Condé Nast Traveler magazine has just published a poll from it's readers announcing Charleston as the #1 City in America! Charleston celebrated the new by posting this video on YouTube:
Find out the latest in what's happening with Charleston Real Estate
The most recent Existing Home Sales Reports by the National Association of Realtors (NAR) show a double digit percent increase in sales year-over year; sales have remained above last year’s levels for over 25 months. There are buyers out there right now and they are serious about purchasing.
Total housing inventory is again approaching historic norms of a 5 month supply c...Read Full Post →
The real estate market is a place where most people will make their largest investment ever. It is a place where fortunes can be, and often are, made. It is not a place, however, for you to “wing it”.
While the myriad TV shows about real estate make the process look so simple – it’s not really that simple… they make it seem like all you need to do is slap a for sale by owner sign in the yard, have one open house with fresh flowers and fresh baked cookies and bam! SOLD! in one day. Well I can tell you that in New Hanover County, North Carolina it takes an average of 121 days to sell a home. An average means that some houses take much longer to sell and some much less than 121 days to ...Read Full Post →
Why Are Rates Going Up?
1. The Federal Emergency Management Agency is updating its flood maps to be more accurate, which could change your flood risk designation. If your risk is higher, your premiums will go up. If it’s lower, your premiums could go down.
2. Last year, a new law took effect that requires the National Flood Insurance Program (NFIP) to phase out subsidies for some older properties to reflect the full risk of flooding.
Phasing out the subsidized rates and discounts over the next five years will help the NFIP stay solvent.
Some subsidies have been given in the form of “grandfathe...
Knowing how much inventory is for sale is crucial to determining where home values are headed. Pricing of any item is determined by supply and demand: how many items are available in relationship to how many want to buy that item. The reasons for the strong year-over-year home appreciation numbers we have been seeing is simple to explain: demand for housing is up and the supply of homes for sale has been at historic lows. But that is beginning to change.
The months’ supply of available housing inventory, as reported by the National Association of Realtors, has increased from 4.3 months this past January to the current number of 5....Read Full Post →
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The housing market is recovering so nicely that it has caused some to wonder whether a new housing bubble is forming. Today, we want to explain that the fear of a new pricing bubble in real estate is unwarranted.
Trulia revealed some great data on this point in a recent blog post. They explained that, even with the recent price increases, national home prices are still 7 percent undervalued. Trulia explained:
“Home prices nationally remain undervalued relative to fundamentals and much lower than in the last bubble. That’s why today’s price gains are actually still a rebound, not a bubble.”
Prices are below their fundamen...Read Full Post →
We like to use this real estate blog to post the latest Charleston SC real estate news, trends, and things that interest us. Please check back often for updates to local Charleston SC real estate happenings!
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