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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.
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