According to the Charleston Business Journal, the local housing market in Summerville and the Charleston area should see an increase in the year 2008. The two key factors in this upturn in housing sales will be affordable loan products and affordable housing. If these two factors can move into place, which they are currently doing, we should see a rise in home sales.
Most likely, the majority of homebuyers in the year to come will be first time home buyers. Those who are wanting to get out of the rental side of life and into owning their own home. These are people that don‘t have current homes to sell and are simply looking to secure a loan and buy an affordable home.
The higher end market will most likely take a bit longer to spring back because those that are moving into higher priced homes have current homes they need to sell and that will continue to be a challenge in this new year. As people trying to relocate from the North are successful in selling their homes, the Lowcountry of South Carolina will also see a rise in sales, particularly in the higher end.
According to the Charleston Trident Association of Realtors, most home sales in Dorchester and Berkeley counties last month were in the $200,000 to $250,000 price range while most Charleston County sales were in the $300,000 to $350,000 range. Those homes that are under the $400,000 range are moving much quicker and with more ease. Builders are sitting up and noticing this trend and we are seeing the majority of home developments stay within this range.
2008 is definitely the year to buy in Summerville or Charleston. The prices are at a great low and will probably not dip too much lower. Most economists are calling for a gradual increase in home sales in the coming year and this will mean the prices will continue to stabilize. Teena Martindale, president of the Charleston Trident Association of Realtors says “I think it’s a fairly flat market right now and I think it will stay that way a little while, but I don’t think it will go down any further,” She has studied home sales trends for the past 15 years based on MLS statistics, and it’s clear that what goes down always comes back up, she said. “ The further you go back, the more comfortable you can be with this market,” Martindale said. “You can see where we’ve had these trends before, and Charleston always recovers.”
Contact me at Foster@HomesofSummerville.com if you would like to discuss your options and your plan for this coming year!