Is Charleston’s Real Estate Market Improving?
on March 30th, 2008 at 1:53 pmThere are over 10,000 homes on the market in the Charleston Area and most of them stay on the market for an average of four months. But the buyers are starting to come out of the woodwork. According to many Real estate agents from all over the Lowcountry open houses are full and things are really starting to pick up. Plus its Spring, the busiest season for the real estate business.
According to Kyle Stock of the Post and Courier, “The Charleston Metro Area Chamber of Commerce expects almost 13,000 homes to change hands this year, a 6 percent increase from 2007.” Reasons include better mortgage rates, demand from out-of-town buyers and a fairly decent local economy.
The Charleston area’s real estate market is doing wonderfully in comparison to other regions in the nation
The segments of the market that are doing particulary well are the higher-end homes and empty lots. Almost 60 properties on Kiawah Island sold for more than $2.5 million last year. Many of the buyers are purchasing second homes in the area.
Another good sign that the Lowcountry’s real estate market is doing better is the fact that sellers are starting to turn down low offers.
Jan Turner , a Prudential Carolina Real Estate broker who has sold homes near Park Circle for eight years told the Post and Courier, “The sellers are willing to discount, but they are not willing to give their houses away.”
However, dont be misled. The bargains are still there.
