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Residential real estate market may soon favor Charleston sellers

Over the last couple months, we have discussed the changing and stabilizing housing market in the Charleston area. According to a recent report, it appears as though Charleston County is the driving force behind recent improvements in the residential real estate market throughout South Carolina.

During the month of September, 502 homes were cold in Charleston County. In fact, this figure represents 57 percent of all residential real estate transactions in the three-county area, which also includes Dorchester and Berkeley Counties. From the beginning of this year through the end of last month, Charleston's home sales increased by 11 percent as compared to the same time period in 2011, according to the area realty association.

Many of these transactions are being made by investors, who are motivated to pay cash for homes. Not only does this speed up transactions, but it also benefits distressed homeowners who are looking to sell their house quickly in order to avoid the threat of foreclosure.

All of this activity in the housing market has also caused the potential for a significant shift in buyer-seller dynamics. Currently, the local housing inventory has slipped below 6,000 homes for sale, which is a benchmark often used to gain a quick assessment of the overall supply of homes. A lower supply means that housing prices could shift upward, which would work in favor of sellers for the first time since the financial crisis began.

Knowing that the local housing market may soon benefit sellers, it's important for all involved parties to understand what is at stake during a transaction. When buying or selling a home, a number of problems may arise, especially if the property is a foreclosure or short sale.

For eager investors or motivated sellers, any transactional delay is a hassle. This is why it's important for buyers and sellers to be properly advised of relevant real estate laws and procedures to work toward a successful home sale.

Source: The Post and Courier, "Charleston home sales trends hint at shift to a seller's market," Tyrone Richardson, Oct. 11, 2012

  • Our firm has experience handling real estate transactions and effectively working through obstacles. To learn more about buying or selling residential property, please see our Charleston residential real estate page.

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