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Old 03-09-2012, 03:24 PM
 
Location: Mt. Pleasant, SC
2,525 posts, read 7,179,002 times
Reputation: 528

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If you need an unbranded site, you can access the Charleston Tri-county MLS for yourself at http://www.charlestonrealtors.com/ . The larger national sites, i.e. Realtor.com, Zillow, Trulia, etc, will all pull from it, but there will be lag time in uploading sites and in removing sold properties. If you have a relationship with a real estate agent, I'd also recommend using their web sites instead, as they allow you generally to save listings that you like, get updates about properties that match your interests, etc., as well as give your agent a better ability to compare listings you've saved to new listings that pop up that might not have actually been in your original search parameters.
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Old 03-11-2012, 02:30 PM
 
Location: Ladson, SC
115 posts, read 191,423 times
Reputation: 26
For any potential buyer sitting on the sidelines…you are probably making a very costly mistake by waiting.

For anyone wanting to be an investor…the competition has gotten tougher. Quietly the Charleston housing market has turned.

Investment properties that I used to pick up for around 30K last year…with only 0 – 2 bidders competing with me…similar properties are now tough to get for under 50K…and I may be competing with 4 – 6 bidders.

Even on quality new construction. Recently, one of my buyer clients delayed looking at a new Johns Island development for 2 weeks. In that time the builder raised the price by 5K.

The MLS shows 6,786 available properties. Down from over 12,000 a year ago.

There are 2,408 properties under contract. The highest in a couple of years.

611 properties closed (were officially sold) in February…up about 1.7% from February of last year.

And even though there are more foreclosures and short sales starting to hit the market again, the prices have firmed up and the best ones are selling quickly.

Additionally, some of the very best deals never even get listed on the MLS, because the real estate agents have waiting buyers ready to do business.

To be relying on any of the public websites to find a house, or to be looking in the magazines or newspapers, will probably leave you sifting through the remaining bad deals out there.

And anyone wanting to save a couple of thousand dollars more for a down payment…you are wrong too. For every 1% upward move in the interest rate, it is a difference of about $20,000 per $100,000 borrowed over the life of a 30 year mortgage. Your interest rate is every bit as important as the home’s price (and in many cases even more so.) So, if you are waiting to save up 2K or 3K more for a down payment, it may cost you 10K, 20K, or even more in the long run.

One piece of advise…If you are prepared to spend 80K – 85K for a house, and you find a good one for 80K…don’t offer 60K. You are probably going to lose it. Those days are over. If you really want it, be prepared to offer the full price (or maybe a shade more). This past week we barely won 2 properties by offering about 1K more than the listing price. In the long run does it make a difference if you paid 80K or 81K…especially if you got it at a great mortgage interest rate?

The best opportunity of a lifetime for buying a house is beginning to slip away.

Right now you should be working with a savvy real estate agent to assist you in getting pre-approved for a mortgage, provide you with the most current listings of homes that meet your criteria, and to quickly put together a sensible offer and negotiate with your best interests in mind.

There are a few very knowledgeable agents that contribute here.
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Old 03-11-2012, 09:17 PM
 
Location: Meggett, SC
10,644 posts, read 9,006,628 times
Reputation: 5917
Quote:
Originally Posted by vic1949 View Post
For any potential buyer sitting on the sidelines…you are probably making a very costly mistake by waiting.

For anyone wanting to be an investor…the competition has gotten tougher. Quietly the Charleston housing market has turned.

Investment properties that I used to pick up for around 30K last year…with only 0 – 2 bidders competing with me…similar properties are now tough to get for under 50K…and I may be competing with 4 – 6 bidders.

Even on quality new construction. Recently, one of my buyer clients delayed looking at a new Johns Island development for 2 weeks. In that time the builder raised the price by 5K.

The MLS shows 6,786 available properties. Down from over 12,000 a year ago.

There are 2,408 properties under contract. The highest in a couple of years.

611 properties closed (were officially sold) in February…up about 1.7% from February of last year.

And even though there are more foreclosures and short sales starting to hit the market again, the prices have firmed up and the best ones are selling quickly.

Additionally, some of the very best deals never even get listed on the MLS, because the real estate agents have waiting buyers ready to do business.

To be relying on any of the public websites to find a house, or to be looking in the magazines or newspapers, will probably leave you sifting through the remaining bad deals out there.

And anyone wanting to save a couple of thousand dollars more for a down payment…you are wrong too. For every 1% upward move in the interest rate, it is a difference of about $20,000 per $100,000 borrowed over the life of a 30 year mortgage. Your interest rate is every bit as important as the home’s price (and in many cases even more so.) So, if you are waiting to save up 2K or 3K more for a down payment, it may cost you 10K, 20K, or even more in the long run.

One piece of advise…If you are prepared to spend 80K – 85K for a house, and you find a good one for 80K…don’t offer 60K. You are probably going to lose it. Those days are over. If you really want it, be prepared to offer the full price (or maybe a shade more). This past week we barely won 2 properties by offering about 1K more than the listing price. In the long run does it make a difference if you paid 80K or 81K…especially if you got it at a great mortgage interest rate?

The best opportunity of a lifetime for buying a house is beginning to slip away.

Right now you should be working with a savvy real estate agent to assist you in getting pre-approved for a mortgage, provide you with the most current listings of homes that meet your criteria, and to quickly put together a sensible offer and negotiate with your best interests in mind.

There are a few very knowledgeable agents that contribute here.
Some good points there but the issue for me, at least, isn't that I am waiting for the market to drop or something of that ilk but rather a lack of quality inventory that meet my criteria. To be fair, the type of property I am searching for does not come onto the market too often and with the bubble and subsequent burst, the selection has been even smaller. And yes, I am aware of pocket listings and my agent has been aggressive in searching out those opportunities.

Perhaps you did not mean to do so but your post came across as quite condescending.
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Old 03-11-2012, 10:27 PM
 
Location: South Carolina
212 posts, read 427,359 times
Reputation: 65
Quote:
Originally Posted by southbel View Post

Perhaps you did not mean to do so but your post came across as quite condescending.
I agree with you!! There are not too many "quality" homes available on the market right now. I am not going to rush into a purchase that I dont want just because I am scared that the prices are rising or interest rates for that matter. I want a home that fits our needs.
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Old 03-12-2012, 03:51 AM
 
Location: Charleston, SC
5,615 posts, read 12,791,258 times
Reputation: 2534
That's true... there are plenty of grossly overpriced ones, along with more reasonably priced but challenged in terms of termites, water damage or some other condition.
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Old 03-12-2012, 06:55 AM
 
Location: Ladson, SC
115 posts, read 191,423 times
Reputation: 26
I did not mean to come across as condescending, but rather to suggest that people utilize all avenues available, and be prepared to act quickly when they find the right house. If you think that it is a great deal, other people are probably going to feel the same way.
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Old 03-12-2012, 07:07 AM
 
Location: Mt. Pleasant, SC
2,525 posts, read 7,179,002 times
Reputation: 528
The "quality" homes are hitting the market and leaving the market in quick order, assuming they are priced where they should be. What we're seeing now though, is that homes are not coming onto the market as often as they used to. Those quality homes are being kept, instead of sold, because their owners do not want to compete with short sales/foreclosures, and because of the direction the market is trending. They know if they can just hold onto a quality home that fits their needs, and that they enjoy, in a year they'll be in a much better place. Just looking at the numbers you can see that resale home inventory has dropped significantly in the Charleston area for single-family homes. We're back down beneath 10 months inventory in many places.
Attached Thumbnails
How many home buyers are sitting on the sidelines waiting to buy?-market.jpg  
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Old 03-12-2012, 09:08 AM
 
Location: South Carolina
212 posts, read 427,359 times
Reputation: 65
Thanks for the chart DJS.
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Old 03-12-2012, 09:18 AM
 
22,781 posts, read 12,169,353 times
Reputation: 7198
Yup new home builders have raised their prices by 10% in the last 6 months -- that's a sign that things are moving.

Now who knows -- we are in such a fragile state that the economy could take a downward spiral real fast but I think that there is a very slow, (very small) growth.
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Old 03-12-2012, 09:21 AM
 
Location: What's left of California
21 posts, read 29,186 times
Reputation: 16
Quote:
Originally Posted by OleTomCat View Post
A lot of people who are moving here are selling houses in other states where they are making very large profits, then they can come here and pay cash for a house here...
TomCat is correct, more or less. It helps to have built up a large equity first, which means you've lived in a house a long time and haven't refinanced to get cash for fancy cars or vacations. And it helps not to be upside-down because the market value of your house is now less than your mortgage.
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