As the spring market kicks into full swing, we're coming off the best first quarter since 2005! Sales are on fire, inventory is extremely low, and homes are selling a lot faster than what has been typical over the last two or three years.
Because inventory is so low, the Charleston market is very favorable to sellers. If you're a buyer in today's market, you need to be ready to act quickly on a home that you think is desirable, as there will likely be other people who are interested in the home as well. The crazy thing about our inventory levels is that they are about as high as they are going to be for the rest of the year.
Over the past year we've seen an increase in home prices, from a median home price of $215,000 in 2014 to $221,000 this year. Interest rates remain at historic lows, hovering between 3.5% and 4.5%. The Fed has said they plan on increasing interest rates, which will decrease your purchasing power substantially. Rising rates will slow down the buyers who are out purchasing because homes won't be quite as affordable.
Now's the time to get the most out of the Charleston market. Low rates are great for buyers despite a crowded market, and now's the time for sellers to get top dollar, as inventory is incredibly low. If you would like to discuss your options, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to help you out!
Author:Dave Friedman Voted Best Realtor in Charleston Phone: 843-480-9737 Dated: September 2nd 2016 Views: 21 About Dave Friedman: Voted Best Realtor in Charleston in 2014, it is easy to say that Dave Friedman is committed to his w...
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The Dave Friedman Team at Keller Williams employs full time, highly productive, experienced and educated brokers focused on serving their real estate clients and communities at the highest possible level to create the best possible result. We provide accurate, detailed information, data and advice so that our clients make informed decisions. We're committed to life long relationships founded in integrity and mutual respect. We're here to help at all stages in all situations.
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"Professional, enthusiastic and hard working young man. My family are very happy with Dave's professional service. He provided comparable information and analyzed data to help us gaining a true knowledge about the house market in Charleston; he shared his opinion that we considered; he went through the house details with us and solved the problems effectively; he helped us for a smooth house closing without stress. He is an excellent realtor. "