•CU    See you           RFD  Request for discussion             

YW     Your welcome

OTP   On the phone

The above abbreviations for texting are just a few of so many. Being from the older generation it’s very difficult to understand all of the text language when I receive text messages.  I do believe, however, in today’s market we have to ask our clients which way they prefer us to communicate with them, for short quick messages, many will say text me. For the longer detailed correspondence they prefer email or a phone call.

I’ve always quoted the saying ” Change is inevitable, Growth is optional.” And to be Honest, I’m quite proud of the way I have adapted over the years to  the changes I have had to make, so we could continue giving the excellent service  our clients deserve.  Plus the agents in my office deserve a broker who keeps up with the market changes and any new developments which might effect their business.  I am fortunate to be able to learn so much from my agents who are so multi-talented in today’s market, and I believe some of the smartest technologically-inclined agents in our area. They learn from my thirty- two years in the business and I certainly learn from them.  A Win Win situation for all of us.

These Graphs are showing the Charleston  Tri-County Real Estate Market. Sales and Listings in 2009 & also in 2005 to show you the comparisons.  The one on the left is the market in the year 2009 if you click on the graph it will enlarge so you can see the numbers.  The pink is the number of homes on the market in the different price ranges.  The blue is the sales in the different price ranges.  As you can see even though the market has slowed down homes were still selling. The difference is the amount of homes on the market, this is a buyers market, it’s all about supply and demand. On the right(above) is the market as it was in 2005 when the there was not as many houses on the market. It was definitely a seller’s market. Plenty of buyers, which turned into a great deal of multiple offers on houses.  Therefore the prices increased and appreciation doubled and tripled.  This could not continue, the market had to balance out.  Although, now house prices have dropped dramatically forcing many sellers into short sales and many foreclosures.  I do think it is important to show the comparisons to our clients, to help them understand what has happened in the market place.

 As you can see  some of our beach areas increased between 246% and 271% which averages between 24% – 27% a year , in the past a good appreciation was considered between 3%-6%. Folly Beach had a healthy 148% averaging 14.8%, and our downtown Peninsular, Mt Pleasant , and many of the other areas were all over the 100% with North Charleston leading with 161%.  This was a dramatic decade, I doubt we will see increases that high in the near future.  Although I will always believe that Real Estate a great investment and will always be so.    Hope this was interesting to you.  Sheila

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.