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I am curious after looking up some info on Trulia about home sales and selling prices as to why some of the asking prices are still so high. For a couple of years now, I have been monitoring some of the asking and selling prices for homes mostly on Daniel Island. Does anyone else think that the asking prices for some of the new homes there haven't really adjusted with the economy? That being said, they are obviously selling a lot fewer homes than previous years. For the realtors out there, what kind of offer below asking price would you consider reasonable, i.e. not insulting? Just seems odd to me, with the lack of jobs and the salaries in the area, how some of the asking prices seem to have not adjusted so much.
Correct me if I am wrong, I would just love to hear some of the experts opinions on this subject.
Thanks:-)
<~~~ Not an expert, but the people who are sitting on their houses and not dropping the price are the ones who either bought in late and can not afford to sell, upsidedown, or are people who are not motivated by having to move somewhere in a hurry so they don't have to drop their price either......
The Charleston area did not suffer as badly as some areas, not saying people are not losing their homes. But compared to Arizona were the prices of homes fell 40 - 60%, we got off fairly lightly.
Possible reasons for this are; while the area has lost jobs, it is still a developing area and attractive for companies to move to the area rather than away from the area. Yes, there business/sales have slowed and for some stopped.
Another reason for the some what stable market is probably the mix of property and home owners. The area has limited supply of isle, beach, water frontage, marsh homes. It has a proportional large investment, second home, holiday home market as well as a retirement population.
These are some factures that in my opinion have a stablizing effect on the area.
As far as the property websites go, the likes of Trulia and Zillow. You have to understand how they work and the paramiters they use. They can be surprisingly acurate and alarmingly in-acurate depending on the area and type of housing.
As I said above, these are my opinions. If sure others will have more and different ones.
there are many houses in the area that have dropped prices by 50% and still have no offers...
many areas in the lowcountry haven't fared as bad but many have... from what I've seen/heard the further you get away from the center of the downtown districts the further the prices have dropped
IMHO any of those newer plastic houses are way overpriced, the next good storm that comes through here will prove that in a hurry... not to mention they look like an unkept mobile home in a short amount of time if you don't have them pressure washed nearly as often as you wash your car...
Many homes are still overpriced and simply won't sell. It's predicted we have a 5 year time period for recovery to 2005-2007 pricing, which is very good compared to other parts of the country. Also Charleston was listed as one of the top 5 real estate market cities for 2010; remaining pretty flat at a +0.18% projected value increases. The 5 markets were taken from Moody's Economy.com data on the largest 100 metro areas. The article is located in Online Investing: Stocks, Personal Finance & Mutual Funds at SmartMoney.com real estate-The 5 best markets for 2010.
Btw, the person who talkec about Charleston of being one of the top 5 real estate markets cities once said the hosing price have hit the bottom at the beginning of 2008...is she wrong.
The national builders on Daniel Island (ie: John Wieland Homes and David Weekley Homes) have actually adjusted their pricing to the market. Although the reductions may not be significant, the value is seen in the upgraded standard features that are offered now. The prices are far below what we were selling back in 2005. Our new construction has actually remained pretty steady but there are quite a few resale properties that are such great values that the builders have had to make adjustments in order to remain competitive. Offers these days are merely business proposals. I would not worry about offending anyone. Most sellers are just glad to have someone interested! Charleston's market has not been as hard hit as some around the country but there are still some great deals to be had
That's an interesting point you make angiejohnson. Some of the homes from those national builders do seem to be upgrading their standard features which makes some of them feel even semi-custom. Thanks for the insight.
I still don't get why people like Daniel's island when it is as pricey as some expensive Mt. Pleasant homes. "It has everything on the island" they said, so where do I get a cup of Starbucks coffee.
The market is getting much better. The past two weeks we have been swamped with Boeing Buyers, people trying to beat the tax credit deadline and others relocating to the area. We listed three homes ( and working on a 4th) and land in the last week and have already gotten interest on one of our DI listings after the first showing. Price is key and that is why I think we are getting such quick response on our listings. We won't even take a listing if we don't think it will sell. We are being honest with our Sellers and telling them the truth if they don't price it right it's not going to sell. And As far as our buyer go, twice we had offers on property that went under contract before we could make an offer. Of course CMR or someone else who does statistics will have to post and give real numbers but I am just saying our team is busy. We have a 6 person team and everyone is out there with people.
I am reading tons of articles about Charleston is the place to "get a bargain", building permits are up, and we are one of the "hot markets". So if your thinking of moving/selling..now is the time. Just price it right. If you are going to loose money because you bought at the top of our market 2005,2006, 2007 rent until you can make a profit or at least break even. Rentals are hot also because if they (relocation's) can't sell buyer will rent until they sell their home.
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