Do You Have Real Estate Market Questions?

"Is the real estate market slowing down?"

In the height of the housing frenzy, the average DOM was as low as 6-8 days. So, the answer is yes! The speed of the housing market is slowing down. 

In North Mt. Pleasant, homes were on the market for an average of 22 days in September and in October homes were on the market for an average of 21 days. 

In South Mt. Pleasant, homes were on the market for an average of 27 days in September and in October homes were on the market for an average of 22 days.

In all of Charleston County, homes were on the market for an average of 23 days in September and in October homes were on the market for an average of 23 days.

"How is the Mt. Pleasant market? Our area is booming!"

The Real Estate Market is still very strong here in Charleston.  Homes are still selling, but are leveling out in prices and offers are not in strong competition with others.  Fairer negotiation strategies based on market value are back into play and people are taking their time to be very selective about their purchase.  Yay!  No more fast and furious tactics that can lead to disappointments and buyers’ remorse. 

"Is now still a good time to sell my house?"

The time that suits your plans best is the right time to sell your house.  If you have a sound pricing strategy, you’ve prepared your home for selling (staging) and a solid marketing plan for your home, it will sell.  Timing, flexibility, and creative negotiating are key to confidently selling your home!

"What's the value of my house now? Has it gone down?

The value of each home is based on very specific details like features, upgrades, location and the list goes on.  The value of a home declines when it is not maintained or improved compared to the surrounding area.  Try not to assume your home’s value by what your neighbor down the street sold for.  Have someone dig into the details that make your home unique.  The short answer to this question is, the value of your home is what someone is willing to pay for your home.  The way to find that out is to have an experienced agent research the fair market value of your home based on the most recently sold “comps.”

"Are there a lot of houses on the market now?"

Inventory has increased in the Charleston area. Mt. Pleasant currently has approximately 200 in North MtP and 119 in South MtP which is up from the slim days during the super low inventory of 2021 when North MtP had as few as 55 homes and South MtP had only 48 homes available. 

"What's the interest rate at now?"

I’ll have to refer you to the mortgage experts for that question!  Yep, I’m taking the easy way out.  Hahaha!  It is always changing daily and it all depends on credit score, down payment, debt levels, fixed-rates, variable rates, buy downs and other features that are factored into creating what is best for each homebuyer’s unique financial complexion. 

"Are there any good deals out there?"

Yes!  There are most certainly people who need to sell their home for a variety of reasons.  There are good real estate agents who work hard to help price their clients’ homes to sell for fair market value and hold the same goal as the buyer…get to the closing table!  Agents who develop a plan with their clients can quickly reach an agreeable and fair offer and terms!  A good deal is when both the buyer and seller feel they’ve gotten a good deal…and most of the time this is possible!