Sellers Information
We have seen so many negative reports in the media concerning the real estate market, I would like to share with you the specifics on our Charleston Tri County area.
As of the end of 2007 active listings on the market was 9,260 at the end of 2006 active listings were 7,841. This was an 18.1% increase.
With the increase in inventory it’s imperative if you are selling your home to make sure your agent does a salability study as well as a current competitive market analysis, this way (depending on your time frame)you will be able to determine how to price your home to meet your objectives.
The market appreciated so quickly over the past ten years some areas as much as the 30% or more for several years, realistically this could realistically this could not continue. The market had to balance out. If you would like to see a graph in detail of the appreciation in the past ten years. e-mail me at Sgianatos@prucar.com. Yes, there has definately been a decrease in the sale prices of our homes although, different percentages for different areas.
James Island sales prices dropped 13%
West Ashley 20%
Mount Pleasant 23%
North Charleston 15%
Downtown 15%
Ladson/Summerville 17%
Hanahan/Goose creek 19%
Daniel Island 15%
We have to keep in mind when you sell high you buy high, when you sell low you buy low.
The concern we all have is when a buyer bought during the high market, and now has to sell because of a necessary move, he may have to sell at a loss this is a true cash loss.
On the other side of this, if your a seller looking to sell now, and have lived in the house for several years and have the expectation of a high price, as houses in your neighborhood sold in the past five years for a great deal more than your realtor is telling you it’s worth now, the reduction is not actual loss, but paper loss, in other words we all were excited about our property increasing in price, although, if we did not sell during that time, what we have now is an anticipated loss, not actually a cash loss.
The facts are even though 2007 saw a drop in sales prices, other than the past five years, it was still the best year of sales on all the previous years. Our expectations of the market changed.
Selling your house in today’s market, means we have to show the house to it’s best advantage, price it right and make sure you hire an agent who will market it so it gets full exposure.
Last year was the year of change, this year 2008 the showings have picked up, I see a good year ahead for real estate. I don’t have a crystal ball, but showings have picked up since the beginning of the year, which means buyers are looking, interest rates are good. If you have any questions please feel free to e-mail me sgianatos@prucar.com. or call 843-795-7810 Sheila Gianatos. On my next blog on market penetration I will cover sales in 2007 in Charleston’s Tri county area.
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