I just came from a meeting on the Economic Forecast for the Real Estate Market in Charleston & Summerville, SC for 2015. Economic Experts gave us a run down of what to expect this year in the real estate market on a national and local level. It was encouraging on every level and I share with you in 3 minutes what it took a few hours to digest. 🙂
There are basically three reasons why the housing market is looking strong for 2015 in the Summerville and Charleston, SC area.
1.Job Market is Stronger
2.Home Prices Stabilizing
3.Rents are High
Consumer Optimism and Confidence is almost 20 points higher than it was this time last year. This means that people are feeling good about their work, jobs, family, houses, and situation in general. Consumers drive our economy as well as the housing market so this is all good news.
With rents extremely high, many renters are jumping into the buying market. When interviewed, 9 out of 10 millennials say they would like to buy instead of rent. Freddie Mac & Fannie Mae have just released programs that bring the down payment percentage from 5% to 3% for first time home-buyers. This will be a big help for those wanting to jump in and buy a home.
Interest Rates are the last thing that was discussed in regards to the real estate market and forecast for 2015. They have been below or near 4% but economists are projecting that those will inch up to the 5% mark by the end of 2015. However, those rates are still extremely low and very good for those wanting to buy a home.
The Summerville and Charleston market is very strong currently and we will be hitting the hot Spring market in the next few weeks. y. Currently, we have just under 5300 houses on the market. The builders are back in Summerville and lots of new home construction is going up in Summerville, SC.
If you would like to discuss your Summerville Home and what it is worth in our market today, please e–mail me for more information or fill out this form.