Home Buying Tips From A Buyers Agent Mt Pleasant SC
If you are looking at buying homes for sale in Mt Pleasant SC, here is some helpful stats and information. So, just how are things going for the Mt Pleasant SC real estate market? Although I’ve gone in depth with the stats a few posts ago, here is a quick run down for buyers. Mt Pleasant SC is the fastest growing city in South Carolina. It is also the fastest growing city in the entire South. In fact, Mt Pleasant SC is the 9th fastest growing city in the entire United States.
So, as you would expect, that means the Mt Pleasant SC real estate market is pretty hot.
For all of 2013 the median price in Mt Pleasant SC was $315,000 and the average Days On The Market (DOM) for a listing was 105 days–this is how many days a house was listed before going under contract. For 2014. the median price has jumped to $351,492 and the DOM has dropped to 88 days. That is a 11.58% increase in median price and a drop of 16% in DOM.
Currently there are 667 active listings on the Mt Pleasant MLS, and there are an additional 365 homes under contract. There are also 163 Pending sales. Looking at those numbers, there is some interesting info.
For instance, of the Pending sales, the median price is $468,439 and the average DOM is 37. For the homes under contract, the averages are a little closer to the 2014 year-to-date averages: $352,435 is the median price, and the average DOM are 55. Although there is a slight uptick in DOM between the Contingent homes and Pending homes, together they average below the 2014 year-to-date DOM (46 Vs. 88, or almost half the time).
One thing that is important to note–Pending sale prices reflect the list price, not the contracted purchase price. (This information will not be released until the properties are closed. So, the DOM won’t change, but the median price will likely change. How much? We will have to see. But, I still included the information because it is still interesting).
So, what does all this mean to someone looking to buy homes for sale in Mt Pleasant SC? First, prices are on the upswing and will continue to do so. The average DOM is dropping. Plus, interest rates are heading north.
Basically, it is a seller’s market in Mt Pleasant SC. This is basic economics 101: supply and demand. There simply isn’t enough inventory to meet the demand for housing, and this is driving the prices up.
This isn’t necessarily a bad thing for buyers. Home values appreciating is a good thing, it builds equity. But you have to own a home first. So, here are some helpful tips.
First, understand what is going on in the current Mt Pleasant SC real estate market. Homes are going pretty quickly. Understand that if you find a home you really like, then you need to move quickly–debate on it too long, and you could lose out. It might be best to take a step back before you take a step forward. If you are not ready to buy, then take an extra month or so and come back fully prepared.
First, make sure you have a mortgage pre approval in hand. Discuss different options with your loan officer, just so you know the possibilities that exist. It is also a good idea to connect with a buyers agent. You and your agent can discuss what exactly you are looking for and can determine what neighborhoods might be the best fit for your needs.
It wouldn’t be a bad idea to take a day or two to drive through the neighborhoods. You can get a feel for the neighborhood and you can also see how far it is to the beach, highways, schools or for your daily commute. You can also see what traffic is like.
An important thing to also consider is what are the neighborhood(s) HOA fees? What Covenants & Restrictions (C & Rs) are in place? This is very important. In some neighborhoods you are not allowed to ride motorcycles. In others, you cannot have a boat in your driveway or backyard. Make sure you know the C&Rs ahead of time.
Have your buyers agent Mt Pleasant SC send you some Mt Pleasant MLS listings for homes that match your criteria. Look through them and get a good understanding if what you want and what you need. Make a list of what you have to have, and what you would like to have, but is optional. Share this with your agent, and they can help you find the right house.
All of this preliminary research and “homework” (no pun intended) can make your home search much easier. This will help you identify the perfect house much easier and quicker, and when you find the right home, you can act quickly with an offer. This will increase your chances of beating other buyers to the house, and help you to hopefully avoid a multiple offer situation. This is not uncommon in the current Mt Pleasant SC real estate market, and I will cover that in my next post–tips for a multiple offer situation.
Stay tuned, and if you or someone you know is thinking of buying Mt Pleasant SC real estate, then check out my website for your buyers agent Mt Pleasant SC!