5 Reasons Why It is a Great Time to Buy a Home in Mount Pleasant

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It’s an excellent time to purchase a home in Mount Pleasant! Many people ask, “If Mount Pleasant is in a seller’s market, why should I consider buying?” Today, I offer five reasons why.

1. Interest rates will never be lower. A simple 1% rate increase creates a 10% decrease in your buying power. For example, if you can afford a $400,000 home in today’s market, you’ll only be able to afford a $360,000 home if interest rates increase just 1%. That’s $40,000 you miss out on if you wait! Take advantage of low interest rates today.
   
   
   


2. Loan programs have been expanded. Ever since the market crash, banks have changed. Now, we see banks introduce new loan programs that can fit any budget. Previously, Conventional loans without private mortgage insurance were only available to buyers that could put down 20%. Now, buyers can avoid PMI interest with only 5% down! FHA loans only require 3.5% down. VA loans, of course, do not require any money down. Lenders often offer closing costs. Look into programs that allow you to buy a home when you weren't able to before.
3. Rental prices are increasing. Why pay rent when that same payment can be used towards owning your own property? When you buy a home for the same price, you gain equity. Additionally, you can deduct interest on a mortgage payment from your taxes. 
4. Now is the slow selling season. There are fewer homes sold during this season compared to the rest of the year. It’s a fantastic time to buy. There are significantly fewer buyers in the market now. In Mount Pleasant, we spent the summer wondering if we’d be in a multiple offer situation. Sellers don’t even like that. If you buy now, you avoid rigorous competition in the spring and summer. 
5. There’s a ton of new construction. Builders are giving incentives! When a neighborhood is in the early phase, often builders offer free upgrades and closing cost incentives. Besides, investing early in a new neighborhood and watching neighboring homes increase in value adds equity to your property.

Let’s discuss your specific needs and get you going! Give me a call today.

Leave No Money on the Table with these Six Home Selling Tips

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I'm not going to lie. Selling your home for top dollar will take some work. The good news is that it's worth it, because you can sell your home for 18% more by using these six tips.

1. Curb appeal matters. You have to entice the buyers with a nice exterior for them to want to know more about the interior. Plant flowers, mow the lawn, repaint your front door, clean your windows, etc. 
2. Declutter and depersonalize your home. Get rid of personal belongings such as old photos or artwork, and make sure the buyer isn't distracted by other things like clutter on your counter tops. Show off your home and not your belongings. Rent a portable storage unit if you need to - you're moving anyway. Depersonalize the home as well. You don't want a buyer to feel as if they're inside of someone else's home. You want them to feel like they're walking through their own home, so don't clutter the place with your belongings. Not many buyers want to see that giant moose head on your wall. Remove any excess decor that makes your home feel smaller. 
3. Fix things and freshen up your home. Repaint rooms in a neutral color, such as earth tones. Also, fix all of the obvious things around your home such as a squeaky door or a leaky faucet. If you notice it, the buyer definitely will, too.
4. Don't get too emotionally involved. That is when you can make mistakes. Remember that the home really isn't yours anymore when you're trying to sell it. 
5. Don't get greedy. Buyers aren't fooled by high prices, and they simply won't respond to high prices. Your home will sit on the market and you'll end up with less money than if you had priced your home right to begin with. 
6. Hire an agent with a solid marketing plan. Good marketing means your home will get a lot of demand, and a lot of demand means a good price for your home. I can put your home in front of thousands of eager buyers.

A bonus tip is to clean your home, but I cannot stress the importance of this. Your home needs to sparkle. Cleaning can really make buyers pay a little extra, so the elbow grease is worth it in the end.

As always, please don't hesitate to contact me with any questions you may have about selling homes in Charleston.

What's Happening with Mount Pleasant Real Estate?

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Today, we'll discuss the state of the Mount Pleasant real estate market. We know that the world economy has been difficult, so the Fed has decided to hold rates steady through October. However, we are hearing that rates will go up next year. 

In September, we saw the normal market slow down. That is usual for this time of year. We've seen homes under contract hit 331 for the week and then hit 255 for the next week. We will continue to see homes under contract slowly decline, but things will pick up again in the spring.

Right now, North Mount Pleasant is in a strong seller's market with approximately 3.6 months of inventory on the market. What that means is that if no new homes came on the market, it would take about 3.6 months to sell all the homes currently listed. When we get to 6 months of inventory on the market, it's considered a balanced market. Anything under 6 months is a strong seller's market. 

We're seeing just about the same thing in Mount Pleasant South, only with 2.9 months of inventory on the market. That's an even stronger seller's market. Due to the strong demand for homes, we have seen prices increase slightly in both Mount Pleasant North and Mount Pleasant South. Both have a median price point around $400k. 

In Mount Pleasant, we have seen distinct increases in the actual sales price of a home. If we compare January through August of 2014 to that same time period this year, we see that Mount Pleasant North median sales prices increased by almost 10%, while they increased just under 4% in Mount Pleasant South.

The short sale and foreclosure market was a huge segment of the market during the economic recovery. Today, however, short sales and foreclosures have all but dried up. In Mount Pleasant, short sales and foreclosures make up less than 3% of monthly sales. 

The new construction market in Charleston is booming! In Mount Pleasant North, 64% of home sales each month are new construction. In Mount Pleasant South, only 29% of the market is new construction. That's because Mount Pleasant North has not been developed as much, and has more land for builders to build on.

If you have any questions about our current market, please give me a call or send me an email. I look forward to hearing from you!