When it is a seller’s market, like we see right now in real estate for sale in Summerville, you need to be incredibly smart as a buyer. Make sure you ask your realtor these four vital questions before you buy any home. If you need a realtor, contact me or call directly at 843-974-6029.
I can help you if you are interested in seeing real estate for sale in Summerville, SC , buying a home in the Summerville area, new home in Summerville , a historic home in Summerville or selling your Summerville home.
Hi friends! We’re taking a look at the last seven years in Charleston & Summerville Real Estate ( in a short minute and a half recap) and looking ahead to 2016. Take a minute and find out if now is a better time to think about putting your Summerville home on the market.
Beautiful home for sale in Crowfield Plantation in Goose Creek, SC. All brick home. Open floor plan with soaring ceiling in family room. There is also a formal dining room, formal living room, eat in kitchen. Downstairs master bedroom with large bath and walk in closet. Four bedrooms upstairs with 2 full baths. Wonderful bonus room over the garage. Back porch and deck overlooking a fenced in yard.
View more information and photos of 677 Hamlet Circle in Goose Creek, SC.
Real Estate Transactions in the Charleston area are up 14.4% compared to this time last year and the median sales price has risen 5.4% in the Summerville and Charleston, SC area. The continued low-interest rates are continuing to usher more people into the housing market and have moved the Summerville area into a seller’s market. Inventory is down and demand stays up.
With all of the doom and gloom we are hearing in the media, I have had many clients and customers ask me, “”Is there a housing bubble about to burst in Summerville or Charleston?”
In order to answer that question we need to rewind to 2007 when there was indeed a housing market crash and a very real bubble burst not only in our area, but nationwide. This was created by a tremendous amount of inventory, as high as 12,000 houses on the market in the tri-county area. (Dorchester, Charleston and Berkeley County) The prices became so inflated that buyers stopped buying and with so much inventory on the market, the Charleston, SC bubble burst. It eroded housing values almost 30% in Summerville, Mount Pleasant, Charleston and the surrounding areas.
In 2012 we hit the bottom and went sideways and inched up a half of a percent. In 2013, the prices rose 7.5%, followed by 7.5% in 2014 and 4% in 2015. However this is still 11 percent less than eight years ago. Right now, we have 5,651 houses on the market, this is less than half the houses on the market in 2007. Inventory being low will keep pushing the prices back up to where they were. The reason there is still a low amount of inventory is what we call the waterline. A lot of people are still at the waterline or 10% under the waterline if they bought their house 7 years ago. As a result, they can not reenter the Summerville SC Real Estate Market.
If you want to identify whether you are at the waterline or above it and can move and make money, give me a call at 843-974-6029 or fill out my What is My Home Worth form and I will be in touch.
Fill out this form or give me a call if you are interested in what your Summerville home is worth in today’s market.
Foster Smith – 843-974-6029.
Why is the Market Hot in Summerville? If you listen to my two minute Summerville SC Market Report for July 2015 you will find out! The temperature is hot and the market is putting off the same kind of heat. We are seeing a huge increase in the amount of first time homebuyers entering the market. Homebuyers are being decisive and moving quickly in order to capture the rising interest rates and limited inventory. New homes are being built and inventory is rising, but homes that are priced correctly and in good condition are moving off the market in less than 20 days right now with sellers receiving 99% of their list price. (on average)
Fill out this form or give me a call if you are interested in what your Summerville home is worth in today’s market. Foster Smith – 843-974-6029.
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.