How To Select A Realtor Summerville SC: An Agent That
Will Listen To You!
When you have decided that you want to buy Summerville SC homes for sale, then the next decision to make is how to select a realtor Summerville SC. In today’s post I will share some important info to help make both decisions easier.
I feel that is important when working with clients that you explain the home buying process, and what to expect. Some realtors lose sight of the fact that while we do this every day, the average person may only buy or sell a house 2 or 3 times in their life.
It is especially important if this is the first home that the client will buy (or first time selling). It is important to take the time to answer questions, and more importantly, take time to listen to the client.
I like to make my clients aware of every option they have available to them at every turn. Not every option is the best option, but this allows the client to make an educated decision as to which option is the best one for them.
How To Select A Realtor Summerville SC: An Agent That Can Explain The Market To You
That is why I like to go over market data and statistics. An educated buyer is a confident buyer. And, as I have said before, you can’t rely on the media for an accurate portrayal of the real estate market.
If you are searching for Summerville SC homes for sale, you may be hesitant to buy because you aren’t sure where the market is currently, or where it’s heading.
If you have read some of my other blog posts, you may see that for most of the greater Charleston area (and much of the nation as well) that the Months Supply of Inventory are below what is considered a normal real estate market.
We are in what is considered a Seller’s Market.
So, what exactly does that mean? Should you wait to buy in Summerville SC? If you look at the graph, in a Seller’s Market prices go up.
That may sound like a deterrent, however, when you are buying that is a good sign.
As a buyer, you want to see property values on the upswing–this will help you build equity. However, wait too long and you could miss out.
So, just what is the future of home values? Nobody can predict exactly what will happen, but there are leading industry experts and analysts that put together quarterly reports and projections so that they can try to determine what will happen with a degree of accuracy.
How To Select A Realtor Summerville SC: Where Are Prices Headed?
One of these reports is the Home Price Expectation Survey, which is a compilation of projections from over 100 leading economists, industry experts, and analysts.
The most recent Home Price Expectation Survey shows what the mean projected appreciation is for the coming years. (Mean is not the average, rather, it is exactly the middle–half projected higher than the mean, half projected lower).
There are two ways to look at that graph. At first glance, it appears that the numbers are projected to come down. So, that is bad, right? Actually that is a good sign for two reasons.
Number 1, the rate of appreciation coming down is good because of where it is coming down from. The last couple years have been very good for real estate.
The national real estate market bounced back from the crash very strongly.
But you can’t keep appreciation increasing at that rate forever–that’s what lead to the crash to begin with (amongst other factors). So, it appears appreciation rates are not dropping, rather, they are normalizing.
Reason Number 2 the appreciation coming down is good is because of where it is coming down to. It is getting into appreciation rates that are more normal for real estate, as has been proven over the last 100+ years. If you look at the graph, you can see the rate leveling off, but remaining at a healthy rate.
If you still aren’t sure that the market will remain healthy, here is a breakdown of the projections from the participants in the Home Price Expectation Survey.
In this graph they broke down the predictions for the total appreciation through 2018. It shows what the average projection (overall) was before the real estate bubble burst (19.4%), and where the average was for this survey (19.5%).
Notice, even the most conservative analysts still predict that by 2018, the real estate market will appreciate 11.2% overall (for a yearly average of nearly 3%).
It is also interesting to note that current market prices are back to the level we saw in early 2005–when the market was getting very hot.
Also notice that they are continuing to rise. This may worry some people–are we heading for another bubble, and subsequent crash?
Prices and values soared the last couple years, and now they are reverting to a more normal rate of appreciation. The market is correcting itself to a more healthy market.
Yet, appreciation and prices will continue to rise, but a more normal rate than what we have seen the last couple years.
Wait too long and you miss out on appreciation. With an increase in prices and rates, you will not be able to buy as much house if you wait. That is illustrated in the last graph, and shows what a house will cost you today at the current prices and interest rate.
When it comes time to buy a home, it is important you know how to select a Realtor Summerville SC. You need one that will walk you through the process, and explain all of your options.
It is also important that your Realtor understands what is happening in the current market and can explain it to you in terms you can understand.
How To Select A Realtor Summerville SC: A Good Agent Has Good Resources For You
If you have any questions about buying a home in Summerville SC (or anywhere in the Charleston SC real estate market), then simply leave me a comment below–or, you can visit my website and check out my buyer’s page.
I also have more information available, including home buyer guides and videos.
Simply complete the form below and you can download a Free copy of my Fall 2014 Home Buyer’s Guide.
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