It's a great time to buy Charleston real estate right now. Four factors benefit home buyers in Charleston's market:
1) Low interest rates - We're seeing interest rates in the 4-5% range. A lot of home owners are refinancing right now to take advantage of the good rates. So, the rates are good news not just for home buyers, but also for current home owners.
2) Large selection of homes - Right now there are about 4,000 active listings on the Charleston MLS. Believe it or not, this number is actually higher than it was a few months ago, when there were 3,000+. It's great that we're seeing more homes for sale because it means that buyers have more options to choose from and are having to compete less often in multiple offer situations.
3) Motivated sellers - Charleston has had a strong sellers' market now for about 3 years. As more and more sellers are having to compete with Charleston new construction homes, they're willing to do a lot more now to get their homes sold. Of course, not all sellers are motivated. But, for the most part, sellers know that they have to be reasonable to sell their homes. Having more flexible sellers is great for buyers wanting to negotiate.
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