August Market Update
What will happen to the Charleston real estate market when interest rates go up?
What does the financial future of the United States look like in the next 3 years? The experts can't seem to agree. Will interest rates go up? Certainly. How will this affect home sales?
For every 1% rise in interest rates, the monthly payment increases by 10% for the buyer. This means that when interest rates go up, the number of buyers who can afford your home goes down. A rise in interest rates always hurts a home seller's home value.
What's the good news? The good news is that right now in Charleston, SC, the market is RED HOT for home sellers. Home prices and home sales are at record levels. Year-to-date data shows that sales volume is about 19% ahead of where it was in 2014, and median price has increased by 4.6% in the region.
“Supply continues to be outpaced by demand for homes in the Charleston area. We have seen numerous multiple-offer scenarios at our office in the past month” said Matt O’Neill, Broker in Charge of Matt O’Neill Real Estate. “Right now is an excellent time to be a home seller in Charleston, SC. We certainly hope this trend continues into 2016, but the economic future of the United States could create a buyer's market just as fast as we saw the market change from 2007 to 2008.”
"If you are thinking of selling your home in the next 2 years, and you want to be sure you sell during a 'sellers’ market', I can assure you that right now, you are in a seller's market in Charleston, SC." said Matt O'Neill. "No one can tell you with 100% confidence that you will be in a seller's market next year or the year after."
If you want to know what your Charleston-Area home is worth in today's red hot market, get a free, instant calculation of your home's value here:www.Charleston.ValuationsToday.com
Or, call our office at 843-619-0401 and we will send you a free, no-obligation comprehensive market report of your home's exact value in today's market.
"It never hurts to know the value of your largest asset," said Matt O'Neill. "We are happy to provide complimentary market information to our clients to be sure they are informed in the marketplace. Informed clients make smart decisions for their families."