Charleston, SC Posts


Should I buy now or wait?

A lot of buyers are asking this question. If you are thinking about buying, there's no better time than now. There are some great deals out there. While sellers are still receiving 97% or more of list price, the good news is that they are pricing property more reasonably than we have seen in the last 3 years. There are some motivated sellers out there and you might be able to get yourself a steal too. If you have great credit, banks are bending over backwards to give you a break by cutting fees and rates for preferred customers.

It is a Buyers Market. However, the meaning of that in the Charleston MLS is that they is lots of inventory for you to choose from. Average days on the market is still around 90-100 days. That's still a very healthy number. However, it does mean that you have more choices and potentially more room to negoitate in your favor. It does not necessiarly mean you can get a property 20% under list price, however, you may be more likely to get closing costs or even downpayment assistance. It's time to get creative.

Some suggestions to find a good deal. Use a real estate professional to help you. Look for homes that have been on the market for over 120 days or properties that have had several price reductions. Be viligant in your search and keep in mind the best properties will sell fast. When you find the right house, be ready to act on it.

If you have been thinking of moving up, this may be the best time to buy. I know, I know, you are thinking, but I have to sell my house and I won't get as much money for it. If you will be trading houses up, you'll more than likely be saving money on the move up. If you wait for prices to get higher, the price of your next dream house will be higher too. You might sell for 5-10% less than you'd like to, but if you are moving up, the savings on average is greater. Example: Your home is worth $210,000. You list for $200,000 for a 5% loss in order to price it with the market. You buy a house worth $440,000 at $400,000 for a net gain of $30,000. It's a great time to move up.

Michele Reneau, ABR, GRI, CRS

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Comment balloon 0 commentsMichele Reneau • September 26 2007 09:31AM


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