Home Buyer and Seller Tips + Win a Trip to Charleston
I know some of you found my blog along the way because of furniture remodels or interior decorating posts, but you might not know that I’m a Realtor by trade. That’s why you occasionally see real estate posts from me. You may not be looking for a home, but trust me, if you ever do, you will want to live in Charleston.
Heck, I didn’t make it up; we just won Travel+Leisure’s, “World’s Best City in the U.S. & Canada.” Which, by the way, there’s a really cool contest going on right now with a chance to win a trip to Charleston and stay in one of our fine hotels. Umm… Charleston Place? Yes, please! Here are the details.
|Contest to win a trip to Charleston from our CVB.|
(While you are on Twitter using that hashtag, make sure you follow me.)
I digress… back to our real estate market. This is the reason why you want to own a home here! It’s never a bad investment when we have the nation’s – I mean the WORLD’S – eye.
So, here’s what’s going with Charleston MLS. You thought 2005-2007 was hot; take a look at our numbers now!
- Closed units are up 17.58% and pending sales in MLS are up 27%.
- So far this year, 161 properties over $1 million dollars have sold (compared to 124 during the same time period last year). This is an increase of 30%.
- Signs still indicate this is a seller’s market as the absorption rate has decreased from 6 months in May to 5 months now.
- Average list price to sales price ratio is 95.38% compared to 94.11% a year ago.
- In the 25 weeks of 2013, we have had 23 weeks with more than 200 properties go under contract per week. Last time we’ve seen this activity at this point in the year was 2007.
- We have had 120 weeks with more than 300 properties go under contract. Better than the first 25 weeks of 2005!
What does this mean for you? As much as I’ve talked about it being a seller’s market, now is also the time to buy as prices continue to increase. Whichever side of the fence you are currently sitting on, here are a few tips to help you navigate our current real estate market.
- If you are ready to buy a home, please be prepared to pay close to list price.
- Because new construction is not offering as many incentives, don’t forget to look at homes that could easily be renovated to fit your needs and budgets.
- Be ready to buy! Many homes are receiving multiple offers. This is becoming the norm!
- Have a pre-qualification lettter already ready to show the buyer you are serious.
- Interest rates are volatile. What you qualified for yesterday may not apply today.
- Know your budget. Inventory is low so you could get priced out quickly. Prepare for your showings with your Realtor (uh-hum… yes that’s me ;)) by seriously looking at properties that realistically fall within your budget.
- If your home is valued $700K or less, you are in a seller’s market. (Rejoice; that’s great news for you!)
- Your home isn’t likely to stay on the market long with an average DOM of 99 currently. Be prepared to sell!
- Home buyers are still looking at new home construction. In fact, they account for 1 out of every 2 buyers. Don’t get discouraged if someone passes you by for something brand new.
- Appraisals may end up being a challenge for you. Monitor your expectations. As your listing agent, I will meet your appraiser at your home with comparable properties.
- Prepare your home. Staging is so important. Clean your home, de-clutter and allow someone like myself to offer professional help in setting the best selling environment and atmosphere. Remember, I’m more than just a Realtor; I can also stage your home or offer design tips to help you sell.
Ready to buy? Ready to sell? Let me know! There’s nothing better than owning in Charleston!