Real Estate in Charleston, SC – How to Find and Buy the Best Deals
The prices of homes for sale in Charleston, South Carolina decreased significantly in 2009. On average, home values in the Charleston area are 15% lower compared to 2008. The lowest property values have caught the attention of local and international homebuyers looking for incredible deals at Charlestonproperties. If you want to find a great deal on housing in the Charleston area, you’re not alone. Top-priced homes in areas like Mount Pleasant and downtown Charleston are receiving multiple offers a few days after they’re listed on MLS.
The combination of truly historic market conditions and media hype have created both risks and opportunities for today’s homebuyers. There are a few things you can do to take advantage of the market and avoid the many pitfalls.
First, do your homework. Research Charleston real estate online and find a Charleston real estate agent to show you homes and neighborhoods. Your real estate agent should understand your neighborhood and home preferences. Once you narrow down your home search and target your top 5 neighborhoods in Charleston, your real estate agent should provide you with recent market reports for each neighborhood, provide homeowners association documents, and send new home listing updates.
Second, you must be pre-approved for a mortgage and have the necessary down payment. If you’re still not ready to buy, find out why and fix the issues. If you have a home to sell sooner than you can take advantage of today’s buyers market, selling your home should be your first priority. Sell stocks and other assets that will need to be liquidated to have the funds ready to purchase a home.
Third, you must have realistic expectations. If you want to find a great deal on a home in Charleston, you have to be willing to do some minor repairs and updates. Foreclosures or bank properties in Charleston often require the new owners to make substantial repairs after closing. If you are buying a “short sale” in Charleston, plan to close at least 90 days after the contract has been ratified. Banks negotiate, approve, and sometimes reject real estate contracts to purchase both short-sale and bank-owned properties. Again, your real estate agent will be able to estimate when your closing should take place.
Lastly, don’t be discouraged. Even if your offer is the first on a home, sellers may receive more favorable offers from other buyers and reject yours. It is often necessary to bid on multiple homes for sale in Charleston to get a good deal. Some of the best deals in the Charleston real estate market are short sales that, for various reasons, are not sold to the first buyer with a ratified contract.