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Both BuyHomesInCharleston and DJShymansky make excellent points in my opinion. Both Realtors point out the pros and cons of on line tools and the value of a good experienced Realtor in representing both a seller and a buyer. Selling and buying a home is an emotional decision for both parties and a Realtor not only can provide guidance with respect to pricing and other important issues relevant in a real estate transaction, but also act in an objective non emotional way when dealing with their client as well as the other parties representative. This certainly is a challenging real estate market and it is the Realtor's job on the listing side to expose the seller's home to as many potential buyers as possible by providing pricing information and promoting the seller's home via print and internet marketing. With so many homes on the market from which to choose, it is more important than ever to price the home aggressively and have as many good photos of the home "on line" as possible to bring the home to the attention of out of town buyers who are continually reviewing the latest listings on line and narrowing down their list of "must see" homes when they come into town. I would suggest that any one considering listing a home with any Realtor take a look at their web site to see how the Realtor "show cases" their listings to potential buyers not only with photos of the home but also photos and information about the community in which the home is located as well as the schools and shopping in the area. A listing should stand out from the crowd, not only in the local mls listing but on the Realtor's personal web site(s). I am constantly amazed as to how little information and so few good photos can be found on the mls of many homes that are listed. In this market, a home must be priced at or under the competition and the necessary resources expended to get the maximum number of showings as possible. From the buyer's side, they should enlist the services of a "Buyer's Agent" who knows the neighborhoods, homes and price market trends in the area in which the buyer is considering purchasing a home. Prior to coming in with an offer, their Realtor should provide a "fair market analysis" of any home under consideration and base their initial offer upon how fairly the home is priced to start with taking into consideration other relevant factors about the property and the owner. Every situation is different and I think a Realtor and their client should treat every offer differently rather than coming in with "a low ball offer" on any home and hoping for the best.
in the Charleston area I'd have to say that from my point of view the homes that are in good condition and priced right are selling. There does seem to be still a little wiggle room on those houses. The houses that are in not such good shape or that are older and not updated are the ones that you can offer considerable less and still get the house. The ones that we saw that had been sitting on the market for a while generally had something wrong with them or would require a lot of work. That said, prices in the Charleston area are much more reasonable than in the Baltimore area!
As far as I see it, and from what I've recently sold, the sellers have lowered their prices to where they have not made a dime, hence - the "short sale" - and therefore I believe that it really can't get much lower. The good news is, I think it's a terrific time to buy - the feds have really pushed an economic stimulus package that is going to hit the summer relocation frenzy, and based on stats and recent media articles is appears that the 2nd half of 2008 will see a slight rise (nothing crazy like 2004) but nevertheless, an increase in buyer traffic which decreases the inventory and raises prices. That being said, I believe that buying within the next few months would be advantageous. You would not want to be stuck in a rental that won't let you out of your lease when you start seeing the market turn around and prices going up again. It's important to think about the tax advantages of buying versus renting also, and I agree with the other posts - if you are going to be staying for at least a couple of years (to avoid capital gains) then it really does make sense to buy. You also can get such great deals, that you buy now, upgrade as needed, and you would be setting yourself up for building wealth through real estate and seeing the ROI within 2-5 years. Coastliine property like Mount Pleasant will always be valuable.
I'm not a realtor or an expert of any kind in the housing arena but I believe we have found the bottom and now the market will adjust itself accordingly
slowly but slowly things will pick back up, providing we don't experience another national disaster or a larger war
My husband and I rented here for a year before buying and now we kick ourselves because had we waited longer....we would have gotten a bigger house with more upgrades! It's all about timing and you just never know. I didn't think it could have gotten any better for us than it did..and now people are throwing in cruises, palm trees, sodded backyards......I would jump in now but that's because I was premature and should have waited just six more months!
My husband and I rented here for a year before buying and now we kick ourselves because had we waited longer....we would have gotten a bigger house with more upgrades! It's all about timing and you just never know. I didn't think it could have gotten any better for us than it did..and now people are throwing in cruises, palm trees, sodded backyards......I would jump in now but that's because I was premature and should have waited just six more months!
I don't know about getting the best deal now. Spring is when most buyers are out shopping for homes. Unless there is a tremendous pickup in activity RIGHT NOW to support prices, this summer/fall could see more downside. Seller who haven't sold by July will get nervous about having to hold on to their homes until 2009.
there's a two story 1400 sq ft or so nice house on 1/2 acre lot west ashley in a great neighborhood for under 150K, unheard of deal in years... housing must still be dropping
I'm lookin for good land with a view in western nc or eastern tenn, foreclosures or the likes so I can get an excellent deal for a 2nd home... I think the time is nearing to find the price I'm willing to pay
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Having just come back home from house hunting...
