Charleston SC has long been a destination for tourists. In fact, many people end up moving to Charleston because of a visit they made. One trip and it is easy to see why people fall in love with the "Lowcountry": close proximity to the Atlantic Ocean, all of the water that surrounds us (tidal creeks, marshes, rivers, inter coastal waterway, etc.), the historic charm and architecture, the great history of one of the oldest cities in the US. the warm, sub tropical climate, and of course, all of the friendly folks that inhabit this fine city.
Many people do not consider now a good time to buy a home in Charleston SC, or anywhere for that matter. However, that couldn't be any further from the truth, and recent reports show that Charleston SC is indeed a great place to buy a home.
First, Charleston SC is a buyers market--it is a great opportunity for relocating, for move up buyers, investors and first time buyers.
Inventory is still high--over 10,000 homes currently listed! Prices have dropped. Interest rates are at all time lows. Plus, the new $8000 first time homebuyer tax credit. This is the time to buy, especially if you are a first time buyer. Remember the old saying, Buy Low, Sell High!
There may be some trepidation for those looking to buy a home in Charleston SC. What about the state of the economy and the Charleston SC real estate market?
Forbes released a report at the beginning of the year in which they looked at real estate markets in metro areas with populations of 500,000 or greater to determine the strongest markets. They wanted to see which markets are the closest to recovery. The greater Charleston SC real estate market made their Top 25 Strongest Markets list.
The Charleston SC real estate market wasn't as greatly impacted by the housing bubble bursting as other real estate markets. In fact, we were affected more indirectly--many people that were trying to relocate here were unable to do so because they could not sell their homes. Our decline was minimal compared to the rest of the nation.
Inc.com released a report in which they rated the Top Cities For Business. They wanted to determine the best locales for short term and long term job growth, important indicators of future econmic vitality. Overall, Charleston ranked #35, and for mid sized cities ranked #6.
Another survey, performed by Milken Institute, determined their list of Best Performing Cities, where jobs are created and sustained. Charleston SC finished ranked #10.
All of these reports help illustrate that Charleston SC is a solid choice to call home. These factors indicate a strong future economy, an important factor for a strong and thriving home market.
Buying a home in Charleston SC is an emotional process--we buy homes with our hearts. After our heart finds "The Right Home", we then rationaloze our decision. The Charleston SC real estate market offers the best of both worlds right now: the emotional part of the equation has always been there, but it also makes excellent sense from an investment standpoint. There are simply too many positive factors that exist, and many positive indicators that it will continue to be a strong market.
Just as you must crawl before you can walk, you must be strong before you can thrive (again).
Need more incentive? National Geographic did a survey of their own, "50 Best Places To Live: The Next Great Advebture Towns". Guess what? Charleston SC made that list also!
Visit my website for more info about buying a home in Charleston SC.
Jeff McIlhenny is a licensed Realtor with Weichert Realtors Palmetto Coast in Mt Pleasant SC and serves the entire Charleston SC real estate market. He can be reached at 843-452-2953 or jeffm@weichertpc.com
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