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Low interest rates drive strong home sales in Charleston area

Daily news brings mixed signals regarding the state of the national economy. Recent jobs reports showed disappointing numbers and some parts of the country are still affected by high home foreclosure rates. Locally, however, residents of Charleston, South Carolina, received good news when the area saw the highest number of home closings since June 2010. It is believed that low interest rates are one of the primary reasons sales are on the upswing.

According to the Charleston Trident Association of Realtors, nearly 1,000 area homes were sold last month. Preliminary numbers show that home sales were up by over 150 units over the previous month. Furthermore, median home values are on the rise. This is an encouraging sign for anyone looking to buy or sell a home in the metropolitan area.

Economic observers indicate that record low interest rates are probably behind the growth in home sales. Lower interest rates mean that individuals can finance their purchase at a lower cost over time.

Perhaps the most encouraging aspect of this report is that these numbers came without any sort of government incentive to purchase homes. In fact, August 2007, just before the recession hit, was the last time that many houses sold in the Charleston area without a government incentive.

Local leaders attribute these numbers to a strong economy in the area, since increases in residential real estate sales generally lag behind overall economic growth.

Selling or buying a home can be a very exciting experience for all parties involved. Those who are financially distressed may wish to sell their house to avoid further hardship and becoming a homeowner can provide excellent opportunities. However, there are practical considerations to take into account when engaging in a residential real estate transaction. Trouble securing favorable terms for a home mortgage or title search issues can hold up a closing.

In order to make sure that the closing proceeds smoothly, it may be in the best interest of all parties involved to seek out trustworthy legal advice. This way, all parties have a better chance of walking away from the transaction satisfied and ready to enjoy the benefits of the transaction.

Source: The Post and Courier, "Metro Charleston home sales highest since June 2010," Warren Wise, June 12, 2012

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