Summerville Real Estate Market Update with Foster Smith 2019

Welcome to the Summerville Real Estate Market update for 2019! This is Foster Smith from Carolina One Real Estate. For this market update we will take a look back at 2018.

In 2018, we had record sales and prices continued to go up on homes for sale in Summerville. As a result, people are asking me, “Are we heading towards another cliff similar to the one we saw in 2008?” There are three strong indicators that this not the case.

Jobs in Charleston

One strong indicator that this is not the case is that we have 25% more jobs in the area then we did in ’08 and those jobs are paying 25% more than they were paying 10 years ago.

Inventory vs Sales

In 2008, we had record high inventory of homes for sale in the country. When sales began to pull back, over the hill we went with the market crashing. Today, we have the opposite situation, record sales and low inventory. New construction in Summerville can not keep up with sales. In 2008, it took 5 months to build a new home, today it takes 7 months to buy and build a new home for sale in Summerville.

Real Estate has Normalized

Historically, mortgage backed securities were always rock solid investments, but we had a nationwide decline in real estate and mortgage backed securities and we were faced with the crash of 2008.  Today, real estate is back to normal, which is to say, real estate is local. There are problems in NY, Seattle, Miami right now which are local issues for them, but not in the Charleston area.

We have wonderful employment and wonderful employers, Boeing, Spawar, Volvo, the Air base, and tech jobs. There continue to be plenty of jobs in the Charleston area and room for the prices to continue to go up.

If you are a interested in buying a home for sale in Summerville, or  are a seller and 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.

Fall Real Estate Market Update with Foster Smith

Hello! Welcome to the fall market update! This is Foster Smith from Carolina One Real Estate. Coming to you from Charleston, South Carolina, the Tri-County area, specifically in Summerville.

How’s the market? Well, the market is like politics, it’s all local.

I put a house on the market last week. It was a $100,000 dollar investor property.  We had eight showings in six hours, and one full price cash offer. According to that transaction, the market is great!

However, a little higher up the market is not as strong. Interest rates are rising up and causing the higher market to slow down a bit. Inventory continues to be stubbornly low. We have about half as many houses on the market now as we had five years ago.

The question rises then, “What should I do? Should I list my home before the holidays? With Thanksgiving, Christmas and New Years, I don’t know if I  want to do that.  However, the market is such that the inventory is low. We have people that are coming that are actually motivated buyers. I personally have couples coming from Florida, North Carolina, Virginia, Massachusetts, in the next month. They are coming in to buy a house. And that is just me personally.

There’s still a lot of pressure on the market to buy which indicates maybe you should put your house on the market. If you’re in the market to sell, even in the Fall, with the holiday season,  it is a good time because we have a good motivated crop of buyers still looking.
If you are a home seller and 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.

Four Vital Questions to Ask When You Buy a Home

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 areanew home in Summerville , a historic home in Summerville or selling your Summerville home.

If you are a home seller and 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.

Summerville SC Real Estate Market Report for 2016

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.

Please feel free to contact me if you are interested in buying a new home in Summerville , a historic home in Summerville or selling your Summerville home.
If you are a home seller and 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.

Beautiful Crowfield Plantation in Goose Creek, SC

 

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.

Summerville Real Estate Market Report Video with Foster Smith


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.

Please feel free to contact me if you are interested in buying a new home in Summerville , a historic home in Summerville or selling your Summerville home.
If you are a home seller and 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.

Housing bubble about to burst in Summerville or Charleston, SC?

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.