Just the Stats: What Happened Last Month in Real Estate in Summerville, SC? July 2020

Summerville Real Estate Market Conditions

The Summerville Real Estate Summer market is roaring forward as our area tentatively returns to a different normal of living. Our current reports shows an extremely strong seller’s market. According to our Summerville real estate market reports, we now have 34% (Thirty Four Percent!!) less homes for sale in Summerville then we did this time last year and the average sales price for homes in Summerville last month closed out at $281,679 which is 3%  up from this time last year.

We saw  422 homes for sale in Summerville sell after an average of 40 days on the market. The number of days it took to sell a home in Summerville last month was down by seven percent compared to this time last year. I personally had everything I listed go under contract in less than a week. At most price points, homes for sale in Summerville are moving very quickly.

We are still quite low with the months supply of homes for sale in Summerville dropping significantly. (A balanced market averages 5-6 months of home inventory.)

The average price per square foot in Summerville rose to at $135/square foot last month due to the lack of inventory.

If 2020 is your year for selling or buying a home in Summerville, I can help!  If you need to find out how much home you can afford, visit my site to learn more. How Much House Can I afford?

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.

Pent Up Demand makes the Summerville Market Surge upward!

We have been tracking the impact of COVID19 on the Summerville Market consistently over the last few months  and more stats have come in from the CFO of Carolina One.
“The news in our local housing market continues to be excellent! Last week saw another record week in terms of ratified contracts in the CTMLS with 497 properties going under contract.
The take aways for the week as I see them:
(1) We have now posted two consecutive record weeks of properties going under contract. The bottom of the market appears to have been about 7 weeks ago.

Summerville Real Estate Market Conditions

2) The CTMLS almost flat to last year in ratified contracts despite a pandemic shutdown!!!
  • The CTMLS is now down 1% year to date (nearly flat) versus last year in ratified contracts – and last year was one of the best years ever in the CTMLS.
(3) Showings continue to track much closer to last year’s level, -7% last week versus the same week last year in a market where active listings are -12% versus the same time last year.
(4) You will see media emphasis on the decline in showings. Here is what these reports are missing:
  • Inventory is down more than the showing levels are (there is less to show)
  • Many showings are happening outside of ShowingTime
  • Due to safety concerns, buyers, sellers, and agents are vetting showings much more closely (buyers ruling properties out online, sellers are inquiring more about a buyers motivation and qualifications more than they did previously)

Summerville Real Estate Market Conditions

(5) The media is reporting on the year over year decline in closed sales in April. This is accurate…but also not terribly informative. Why?
  • Closed sales are a lagging indicator of the market behind ratified contracts. Closed sales tell you what home buyer sentiment looked like 30-60 days ago.
  • Ratified contracts track current consumer sentiment much more closely than closed sales do.
 

(6) Inventory is critically low, -12% versus last year’s already too low level of listings.

 
(7) There are reasons for concern.
  • Unemployment is extremely high and this will eventually come home to roost.
  • While restrictions are easing, we could face another business strangling shutdown if cases flare up again” Dave Sansom CFO/COO for Carolina One

Please do not hesitate to call or email with any real estate questions you may have during this time.

How Did COVID-19 Impact Real Estate in Summerville, South Carolina last month?

We have weathered the month of April under COVID-19 shut downs and have seen how the Coronavirus impacted Summerville Real Estate last month.  Here is a snapshot of how April looked under the stay at home orders. Showings are down 54% over this time last year and pending sales are down 32%.  New Summerville listings are coming to market much more slowly than usual. Thankfully, we are beginning to see a stabilization in the market as the last three weeks in a row have seen 300 houses go under contract per week.

COVID 19's Impact on Summerville Real Estate

 

The questions I answered regarding how COVID-19 has changed real estate in Summerville, SC  are still holding true. Sellers are continuing to put disinfectant wipes in the house for buyers to feel comfortable wiping down a handle that they may want to open and homes are still being viewed.  Clients who need to sell their houses continue to list them  and I’ve encouraged them that it is a very individual decision depending on the age and the health of the seller.

Here are the stats specific to our beautiful Summerville area. The average sales price rose another 12% compared to this time last year and the price per square foot rose to $139. Three hundred and six homes closed last month even under the COVID restrictions though it took a little longer than it normally does in a typical Spring market with an average of 47 days on the market.  My team personally closed four homes last month under the stay at home orders with no issues.

Please do not hesitate to call or email with any real estate questions you may have during this time. We are all weathering this storm together.

 

Summerville Real Estate Market Conditions

 

 

 

How Has COVID-19 Changed Real Estate in Summerville, South Carolina?

How Has COVID-19 Changed Real Estate in Summerville, South Carolina?Since my last South Carolina Real Estate Update, we have seen dramatic changes in our country and state. There are many questions regarding COVID-19 and each of us is working to cope as well as possible and serve others during this time. Maybe you were planning to list your home this month or buy a home and don’t know how to proceed. Here is a list of the most common questions I am fielding these days and hopefully they will help you!

Is The Foster Smith Team still working?

Real estate has been categorized as an essential business. However, this does not mean business as usual. What this does mean is closings continue to occur, Insurance policies are written, and mortgages are issued. Court houses are open for title research and recordings of deeds.  I just closed a house on Monday without incident. Gloves and masks were present at the closing table and social distancing was in place.

Can I list my home right now?

Yes we are still listing homes and as a matter of fact, I am listing a house today. However, we are down in our average number of listings by about 15% .

 Are homes still selling?

Yes, homes are still selling.  As a matter of fact my team just sold two houses in the last two weeks and I am writing another offer today. However in the entire area, we sold around 15% less homes last month than we sold in March last year.

Is my team working remotely?

Thankfully, just about everything can be done electronically in our business. We have a skeleton crew manning the office.

Are we abiding by the guidelines?

Yes we are.  If we show a house we drive in separate cars. We take disinfectant wipes with us and wipe down doorknobs and anything we touch. We advise the seller to leave all doors open so we have to touch as little as possible.

Is it wise to buy now?

Understandably, there are fewer people shopping right now therefore you have less competition for the same house. Interest rates are very low – in the 3.25% range for good credit.

Summerville SC Real Estate Market Reports

Please do not hesitate to call or email with any real estate questions you may have during this time. We are all weathering this storm together.

The average price per square foot in Summerville rose to $133/square foot last month due to the lack of inventory.

Just the Stats: What Happened Last Month in Real Estate in Summerville, SC? March 2020

Summerville Real Estate Market Conditions

The Summerville Real Estate Spring Market has arrived! Our current reports continue to show a strong seller’s market. According to our Summerville real estate market reports, we now have 16% less homes for sale in Summerville then we did this time last year and the average sales price for homes in Summerville last month closed out at $276,727, which is 8%  up from this time last year.

We saw  260 homes for sale in Summerville sell after an average of 56 days on the market. The number of days it took to sell a home in Summerville last month was similar to the days it took last February, however I personally had two listings hit the market and go under contract in the less than two days. At certain price points and with certain homes for sale, they are moving very quickly.

We are still quite low with the months supply of homes for sale in Summerville dipping below 2.5 months. (A balanced market averages 5-6 months of home inventory.)

The average price per square foot in Summerville held steady at $133/square foot last month due to the lack of inventory.

If 2020 is your year for selling or buying a home in Summerville, I can help!  If you need to find out how much home you can afford, visit my site to learn more. How Much House Can I afford?

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.

Why You Should be Investing In Summerville Real Estate Now!

As the average price of homes for sale in Summerville continues to rise, (Summerville Market Conditions ) I want to remind each of you why you should be investing in Summerville Real Estate now!

Why You Should be Investing in Summerville Real Estate Now!

Cash Flow versus Building Wealth
Do you want cash flow or do you want to build wealth?  If you get stuck concentrating on cash flow, you will have a hard time justifying investing in real estate. However, in order to build wealth you need to take the long view of building wealth.

Investment Properties
Investment properties can be purchased with 10 to 20% down. For example, if you purchased a property for $150,000 and put down 20% (30K), your approximate payment per month would be $912.

If you were able to rent it for $1,100 the note payment would be covered. This yields an 8% return on the original cash invested.  The real estate market typically appreciates 3% annually and certain markets, like homes for sale in Summerville, have seen a much greater appreciation.

Investment Property for Sale in Summerville, SC

Duplex Investment Property in Summerville Just SOLD to clients.

Your entire interest payment is tax deductible and every month your mortgage balance is reduced.  Don’t overlook the fact that someone else is paying your mortgage through their rent. The total of these benefits will yield a return of over 15% on the cash invested.

The true building of wealth occurs at the end of the process when you go to sell your Summerville home.. The average property will double in value every 15 years.  This will return over 900% on your original investment.

As you can see taking the long view will pay off handsomely and you will reap the rewards in the future. If you would like to talk more about investment properties for sale in Summerville, contact me. During the spring market, many of these properties come on the market but they sell quickly. Every year is a great year to start building wealth and investing in the future!

Just the Stats: What Happened Last Month in Real Estate in Summerville, SC? February 2020

Summerville Real Estate Market Conditions

The Summerville Real Estate Market is quickly approaching the famous Spring Market and the reports continue to show a strong seller’s market. According to our Summerville real estate market reports, we now have 11% less homes for sale in Summerville then we did this time last year and the average sales price for homes in Summerville has risen to $285,401, which is 12%  up from this time last year.

We saw  278 homes for sale in Summerville sell after an average of 40 days on the market. The number of days it takes for a home to sell in Summerville has gone down by 32% from this time last year.

We are still quite low with the months supply of homes for sale in Summerville dipping below 2.5 months. (A balanced market averages 5-6 months of home inventory.)

The average price per square foot in Summerville rose significantly to $133/square foot last month due to the lack of inventory.

If 2020 is your year for selling or buying a home in Summerville, I can help!  If you need to find out how much home you can afford, visit my site to learn more. How Much House Can I afford?

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.

Just the Stats: What Happened Last Month in Real Estate in Summerville, SC? January 2020

Happy New Year! As we begin a new decade, the local real estate market in Summerville remains promising and strong. Here is what happened last month in real estate in Summerville, SC.

Summerville Real Estate Market Report

According to our Summerville real estate market reports, we now have 9% less homes for sale in Summerville then we did this time last year and the average sales price for homes in Summerville has risen to $274,665, which is 2%  up from this time last year.

We saw  332 homes for sale in Summerville sell after an average of 38 days on the market. The number of days it takes for a home to sell in Summerville has gone down by 24% from this time last year.

We are still quite low with the months supply of homes for sale in Summerville  as the chart below indicates clearly.

The average price per square foot in Summerville held at slightly above $130/square foot last month.

If 2020 is your year for selling or buying a home in Summerville, I can help!  If you need to find out how much home you can afford, visit my site to learn more. How Much House Can I afford?

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.

3 Things You Need to Know as a First Time Home Buyer

Updated 12/13/2019

If you are thinking it might be time to buy a home for sale in Summerville,  here are three things you need to know as a first time home buyer as you enter the world of real estate and home shopping.

Good News! As the Buyer, You Don’t Pay your Real Estate Agent’s Commission

Homes for Sale in Summerville, SCOften, I am asked by first time home buyers, “How much are your fees? When and how do you get paid?”

As a Summerville & Charleston realtor, I am paid by the selling side of the transaction. When the home owner places their house on the market, they agree to pay a commission. The selling agent, (typically), splits this commission with the buyer’s real estate agent. I still represent you completely, but my bill gets paid by the other real estate agent.

Need help finding an agent? Visit me over at  Homes for Sale in Summerville, SC.

Monthly Mortgage Payment…Is It Comfortable for You?

Your first step, once you decide to buy a home for sale in Summerville, is generally getting pre-approved for a mortgage and discovering how much home you can afford. This is a vital part of the process and before we even begin looking at those beautiful homes for sale in Summerville, you need to have that pre-approval letter in hand.

Once you meet with the mortgage broker, they will help you figure out how much home you can afford and the dollar amount may surprise you. It is important to remember that there will be a range that you can buy in. Just because you CAN afford a $300,000 house, doesn’t mean you necessarily should.

Make sure that you look at your down payment amount, credit score, current mortgage rate, taxes and insurance and how that will all translate to your monthly payment. Is that monthly number good for you? Is it on track with a rent you’ve paying? Is it going to stretch you too thin? Make sure you are with a trusted mortgage adviser to figure out all the variables. (Your Summerville Realtor will be able to help you find a great one.)

Take The Plunge

Homes for Sale in Summerville, SCThere are going to be a lot of little (and big) moments along the way when you decide to move forward with buying your first home. There will be moments of extreme excitement and potentially some freak out moments as well. That is a big reason to work with a professional Summerville realtor who has been selling homes for over 20 years. Walking with you through the ups and downs of the process and making sure you get to the other side with a home you love is my main job!

Contact me if you are interested in buying a home in Summervillenew home in Summerville , a historic home in Summerville or selling your Summerville home.

Call today to set up an appointment – 843-974-6029.

Just the Stats: What Happened Last Month in Real Estate in Summerville, SC? December 2019

I hope you are enjoying the cooling temperatures and fun Summerville Christmas Events!  Summerville Real Estate activity usually slows down this time of year as people enjoy the holidays with their loved ones, but  homes for sale in Summerville, SC continue to sell and the number of houses can not keep up with the demand. Here is what happened last month in real estate in Summerville, SC.

Summerville Real Estate Market Conditions

Summerville Real Estate Market Conditions

According to our Summerville real estate market reports, we now have 11% less homes for sale in Summerville then we did this time last year and the average sales price for homes in Summerville has risen to $272,422, which is 6%  up from this time last year.

We saw  297 homes for sale in Summerville sell after an average of 39 days on the market. The number of days it takes for a home to sell in Summerville has gone down by 20% from this time last year in 2018.

We are still quite low with the months supply of homes for sale in Summerville  as the chart below indicates clearly.

The average price per square foot in Summerville rose slightly above $130/square foot last month.

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.