Homes For Sale Mt Pleasant SC: How’s The Market? (Pt. 1)

Homes For Sale Mt Pleasant SC: Market Report

An often asked question of real estate professionals is “How is the market?”. The buying public wants to know if now is a good time to buy or sell. There are plenty of media outlets and talking heads reporting on the housing market, and the opinions can vary widely.

So, just what can you believe? Over my next few posts I want to give an overview of the housing market using cold, hard data from respected resources. I will explain what is going on in the market, why it is a good time to buy, why it is a good time to sell and some interesting factors that indicate the market is heading up. In fact, you will also see that we also have a lot of potential that may not get tapped into.

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For this post, let’s just look at something simple: The Existing Sales Report. This graph shows existing homes sales broken down each month since last January through May of this year and looking at year-to-year sales comparisons.

As you can see, there was a drop in prices at the beginning of the year, but in May prices have risen sharply. A pretty good indication, right? Depending on who you ask, the market is doing well. There are some critics that say that while the market is on the uprise, it isn’t increasing as well as expected.

So how can this be? Well, looking month to month things are looking good and sales are increasing. However, some look at the fact that so far this year we aren’t matching the year-to-year sales we saw last year. However, that can be explained, which I will do in my next post.  homes for sale in mt pleasant sc

Another interesting report I came across is from the S&P/Case-Shiller Home Price Indices from S&P Dow Jones. This is the leading measure for US home prices and is based on a 10 city and 20 city composites of some of the largest real estate markets across the US.

To sum up the report without getting too technical, this report indicates that prices are increasing month-to-month, but the year-to-year gains are lower. However, two big takeaways: First, things look good moving forward, but with cautious optimism:

“Near term economic factors favor further gains in housing: mortgage rates are lower than a year ago,  the Fed is expected to keep interest rates steady until mid 2015 and the labor market is improving. However, housing is not back to normal: prices are being supported by cash sales, low inventories and declining foreclosure and REO sales. First time home buyers are not back in force and qualifying for a mortgage remains challenging. The question is whether housing will bounce back before the Fed begins to tighten sometime next year.”
The other takeaway is the fact that both composites are back to their Summer 2004 levels–right in the midst of the real estate boom. This is not to say that the market is set to take off as it it did in the early 2000s–that likely will not happen again. However, it is nonetheless a good sign.
Tomorrow I will go a little deeper and talk about the potential we have and what is holding us back. In the meantime, if you are searching for homes for sale Mt Pleasant SC be sure to check out my website.


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