Real Estate Markets will always be local: What I mean is you can’t base your decisions to buy or sell from watching the evening news with Katie Couric or Diane Sawyer. For one thing they sell doom and gloom. Another reason is because they base most of their statistics on National averages. So while San Antonio’s real estate market is still declining, it doesn’t appear that way in many parts of the Charleston area. I believe a big part of it is we’re seeing the positive impact that companies like Boeing, Google, and Amazon can make. I know everyone was waiting for them to pave roads of gold and save us all from the economic crisis, which was unrealistic. However from what I see, the jobs they bring and the potential for more is having a positive impact on real estate. Many of the appraisals I’ve been getting back from West Ashley, through Daniel Island, Cainhoy, and to Mount Pleasant have been coming in a little higher than expected. On new builds especially. People are moving into their homes with equity already built in. That’s something we haven’t seen in a few years. Even refinance appraisals have shown signs that property values are stabilizing.
Many people are asking themselves is now the right time to buy. Well if you ask me and many other experts in this area. The answer is yes! Home prices are down and showing signs of improvement, interest rates are near record lows, and it’s more affordable to buy a home than it ever has been. Provided you have a job of course. That seems to be the one factor that is keeping the housing market from exploding. If you have a job you will likely regret waiting 6 months or a year to purchase. Because for every 1% interest rate increase you will lose 10% of your purchasing power. This could be the difference in purchasing the house you love and can afford as compared to the house you can just afford. As the old saying goes, “you don’t see the bottom until it’s in your rear view mirror.” So act now. Call me or your local realtor and let us give you the information you need to make an informed decision in your local market. Real estate is all local all the time.
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I’ve posted this information before and I’m doing it again because buyers need to understand what the cost of waiting is. Everyone is subject to the national media that promotes doom and gloom on the housing market. What is forgotten is that real estate is local, and our local market is doing well. We are not Florida. Home prices are stabilizing in many of our neighborhoods. And with delinquency rates moving lower we are on our way to recovery. So the cost of waiting in my opinion will be higher mortgage payments and less purchasing power for buyers. With every 1% increase in interest rates a buyer loses 10% of their purchasing power.