Mar 14, 2018

Overcoming Charleston “Sticker Shock”

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-Drew Grossklaus, Sales Director/East Cooper BIC

As an international and highly respected Charleston firm, William Means Real Estate works with many clients that are brand new to the Charleston real estate market. Oftentimes we find these new clients experience a bit of “sticker shock” when looking at area homes. Here are some of the most recent average and median selling prices of popular home locations in Charleston according to the CTAR MLS.

DOWNTOWN CHARLESTON

Average Selling Price – $1,270,000

Median Selling Price – $897,000

SULLIVAN’S ISLAND

Average Selling Price – $2,200,000

Median Selling Price – $2,100,000

MOUNT PLEASANT – Inside of Hwy 41

Average Selling Price – $633,000

Median Selling Price – $525,000

The cost of buying of home in Charleston continues to increase as demand outpaces inventory. In my previous blog I discussed the inventory issue of Charleston and ways someone can combat low inventory with the help of a William MeansĀ agent. The sticker shock issue can also be overcome with the help of William Means agent.

The first thing to consider when experiencing sticker shock is the volatility of the market. While everyone is firmly aware of the real estate downturn years ago, many are unsure how things stand in an area like Charleston. Charleston is currently seeing record growth. This growth strengthens the current demand and raises the prices of homes. Estimating how long the growth will continue can help determine the direction of home value trends.

In Charleston, the growth looks as though it will continue with Boeing growing as a company and new ventures Mercedes and Volvo just coming on-line and already talking about expansion. Manufacturers like these lead to suppliers that move businesses closer to the manufacturers to help reduce shipping and supply line costs. Charleston of course also boasts the joy of living factors that relocating individuals crave. The fantastic climate, beaches, history, restaurants, tourist accolades, etc. all contribute to making Charleston a continually desirable destination to live. All of these factors give explanation to the “sticker shock” experience of Charleston, but also affirm the feeling that a home purchase here is worthy of the high price.

While it can be comforting to know that paying a higher price for a home has justifiable reasons, it brings even more peace of mind to have an expert review and examine the purchase. William Means agents consider the factors influencing a purchase price and help the client determine if it makes sense to buy. Our agents consider future circumstances to help clients make informed decisions. Given the competitive, fast-paced market in Charleston, you need assistance from the best.

While sticker shock is not a fun experience, feeling confident in your decision to buy a home in such an amazing place is priceless.

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