Charleston, SC Posts

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When will prices again approach the 2005-2006 peak?

For some, the list below can be depressing depending on which state you live in.  But on a positive note inWhen is Charleston SC real estate going to peak again? looking at the info below, prices have never been lower. In Charleston, SC, Moody's predicted that Charleston would only decline 1 more percent and the bottom would be in the 4th quarter of 2009. Now is the perfect time to buy, enjoy homeownership and be on the incline in the next 5 years. As a seller, you have to ask some tough questions. Can I hang on to the property for at least 5 years? If the rent doesn't cover the mortgage, can I pay the difference? Can I afford the necessary maintenance that may come up in the next 5 years i.e. water heater, dishwasher, HVAC, or roof replacement, HOA fees, regime fees, landscaping, carpet replacement, etc. Sometimes, it may be better to cut losses now when you consider the cost of maintenance and repairs.

On October 6, 2009 at 11:51 am, Steve posted this blog that I think is interesting and would like to share. Please find his original post here. 

Steve says:

"Many sellers want to know how long would they need to wait to again see the prices of 2005-2006. Moody's and Fiserv have actually studied this point. Here are the years that different states will probably return to those prices:

Before 2014

Maine
Vermont
Kentucky
Pennsylvania
South Carolina
Alabama
Alaska
Iowa
Montana
South Dakota
North Dakota
Wyoming
Nebraska
Kansas

2014-2017

Massachusetts
Connecticut
Delaware
Ohio
West Virginia
Indiana
Wisconsin
North Carolina
Tennessee
Mississippi
Arkansas
Missouri
Louisiana
Oklahoma
Texas
Colorado
New Mexico
Washington
Oregon

2018-2022

New York
New Hampshire
New Jersey
Maryland
Rhode Island
Illinois
Hawaii
Georgia
Idaho
Utah

After 2023

Virginia
Florida
Michigan
Minnesota
California
Nevada
Arizona

There are two ways to look at this data. First, if you are thinking of selling, sell now - don't wait. The other point is, if you are buying this year, in 43 of the 50 states you could see a dramatic increase in value within ten years. I think this data can help both buyers and sellers make good decisions for themselves and their families."

Per Steve Harney's comments, The information was taken from a study done by Fiserv and Moody's which was reported by Seeking Alpha on 9/19. I highly recommend Steve Harney's blog. You can find it at www.SteveHarneyBlog.com

We are Relocation Specialists with Carolina One Real Estate in Charleston, SC. Contact Top Real Estate Agent, North Charleston, SC Relocation Expert, CRS, GRI, ABR. Licensed Realtors® in South Carolina at 843-849-5217 to list your home for sale or to purchase a home in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. The Charleston Relocation Experts Team specializes in relocations, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market. We can also be contacted at info@CharlestonRelocationExperts.com. To view all North Charleston SC and surrounding homes for Sale Click Here and then click on Search for Homes.

Michele Reneau, ABR, GRI, CRS

www.CharlestonRelocationExperts.com

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Comment balloon 5 commentsMichele Reneau • November 03 2009 09:20PM

Comments

I can't argue with these predictions.  Unfortunately, the more government intervention into the process, the longer it will take for all markedts to right themselves.

Posted by Guy Thomas (WR Starkey Mortgage) over 8 years ago

Wouldn't you know, by business in in Arizona...the very last state on this silly list!  But is good information to know.  Thanks.

Posted by Sandra Scott, REALTOR of Choice! Payson, Pine & Strawberry, AZ (DPR Realty) over 8 years ago

Guy-I agree. We need less government intervention on this.  I say just go ahead and get it over with, raise the interest rates, let inflation do its thing and let's get on the other side of it sooner rather than later.  If they continue to hold it off, the recovery could take much longer and be much uglier.

Sandra-Sorry for the bad news, but hopefully, it will help you help clients make better decisions. I hear A LOT of sellers says, I'll just wait to sell when the market gets better. Well, that could be a long wait and some of them can't wait that long.

Posted by Michele Reneau, Realtor, GRI ~ Charleston, SC Relocation Experts Team (Certified Staging Professional (CSP) Elite Instructor) over 8 years ago

Michele,

Great Post.  Lot's of great information.

Thanks for sharing,

Matt Naumann

Posted by Matthew Naumann, Goose Creek, SC Real Estate Agent (Exit Realty Charleston Group) over 8 years ago

Matt-Steve is full of great info so please check out his blog. Thanks for stopping by!

Posted by Michele Reneau, Realtor, GRI ~ Charleston, SC Relocation Experts Team (Certified Staging Professional (CSP) Elite Instructor) over 8 years ago

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