in your area.
On behalf of Carolina One and each of our sales associates, thank you for the opportunity to help.
Sincerely,
Michael Scarafile
President, Carolina One Real Estate"
I know that in the past few years quite a few individuals fell
into the category of “accidental landlords”.
They had to rent their homes because the option of selling was not
feasible due to the fallen appraised values of most homes in general. But, as I mentioned earlier and was
reinforced by Michael Scarafile, the market IS improving!
I’ve posted below a statistics spreadsheet of the local MLS areas
for the first two weeks of June. One of
the most important facts that it illustrates is that the current inventory
levels are decreasing…which means that there are fewer and fewer available
homes on the market!
 |
| June 1-15, 2013 Charleston area MLS stats. |
Lately, I have been working with renters searching for homes
and I have noticed that the current rental inventory has decreased while the
monthly rents have increased. The good
rental homes, like those on the sales market, do not last long!
I know that A LOT of people rent because they fear the large
initial down payment required when purchasing a house. It is great to know that there are special
loan programs available to lessen that burden.
If you would like to learn more about the local market and specifically
to learn more to determine if now TRULY
IS the right time to begin looking at investing in your own home, please
contact me. I can provide you with more
information to help you make the smartest decision for yourself and your
family.
Also, on the other side of the home owning spectrum, if you already own a home and have contemplated selling in order to move into a more practical and accomodating home for your current lifestyle, or would for any of the many other various reasons, now might be the right time to sell. If you would like to learn more about the local market and specifically
how it applies to your local investment…your home…please let me know. I’d be more than happy to research it for you
and help you determine if the right time to sell TRULY IS now!
Call or email me today for more information!
Bo Turocy Carolina One Real Estate Facebook Page
Email me (click here) or call 843.974.6200
Thanks for sharing this! I have been looking at some Charleston real estate because I am going to be moving down there for a new job oppurtunity pretty soon. I have been doing some research on what the market is like, and I am just hoping that I can get something close to my work for the right price.
ReplyDeleteI'm glad I could help! The market is continuously changing and is still improving. Some areas are having greater impacts than others, but it is generally positive throughout all of Charleston and the surrounding communities. If and when you do need to make your move, my wife works in property management and I deal in real estate, so between the two of us, we have a wealth of information that we would be happy to share with you to help you make the best, informed decision for your needs. Just let us know how we can help! By the way, I see your avatar. I don't keep up with the Red Sox as much, but with hockey...I am a Bruin all the way!
ReplyDelete