I would not wait to buy. While we may or may not have hit bottom with prices, the impact of increasing interest rates is far greater than that of reduced prices. One point interest rate increase= about 10% less buying power. Interest rates are slowly starting to creep up. I would suggest that you choose a good agent and have that agent show you properties in your price-range that meet your needs and wants . Please visit my website: http://www.TheCharlestonRealEstateAgent.com where you can search the entire Charleston (and Mt. Pleasant) MLS. I would love to help you or answer any questions you may have, so give me a call.
John

Hi greg, the buying market is best right now. Low interest rates. Less competition as the back to schoolers are placed. As the holidays approach prices lower and at christmas many homes come off the market for the month. I am a buyer rep. Id love to help. DiJohnson@carolinaone.com

Greg,

We are certainly seeing that trend. We own both a property management company - Palmetto State Property Management - and a real estate sales team - The Charleston Real Team. Many of our clients are renting for the short-term while they find their ideal home to buy. Often they rent in the neighborhood where they intent to buy in order to give it a "trial run." This process, I believe, can help facilitate educated decision-making versus emotional/impulsive decision-making.

As for this timing within the current market, we have certainly seen a spike in activity throughout the summer here. The Charleston market is traditionally "seasonal" where sales tail off during the Holiday months and early winter. The risk for you being that there will be less homes to chose from in the market come January. As for pricing, I think it will remain a buyer's market for some time and the recent trend in pricing homes better/more accurately will continue for the foreseeable future.

If you need any help look us up at http://www.charlestonrealteam.com and http://www.palmettostatepropertymanagement.com. All of your real estate needs in one place.

Good luck,

Jim Grady

Greg,
If you feel that it will be better then, I would go ahead and wait it out. If you were here in the upstate I think I would advise differently because the markets are moving here. Just keep an eye on the markets, and I would get an agent working for you now, you never know when the perfect home will jump on the market.

Good Luck!