–Drew Grossklaus, Sales Director/BIC East Cooper
It is hard to believe how quickly 2018 is coming to an end. Every year at this time questions arise regarding what the Charleston real estate market will be like in the upcoming year. While many try to predict the future, as far as I know, the magic crystal ball does not exist. However, there are factors and trends that help us predict where the market is headed.
One positive trend that will affect the upcoming year in real estate for the Charleston market is continued job growth. The Charleston Metro Area is currently seeing 28 people moving here each day. The forecast is for 22,000 net new jobs over the course of the next two years. This ongoing growth means that there will be a continued demand for housing. However, the demand is relative to the number of people who can afford to buy a home.
Experts say that factors on the national level also influence the real estate market – interest rates are commonly reviewed as a predictor. Interest rates rose over the course of 2018 and are predicted to rise in 2019. While interest rates are rising gradually, they were at historically low prices. Though the rise may affect spending power to some extent, the numbers suggest interest rates won’t be a barrier to purchase. The stock market is also viewed as a trigger to home sales. Our stock market saw record levels this year and recently has experienced a decline, or as many see it, a correction. Predictions indicate there will be continued correction and then stabilization for most of the year.
In general, the feeling is that the Charleston real estate market will have adequate demand. However, increased inventory and lower buying power will result in lower sale prices and signify a buyer’s market. When signs point to this type of market it means that both sellers and buyers need skilled real estate agents. On the buyer’s end, a professional agent will be able to better valuate a property for initial offering and negotiation. On the other hand, a seller will need a skilled agent to show the best justification of pricing to potential buyers.
William Means Real Estate and our agents know how to best market a home so it stands above the rest and garners higher offers. Real estate buyers and sellers can be assured that in any market our agents will give them the best resources, advice, and guidance in buying and selling a home in Charleston. While no one can predict the future, working with a top real estate company and agent is the best move every time.
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