Saturday, December 31, 2011
Friday, December 16, 2011
Charleston Buyers in late 2011 - GUEST BLOGGER
By: Lillian Swift
lillyswift8@gmail.com
It’s very often that trends and statistic updates in the real estate industry focus on the stance of the sellers. A buyer’s prospective could be more important even though focus is often shined on the selling point. The decision for the buyer can certainly be affected by recent trends and statistics, but it’s more likely to depend on some of the important factors for their family or selves.
When it comes to prospective buyers, a report that’s focused from outside the seller is usually rare. Even though this is hard to find, a buyer’s view is just as important. One of the major factors for current buyers in 2011 is the record low mortgage rates throughout the United States, as well as locally in Charleston. Many of the rates around the nation have gone into the sub four ranges, including here in the area. In Charleston, there is 4.012 APR for a 30 year, fixed rate mortgage, being a very enticing proposition for potential buyers who are mulling.
The rising rental rates throughout the country and locally could also have an effect in the mind of a buyer. For the two bedroom level (those who would be interested in buying a home), Charleston apartments currently average $890 a month, up nine percent and close to $80 from the outset of the year. Combined with low mortgage rates, the rising apartment averages could be a major resource point for potential buyers.
As a potential buyer in the real estate market, it’s important to remember that trends aren’t likely to have a large portion in the decision process, rather just a small influence. Many of the national and local real estate sources online often have many common statistics in the headline. These are usually focused on factors such as sale price, inventory, as well as average length on the market and average price.
Inventory is one of the more common headline statistics that may have more of an effect on the potential buyer. This is because it actually shows what is available in the area, as well as possible choices on properties. Sale price and average price could have an effect on potential buyers, but not really unless there is a steep increase or deep decrease.
Buyers will most likely base their decision on prime factors such as location, taxing, cost of living and schooling, as well as some others. Even though recent real estate statistics can certainly give a good framework of the market, the situation will drive the sale, considering both the property and the feelings of the potential buyer.
Lillian Swift is a creative writer from the University of Michigan. As an aspiring writer she specializes in writing about travel detestations and tourism. Swift can be contacted at lillyswift8@gmail.com
lillyswift8@gmail.com
It’s very often that trends and statistic updates in the real estate industry focus on the stance of the sellers. A buyer’s prospective could be more important even though focus is often shined on the selling point. The decision for the buyer can certainly be affected by recent trends and statistics, but it’s more likely to depend on some of the important factors for their family or selves.
When it comes to prospective buyers, a report that’s focused from outside the seller is usually rare. Even though this is hard to find, a buyer’s view is just as important. One of the major factors for current buyers in 2011 is the record low mortgage rates throughout the United States, as well as locally in Charleston. Many of the rates around the nation have gone into the sub four ranges, including here in the area. In Charleston, there is 4.012 APR for a 30 year, fixed rate mortgage, being a very enticing proposition for potential buyers who are mulling.
The rising rental rates throughout the country and locally could also have an effect in the mind of a buyer. For the two bedroom level (those who would be interested in buying a home), Charleston apartments currently average $890 a month, up nine percent and close to $80 from the outset of the year. Combined with low mortgage rates, the rising apartment averages could be a major resource point for potential buyers.
As a potential buyer in the real estate market, it’s important to remember that trends aren’t likely to have a large portion in the decision process, rather just a small influence. Many of the national and local real estate sources online often have many common statistics in the headline. These are usually focused on factors such as sale price, inventory, as well as average length on the market and average price.
Inventory is one of the more common headline statistics that may have more of an effect on the potential buyer. This is because it actually shows what is available in the area, as well as possible choices on properties. Sale price and average price could have an effect on potential buyers, but not really unless there is a steep increase or deep decrease.
Buyers will most likely base their decision on prime factors such as location, taxing, cost of living and schooling, as well as some others. Even though recent real estate statistics can certainly give a good framework of the market, the situation will drive the sale, considering both the property and the feelings of the potential buyer.
Monday, December 12, 2011
Charleston Real Estate Market Shows Strength and Stability in 2011
Charleston Real Estate Market Shows Strength and Stability in 2011Sales Volume Up, Stability in Median Price, Inventory moves to new 5-year Low
CHARLESTON, SC—(December 12, 2011) According to preliminary figures released by The Charleston Trident Association of REALTORS® (CTAR) 648 homes sold at a median price of $191,500 in November, while inventory declined again to reach a new low of 7,258 homes listed as actively for sale. Last November, 588 homes sold at a median price of $189,700 as inventory stood nearly 20% higher than the current level. “The continued decline of inventory is an important factor in maintaining the stability and health of our local market, as we anticipate the addition of bank-owned inventory in the early stages of 2012” said Rob Woodul, 2011 President of CTAR.
Compared to last November, sales volume is up by 10% and the median home price is a slight 1% higher.
“2011 has been a pivotal year for the Charleston real estate market. Without the support of a tax credit or other incentives, our market had to stand on its own and it did so considerably well. We’ve had 11 months of relatively stable activity and are beginning to close the gap on prices—which will likely be affected by additional foreclosed inventory next year. However, continued job growth and economic development in our region should help soften the potential negative effects of that bank-owned inventory” said Woodul. “This year, local REALTORS® have helped nearly 8,500 individuals or families make an investment in the Charleston area. Whether the market is up or down, helping people and families find a place to call home only adds to our region’s stability and strengthens our sense of community” said Woodul.
Year-to-date, 8,453 homes have sold at a median price of $180,796, which indicates nearly 5% sales growth and a 3% decline in prices compared to this point in 2010, when just over 8,000 homes had sold at a median price of $187,00.
October Adjustment
Preliminary numbers reported for October 2011 indicated 670 homes sold at a median price of $190,000. Adjusted numbers now show 677 sales at the same median price.
168 homes sold at a median price of $175,312 in Berkeley County in November—a considerable improvement from last November, when 138 sales resulted in a median price of $169,187.
The most active area of the county was Goose Creek/Monck’s Corner from Highway 52 to the Cooper River, where 45 homes changed hands at a median price of $164,590. The most expensive homes in the County can be found on Daniel Island, where the median home price last month was $387,000. The most affordable homes in Berkeley County are in the area of St. Stephen/Bonneau, where the median home price was $57,900.
CHARLESTON COUNTY
335 homes sold at a median price of $225,848 in November in Charleston County; compared to 318 sales at a median price of $236,175 last November.
Outside of the county’s largest geographic area of Mount Pleasant, where 94 homes sold at a median price of $318,125, the most active area of the county was again, in West Ashley (outside I-526) where 51 homes sold at a significantly increased median price of $198,250. The most expensive homes in the County sold in the resort community of Wild Dunes, where 9 sales resulted in a median price of $827,900. The most affordable homes sold in North Charleston (inside I-526) where 16 homes changed hands at a median price of $55,000.
125 homes sold at a median price of $176,000 during November in Dorchester County, which shows a healthy increase in sales volume and notable increase in price, compared to last November’s 112 sales at a median price of $152,136. The most active area was Summerville/Ridgeville, where 68 homes sold at a median price of $186,400; also making it the most expensive area in November. The most affordable homes sold in the St. George/Harleyville area, where 4 homes sold at a median price of $112,500.
Subscribe to:
Posts (Atom)
Posts
