February 20th, 2011 10:14 AM by Jodie Ford
Historically, we’ve been told to wait to sell a home until the ‘Spring Buying Season’. Over the years, this philosophy has worked….but the current Charleston AFB real estate market is nothing like years past. The wisdom of waiting for a spring market is another belief that is about to fall, and here’s why.
Interest rates in Charleston have increased dramatically over the last ninety days and are now over 5%. As rates increase, the mortgage amount a buyer can qualify for will decrease – and this will have a negative impact on prices.
If your goal is to sell your current house and take advantage of the fabulous selection of properties currently available in the Charleston AFB area – Don’t Delay! While prices may continue to soften, the COST will be dramatically impacted by rising mortgage interest rates.
Buyers are coming out earlier this year.
Pete Flint, CEO of Trulia:
“We’re seeing a national resurgence of buyer and seller activity on Trulia.com. In January alone, we experienced an unprecedented level of site traffic including 11 million unique visitors – which is more than 70 percent year-over-year growth. We’ve are now experiencing 100,000 property views per minute.”
The National Association of Realtors just reported that the number of house sales increased 12.9% over last month.
Every year there is an increase of inventory in the spring. Here is the number of listings available for sale in 2010.
It stands to reason then, that we will see the same trend this year. The longer you wait – the more competition you will face.
While banks struggle to manage their foreclosure properties, they have been holding on to much of their inventory. This inventory will be released sometime in the next few months. Foreclosures in the Charleston AFB area sell on average at a 41% discount. If you want to sell in 2011 – DO IT NOW! Otherwise, your home will be competing for Charleston military buyers with these discounted properties.
CNN Money quoted the leadership Of RealtyTrac on this issue:
“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James Saccacio, CEO of RealtyTrac.
“We expect a spike in the first quarter,” said Rick Sharga, a RealtyTrac spokesman.
There are five major reasons to sell now. Sit down with a Charleston AFB real estate professional today and decide the best options for you and your family.
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Torri Jacobsen Buying or selling a home doesn’t have to be hard, but choosing the right Realtor DOES make a difference. I specialize in making first-time home buying a great experience for military families moving to the Charleston, SC area. Call or email today, and let’s make this your best move yet! You’ll feel right at home with me.
Jodie Hurt I specialize in helping military families enjoy a smooth PCS in and out of Charleston. I have a passion for helping people, and I love what I do. Call me (843) 819-4398 and let me make this the easiest PCS yet!
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