After CNBC’s Jim Kramer made his infamous statement “now is the absolute worst time to buy!” during a segment regarding national real estate last week, many in the real estate industry have been debating and questioning his remarks. Is now really “the worst time to buy?” In the Summerville and Charleston real estate markets the answer is a resounding “No!” Kramer seems to have forgotten the first rule in real estate values, “location, location, location.” Our location in the Lowcountry is quickly becoming one of the most desirable in the nation.
Last week, the Post and Courier featured an article by Michael Buettner regarding the Charleston economy titled “Numbers don’t lie; We’re a Hot Market”. In it he quotes the federal government’s report that affirms that the our local economy is not just modestly growing-it is booming!
“The three-county area’s economic output has grown faster in the past five years than South Carolina’s and the nation’s as a whole, with the latest year’s increase ranking among the top 20 percent of metro areas nationwide, according to a first-of-its-kind report on metro area gross domestic product.”
What is causing our economy to move along at a steady pace? And why do we know that it will continue?
Here is a summary of Michael’s article:
1. Manufacturing: We have seen huge companies (Vought-Alenia) move into our area and establish it as a region for manufacturing companies to set up and run out of it.
2.Tourism: Throughout the year, over 4 million people come to our area to enjoy the sights and sounds that are our beloved Charleston!
3.High Tech Industry: Google has confirmed plans to build and run a data center near Goose Creek creating 200 local jobs.
4.Finances: Charleston’s total goods and services in 2005 was 20 billion making the Lowcountry the 81st largest local economy. We are moving up every year.
The full article further explains what a great place the Lowcountry is in right now. I encourage you to read it if you have not already! It will help you to feel GREAT about living in the Lowcountry and encourage you if you are thinking of relocating. With so much of the country on the downswing, why not move and live somewhere that is moving up every year?