Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I’d listen to LocalHero. First hand experience is key.
Thanks but I'm certainly not an economics genius , just making observations based on what I have seen in real estate and Charleston over the years. Not only don't I see another '08 magnitude downturn on the horizon, but barring any unforeseeable disaster, Charleston's future looks secure for years to come. I do think a downturn would slow things down (again) but like before, I think Charleston will show some resiliency and not be hurt as much as a lot of the country was/is.
If 526 was to get started (at this point, who could believe in it until it's actually started?) Johns Island real estate will take a bump up and the closer it gets to completion, the more it will rise.
If anything the ‘08 downturn is a reminder that given a worse case scenario the market still eventually recouperates. Even the worst is just temporary.
Thanks but I'm certainly not an economics genius , just making observations based on what I have seen in real estate and Charleston over the years. Not only don't I see another '08 magnitude downturn on the horizon, but barring any unforeseeable disaster, Charleston's future looks secure for years to come. I do think a downturn would slow things down (again) but like before, I think Charleston will show some resiliency and not be hurt as much as a lot of the country was/is.
If 526 was to get started (at this point, who could believe in it until it's actually started?) Johns Island real estate will take a bump up and the closer it gets to completion, the more it will rise.
There won't be another 08 magnitude down turn in my opinion. Here's why. The banks have been much smarter in their lending practices in the last decade since 2008. You hardly ever see ARM loans any more, and loans such as "stated income" loans and the like don't exist anymore.
The banks have seemed to have learned a lesson from the recession. Besides that, Charleston is an enigma of sorts. The rest of the country is experiencing a cool-down due to the time of year, and interest rates steadily climbing. What we have here is 60 families a day moving here, tens of thousands of cash rich investors gobbling up properties left and right, and a serious shortage of inventory.
As long as those three factors remain steady in Charleston, we will continue to be one of the top 5 hottest markets in the country. The only thing I can see slowing this down would be if the construction side of real estate were to suddenly get an influx of new builders and permits and flood the market with move-in ready homes all at once. But as long as demand is there, we will continue to cook.
Thanks but I'm certainly not an economics genius , just making observations based on what I have seen in real estate and Charleston over the years. Not only don't I see another '08 magnitude downturn on the horizon, but barring any unforeseeable disaster, Charleston's future looks secure for years to come. I do think a downturn would slow things down (again) but like before, I think Charleston will show some resiliency and not be hurt as much as a lot of the country was/is.
If 526 was to get started (at this point, who could believe in it until it's actually started?) Johns Island real estate will take a bump up and the closer it gets to completion, the more it will rise.
Cool. So with 30 year interest rates around 4.8% is there a rate where you would expect a significant downturn in buyers?
Cool. So with 30 year interest rates around 4.8% is there a rate where you would expect a significant downturn in buyers?
It's certainly a concern, and I personally think the Feds do this to slow the economy down. I understand they need to raise rates, they have to recoup some of their losses, but while for the last decade, we the people have had a good cash grab while lending was low, I guess the Feds are ready for their cash grab. If we get back to 7.5-8.5% which was right about 2008 rates, I'm going to be more nervous.
It's certainly a concern, and I personally think the Feds do this to slow the economy down. I understand they need to raise rates, they have to recoup some of their losses, but while for the last decade, we the people have had a good cash grab while lending was low, I guess the Feds are ready for their cash grab. If we get back to 7.5-8.5% which was right about 2008 rates, I'm going to be more nervous.
One problem is the Fed is slowing down the economy with two levers, quantitative tightening and interest rate hikes.
I think maybe you should review historical interest rates. In the early 80’s, rates got into the 18% range and houses still sold. At 4%, we’re still historically low.
I think maybe you should review historical interest rates. In the early 80’s, rates got into the 18% range and houses still sold. At 4%, we’re still historically low.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
, just making observations based on what I have seen in real estate and Charleston over the years. Not only don't I see another '08 magnitude downturn on the horizon, but barring any unforeseeable disaster, Charleston's future looks secure for years to come. I do think a downturn would slow things down (again) but like before, I think Charleston will show some resiliency and not be hurt as much as a lot of the country was/is.
