Charleston Home Sales Up Last Month

[guttata]

Originally Posted by jesposito

i will chime in for the new construction 150k-250k price point...we are slammed right now...have been since January. Sales are surprisingly strong right now...I guess they should be as we're selling them almost at cost
maybe the trend will "trickle" upward into the higher price point...i dont know. just closed a deal yesterday at a 3.25% on a 30 yr mtg! payment was 970 with everything on a 180k home...ridiculous

3.25% 30 year fixed ?!?!? which bank?

[jesposito]

it was through NACA and that wasnt the par rate...we paid some points to get there but still...that is a ridiculous payment for a 180k home

[Maryjane55us]

All real estate above $400k is in deep doo doo. I see major problems in Mt Pleasant especially.

Well I can see why.. most is so way over-priced in comparison to other areas of the country. Our house in a Mt Pleasant suburb would fetch 3x as much as what we'd get here.. and local prices are dropping to not much more than what we paid 15 yrs ago brand new.

If the rest of the country is suffering, then they need to get off their high horses and understand this is a national thing and Mt Pleasant isn't going to be unaffected by this crisis. They will lose like the rest of us.

And "sentiment" is another timely variable.. What we thought was so desirable in the high years, isn't all that desirable in this economy.

[moneill]

I am coming from Atlanta where housing has always been relatively affordable compared to most urban areas.

Mount Pleasant prices are more -- but they are within 15 minutes of the beach. I would expect to pay more. I would never thought I could afford to live that close to the beach.

I will have less house but more lifestyle. And that's what I want.

People from major urban areas like Boston have been paying way more for housing for years and years.....they won't find the house prices so high.

As for starter homes only selling...that's a good thing. Last year we had someone seriously interested in our house but he couldn't sell his starter home. Maybe now it will sell. Interest rates are lower, the price of the house is lower. Maybe.....

If he does sell his starter house and buys my move up house then I'll be able to buy in Mount Pleasant.

It will be a slow transition but if starter homes are going......then we may get there eventually.

[moneill]

On the topic of people buying 'anything'. When a market is hot people will buy in neighbourhoods they wouldn't normally. They will move in and fix up the houses. For me there are many subdivisions in Mount Pleasant that could be charming to live in but they are such a mix of houses -- some really well kept and some not so much. With this slow market -- a home in those areas is not as good an investment. Instead of that neighbourhood becoming a 'must' live in community in 5 years -- it is going to take 10-15 years...and I don't want to wait that long to live in a my kind of community.

[RJ17015]

Originally Posted by moneill

I am coming from Atlanta where housing has always been relatively affordable compared to most urban areas.

Mount Pleasant prices are more -- but they are within 15 minutes of the beach. I would expect to pay more. I would never thought I could afford to live that close to the beach.

I will have less house but more lifestyle. And that's what I want.

People from major urban areas like Boston have been paying way more for housing for years and years.....they won't find the house prices so high.

As for starter homes only selling...that's a good thing. Last year we had someone seriously interested in our house but he couldn't sell his starter home. Maybe now it will sell. Interest rates are lower, the price of the house is lower. Maybe.....

If he does sell his starter house and buys my move up house then I'll be able to buy in Mount Pleasant.

It will be a slow transition but if starter homes are going......then we may get there eventually.

Have you thought about renting? We talked to a couple from MI that didn't want to take the bath that we did on our house - they are renting their house in MI, and then renting here.

Again MI is so bad they are renting below their monthly cost. I have to admit checking into Realtor.com - we ARE lucky we got when we did. That same house months later has depreciated even further - $500K houses going for $200K-$300K. I didn't think it could get worse that fast, but it has, but again MI is a different case.

Just a thought, if the house isn't selling maybe renting is an option?

[RJ17015]

Originally Posted by The CMR

I just did a presentation on this Tuesday evening at the College of Charleston Carter Real Estate Event. The "sweet spot" is $100-200k. Why? It is affordable and most people only make $32-65k per year in this town. We are way way overbuilt on the upper end of the market here.

All real estate above $400k is in deep doo doo. I see major problems in Mt Pleasant especially.

There will be major price corrections on all this crap on the upper end of the market. Sellers either discount it or it is hitting foreclosure/short sale action.

If you are a first time homebuyer with a secure job, good income and have a down payment then there are some steals out there right now on the low end. $8k from Big Mama aka The Gov't does not hurt either along with low rates.

Buyer beware on the upper end of the market.

Our real estate agent told us the same thing under $200K was still selling, while the $400K and up are dead.

I pray we didn't make a mistake we bought in the over $400K range, but according to the appraisals, and the bank debt on the house - we bought for much less than the house is "supposedly" worth. I was very nervous buying in this price range because of the lack of potential buyers IF we ever need to sell - but no going back now.

[The CMR]

Originally Posted by RJ17015

Our real estate agent told us the same thing under $200K was still selling, while the $400K and up are dead.

I pray we didn't make a mistake we bought in the over $400K range, but according to the appraisals, and the bank debt on the house - we bought for much less than the house is "supposedly" worth. I was very nervous buying in this price range because of the lack of potential buyers IF we ever need to sell - but no going back now.

If you bought the home to live in long term then just accelerate paying off your mortgage. This can easily be done and pay it off between 7-10 years and then you do not have to worry about home prices.

Remember, the longer you pay the mortgage the more interest you pay the banksters. Typically a $400k home will cost over $400k in interest over 30 years depending on your rate.

Good luck!