Home Buyer Tips Charleston SC: Market Fears Unwarranted
If you are looking for some home buyer tips Charleston SC, here’s some good news that will show you that now is a good time to buy. There’s some recent market data that should alleviate any doubts about the current real estate market.
First, take a look at the sales report from the National Association of Realtors. Home sales were up for the month of September, to the highest level all year. This news is more than simple good news, it’s actually quite significant.
That’s because typically, home sales drop off after the summer. In the next graph, you can see the trend over the last 15 years for home sales in various months compared to August. Summer has traditionally been the peak months for real estate sales, so seeing a fall drop off is not unusual. However, that is not the case in 2014.
Home Buyer Tips Charleston SC: Numbers Looking Good
In fact, the numbers from the NAR report look good. Prices increased, the number of distressed sales are continuing to decline, and inventory is up. That last number is significant. Depending on the state of the market, an increase in listings can be good or bad. In the current market, that is a good sign.
Sales have been good for 2014, depending on who you ask. Various media outlets have reported different opinions on the sate of the market. Of course, you can’t always rely on the media.
They have access to the same exact data, so interpretations vary. The fact is, numbers-wise, sales have been good overall in 2014. They haven’t improved as much month-to-month compared to 2013, so many report that the market isn’t doing well.
Home Buyer Tips Charleston SC: Interpreting The Numbers
Fact is, it may not be performing as well as last years numbers seemed to indicate, but the market is doing very well in 2014. Part of the reason sales numbers haven’t been as good as some predicted for 2014 is the simple fact that the demand has been there, but the inventory wasn’t enough to meet that demand. So, by that fact alone, the increase in inventory is a good sign.
For much of the greater Charleston SC real estate market, the demand still exceeds the supply–economics 101. This is reflected in the Months Supply numbers. 6 months is considered a normal, healthy real estate market. Anything less indicates demand exceeds the current supply, and is a sellers market. Much of Charleston is below the 6 month supply.
Another good sign for the real estate market is public perception. Many would be buyers are hesitant because they are not confident that the market will continue to increase.
A lot of those fears stem from the market crash a few years back. Not everyone has confidence in the real estate market, but those fears are not justified.
Fortunately, it appears that consumers do have confidence in the market. A recent Bank Rate survey showed that the majority of consumers feel that home prices will continue to rise over the next year.
Home Buyer Tips Charleston SC: Market Remains Strong
Then there is the opinion of the “experts”. The Case-Shiller Report is an industry leading, trusted resource for national real estate market numbers.
In their most recent report regarding year-over-year sales numbers, sales for July 2014 were 6.7% up from July 2013.
If you look at the graph, you will see the year-over-year numbers are declining in 2014, but that is not a bad sign. It’s all about the proper perspective.
Sales over the last year and a half have been red hot. You can’t maintain that level for very long, if you do that can be a bad sign. Just look at the big build up before the market crash to see that it’s great while it lasts, but inevitably, the market will correct itself.
And that is exactly what the market is doing, it is correcting itself to steadier, healthier levels. This alone should quell any trepidation people have towards the future of the real estate market.
So, this may not be the home buyer tips Charleston SC you were expecting, but this data is the best home buyer tips Charleston you can get. The market is doing very well, and not only do the numbers support this, but public opinion is confident as well.
If you are looking at buying homes for sale in Charleston SC, then take advantage of the strong real estate market, and make a great investment. Bee sure to be sure to check out my buyers page, blog, and videos as well for more helpful home buyer tips Charleston SC.