It's A Great Time to Buy Charleston Real Estate!!!

[FallingKnife]

Originally Posted by BarbiK

I wish someone would mention those of us who have done everything right. Worked and saved and saved and saved and bought wisely. Didn't overspend and actually put roughly 60% down on our house. Never lived beyond on means and have never had a cent of debt (other than a mortgage of course). Four plus years later work is moving us and we have lowered our lovely home from the low 400's to close to the mid-300's. Trying hard to be aggressive with pricing, even willing to lose a little money just so we don't have to try to rent out our home or leave it vacant. We know you win some you lose some - but by how much? After 4 months we've received one very offensive offer and when we tried to negotiate they ran. Certainly not looking forward to having an extra/unwanted home - just wish we could sell it at something other than a foreclosure price since we are NOT in a foreclosure situation! What's a girl to do?

I do not grasp the concept of "offensive" offers. The home is worth only as much as a buyer is willing to pay for it. Emotion should not be involved. If you cannot find a buyer willing to pay your price, you have two choices - rent it or wait.

fk

[le roi]

Originally Posted by BarbiK

I wish someone would mention those of us who have done everything right. Worked and saved and saved and saved and bought wisely. Didn't overspend and actually put roughly 60% down on our house. Never lived beyond on means and have never had a cent of debt (other than a mortgage of course). Four plus years later work is moving us and we have lowered our lovely home from the low 400's to close to the mid-300's. Trying hard to be aggressive with pricing, even willing to lose a little money just so we don't have to try to rent out our home or leave it vacant. We know you win some you lose some - but by how much? After 4 months we've received one very offensive offer and when we tried to negotiate they ran. Certainly not looking forward to having an extra/unwanted home - just wish we could sell it at something other than a foreclosure price since we are NOT in a foreclosure situation! What's a girl to do?

When you bought your house in 2005, did you consider the recent spike in prices? Were you not worried, and did that not signal some risk to you? I sympathize with your bad timing, I am just curious how you still feel that you did everything right and bought wisely.

[jesposito]

FK, while i certainly agree that it is always going to be the market that determines the REAL value of a particular property there are people out there that have a tendency to throw some pretty ridiculous numbers out when they first start negotiating. Getting a great deal has actually become "trendy". People love to talk about what kind of deal they got on any purchase nowadays. I can somewhat relate to what BarbiK has experienced because we've had people come in with some bizarre offers at first but when shot down or given a counteroffer that is realistic they come around. BarbiK i would suggest that you look at what homes are SELLING for around you...not what they are listed for. Once you establish a value based upon CLOSING data then you need to be aggressive and jump in front of that number to get the ball rolling. If your home is truly priced where it should be then you have the ability to hold the line a bit more.

[zonababe]

Originally Posted by BarbiK

I wish someone would mention those of us who have done everything right. Worked and saved and saved and saved and bought wisely. Didn't overspend and actually put roughly 60% down on our house. Never lived beyond on means and have never had a cent of debt (other than a mortgage of course). Four plus years later work is moving us and we have lowered our lovely home from the low 400's to close to the mid-300's. Trying hard to be aggressive with pricing, even willing to lose a little money just so we don't have to try to rent out our home or leave it vacant. We know you win some you lose some - but by how much? After 4 months we've received one very offensive offer and when we tried to negotiate they ran. Certainly not looking forward to having an extra/unwanted home - just wish we could sell it at something other than a foreclosure price since we are NOT in a foreclosure situation! What's a girl to do?

One of the reasons people aren't purchasing a primary home is because they can't sell their own primary home at a profit. It seems, once again it's becoming a hot market for speculators and investors and this time around rental properties are all the rage. All those who have been foreclosed aren't looking to buy another house, they are now tenants in need of a move in ready rental.

[le roi]

Originally Posted by zonababe

One of the reasons people aren't purchasing a primary home is because they can't sell their own primary home at a profit. It seems, once again it's becoming a hot market for speculators and investors and this time around rental properties are all the rage. All those who have been foreclosed aren't looking to buy another house, they are now tenants in need of a move in ready rental.

I'm curious if you have stats to back this up, either in Charleston or nationally?

I ask because I see no evidence this is happening, in fact I am seeing a huge inventory of vacant rental units. I am skeptical that you could find a property in the area that could be bought and rented out at a profit.

[zonababe]

Originally Posted by rubber_factory

I'm curious if you have stats to back this up, either in Charleston or nationally?

I ask because I see no evidence this is happening, in fact I am seeing a huge inventory of vacant rental units. I am skeptical that you could find a property in the area that could be bought and rented out at a profit.

Go to a few real estate auctions. See who is buying property. These auctions are taking place nationally. Perhaps your neck of the woods is different.