No one can answer this question with certainty but the nation does have a small say in Charleston. Over the last sixteen years (since I have been here) Charleston has controled it's own destiny. Many markets that have fallen have done so because economics, inflated home prices and investors controling to large of a chunck of the overall market.
Charleston's growth has been projected for at least two decades. Many people from the Northeast have chosen to escape the cold and snow. Forty years ago they would have gone to Florida but Florida has become congested and now for it's high insurance and questionable medical services. People today are chosing South Carolina and Charleston to be more specific. Charleston has wonderfull weather that includes four seasons, high job growth, smiling faces, award winning eateries and plenty of entertainment. Today Charleston is experiencing growth by people from all over the world.
If I was a betting man I would choose Charleston.
Patrick J. Tivnan
My Take on the market? The first quarter shareholder meetings will demand the financial institutions divest themselves of these foreclosures and put the money back to work. The banks will sell these homes at deep discounts to get them off the balance sheets. If these sales are concentrated in one area, subdivision or town it could devalue entire neighborhoods.
My advice to folks wanting to sell? Sell now. A holiday market means less homes on the market, more serious buyers are out, your home probably looks and smells it's best with all the holiday feasting and festivities happening. Interview agents that list houses if you're going to sell. It will make a difference in your marketing campaign and time on the market.
Cheryl, to answer your question, It already has affected our market.
Merry Christmas and Happy New Year
I believe that our market is adjusting to a manageable growth pace and the more then 10,000 homes sold here so far this year, attests to my opinion. We have a healthy market that enjoys an isolation from the nationwide slide.
I hope that helps you out Cheryl!
I was watching Bloomberg this morning and several of the economist feel that this market is at the bottem and on the road to recover.