Here are some key current market trends for single-family detached homes (SFD) in the Charleston, SC Metro Area, which reveal a continued return to a more typical market.

3,370 SFD homes sold in Q3 in the Charleston MLS, 5.9% higher than the number sold in 2024 Q3.

???? Our market is still moving!

The median number of Days on Market (DOM) for listings was 33 days, 32% longer than in 2024 Q3. 

???? Homes are taking longer to sell, although still selling reasonably fast. 

Listings with no price reductions attracted a contract in a median duration of 7 days.  Those that needed price reductions took 76 days.

????  Homes that needed a price reduction to attract an offer stayed ...

For a long time, the housing market was all sunshine for sellers. Homes were flying off the shelves, and buyers had to compete like crazy. But lately, things are starting to shift. Some areas are still super competitive for buyers, while others are seeing more homes sit on the market, giving buyers a bit more breathing room.

In other words, it’s a tale of two markets, and knowing which one you’re in makes a huge difference when you move.

What Is a Buyer’s Market vs. a Seller’s Market?

In a buyer’s market, there are a lot of homes for sale, and not as many people buying. With fewer buyers competing for these homes, that means they generally sit on the market longer, they might not sel...

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There’s one big mistake you need to avoid when you sell your house this year: setting your price too high. It might seem like overpricing gives you room to negotiate or could really boost your profit, but the reality is, it usually backfires.

In fact, Realtor.com says almost 20% of sellers — that’s one in five — have to reduce their price to get their house sold. And you don’t want to be one of them. Here’s why starting too high can lead to trouble, and how to avoid it.

Overpricing Pushes Buyers Away

With mortgage rates and home prices where they are right now, buyers are already stretching their budgets to make a move. So, when they see a house that’s priced too high, they’re not th...

In recent years, there’s been a significant shift in how wealth is distributed among generations. It’s called the Great Wealth Transfer.

Historically, the transfer of wealth from one generation to the next was a more gradual process, often limited to smaller amounts of inheritance or family savings. But today, the scale has increased in a big way. As a recent article from Bankrate says:

“The biggest wave of wealth in history is about to pass from Baby Boomers over the next 20 years, and it’s going to have major impacts on many facets of life. Called The Great Wealth Transfer, $84 trillion is poised to move from older Americans to Gen X and Millennials. If it’s managed smartly, Americ...

There’s an interesting trend happening in the housing market. People are increasingly moving to more affordable areas, and remote or hybrid work is helping them do it.

Consider Moving to a More Affordable Area

Today’s high mortgage rates combined with continually rising home prices mean it’s tough for a lot of people to afford a home right now. That’s why many interested buyers are moving to places where homes are less expensive, and the cost of living is lower.

As Orphe Divounguy, Senior Economist at Zillow, explains:

“Housing affordability has always mattered . . . and you’re seeing it across the country. Housing affordability is reshaping migration trends.”

If you’re hoping to...

The Difference between an Inspection and an Appraisal

When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with. While you may have a general idea of what an inspection is, maybe you’re not sure why you need one or how it’s different from an appraisal. To keep it simple, here’s an explainer of each one and what they mean for you as a homebuyer.

Home Inspection

Once you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the safety and overall condition of the home – which is important for such a big transaction. As a recent Realtor.com art...

Climate change is impacting where people buy homes.

As the experts at the National Association of Realtors (NAR) explain:

“Sixty-three percent of people who have moved since the pandemic began say they believe climate change is—or will be—an issue in the place they currently live.”

If you’re planning to move, climate change is something you might want to consider, no matter where you are. A recent study from Realtor.com helps put the growing impact climate change is having on real estate into perspective (see below):

So, how can you be sure your investment is safe from the elements?

For starters, work with a local real estate agent to understand the likelihood of your future ho...

Many astute investors are familiar with the primary requirements of a successful 1031 exchange, which, when executed correctly, allows for the deferral of significant capital gains taxes on the sale of an investment property. However, delving deeper into the process reveals many subtleties that are often overlooked. Here are some crucial finer points to consider.

Common Knowledge About (Forward) 1031 Exchanges

• Your replacement property must be of equal or greater value than the one you are selling (the relinquished property).
• You need to use a Qualified Intermediary (QI) to perform the exchange. The QI needs to be a trustworthy entity/person, as they will hold your funds in their n...

Should I Wait for Mortgage Rates To Come Down Before I Move?

If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you.

In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold.

But when rates start to come down, things change. It goes from limited ...

Before making the decision to buy a home, it's important to plan for all the costs you’ll be responsible for.

While you're busy saving for the down payment, don't forget you’ll want to prep for closing costs too.

Here’s some helpful information on what those costs are and how much you should budget for them.

What Are Closing Costs?

A recent article from Bankrate explains:

“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”

Simply put, your closing costs are the additional fees and payments you have to make at closin...

Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall.

So, let’s see exactly how experts’ thinking has shifted – and what’s caused the change.

2024 Home Price Forecasts: Then and Now

The chart below shows what seven expert organizations think will happen to home prices in 2024. It compares their first 2024 home price forecasts (made at the end of 2023) with their newest projections:

The middle column shows that, at first, these experts thought home prices would only go up a little this year. But if you look at the column on the right, you'll see they'...

If you’re holding out hope that the housing market is going to crash and bring home prices back down, here’s a look at what the data shows.

And spoiler alert: that’s not in the cards. Instead, experts say home prices are going to keep going up.

Today’s market is very different than it was before the housing crash in 2008. Here’s why.

It’s Harder To Get a Loan Now – and That’s Actually a Good Thing

It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back then, banks had different lending standards, making it easy for just about anyone to qualify for a home loan or refinance an existing one.

Things are different today. Homebuyers fa...

The "golden handcuffs" around the wrists of US homeowners just got a little tighter.

According to Mortgage News Daily, the average 30-year fixed mortgage rate that was already at 7.5% last week, this week increased to 7.81%, the highest rate in 23 years!

Also, according to @NewsLambert, 91% of US mortgage borrowers currently have a mortgage rate below 5.0%.

This helps explain the low inventory or re-sale homes (homeowners understandably have little incentive or desire to swap a home at a very low mortgage rate for a home at a much higher rate).

It also helps explain the reduction in the number of total sales, as buyers got priced out of the neighborhoods they wanted to buy in.

On t...

Selling your house is no simple task. While some homeowners opt to sell their homes on their own, known as a FSBO (For Sale by Owner), they often encounter various challenges without the guidance of a real estate agent. If you’re currently considering selling your house on your own, here’s what you should know.

The most recent Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveyed homeowners who’d recently sold their own homes and asked what difficulties they faced. Those sellers say some of the greatest challenges were prepping their home for sale, pricing it right, and properly managing the required paperwork, just to name a few.

When it comes to...

In real estate we take it for granted that demand and supply drive home prices up or down. However, recent market behavior in some markets in the U.S. are defying this assumption!

The following is an excerpt from a blog post by CalculatedRisk.com which shows that the last few months home prices fell in some markets DESPITE their low inventory level compared to their level of demand (the Months of Inventory Index measures the relationship between demand and supply. We consider a 6 months supply a "balanced or neutral" market. Below 5 months it is a "sellers' market" (undersupplied) and above 7 months a "buyers' market" (oversupplied). 

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House Prices and Inventory
This graph below sho...

The housing market is at a turning point, and if you’re thinking of buying or selling a home, that may leave you wondering: is it still a good time to buy a home? Should I make a move this year? To help answer those questions, let’s turn to the experts for projections on what the second half of the year holds for residential real estate.

Where Mortgage Rates Will Go Depends on Inflation

While one of the big questions on all buyers’ minds is where will mortgage rates go in the months ahead, no one has a crystal ball to know exactly what’ll happen in the future. What housing market experts know for sure is that the record-low mortgage rates during the pandemic were an outlier, not the n...

Higher Rates and Short Supply: The State of Real Estate in 2022

The last two years caught many of us off guard—and not just because of the pandemic. They also ushered in the hottest housing market on record, with home prices rising nationally by nearly 19% in 2021, driven primarily by low mortgage rates and a major supply shortage.1

But while some had hoped 2022 would bring a return to normalcy, the U.S. real estate market continues to boom, despite rising interest rates and decreasing affordability.

So what’s driving this persistent demand? And is there an end in sight?

Here are three factors impacting the real estate market right now. Find out how they could affect you if...