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Posts Tagged ‘Home Sales’

ImageWhat are the two things you need to know if you are looking to buy or sell real estate in the Charleston County real estate market? Trends and values. What are the trends in home sale over the last 5 years, and what happened to the median home price over that same period. The answer to those two questions will help you to know if the market is right for your next steps.

Since 2008, the number of homes sold in Charleston County bounced from 4,043 homes (2009) to 4,982 homes (2011). Then 2012 had a jump in sales of over a thousand sales, to 5,987 homes. That increase reflects an improving economy for Charleston County and an upbeat outlook for business in the area.

But what about median home prices during that time? What story do these numbers tell? In 2008 the median home price was $254,900, but Charleston County was behind the curve on the collapse of the housing market. That number had a precipitous drop in 2009 to $226,000, a slight increase in 2010 to $235,000, and back done to $219,916 in 2011. In 2012 we see an increase in the median price to $228,000. What do we learn from this five years of data?

The old real estate adage is that you never know that you’ve reached the bottom of a market until you start seeing prices rise. It may be a little early to declare that the market is on the way up, if you only look at the median prices. After all, the numbers went up in 2010, only to drop back in 2011! Its hard to say why that happened without more data. Maybe it was problems with interest rates. But one thing was interesting between 2010 and 2011. Even thought the median price dropped, the number of homes sold increased! And in 2012, the number of homes sold saw a significant upward trend.

Charleston County is a vibrant business center and has a strong and stable real estate market. Developers have shown continued confidence in the Charleston County real estate market with new developments coming online, and older developments being re-invigorated. Is this the time to buy or sell? Business leaders think so. Developers think so. And we think so.

No one can forecast what the future will bring. One thing is certain, though. Conditions at this point in time in Charleston County seem ripe for you to buy your first home or your next home, and since there is some indication that home prices are recovering, it looks like the right time to list your home for sale.

 

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Is that a question you’ve asked your real estate agent? It is one that seems is being asked more and more these days. While there are many factors that go into the answer to that question, one reason that is the most frequent reason is the listing price. How is the listing price of your home so important in getting your home sold within 90 days?

What is your house worth to a buyer?

Your goal is to sell your home for the best price in the shortest time. That is also the goal of your real estate agent since your agent only gets paid when your home sells. That poses a very delicate balancing act. What is the best price to get your home sold in 90 days? What relationship does that price have with what you paid for your home, or more importantly, what you owe on your mortgage? As a homeowner, these  are important factors to you, but a potential buyer is not interested in what you paid for your house and what you owe on your house! To a potential buyer the only thing that is relevent is what is your house worth in this market. Isn’t that what was important to you when you bought your house?

When your home is listed, the first two weeks tell the tale of list price. If your house is shown often during that time you are probably in the right price range of comparable homes. If you haven’t received an offer, your list price could be high. If your house has only a few showings in the first two weeks that is a clear indicator that you need to take immediate pricing action to get in the range price of comparable homes in the area. If you do not act immediately another reason comes into play. What’s that?

If you’ve listed your house at a price that is above the selling price of houses that are comparable to yours and you aren’t getting showings within the first two weeks of listing your house, your house will be ‘old’ in the minds of buyers. Even worst, buyers might feel that it would be difficult to negotiate a deal on your house because the listing price is above the market. That puts you in a difficult position. By the time you lower the price to where the market was, you’ll find that the market has changed. You end up chasing the market and your house has lost its luster. Some agents may tell you that the price reduction will cause your house to show up on the MLS hot sheet notifying all local agents of the price reduction. But remember, these agents saw the first listing with a price that was above market. And there are newer listings that their clients might want to see!

Avoid the hassle! Selling your house is a business transaction and there is little room for emotion. What ever your reason for selling your house your goal is to sell it at the best price (fair market value) in the shortest time possible! While you cannot do this with price alone, one thing is sure: If you price above the market you will not sell your house in the shortest time possible.

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A nice home in Wellesley Place.

We’ve had something of a heat wave for the last several weeks and this Saturday was right up there with the actual temperature in the mid-90’s. As part of the service we give to our listing clients, Patricia and I walk the neighborhood to personally distribute flyers promoting our listing. Neighbor’s often know someone looking for a home and may want them as neighbors. We want to take advantage of any means we can to market our listings. So at 1pm, a time that we thought would have the most people home, we started armed with our flyers (100 color flyers) and thanks to our client, a cold bottle of water.

What an interesting hour we enjoyed! Although the temperature was HOT, the people we met were warm and friendly. We were surprised at how many already knew us from our mailings to the neighborhood. Everyone complimented us on our marketing and a few thought they might know someone who would be interested in our listing. Meeting people face-to-face helps us to better serve our clients, but also helps us to get to know the neighborhood better. We enjoyed meeting the families and learning where they had moved from to be in Mt. Pleasant. There are a number of homes for sale in this neighborhood and many ways to market them. We use social media, direct mail and our telephone marketing hotline (and 800 number for our listings), but we enjoy meeting people and getting to know them. The temperature was hot and we worked up a sweat, however, what we will remember most about our trip around the neighborhood is the warm, friendly people, not the temperature.

We do the same for all of our clients. We would be pleased to show you how we ‘Team Up for Success’ with buyers and sellers. You can reach Patricia via email Patricia@MarkandPatriciaFuchs.com, or by phone at 843-425-0953. I am at Mark@MarkandPatriciaFuchs.com, or on 843-364-9509.

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