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Analyst makes strong forecast for Charleston real estate sales

The last few years have been tough for many in the Charleston area and rest of South Carolina. Unexpected job losses and underemployment have prevented numerous individuals from moving forward with their financial plans, such as purchasing a home. Fortunately, however, an economist recently predicted that the coming months and years could be strong for local real estate transactions.

So far this year, Charleston area home sales have risen steadily and are likely to continue into next year. The economist went as far as saying that this growth in home sales could even persist for the next five years.

As home values and interest rates on mortgages remain low, many interested homebuyers are finding a great opportunity to buy homes, especially as more economic opportunities arise. Statistics show that local residents are ready to buy: Last month, home sales in the three-country area rose by 10 percent, with Charleston responsible for the greatest share of transactions.

Observers also note that the economic conditions over the last few years have created a large audience of eager homebuyers. There is currently a lot of "pent-up" demand in the housing market, as many young people have foregone the decision to purchase a house. As the overall economy shows signs of improvement, many people may finally make the decision to fulfill their desires and buy a home.

Of course, deciding to buy a home is a very exciting and fulfilling opportunity. However, buyers and sellers should be ready for any unexpected issues to arise. In the wake of the housing market collapse, the prevalence of foreclosed homes may cause problems with title transfers. This problem may not completely derail a real estate transaction, but it can certainly cause headaches. Taking precautions and seeking sound advice can help resolve such issues and ensure the success of the home sale.

Source: The Post and Courier, "Real estate economist optimistic about Charleston market," David Slade, Aug. 16, 2012

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