It's no secret that we're experiencing a seller's market. Sellers have much more leverage than buyers do in our current real estate market. Realtor Magazine recently published a very insightful article including data provided by Redfin.com that was gathered by surveying sellers. This post discusses some of the interests and concerns that those ready to sell their homes are facing and to what percentage they would agree. Remember me if you're interested in buying or selling residential, commercial or investment real estate in the Charleston, SC area!
The Charleston are's population has been burgeoning. Everyone knows it. It's partly due to the fact that our little city is so livable, but it is also due to the heavy influx of industry that we're currently seeing. I think new industry should be welcomed with open arms to strengthen our local communities. However, when you experience an influx of new residents, you will certainly see an affordable housing shortage. That has been the case here in Charleston recently. Unfortunately, house prices have skyrocketed and that has made many millennials unable to buy. They have to resort to renting and the rental rates in the area have been increasing just as aggressively as home prices. Today's post is about why it is impractical to continue renting in today's market. I know it isn't easy to buy a home, so we will follow the previous statements up with some information on how you CAN buy a home more easily than you think you can.
Foreclosures! People ask me all the time to help them find a great deal on a foreclosure. Unfortunately, just because something is a foreclosure doesn't mean it's a good deal. In fact, most aren't because they need SO much work and the banks do not list those price their listings very accurately. In the past, the banks were flush with foreclosures and that led them to mark those properties down in order to sell them more successfully and quickly. Now that there are much less foreclosures, the banks are not pricing those listings as aggressively. The banks had so many foreclosures to deal with that they were often not even finishing the foreclosure process so that they wouldn't have those properties on their ledger. We have seen an aggressive up-swing in the real estate market in the last couple of years. The banks are noticing that we are on the way into a seller's market and they are not starting to finish the foreclosure process on as many properties as possible so that they can get them onto the market and offload those properties. This has caused a significant increase in foreclosure listings recently. This post is going to explain this entire process in more detail and discuss some of the details of foreclosures that many folks may not know. Remember me if you or anyone you know is ready to buy or sell residential, commercial or investment real estate in Charleston, SC!