While there is always speculation on when the market will turn around, I will admit that I am not a prophet. I thought this chart presented an interesting picture and I added the years which is my take on the real estate market in Charleston, SC (and probably in a lot of other places also). Real estate has always been a cycle. Some cycles are shorter, some are longer. And you can't really say when what stage begins or ends until it is over. I purchased my current primary residence in 2005 so I can honestly say that I have personally gone through these emotions as a buyer as well. We also purchased an investment property in 2006 and yes I was in denial. Since I understand the real estate cycle, I have not been paralyzed by fear or panic because I realize that the best opportunities are coming. I hope that by sharing this chart, you also will feel the same. Well, I admit, I might be panicked if I had to sell a piece of property but I would weather the storm if possible and rent the property out. Nevertheless, I believe the type of market we are in and will be in this year will present the maximum point of opportunity. Isn't that what we look for when we purchase investments? I do not know when it will end but there is an air of hope and optimism with the new administration whether they were your pick or not. I believe if the hope can be maintained, it will be the mark of coming out of the real estate valley. As a buyer, this means that it's time to act while prices and interest rates are low. As the real estate market recovers, I believe interest rates will rise. If prices rise as well as the interest rates, you'll be paying more for your real estate on the ticket as well as monthly in the price. You won't know we have come out of the valley until the prices are on the rise and by then, it will be too late to pick up your "deal." Look for your opportunity and seize it in 2009! Where do you think we are on the emotional roller coaster as it relates to the real estate market?
Michele Reneau - Military Relocation Specialist with Carolina One Real Estate in Charleston, SC.
Contact Michele Reneau, Top Real Estate Agent, North Charleston, SC Relocation Expert, CRS, GRI, ABR. Licensed Realtor® in South Carolina at 843-572-0518 to list your property for sale or to purchase real estate in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. Featured on HGTV's House Hunters. Publisher/Author for Charleston Real Estate Update including featured listings and sold properties, and monthly statistics on Charleston Real Estate Market. RESA 2009 Staging Realtor of the Year Nominee. The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market. I can also be contacted by email at firstname.lastname@example.org. To view all Charleston Metro area houses for Sale Click Here and then click on Search for Homes. With over 25 years of Lowcountry Living, I know the Charleston Metro area. I will help you get your home sold and/or help you buy your Charleston home or land.