I really depends on what type of new construction you are looking for. In the higher price ranges (above $500k) you can find some great deals and since no two homes in this price range are alike, it would be a good idea to see what is available now and not wait. If the price is right, now is a great time to buy. Mount Pleasant doesn't have that much new construction under $500k, so again what is on the market might be gone later. Carol Oaks is a great new construction neighborhood with prices from $220k. Be careful buying new homes in new unfinished neighborhoods because if the builder goes under, you will be stuck with an unfinished neighborhood! Let me know what price range you are looking in and I can make better suggestions
---Area home sales continue to weaken
The Post and Courier
Wednesday, March 11, 2009
The Charleston region's home sales market continued to weaken last month in step with waning consumer confidence and rising unemployment.
Newly released figures from the Charleston Trident Association of Realtors show that 363 homes sold during February, a slight drop compared to January, which is typically the slowest month of the year.
Last month, the sales total was down 43 percent compared to February 2008.
The median sales price was $183,180, down from about $200,000 a year ago but a slight increase from January. Inventories remained high, with 10,051 homes currently listed with the association's Multiple Listing Service.
At Carolina One Real Estate, the region's largest residential agency, local home sales have dropped to 1997 levels.
Patty Scarafile, Carolina One's chief executive officer, said February's numbers were affected by broader economic trends.
"This is reflective of the fourth quarter, when the country was reeling from the global economic crisis," she said.
The number of homes listed as "under contract" on Tuesday had risen in the previous 30 days to 277 from 239, but it was unclear whether the 16 percent increase came after the Feb. 17 tax credit announcement. National studies estimate first-time purchasers make up more than half of current buyers.
Other types of buyers also are in the market, though not in the numbers they were a few years ago.
Reach Katy Stech at email@example.com or 937-5549.
I really depends on what price range your looking in. Right now you can find some great deals on new construction homes in Mount Pleasant if you are buying directly from a small builder. The larger builders are still doing well enough to make it through the slow market because they have made their money in the past and have done a good job of controlling the supply to match the demand. I give credit to the builders, but the city of Mount Pleasant is the reason that supply and demand have been kept in balance over the last few years.
Small home builders are the ones feeling the loan crunch and this is forcing several small home builders to have fire sales on their properties. This is where you stand to save tons of money and because every property is different, you might find better deals now rather than later.
If I were looking at new homes in Mount Pleasant that were $400k and up, I would keep a good eye out for great deals in some of the custom neighborhoods rather than waiting for slow price reductions on your average new home. We don't have to be at the very bottom of the market to find amazing deals on new construction. My suggestion is to check out some of the custom homes in Rivertowne and Park West.
Custom building in Mount Pleasant is usually around 600K and up.
Darcy Creaturo 843-709-8087 or Dave Creaturo 843-709-6687