With summer nearing its end, it’s time to take a look at how our Charleston real estate market is doing. So for my latest market update, I took to Facebook Live for a Q&A concerning recent local trends. Here are some highlights from the interview:
Is the market starting to cool off?
Yes.The signs are there that our market is cooling, and we’ve got a shift coming.
How are inventory levels doing?
Inventory is still pretty low, but we’re actually seeing an affordability issue. Homebuyers are having a tough time being able to afford these houses at the prices that have been asked for, and interest rates are going up for the first time since 2014.
How will rising mortgage rates affect home sales?
Mortgage rates were around 3.9% last year, which was incredible. We’ve seen mortgage rates rise since, and a 1% rise in interest rates means a 10% decrease in affordability.
What does this data mean for home sellers in Charleston?
According to a recent article by The Post and Courier, area home sales have dipped for the second straight month. While we aren’t in for a massive crash like what we saw during the recession, signs do indicate that we’re at the height of the market. In other words, now is the time to sell while we’re still at the peak.
If you have any other questions, would like more information, or are curious how our team can help you achieve your real estate goals, feel free to give us a call or send us an email. We look forward to hearing from you soon.
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