The local market now--- Prudential Carolina Real Estate

To our friends and neighbors,
Recent changes in the real estate market have made local and national headlines for well over a
year now. As we do from time to time, we wanted to share with you our perspective about what’s
happening locally and how it might impact you if you’re a buyer or a seller in today’s market.
The “seller’s market” of two years ago, with few homes for sale, rapid appreciation, decreasing
affordability and high buyer frustration, has been replaced with the “buyer’s market” of today. Although
there is strong buyer activity, with a record breaking 11,000 homes for sale, there is simply too much
inventory for all of it to be absorbed. The market will settle somewhere in the middle with a healthy
balance between buyers and sellers. This adjustment feels unsettling but is necessary and will insure the
long term health of real estate.
What does that mean to you if you’re active in today’s Charleston real estate market?
If you’re a seller, you may find that you have more competition than in the past. You need to
work with your real estate professional to understand your specific market area and the homes that you
are competing against. Most importantly, you need to price your property competitively so that your
home is one that buyers will want to see. Be assured, if you are motivated and have a need to sell, you
can be successful.
If you’re a buyer, today is the best opportunity we have seen in recent history. Interest rates are
low and there are many homes to choose from. Real estate is a sound long term investment and
mortgage interest and property taxes are often tax deductible. If you’re thinking about buying your first
home or moving up to another home, don’t miss this opportunity.
At Prudential Carolina Real Estate we are optimistic and confident about the future of real estate
in Charleston. All of the key factors that contribute to a healthy real estate market are in place. Interest
rates and unemployment are predicted to remain low, demographics are strong and our local economy
continues to grow, driven by the many reasons that make Metro Charleston such a desirable place to
live.
For updates on the latest market statistics visit our website at www.prudenitalcarolina.com. If
you need guidance about your real estate needs, or if you just want more information, please contact a
Prudential Carolina Real Estate sales associate. It would be our privilege to help.
Grange Cuthbert Patty Scarafile Michael O’Shaughnessy
Vice Chairman CEO and President Chairman