On the positive side interest rates are at historical lows, but there are a lot of negative factors for this market - the stock market in 2007 didn't experience the past 3 year incease, the economy is running sluggish, and the media has been using the "R" word on a more increasing basis, and the housing market remain very much of a buyer's market.
Currently there are 123 homes on the market in this category in Mt. Pleasant. With only 52 homes sold last year, this gives us a 30 month inventory of homes. The real estate market becomes a Sellers market when the inventory of homes is about 5-6 month, so you can see we're a long was from that number. I don't have a crystal ball, but I would say that 2008 and some part of 2009 we will not see an increase in prices for this market. Hope this helps. My 2 cents worth.
Carolina One Real Estate Mt Pleasant SC 532-0956
The most reliable source of date we have in the Charleston Lowcountry market is the Homeownership Resource Center directed by Debbie Kidd. This non profit organization focuses on mitigating foreclosures and working out payment plans to help people keep their homes. According to Debbie thet have seen a 1,000% increase in problems in the Island areas. According to an interview we did with Ms. Kidd, she stated that "..it has finally hit the affluent in the Charleston County area and we are seeing more people going into foreclosure than in the last 15 years I have been doing this type of work."
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I think that price-trends for some of the larger homes in MTP is somewhat flat. It is a great time to get in on something that in years past and in the future you may have to pay more for. The economy in Charleston is great and many people want to live in Mt. Pleasant, but so many of my clients cant sell in other parts of the USA and, thus cant buy here. I would recommend some shopping and seeing what kind of deal you can get. I alway say. "you never get what you dont ask for" Kind Regards - Bob Brennamnan
As you know there are many homes like yours for sale at the moment. The spring will be a better time to determine how homes like yours will respond to the price pressures of the market. Many people have removed their home from the market over the last three months but if they plan to put them back on in the spring or summer I am sorry to say that will put more pressure on prices.
I am telling my clients if they do not have to sell then stay put. The overall market is showing small signs of improvement but there are many issues that have nothing to do with selling your home that could cause continued uncertainty (oil prices, interest rates and inflation).
The good news is interest rates at the moment are falling and some price ranges in Mount Pleasant are doing fine.
Patrick J. Tivnan