March Market Update: Charleston's Real Estate Trends & Economic Outlook
A lot of people are curious about the current state of the market compared to last year, and it's showing promising signs. The price per square foot has risen by approximately 10.5%, a remarkable increase, and pending home sales have also seen a surge of around 10%. This marks a significant improvement. The market experienced a slowdown when rates increased, affecting its pace. Additionally, sellers are now achieving around 98% of the asking price on average, down from the previous 100%, indicating a slight shift in negotiation power towards buyers. While sellers have had the upper hand for some time, it remains a seller's market with continued appreciation, albeit not as aggressive as before. However, if rates decrease further, buyers might find themselves with limited negotiation opportunities once again. Therefore, this is an opportune moment for buyers to capitalize on negotiation possibilities. Anticipated double-digit price appreciation suggests that locking in current prices is advisable. Despite rates hovering around 6.5%, the prospect of refinancing into lower rates in the near future adds to the appeal of purchasing now. For sellers, there's a new trend in the market, the guaranteed offer program, which simplifies the selling process by providing an upfront offer. This program eliminates the need for showings, open houses, and repairs, offering convenience to sellers. Moreover, sellers can stay in their homes for up to a year after closing, facilitating smoother transitions between properties. Compared to alternatives like bridge loans, this program proves to be more cost-effective and efficient. Learn More About our Guaranteed Offer Program Charleston's robust economy, driven by various industries including technology, manufacturing, and tourism, ensures continued strength in the housing market. Major companies like Google, Battery Manufacturing, Land Rover, Volvo, Boeing, and expansions in sectors like healthcare and education contribute to a diverse and resilient economy. Despite fluctuations in certain sectors, the overall economic stability provides confidence for prospective buyers and sellers in Charleston. In conclusion, the housing market in Charleston remains favorable for both buyers and sellers. With a strong economy and promising market conditions, now is an opportune time to make informed decisions regarding real estate transactions. If there are any inquiries or feedback regarding the housing market, feel free to reach out. Your input is valued. If you have any real estate-related questions, don’t hesitate to reach out to via phone or email today.
Compassion Project
Throughout the year, we've organized numerous client events, with the Charleston RiverDogs being a staple among them. This time, I'm considering expanding our horizons to include events with the Charleston Stingrays, and the Charleston Battery, our local professional soccer team. I'd love to hear your thoughts on these options. Please fill out the survey below and indicate your preference among these three choices. Depending on your feedback, there's a possibility we could host all three events! While baseball has traditionally been a favorite, I'm open to exploring other exciting activities, such as a family movie theater outing or anything else you believe would make for an engaging event. Your input is crucial as we aim to curate events that not only entertain but also inspire enthusiastic participation. Please take a moment to reply to fill out this form, which includes a section for any additional suggestions you might have. Wishing you a fantastic day and looking forward to an exceptional year ahead. Thank you for your input! SURVEY HERE
Exclusive Opportunity: Sell 9 Homes in 90 Days!!!
This year is shaping up to be our most exhilarating one yet! In December, we scheduled 140 appointments, followed by a staggering 230 in January, and our momentum hasn't slowed down since. I'm thrilled to present an exceptional opportunity to a select group of agents—only ten. I promise you 9 homes within 90 days. If you're determined to make this year unparalleled in success, now's your chance to come aboard. ▶️ Bid Farewell to Traditional Hassles: Forget the endless cycle of open houses, door-knocking, networking events, and the frustration of cold leads. ▶️ Daily Appointments Direct to You: Imagine starting each day with scheduled appointments, handpicked and ready to go. I’ll provide the appointments you close the deals. ▶️ Simplify Your Transactions: Leave the tedious tasks of repair negotiations, closing coordination, and listing management to us. Your focus will be where it truly counts: showings, listings, and crafting irresistible offers. Our team has got it all under control, allowing you to focus solely on showings, listings, and crafting offers—the core of real estate success. Don't hesitate to reach out; contact us or fill in your details below. Act swiftly, as this offer won't last long with the high level of interest we're seeing. Apply by April 5th! We're eager to hear from you and welcome you to our team. Thank you. Call or text directly at (843) 800-2465. SET AN APPOINTMENT TO CHAT APPLY HERE
Mortgage Rate Lock In Effect: How It’s Changing Home Buying This Year!
If you are looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there is another way that this benefits you. It may inspire more homeowners to put their homes up for sale. It's called the mortgage rate lock in effect. Let me explain. Over the past year, one factor that's really limited the amount of options for your move is how few homes are on the market. That's because many homeowners chose to delay their plans to sell once mortgage rates went up. The lack of housing supply was partially driven by the rate lock. In effect, with higher rates, the incentive for existing homeowners to list their property and move to a new house has greatly diminished, leaving them rate locked. These homeowners decided to stay put and keep their current lower mortgage rate, rather than move and take on a higher rate with a new home. Early signs of these homeowners that are ready to move are high, according to the latest data from Realtor.com and in my own personal research, there were more homeowners putting their homes on the market for sale, known to the industry as new listings in December 2023 as compared to December 2022. The same has been true for January 2024 as compared to January 2023. Now, here's why this is so significant. Typically, activity in the housing market cools down in the later months and in early months of the year, as some sellers choose to delay their moves until February and March are all around. This is the first time since 2020 that we've seen an uptick in new listings this time of year. This could be a signal that the rate lock, in effect, is easing a bit in response to lower rates. Now what does this mean for you? Well, there isn't going to be a sudden influx of options for your home search. This does mean that more sellers may be deciding to list their home. A reduction in interest rates could alleviate the lock in effect and help lift homeowners mobility. Indeed, interest rates have recently declined, falling by a full percentage from October to November. Further decreases would reduce the barrier to moving and give more homeowners looking to sell a newfound sense of urgency with lower rates. For example, rates right now are in the mid 60s, and this means that you may see more homes come to the market and give you more options to choose from. I have personally researched several programs that we can offer to you as well, with rates that start at as low as 2.99%. So the bottom line is, as mortgage rates come down, more sellers may reenter the market. And that gives you more opportunity to find the home that you're looking for. So if you're interested in finding out what sellers may want to come to the market soon, I could show you some off market listings. And if you're interested in interest rates starting at about 2.99%, don't hesitate to reach out. Go to davefriedmanteam.com to inquire more, and either call us or fill out the form.
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