Charleston South Carolina Housing Improves Faster then National Average

If you live in Charleston S.C and are considering selling your home, now is as good time as ever. According to USA Today the Charleston SC area is performing better than the national average.

“Inventories also shrank faster than the national average in Minneapolis; Charleston, S.C.; Seattle; Washington, D.C.; Miami; and parts of Southern California, Zillow says”.

Change from a year ago in the number of homes for sale in May by price tier in 100 top markets:
Market
Bottom third
Middle third
Top third
Average
Charleston, SC
-41%
-22%
2%
-20%
United States
      -12%
-17%
-17%
-15%

It now costs more to rent than to own a home in 98 of the top 100 U.S. metropolitan areas, says real estate website Trulia, which tracks rents and home prices. In some of those markets, however, the inventory of homes for sale has shrunk.

But low interest rates are luring more buyers, as are home prices that are down 35% from their 2006 peak.Nationwide, 35% of existing single-family home buyers in April were first-timers, according to the National Association of Realtors. In healthier times, first timers account for 40% to 45% of the market, says NAR chief economist Lawrence Yun. Tight credit and a still-shaky economy have kept many first-timers out of the housing market, he says.

Rising prices could boost supply

Home inventories have shrunk because fewer foreclosures are coming to market. Many homeowners don’t want to sell, because they don’t have enough equity in their homes. Others are waiting for higher prices.

“They’ve waited out five years of declining prices and don’t want to sell at the bottom,” says Stan Humphries, a Zillow economist. As home prices increase, more sellers will likely emerge, he says, which will add inventory. Or, buyers might back off if the economy softens.

If you are in need of Charleston area real estate advice please feel free to contact me.

James Schiller – Realtor in Charleston, Mount Pleasant, Isle of Palms.

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