Home Buying in 29401>Question Details

Hoosier, Home Buyer in 29401

Today's WSJ Says Now It's PRIME Mortgage Borrowers Who Are Defaulting (And At A Faster Pace Than Subprmie.) How Will This Affect The

Asked by Hoosier, 29401 Fri Sep 4, 2009

SOB Market? Link to article:

http://online.wsj.com/article/SB125202003216284895.html

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Answers

3
Hello, Hoosier.

Interesting article. However, the South of Broad market is very recession-proof, with demand typically exceeding supply most of the time! This is not likely to have any discernible impact on property values there.

Hey, Hoosier, I think I answered a similar question from you once before. Are you still "on the fence" about buying in this part of Charleston? Talk with your Realtor(R) and get the market stats. This winter would be an excellent time to negotiate a purchase in that part of town. Seems like the market always tends to rise a bit in the Spring in this area.

Wish you and your agent best of success!
1 vote Thank Flag Link Fri Sep 4, 2009
Mortgage defaults, whether they are prime or subprime mortgage, have a deleterious affect on the prices of houses. However, the more fundamental rule of value will hold more weight. This fundamental rule is the rule of supply and demand. Therefore, the very limited supply of properties South of Broad will continue to counter balance any general negative effect the market is experiencing. Charleston has bucked the national trends many times in the past and is continuing to do so currently.
0 votes Thank Flag Link Tue Sep 8, 2009
I don't think it will affect the South of Broad market that much. Many of the folks who own SOB are PRIME borrowers but they are also a little more flush with cash, in most cases, than the typical million dollar borrower. Many of the deals to, are cash.
0 votes Thank Flag Link Fri Sep 4, 2009
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