Real estate market in Charleston (Mount Pleasant: sales, rent, mortgage)

[moneill]

Husband was suppose to go look at three houses tonight -- all three gone. One or two went to bidding wars. Hmm.....

[AFPilot]

What is the price range of the homes?

[beachme]

Right now for us..Anything under 400K is going fast.

[guttata]

maybe buyers on-the-fence are finally pulling the trigger because interest rates have gone up about 1% in the last week. they may feel rates will go even higher. i think this will cause a temporary spike in home purchases.

on the other hand, homes still on the market in a few months will need to price adjust to compensate for the higher mortgage rates.

[MichaelNYC]

Home sales have gone up this past month according to the figures.. as well as car sales.
(curious which car companies have shown increase in sales, US vs foreign

But as you pointed out *G* homes still need to price adjust.

Homes might start selling as you saw 3 homes go from out from under you last night... but this might cause sellers 'not' to price adjust.. as they might think the bubble burst to the home sales decline.

Obviously stay tuned !!

What price range and where if you can give some more insight ?

We will be down in the Charleston area in about 6 months... but will rent for the 1st six months or so... we just might lose the price declines as they might be climbing higher as well as the interest rates... but nothing else we can do at this juncture and not willing to pick a neighborhood after a few visits to purchase a home... though there might be some great deals.

We shall see ................

[Flat2MT]

For the most part, I believe the majority are first time homebuyers 'incentivized' by the $8K credit and low interest rates. And the majority of recent sales are for new homes vice existing; therefore no move up buyers for >$400K market here.

Now add the rise in interest rates over the last week which will knock some of these buyers out of the market and put the brakes on refis. Factor in unemployment, economic uncertainity, etc....not good.

If they can't refi, a lot of these properties will become distressed, adding to the inventory glut and further depressing prices here in the Low Country.

The higher end home market is dead - it's imploding especially on IOP and Mt P.

MichaelNYC is spot on about renting (Recommend for at least a year) and being patient. Let the great market values come to you - you will be rewarded.

[JimmyCh]

Don't worry, watch those houses fall off contracts...if the buyers are at the boundary of affordability, with the sudden increases in the interest rate, they won't close unless the buyer can make up the difference. Also, in a declining market, you just hope the house survive appraisal.

[beachme]

I haven't had any appraisal issues so far, just slow banks. But I know a lot of Florida is really having that issue.

[moneill]

The range was in the 400 - 500 range. If they are first time home buyers -- WOW -- good for them!!!

[moneill]

All in Mount Pleasant.

We have been keeping an eye on the market since August of 2007. We have always had a short list of a few homes -- just in case we can sell our house here. None of our short list stays the same.....everything sells. We now have NOTHING on our list. We will have to start looking again. We are restricted by our own set limitations in location, style, etc. so it isn't easy.

A good house, with a good price in a good location -- doesn't last long.