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Is the residential real estate market set for major turn around?

Those in South Carolina who read this blog are probably well aware that we have been discussing the state of national and local real estate markets. In many ways, the economy as a whole has been sending mixed signals of recovering, but home prices may finally ready to rise consistently. This may spur a large number of residential real estate transactions in the Charleston area and throughout the country.

In general, home prices have tended to fluctuate from season to season, as demand generally picks up in the warmer months and recedes during the winter. Fortunately, analysts now believe that home prices have hit their lowest point and are ready to turn around.

According to a recent report from a national real estate statistics firm, home prices were up almost 4 percent in July, as compared to the same month in 2011. This represents the biggest jump in six years, on a year-to-year basis. Since February of this year, when average prices hit their lowest point, home values have grown by 9.6 percent.

Though a number of South Carolina homeowners may be looking to sell their house with the knowledge that values are trending upward, complications can still arise when couples decide to purchase a home. In the process of purchasing a home, mortgage closing or title issues could unexpectedly halt the closing process. Additionally, a number of other issues may come up if the transaction involves a bank-owned property for sale on the foreclosure market.

Current or prospective homeowners looking to take advantage of the gradually-improving real estate market stand to gain a lot, but it's important to be assured that the sale will be completed on favorable terms. Seeking the right advice, at the right time can provide reassurance that a transaction will ultimately be successful.

Source:

  • Our firm has experience working through many of the challenges associated with residential real estate transactions, including those mentioned above. To learn more, please see our Charleston residential real estate page.

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