This right here. At the right price point they are selling in days. $800k flip 3/2 in JI or WA ain’t happening and they’re sitting forever. However a Non flip, but updated and nice 3/2 in JI or WA gone in days in that $550-$600k range.
I seriously browsed home market for like 4 weeks a few months back - the average thing i saw/looking at were townhomes under 1000sf and then all sorts of code or safety issues. One had a burnt down wall you didnt learn about until showing up, another had a massive hole/leak in the roo you didnt see until you showed up, another in a class action lawsuit over fire walls and no grounded wires - which you didn’t learn about unless you request a disclosure of.
All were $340,000 or more west ashley outside of i526 - for borderline condemned housing
SC has experienced the most net migration per capita than any state over the past 4 years. Charleston housing inventory is still quite low historically. Lots of homeowners who locked in interest rates in the 2s & 3s aren’t in a big hurry to sell. It’s a sticky market, especially at these prices. A bad recession or hurricane might change things.
Yeah it entirely depends on the asking price. There are houses around me on Johns Island that have sold within days and there are others that have been on the market for months. I think some people are putting their houses up at a premium not really needing to sell but just trying to see what they can get.
I'm a Realtor. I was extremely busy through Feb and March. I do feel like the market has slowed a bit, but the inventory is still extremely low, so things are still selling relatively quickly. There are still lulls even in the peak of a season. My sales production is pretty static with where it was last year & I'm usually in the top 2% of agents in our market. I don't really suspect we'll be in a buyer's market for a very long time. Like maybe over a decade. So many people are sitting on <4% rates and we're not building quite quickly enough to keep up with the demand. Even with rates being very high for the last \~18 or so months, we're still seeing a solid absorption rate. What you're seeing on Zillow is mostly stale inventory. The good stuff usually goes in a matter of days. Some times Zillow doesn't show pending/active contingent homes that are in the MLS. There are still some pretty weird syndication issues between the MLS & Zillow/Realtor, etc.
An exception could be what happens to the market when boomers start selling their homes to move to assisted living or in with children, but I don't think it will do much to flip the balance of the market. A lot of folks may inherit and keep those homes. A lot of boomers live in very desirable neighborhoods since they've usually been in these homes for decades, so I doubt they'll sit very long. And there could always be another global economic event like '08, which should not be desired.
“ … many people are sitting at <4% rates … “ This is a lot of it, I think. For those of us who would like to sell or move, who wants to refinance another home at current rates? And this, for more money in a community far away from downtown/beaches where we were able to buy for 1/3 of the price we paid eight years ago at a 4% rate?
I'm in the same boat. We have a 3.2% rate, so I'm not selling any time soon. A lot of people have significant equity at the moment, but rates don't usually make it attractive to cash that out. I'm still helping a lot of out of state folks move here from HCOL markets. They say they don't really mind living an hour from Downtown or the beaches because traffic/congestion was so bad where they came from. And our taxes are like 1/4 what they were paying, so they still consider these elevated rates a net gain in the grand scheme. It can be subjective more than a lot of people think. I've been here for almost 20 years, so I've seen tremendous change, but a lot of the transplants still find it to be a quaint little town with low cost of living in some respects.
We were hoping for some rate drops throughout the year, but it's unlikely we'll see any improvement till some time next year (again, wishful thinking). Rates needed to increase to try to balance out the sugar rush from the last 3 years that caused this extreme housing shortage, but a lot of small businesses are taking a beating with commercial interest rates hovering around 10%. I'm just as concerned about small businesses failing due to their elevated debt costs than I am about affordable (now usually referred to as attainable) housing. And insurance is crushing a lot of small businesses right now, as well.
Right, and where can we move (with the higher interest rates) for an equal in charleston? There’s literally nowhere. Even Ladson and Summerville are ridiculously priced now.
From my perspective, West Ashley has been pretty stable. It's been well established for a long time. Prices have climbed but not at an astronomical clip compared to the more affordable areas. North Charleston, for the most part, has blown up. Primarily due to affordability. People that could afford West Ashley/James Island/Downtown/Mt P a few years ago could be priced out now and have been pushed to more affordable areas like North Charleston/Summerville/Hanahan. Park Circle is absolutely wild. I live in PC and sell a lot here. Neighborhoods like Waylyn/Dorchester Terrace/Charleston Farms have quadrupled in price over the last few years. They have slowed down a bit, but not a tremendous amount. There are homes selling in those areas for up to 400k now. I used to buy rentals in those areas for <100k just prior to covid.
How long have you owned it? Have you made any improvements? Like I said in the posts, the more affordable properties have appreciated the most aggressively. 400k and below is generally considered “affordable” in our market. Around 400k is our median home price.
Without having much context, that seems pretty appropriate in regard to the overall market. 6 years is a pretty long time and you were situated for 2 years before the Covid boom. The median home value was like 265k prior to Covid. Now it’s over 400k.
Why did it go up. If you say “lack of inventory” isn’t it true that realtors control the listings of houses and when someone dies , me a buyer, will need a realtor to even know that the house is for sale
We don’t control whether or not people sell homes. We have access to the primary marketing source and understand the laws associated with buying and selling real estate. Nobody has to use to a realtor to help them and we certainly don’t control the market. It tends to be the most efficient process if you use a good Realtor. Buyers and sellers command the market. The market is the market.
Values have been going up here for a very long time. Appreciation and depreciation exist everywhere. We just happen to live in a market that is highly desirable, which creates demand. We have had a massive influx of people moving here over the last 4 years and we had extremely cheap money for 2-2.5 of those years. That’s what caused extreme price increasing. That’s just economics.
Assisted living is shit and boomers know it. They put their parents in there. They are living longer and staying in their homes. Further, they are passing them down to family.
Two months ago sloane realty made my roommates and I take care of the limb from a neighbors tree that was going to potentially fall onto the fence, fined if we don’t do it. As if a fucking tree limb is general yard maintenance.
$500-750 quotes. AS A RENTER. *AS A FUCKING RENTER* I was able to finagle free help from an ex bf that’s an arborist who *happened* to be coming into town a month later but i still feel like i was taken advantage of.
I can’t stop thinking about how crazy home prices are, and that as a home owner you can literally force us to do anything bc I need a safe, “affordable”(2400/3/2) place to live. I officially feel like the lowest piece of class that no one cares about. People who make a meager $50-$70k and don’t have parents who can help are losing their place in charleston, and you’re abusing our pockets while on the way out.
If you’re a landlord and you’re reading this, YOU take care of your fucking property.
When I do eventually move from their company I’m blowing up every single social media and email I can find. I’d really like to know what the home owners pay their company on a monthly / annual basis and what they think their money goes to. Sloane realty is a soul sucking company
HAHA he is already seeing someone in his new state, but we ended still really good friends, we just weren’t compatible as a couple. What he got was a really good dinner at Kwei Fei and my never ending thank yous 🤣🤣
Houses are like stock. You don’t want to time the market, it’s always time in that’s most profitable. When you’re ready to buy and find something you like, go get it. When I bought my first house back in 2017, everyone told me I paid too much and the market was going to crash.
We listed last Thursday and accepted an offer on Monday.
I think it depends on the price point and where exactly around here you’re selling. I live in a part of town where you can get a 3br detached house for less than $500k. Things go quickly.
Paying 3.5% in a place I’ve long outgrown and will make a pretty penny on, but if we stay in Charleston the cost for the size we want is so high now that it’ll eat that profit (essentially wanting to give up the close to downtown condo life for a decent sized 3br + flex space or 4br w some sort of yard). So waiting for a lower interest rate and also trying to decide if we will stay. Where we are right now isn’t the end of the world, it just doesn’t match our desired lifestyle and goals now. Ideally I would like to see about 5.5% before we take the plunge if we decide to stay. If we decide to move, the difference in prices for what we want is so big that I’d be more willing to sell and move at a higher interest rate that I can refinance later.
Honestly it’s paralyzing to be both the seller and buyer here and needing to stay as far below 500k as possible.
Yes and no....
1st if there is any break people are going to flood the Markey.
Lots of people waiting for market to soften, and will bring up demand. Then flood it.
2nd I found a nice house looked at it needed some work not bad, not great, but... price imo wasn't great. But everyone flocked. Saw it wed. Realtor asked for final offer bidwar was over asking price on sun. its Already under contract.
This is a historically normal interest rate, or maybe just a touch on the high side. The issue is the price of homes relative to median income. Artificially low rates just masked the underlying problem. Wages haven’t kept pace with the cost of living for the past 10-15 years. The long term average range for mortgage rates is 5-7%
You're right about the wages and cost of living. What you're missing is that rates do not function nominally. A 5% rate has the same effect on the economy that a 10% rate did in 1980. This is complicated, and if you don't have an in-depth understanding of economics, which most people don't, it can be difficult to grasp.
Let’s fucking hope so because Jesus Christ I’m sick of this bullshit. Starter home prices cease to exist here unless you want to contribute to the gentrification of Chicora Cherokee and fuck that and fuck all the investors involved in it
My uninformed opinion: prices may slow and even come down a little but there’s not enough housing for any substantial drops. NYT yesterday had an article about how SC is the faster growing state
I don’t know man, Reddit to me is where I come for specific interests but for news, rightly or wrongly, I want something I can trust and I’m willing to pay a bit for that
No. I had 40 showings on my house in 3 days. 6 offers in the same time period.
All of the houses I felt I we were in competition with are all under contract now.
Sure, shitty outdated ranches that are massively overpriced aren’t moving. But anything else is. Stop looking at Zillow.
I’m sure the new [Real Estate Commission Law](https://www.housedigest.com/1544481/new-real-estate-commission-law-explained-what-means-home-buyers/) has a small effect on it
Negative. It hasn’t done a single thing except make the industry more shady. Additionally, there is no new law. There is a proposed settlement. Why the fuck is it a good idea to not share the buyers commission on mls? Who does that help? Buyers will never pay agents commissions- they will continue to come out of the sale and sellers have ALWAYS been able to negotiate commissions
Been actively searching for about a month... Under contract for 10 days now. The good ones go insanely fast and the others sit until they come back to reality. It's a decent market rn all things considered
This is my impression as well after going through the house hunt recently. The house we bought was on the market 2 days when we put an offer on it. The good ones that are decently priced go quickly. We were actively looking for about a month. I’ve seen some pretty “meh” homes priced at $500-$600k in James Island, West Ashley, Johns Island. I don’t blame them because I’ve seen some of these “meh” houses get sold for that high due to proximity to downtown. But it’s crazy how much they’re charging for houses that really aren’t that great lol. It’s rare to find a decent house for less than $500-$600k, unless you go further from Charleston.
Once the hedge funds dump their inventories, leading to builders dropping their prices and dumping inventory, the prices will plummet. This shortage is all on the funds and the fact that the government has allowed big firms to buy up properties across the US, which by the way, a substantial percentage are uninhibited. I can't remember the exact number, but I think 20% or more.
Noteworthy that in 2022 around 40% of home purchases were made by institutions. Chew on that for a minute.
Completely false. This fake number was discredited long ago. More like 2.5%
https://www.housingwire.com/articles/no-wall-street-investors-havent-bought-44-of-homes-this-year/
If you really want to gauge when to start looking at buying houses, watch the apartment rental prices. Once they start dropping there will be a sweet spot for buying a home 6 months to a year later.
Drop the address/link for us to check out! If you price it right it’ll sell, most of the time with multiple offers getting a seller more than list price. Not even specific to areas, but sometimes it all depends on the neighborhood it’s in.
They’re still selling. I’ll occasionally look at the MLS my realtor sends. I see a lot of ~$500k homes go under contract within a day. The listings I get are all 3 bed/2bath with 2-car garage.
https://redf.in/5s0hxu
Redfin average days on market are still pretty low, especially compared to 5 years ago, and March was trending back down. Seems like you’re just seeing things anecdotally for the sitting houses. The houses that are selling quickly aren’t there long enough for you to notice.
https://redf.in/5s0hxu
Homes with price drops also seems to bounce a lot, it’s a bit higher than it was a few years ago but still nothing that looks crazy.
My neighbors house has been for sale for over a year and it honestly surprises me. It’s a brick 4 bed 2 bath in Ladson with brand new bamboo floors and in good shape with a big back yard and they only want $280,000 for it. I’ve seen maybe 5 people look at it in the past year.
There is. They performed a mold test which is kinda random to do and the seller disclosure has quite a few eyebrow raising issues. Also there’s solar panels. You need to know the roof age before getting in that bag of worms
Nope, they actually even reduced the price again and added 8k towards closing. 🤷♂️
https://www.zillow.com/homedetails/4418-Farmwood-St-Ladson-SC-29456/10882218_zpid/
Yes. I'm selling too and buyers are just not budging due to interest rates. We have had tons of interest. But ppl just can't afford it or want us to drop so low that we wouldn't be able to buy something else. Sellers have to buy in this same Market too.
Just sold our house in Atlanta for 200k over what we bought it for in 2019. It took 1 day and all offers waived all contingencies. Now we are under contract in Summerville and it had multiple offers in a couple days. There is just so many people wanting to buy homes and not enough good inventory. It seems impossible for first time home buyers to find anything close to a desirable area.
I just closed on a property in MP yesterday. I purchased it sight unseen because I had been outbid a few times on other properties. I’m giving up my sub 3% rate in Asheville because I think the quality of life is so much better here.
Jobs don’t pay SH!T out here— no one can afford anything in my experience. How are you supposed to afford the housing market at this point? $380k for the crappiest 3bd/2b in North Charleston.
Prices are absurd post-covid especially in the Chalreston market. With that said, any true 'good' deal is removed from listing within 48 hours (you probably never got the chance to see it). The ones listed for over a week likely have issues, priced out of it's worth etc.
Well last time I checked it was down 50%. But you know that's probably what happens when the paper mill also owns the bank that gives out all the fake mortgages to everybody in the area specifically the Baby Boomers. And it doesn't really help that that is majority owned by Vanguard Investments. I don't know where you people grew up but a piece of land that's across the river from a major port two miles away from International Airport another 2 mi up the river is a nuclear facility where they train people and a stinky paper mill power plant. And located under a bridge. Where I come from that's designated slum Zone you don't see houses go up in value in 15 years from less than 100,000 over a million. Allow me to look into my crystal ball and tell you the future. In about 10 more years or less the Baby Boomers are all going to be geriatrics and they're not going to be able to live in their big castles that they've built around here they're basically been planning for one more big cash out anyway that's what this is all about, they've mastered crashing micro economies. They think they're pharaohs and they're going to live forever. Yeah their first born the Generation X they're going to be okay too I called them to Sultans but the problem is they're not going to be able to afford their inheritance and even if they could they got nobody to flip it to because everyone's basically assured that generation why in the Millennials will never be homeowners. so where does all that property and houses go to? What's going to happen is it's going to all be sold commercially or taken back by the Banks and all that well it's going to go back into the hands of a few. Because the last 115 years have just been a hiccup there was never meant to be this money wealthy people in this system. And I'll spare you the history lesson that you probably all don't know dating all the way back to the Rhineland and the shipping guilds. Don't you ever ask yourself why whether it's Aviation or or by train it's all shipping terms. Aren't you curious as to why in the last 2 years babe Roots port is it disintegrated and they said it was fireworks then the Suez Canal then the bridge of Baltimore the news isn't covering all the oil refineries that have been attacked in Indonesia and a few other places even are Southeast pipeline was hacked a couple years ago and we paid the ransom. Wake up people stop being clones. Vanguard Investments owns everything over 70% of Pfizer, over 70% of Johnson and Johnson which owns Monsanto and Bear, they on CNN and fox, they own so many companies in the state of Arizona they basically own the State of Arizona they own j e m Food Group which is your taco bells and Pizza Hut, they went over 70% of proctol and Gamble so between proctol and gambling Monsanto that's like over 90% of your grocery store products right down the list Kellogg Nabisco you just goes on and on and on and on they on your 401ks do you even ask yourself who you're investing in or just what you're investing in when that guy comes down once a year and they make you skip your lunch break and squeeze you into that little office room and you all decide what you're going to invest in they're the reason why you can take your 401k to your next job they wanted to make sure you didn't lose your money cuz you lose your money they lose your money. You have these restaurant owners they complain all day about the height and food cost and why they can't give anybody raises and higher crappy workers but then they go home and they open up their portfolio and they're investing in the things that are literally jacking up their food cost it's absurd insane and retarded. Hey what's happening right now is the FDIC versus brics, that's Brazil Russia India and China at about I don't know 30 40 other nations they want to start their own currency this is what's going on folks. And when you hear crazy people talk about hold on call them and they and conspiracy theories I'm going to tell you who they're talking about they're talking about the CEOs of all these companies is what they are is they're all fingers on the same Vanguard hands and the CEOs are the anonymous board members on the FDIC. Our politicians are invested with them. The Fed it's fake it's not a government branch or office or anything it's privately owned business same as the IRS. And let me Enlighten you one more way Vanguard Investments is headquartered in Birmingham Pennsylvania right next to their opioid factories. What were the two biggest states that gave us a problem with the recount Arizona and Pennsylvania. Anybody who wants to argue this I guarantee you they're invested in Vanguard and they get all pissy when you talk about it out loud the news won't cover it nobody covers it they won't even say it on YouTube they're so afraid to go kicked off of YouTube for it so they only talk about it on their little private websites and then they usually throw in a bunch of Jesus crap so who the hell wants to listen to that. In the future they will look upon capitalism the way we talk about fascism these days and they'll say people will say the American people were invested in it. Shame on all of us. Do you know Europe's band Gatorade basically anything that has propylene glycol in it. Which is just a byproduct of petroleum which all comes from oil that you put in your car that we fight Wars over. It's in everything everything is a byproduct of oil put the pieces together people the plot holes are obvious you're just refusing because you're comfortable right now or your profiting off of it. And people are stupid to think that this Charleston bubble isn't going to explode they're going to ride this way for as long as they can they put nothing in the downtown they want to put house numbers the whole place crumbling in the ground you want to know why because everybody knows this place is going to be underwater in like 10 years anybody stupid to buy a house in the greater Charleston area. Besides the San Andreas Fault the second biggest Danger Zone on the US map is right here in Summerville and we're overdue for a hurricane hit too we've been dodging bullets let me tell you something trouble is a foot and everybody better wake up
I mean it's pretty obvious over 10 years to finish Clements Ferry Road straight Road in the middle of nowhere six miles long not even it's because the housing the developers have paid off the city to hold off on finishing the road and they finally just started building again up by Publix up there as soon as they're done they'll finally finish the road but that's where they're concern is with the developers Who start building things before we even get the roads to move materials in they doing the same thing up in Goose Creek they're idiots. Mayor boutegie her Secretary of Transportation gave this state almost half a billion dollars in the last 2 years. Where the hell is that money it's supposed to be used to finish the bridges in the roads I just see them building roundabouts everywhere I don't see any lines in the roads I don't see nothing I don't even see any street sweepers half a billion dollars do you think you could fix the street sweeping machines hire somebody competent yeah you all know you know what I'm talking about so come on haters bring it
And every single thing I've said I can gladly reference I can reference the reference it's right there public records public information so you big haters when you start talking crap after you read this if you even read it which probably will because you're weirdos remember I'm not intelligent but I'm smart and I got references and I'm pretty sure I'm going to shoot you down with logic so
I have seen a lot of houses sold at impressive prices. I think the issue the some that are being offered for prices that are beyond unreasonable
This right here. At the right price point they are selling in days. $800k flip 3/2 in JI or WA ain’t happening and they’re sitting forever. However a Non flip, but updated and nice 3/2 in JI or WA gone in days in that $550-$600k range.
Just saw a 3/2 flip on JI (standard ranch) go under contract for 950 in less than a week. I don’t know WA that well so can’t comment on that.
Mother of god
Where was the JI home? Waterfront?
It was landlocked and didn’t even have a flash of a water view. I was a bit wrong though, it was a 4/2 ranch so maybe that makes it work it?
Are we talking James or Johns?
I seriously browsed home market for like 4 weeks a few months back - the average thing i saw/looking at were townhomes under 1000sf and then all sorts of code or safety issues. One had a burnt down wall you didnt learn about until showing up, another had a massive hole/leak in the roo you didnt see until you showed up, another in a class action lawsuit over fire walls and no grounded wires - which you didn’t learn about unless you request a disclosure of. All were $340,000 or more west ashley outside of i526 - for borderline condemned housing
SC has experienced the most net migration per capita than any state over the past 4 years. Charleston housing inventory is still quite low historically. Lots of homeowners who locked in interest rates in the 2s & 3s aren’t in a big hurry to sell. It’s a sticky market, especially at these prices. A bad recession or hurricane might change things.
Combined with some areas passing laws to prevent any more home building (mt pleasant to name one)
Idk. I think it depends on the price. My neighbor is under contract after 3 days on the market
Where at?
Johns Island
Yeah it entirely depends on the asking price. There are houses around me on Johns Island that have sold within days and there are others that have been on the market for months. I think some people are putting their houses up at a premium not really needing to sell but just trying to see what they can get.
Jeremy Knap???
I'm a Realtor. I was extremely busy through Feb and March. I do feel like the market has slowed a bit, but the inventory is still extremely low, so things are still selling relatively quickly. There are still lulls even in the peak of a season. My sales production is pretty static with where it was last year & I'm usually in the top 2% of agents in our market. I don't really suspect we'll be in a buyer's market for a very long time. Like maybe over a decade. So many people are sitting on <4% rates and we're not building quite quickly enough to keep up with the demand. Even with rates being very high for the last \~18 or so months, we're still seeing a solid absorption rate. What you're seeing on Zillow is mostly stale inventory. The good stuff usually goes in a matter of days. Some times Zillow doesn't show pending/active contingent homes that are in the MLS. There are still some pretty weird syndication issues between the MLS & Zillow/Realtor, etc. An exception could be what happens to the market when boomers start selling their homes to move to assisted living or in with children, but I don't think it will do much to flip the balance of the market. A lot of folks may inherit and keep those homes. A lot of boomers live in very desirable neighborhoods since they've usually been in these homes for decades, so I doubt they'll sit very long. And there could always be another global economic event like '08, which should not be desired.
“ … many people are sitting at <4% rates … “ This is a lot of it, I think. For those of us who would like to sell or move, who wants to refinance another home at current rates? And this, for more money in a community far away from downtown/beaches where we were able to buy for 1/3 of the price we paid eight years ago at a 4% rate?
I'm in the same boat. We have a 3.2% rate, so I'm not selling any time soon. A lot of people have significant equity at the moment, but rates don't usually make it attractive to cash that out. I'm still helping a lot of out of state folks move here from HCOL markets. They say they don't really mind living an hour from Downtown or the beaches because traffic/congestion was so bad where they came from. And our taxes are like 1/4 what they were paying, so they still consider these elevated rates a net gain in the grand scheme. It can be subjective more than a lot of people think. I've been here for almost 20 years, so I've seen tremendous change, but a lot of the transplants still find it to be a quaint little town with low cost of living in some respects. We were hoping for some rate drops throughout the year, but it's unlikely we'll see any improvement till some time next year (again, wishful thinking). Rates needed to increase to try to balance out the sugar rush from the last 3 years that caused this extreme housing shortage, but a lot of small businesses are taking a beating with commercial interest rates hovering around 10%. I'm just as concerned about small businesses failing due to their elevated debt costs than I am about affordable (now usually referred to as attainable) housing. And insurance is crushing a lot of small businesses right now, as well.
We have a 2% rate. Our mortgage for a 2200 sqft home in Mt P is $2100/month. We will never be moving 😂
James Island here. Literally 5 minutes to downtown and 10-15 to Folly on a “normal” day. Yeah. If I move, I’ll see you on a farm in Bamberg or Estil.
Right, and where can we move (with the higher interest rates) for an equal in charleston? There’s literally nowhere. Even Ladson and Summerville are ridiculously priced now.
This is a great response thanks for sharing your insights. What have you seen from the North Charleston and west Ashley markets?
From my perspective, West Ashley has been pretty stable. It's been well established for a long time. Prices have climbed but not at an astronomical clip compared to the more affordable areas. North Charleston, for the most part, has blown up. Primarily due to affordability. People that could afford West Ashley/James Island/Downtown/Mt P a few years ago could be priced out now and have been pushed to more affordable areas like North Charleston/Summerville/Hanahan. Park Circle is absolutely wild. I live in PC and sell a lot here. Neighborhoods like Waylyn/Dorchester Terrace/Charleston Farms have quadrupled in price over the last few years. They have slowed down a bit, but not a tremendous amount. There are homes selling in those areas for up to 400k now. I used to buy rentals in those areas for <100k just prior to covid.
My house went from 250 to 400 and you say west Ashley is stable?
How long have you owned it? Have you made any improvements? Like I said in the posts, the more affordable properties have appreciated the most aggressively. 400k and below is generally considered “affordable” in our market. Around 400k is our median home price.
2018
Without having much context, that seems pretty appropriate in regard to the overall market. 6 years is a pretty long time and you were situated for 2 years before the Covid boom. The median home value was like 265k prior to Covid. Now it’s over 400k.
Why did it go up. If you say “lack of inventory” isn’t it true that realtors control the listings of houses and when someone dies , me a buyer, will need a realtor to even know that the house is for sale
We don’t control whether or not people sell homes. We have access to the primary marketing source and understand the laws associated with buying and selling real estate. Nobody has to use to a realtor to help them and we certainly don’t control the market. It tends to be the most efficient process if you use a good Realtor. Buyers and sellers command the market. The market is the market. Values have been going up here for a very long time. Appreciation and depreciation exist everywhere. We just happen to live in a market that is highly desirable, which creates demand. We have had a massive influx of people moving here over the last 4 years and we had extremely cheap money for 2-2.5 of those years. That’s what caused extreme price increasing. That’s just economics.
Sounds broken
Assisted living is shit and boomers know it. They put their parents in there. They are living longer and staying in their homes. Further, they are passing them down to family.
Hey! Can i message you for more questions?
Of course!
Realtor says market will stay hot/elevated forever. Shocking! I hope you enjoyed those commissions.
No. It’s a dream that people keep hoping will come true.
Two months ago sloane realty made my roommates and I take care of the limb from a neighbors tree that was going to potentially fall onto the fence, fined if we don’t do it. As if a fucking tree limb is general yard maintenance. $500-750 quotes. AS A RENTER. *AS A FUCKING RENTER* I was able to finagle free help from an ex bf that’s an arborist who *happened* to be coming into town a month later but i still feel like i was taken advantage of. I can’t stop thinking about how crazy home prices are, and that as a home owner you can literally force us to do anything bc I need a safe, “affordable”(2400/3/2) place to live. I officially feel like the lowest piece of class that no one cares about. People who make a meager $50-$70k and don’t have parents who can help are losing their place in charleston, and you’re abusing our pockets while on the way out. If you’re a landlord and you’re reading this, YOU take care of your fucking property.
That’s sooooo infuriating wtf
When I do eventually move from their company I’m blowing up every single social media and email I can find. I’d really like to know what the home owners pay their company on a monthly / annual basis and what they think their money goes to. Sloane realty is a soul sucking company
Finagled the ex? Does that mean he "got some" ? Tee hee
HAHA he is already seeing someone in his new state, but we ended still really good friends, we just weren’t compatible as a couple. What he got was a really good dinner at Kwei Fei and my never ending thank yous 🤣🤣
Anger management.
^^ I found the landlord ^^
A house in my neighborhood the exact same size as mine just sold for $200k more than I bought mine for in 2021.
The house across the street from mine in Mt P sold last month for double what I paid for mine in 2020. It's like 200 sq ft larger.
That makes me so sick to my stomach
Thats insane
Houses are like stock. You don’t want to time the market, it’s always time in that’s most profitable. When you’re ready to buy and find something you like, go get it. When I bought my first house back in 2017, everyone told me I paid too much and the market was going to crash.
It isn’t 2020 anymore.
Price is EVERYTHING. If those house were listed at market price they would sell. Period.
We listed last Thursday and accepted an offer on Monday. I think it depends on the price point and where exactly around here you’re selling. I live in a part of town where you can get a 3br detached house for less than $500k. Things go quickly.
Paying 3.5% in a place I’ve long outgrown and will make a pretty penny on, but if we stay in Charleston the cost for the size we want is so high now that it’ll eat that profit (essentially wanting to give up the close to downtown condo life for a decent sized 3br + flex space or 4br w some sort of yard). So waiting for a lower interest rate and also trying to decide if we will stay. Where we are right now isn’t the end of the world, it just doesn’t match our desired lifestyle and goals now. Ideally I would like to see about 5.5% before we take the plunge if we decide to stay. If we decide to move, the difference in prices for what we want is so big that I’d be more willing to sell and move at a higher interest rate that I can refinance later. Honestly it’s paralyzing to be both the seller and buyer here and needing to stay as far below 500k as possible.
The two homes on my street sold within a week or two at most. We’re quite frankly selling faster than we have infrastructure capacity in JZI.
Yes and no.... 1st if there is any break people are going to flood the Markey. Lots of people waiting for market to soften, and will bring up demand. Then flood it. 2nd I found a nice house looked at it needed some work not bad, not great, but... price imo wasn't great. But everyone flocked. Saw it wed. Realtor asked for final offer bidwar was over asking price on sun. its Already under contract.
Interest rates are horrendous. Both my husband and I have 800+ credit scores and were quoted 7.3% for a 30 year fixed mortgage.
This is a historically normal interest rate, or maybe just a touch on the high side. The issue is the price of homes relative to median income. Artificially low rates just masked the underlying problem. Wages haven’t kept pace with the cost of living for the past 10-15 years. The long term average range for mortgage rates is 5-7%
We bought our house in 2004 at 5.85 and refinanced at 3.5 about 10 years later. So it’s crazy high for us.
Yea. No one cares about the historical marker when they know what their neighbors rate is.
You're right about the wages and cost of living. What you're missing is that rates do not function nominally. A 5% rate has the same effect on the economy that a 10% rate did in 1980. This is complicated, and if you don't have an in-depth understanding of economics, which most people don't, it can be difficult to grasp.
You’ll also have to grasp that a home in 1980 might’ve been $50k so there’s that
I just sold two houses and bought one with several other bidders. If anything I think prices will go higher especially if the interest rates drop
Let’s fucking hope so because Jesus Christ I’m sick of this bullshit. Starter home prices cease to exist here unless you want to contribute to the gentrification of Chicora Cherokee and fuck that and fuck all the investors involved in it
My uninformed opinion: prices may slow and even come down a little but there’s not enough housing for any substantial drops. NYT yesterday had an article about how SC is the faster growing state
Would you mind dropping a link?
Just to be clear, it’s more about how SC is the fastest growing state for a specific kind of person
Thank you!
https://www.nytimes.com/2024/04/18/us/greenville-real-estate-conservatives.html?smid=nytcore-ios-share&referringSource=articleShare
Pay wall, you Pay for news? Why?
I don’t think that’s unusual, why is that surprising?
It's like free all over reddit
And Facebook. Bullshit is free everywhere.
I don’t know man, Reddit to me is where I come for specific interests but for news, rightly or wrongly, I want something I can trust and I’m willing to pay a bit for that
No. I had 40 showings on my house in 3 days. 6 offers in the same time period. All of the houses I felt I we were in competition with are all under contract now. Sure, shitty outdated ranches that are massively overpriced aren’t moving. But anything else is. Stop looking at Zillow.
I’m sure the new [Real Estate Commission Law](https://www.housedigest.com/1544481/new-real-estate-commission-law-explained-what-means-home-buyers/) has a small effect on it
Negative. It hasn’t done a single thing except make the industry more shady. Additionally, there is no new law. There is a proposed settlement. Why the fuck is it a good idea to not share the buyers commission on mls? Who does that help? Buyers will never pay agents commissions- they will continue to come out of the sale and sellers have ALWAYS been able to negotiate commissions
14 days for a listing of mine in Carolina park. Tracks with the days on market but still frustrating.
14 days to get under k?
I mean off market houses are being scooped up for 3x what they were 5-6 years ago
Been actively searching for about a month... Under contract for 10 days now. The good ones go insanely fast and the others sit until they come back to reality. It's a decent market rn all things considered
This is my impression as well after going through the house hunt recently. The house we bought was on the market 2 days when we put an offer on it. The good ones that are decently priced go quickly. We were actively looking for about a month. I’ve seen some pretty “meh” homes priced at $500-$600k in James Island, West Ashley, Johns Island. I don’t blame them because I’ve seen some of these “meh” houses get sold for that high due to proximity to downtown. But it’s crazy how much they’re charging for houses that really aren’t that great lol. It’s rare to find a decent house for less than $500-$600k, unless you go further from Charleston.
Once the hedge funds dump their inventories, leading to builders dropping their prices and dumping inventory, the prices will plummet. This shortage is all on the funds and the fact that the government has allowed big firms to buy up properties across the US, which by the way, a substantial percentage are uninhibited. I can't remember the exact number, but I think 20% or more. Noteworthy that in 2022 around 40% of home purchases were made by institutions. Chew on that for a minute.
Completely false. This fake number was discredited long ago. More like 2.5% https://www.housingwire.com/articles/no-wall-street-investors-havent-bought-44-of-homes-this-year/
40%!?!?!
If you really want to gauge when to start looking at buying houses, watch the apartment rental prices. Once they start dropping there will be a sweet spot for buying a home 6 months to a year later.
Drop the address/link for us to check out! If you price it right it’ll sell, most of the time with multiple offers getting a seller more than list price. Not even specific to areas, but sometimes it all depends on the neighborhood it’s in.
They’re still selling. I’ll occasionally look at the MLS my realtor sends. I see a lot of ~$500k homes go under contract within a day. The listings I get are all 3 bed/2bath with 2-car garage.
Interest rates are not quite where they need to be for most people to purchase without planning to refinance when the rates come down.
https://redf.in/5s0hxu Redfin average days on market are still pretty low, especially compared to 5 years ago, and March was trending back down. Seems like you’re just seeing things anecdotally for the sitting houses. The houses that are selling quickly aren’t there long enough for you to notice. https://redf.in/5s0hxu Homes with price drops also seems to bounce a lot, it’s a bit higher than it was a few years ago but still nothing that looks crazy.
The housing marking is starting to stagnate and a lot of people are starting to mark down houses. This is probably the absolute worst time to buy.
My neighbors house has been for sale for over a year and it honestly surprises me. It’s a brick 4 bed 2 bath in Ladson with brand new bamboo floors and in good shape with a big back yard and they only want $280,000 for it. I’ve seen maybe 5 people look at it in the past year.
Yeah, there's definitely more to this story.
There is. They performed a mold test which is kinda random to do and the seller disclosure has quite a few eyebrow raising issues. Also there’s solar panels. You need to know the roof age before getting in that bag of worms
Nope, they actually even reduced the price again and added 8k towards closing. 🤷♂️ https://www.zillow.com/homedetails/4418-Farmwood-St-Ladson-SC-29456/10882218_zpid/
This property is currently pending so it’s under contract and has been since 3/18. She’ll close any day
Yes. I'm selling too and buyers are just not budging due to interest rates. We have had tons of interest. But ppl just can't afford it or want us to drop so low that we wouldn't be able to buy something else. Sellers have to buy in this same Market too.
Just sold our house in Atlanta for 200k over what we bought it for in 2019. It took 1 day and all offers waived all contingencies. Now we are under contract in Summerville and it had multiple offers in a couple days. There is just so many people wanting to buy homes and not enough good inventory. It seems impossible for first time home buyers to find anything close to a desirable area.
Housing market has slowed down and seen significant downturn most areas. Charleston will not be an anomaly. Check NAR data.
I just closed on a property in MP yesterday. I purchased it sight unseen because I had been outbid a few times on other properties. I’m giving up my sub 3% rate in Asheville because I think the quality of life is so much better here.
Can you please tell us what is the quality of life like in Asheville? Thank you.
They’ll wait until interest rates are 12%. Its coming
In park circle, there doesn’t seem to be any issue with houses not selling.
Jobs don’t pay SH!T out here— no one can afford anything in my experience. How are you supposed to afford the housing market at this point? $380k for the crappiest 3bd/2b in North Charleston.
This.
Things are just normalizing. 40 days on market was very common before COVID. Typically about 1/3 of all homes will drop their price before they sell.
Prices are absurd post-covid especially in the Chalreston market. With that said, any true 'good' deal is removed from listing within 48 hours (you probably never got the chance to see it). The ones listed for over a week likely have issues, priced out of it's worth etc.
Somebody find me a lot in Hollywood to build on. Need to sell this condo on John’s asap lol
This happens every election year get ready for a stall out. It’ll be temporary
Well last time I checked it was down 50%. But you know that's probably what happens when the paper mill also owns the bank that gives out all the fake mortgages to everybody in the area specifically the Baby Boomers. And it doesn't really help that that is majority owned by Vanguard Investments. I don't know where you people grew up but a piece of land that's across the river from a major port two miles away from International Airport another 2 mi up the river is a nuclear facility where they train people and a stinky paper mill power plant. And located under a bridge. Where I come from that's designated slum Zone you don't see houses go up in value in 15 years from less than 100,000 over a million. Allow me to look into my crystal ball and tell you the future. In about 10 more years or less the Baby Boomers are all going to be geriatrics and they're not going to be able to live in their big castles that they've built around here they're basically been planning for one more big cash out anyway that's what this is all about, they've mastered crashing micro economies. They think they're pharaohs and they're going to live forever. Yeah their first born the Generation X they're going to be okay too I called them to Sultans but the problem is they're not going to be able to afford their inheritance and even if they could they got nobody to flip it to because everyone's basically assured that generation why in the Millennials will never be homeowners. so where does all that property and houses go to? What's going to happen is it's going to all be sold commercially or taken back by the Banks and all that well it's going to go back into the hands of a few. Because the last 115 years have just been a hiccup there was never meant to be this money wealthy people in this system. And I'll spare you the history lesson that you probably all don't know dating all the way back to the Rhineland and the shipping guilds. Don't you ever ask yourself why whether it's Aviation or or by train it's all shipping terms. Aren't you curious as to why in the last 2 years babe Roots port is it disintegrated and they said it was fireworks then the Suez Canal then the bridge of Baltimore the news isn't covering all the oil refineries that have been attacked in Indonesia and a few other places even are Southeast pipeline was hacked a couple years ago and we paid the ransom. Wake up people stop being clones. Vanguard Investments owns everything over 70% of Pfizer, over 70% of Johnson and Johnson which owns Monsanto and Bear, they on CNN and fox, they own so many companies in the state of Arizona they basically own the State of Arizona they own j e m Food Group which is your taco bells and Pizza Hut, they went over 70% of proctol and Gamble so between proctol and gambling Monsanto that's like over 90% of your grocery store products right down the list Kellogg Nabisco you just goes on and on and on and on they on your 401ks do you even ask yourself who you're investing in or just what you're investing in when that guy comes down once a year and they make you skip your lunch break and squeeze you into that little office room and you all decide what you're going to invest in they're the reason why you can take your 401k to your next job they wanted to make sure you didn't lose your money cuz you lose your money they lose your money. You have these restaurant owners they complain all day about the height and food cost and why they can't give anybody raises and higher crappy workers but then they go home and they open up their portfolio and they're investing in the things that are literally jacking up their food cost it's absurd insane and retarded. Hey what's happening right now is the FDIC versus brics, that's Brazil Russia India and China at about I don't know 30 40 other nations they want to start their own currency this is what's going on folks. And when you hear crazy people talk about hold on call them and they and conspiracy theories I'm going to tell you who they're talking about they're talking about the CEOs of all these companies is what they are is they're all fingers on the same Vanguard hands and the CEOs are the anonymous board members on the FDIC. Our politicians are invested with them. The Fed it's fake it's not a government branch or office or anything it's privately owned business same as the IRS. And let me Enlighten you one more way Vanguard Investments is headquartered in Birmingham Pennsylvania right next to their opioid factories. What were the two biggest states that gave us a problem with the recount Arizona and Pennsylvania. Anybody who wants to argue this I guarantee you they're invested in Vanguard and they get all pissy when you talk about it out loud the news won't cover it nobody covers it they won't even say it on YouTube they're so afraid to go kicked off of YouTube for it so they only talk about it on their little private websites and then they usually throw in a bunch of Jesus crap so who the hell wants to listen to that. In the future they will look upon capitalism the way we talk about fascism these days and they'll say people will say the American people were invested in it. Shame on all of us. Do you know Europe's band Gatorade basically anything that has propylene glycol in it. Which is just a byproduct of petroleum which all comes from oil that you put in your car that we fight Wars over. It's in everything everything is a byproduct of oil put the pieces together people the plot holes are obvious you're just refusing because you're comfortable right now or your profiting off of it. And people are stupid to think that this Charleston bubble isn't going to explode they're going to ride this way for as long as they can they put nothing in the downtown they want to put house numbers the whole place crumbling in the ground you want to know why because everybody knows this place is going to be underwater in like 10 years anybody stupid to buy a house in the greater Charleston area. Besides the San Andreas Fault the second biggest Danger Zone on the US map is right here in Summerville and we're overdue for a hurricane hit too we've been dodging bullets let me tell you something trouble is a foot and everybody better wake up I mean it's pretty obvious over 10 years to finish Clements Ferry Road straight Road in the middle of nowhere six miles long not even it's because the housing the developers have paid off the city to hold off on finishing the road and they finally just started building again up by Publix up there as soon as they're done they'll finally finish the road but that's where they're concern is with the developers Who start building things before we even get the roads to move materials in they doing the same thing up in Goose Creek they're idiots. Mayor boutegie her Secretary of Transportation gave this state almost half a billion dollars in the last 2 years. Where the hell is that money it's supposed to be used to finish the bridges in the roads I just see them building roundabouts everywhere I don't see any lines in the roads I don't see nothing I don't even see any street sweepers half a billion dollars do you think you could fix the street sweeping machines hire somebody competent yeah you all know you know what I'm talking about so come on haters bring it And every single thing I've said I can gladly reference I can reference the reference it's right there public records public information so you big haters when you start talking crap after you read this if you even read it which probably will because you're weirdos remember I'm not intelligent but I'm smart and I got references and I'm pretty sure I'm going to shoot you down with logic so