Selling a Home in Charleston, SC

Information pertaining to selling a home in Charleston, SC.

There are currently 21 blog entries related to this category.

"Hey Mike, how's the market been lately?"  I get this question asked almost every day I encounter someone I know out in public. I can equivocally say without a doubt, that "It depends". It depends on which micro-market you're referring to in Charleston, and whether you are a seller, or a buyer.

Hello all, I'd like to post a quick update on our real estate market here in beautiful Charleston, South Carolina. We are seeing some changes, and there are talks of the market cooling off, and I wanted to respond to that.

The real estate market has been on fire for a number of years in Charleston. Year-over-year of increased home values and closings. A low inventory of homes on the market, which equates to less choices for buyers, which increases demand, and

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Selling your house in Charleston? You have 1 shot to get it right

Selling a Charleston HouseLooking to sell your house on your own, or looking specifically for a Charleston Realtor?  Regardless of which path you are going to take, you need to have an exceptional plan in place, in order to sell your house.

  • Who are you going to hire?
  • What's your timeframe?
  • What kind of marketing will be done?
  • How are you going to stand above all the house-for-sale "noise"?

What I'm going to write about today is only ONE POINT in marketing your house.  And that is, marketing your house online PRIOR to getting the house on the market.  Yes- that's the magic pill.  The pill not taken certainly by MOST realtors.  Why?  I honestly don't know.  It is such a large mistake.  I

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Rainbow Row, Charleston in winter. courtesy Catherine Ann PhotographySo you are thinking of selling your house, but don't know when the best time to sell might be.  You hear it often from realtors or friends at dinner parties- that "Spring is the best!" or, "Summer is red hot".  Sure, those could be the best selling times, but you have plenty of other options, that might even be better than those times, and here's why.

Most of the time, there are other factors and circumstances that surround your decision making regarding selling.  Whether is is a new job, a relocation associated with a job change, an end of a rental lease, etc.  Even if you could time it for the best month (April?), you may not even have the ability to do so.

In light of this, here's my argument why the winter might be the best time to sell for

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Due diligence in South CarolinaWhen you make an offer on a home in Charleston- or even South Carolina, there are different contingencies that should be apart of any real estate contract.  Typical contingencies such as a home-sale, financing, appraisal, and inspection contingencies.  So what about due diligence, where does that fit in?

Regarding the home inspection contingency in paragraph 8 of the South Carolina contract, you typically can go one of two ways.  Either a Repair Procedure, or a Due Diligence Addendum.

The repair procedure spells out how long you have to complete any home inspections, but it specifically states in the contract which items are to be addressed.  Typically, these are major home items/systems such as Heating & Air systems, plumbing, electrical systems,

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Are We in A Sellers Market in Charleston?

Let's take a look at the recent statistics that have come out regarding the Charleston real estate market.  A few notes to consider and look at:

The "Sellers Market" areas are highlighted in yellow and have increased in the below $250,000 ranges, indicating an average of 4month absorption rate and the $250,000-$500,000 ranges indicate an average of 5month absorption rate, based on the recent past sales history.  See below:

Recent Charleston Home Sales Click Here to download the PDF for better viewing.

 

The following is the latest Quarterly Report for Charleston shows the latest residential statistics for the Tri-County area of Charleston:

Residential Housing Charleston Market

 

The Supply and Demand - shows below the $450,000 price range there is more

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We Have a New Look!


Our Website Has Had a New Makeover

We've enjoyed providing a great website for buyers to view new home listings for the Charleston real estate market for many years now, and now we're even more excited to unveil our new look!  With how quickly technology catches up to you- before you know it, it's time to update- and so we did.

The new website has the latest technology for buyers and sellers alike, with great features such as:

  • A completely separate mobile platform.  While this website is a "responsive design" and will automatically resize to the device you're using- we also have a separate mobile site for phone users on the go.  It'll actually pull up the houses nearest you, wherever you are, right on your street (with interactive Google
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These are the top 10 most expensive homes sold in Charleston, SC for 2013. Every year I make these Top 10 lists, the houses continue to climb in price. There's a reason for that- Charleston is a wonderful destination for many with our city deeply rooted in history, our picturesque skyline, our wonderful Charleston Harbor, and our surrounding beaches and fantastic climate. There's no wonder why Charleston continues to attract attention from around the world!

So without further adieu, here is your Top 10 most expensive homes sold in Charleston, South Carolina for 2013!



#10.  1009 Middle Street, Sullivans Island. This beautiful historic home was constructed in the 1850's, and has oceanfront views along with views of the Charleston Harbor and Ft.

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Home sales in Charleston, South Carolina are up from 2012, which means great news to buyers and sellers alike! For those sellers looking to sell their house in Charleston, the market proves a shorter time on the market, and sellers are fetching a higher contract price.

Buyers are excited to see these results as well, since they are looking at purchasing what might be their most important investment. The real estate market for Charleston looks great for the immediate future.

2013 vs 2013 Charleston home statistics

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Here are some quick stats for the Charleston real estate market for the mid-year point of 2013:

  • The market is up compared to 2012 across the board (with a few exceptions) - # of homes sold, median sales price and $$ per sq ft. 
  • Closed Sales are up 23% over last year and up 35% over 2011.  Closed Volume is up 32% over 2012 and up 52% over 2011.  Median Sales Price is up 8% over 2012 and up 13.5% over 2011.
  • For the Tri-County area, below $350,000 there is more demand than supply, with generally a 3-4 month absorption rate.
  • Foreclosures for Charleston are down 24% from Jan through June vs. last year at the same time!

Year to Date 2013 Housing Market Data
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A flood on Ashley, downtown Charleston SC Chances are, if you're living anywhere near the coastline of Charleston, South Carolina, then you're paying for flood insurance due to the the fact that Charleston's elevation is just above sea level. If you're financing your home, then your lender would have required it at closing when you purchased. However, if you paid cash or if your house is in flood zone x, then it wouldn't be required. See more on Charleston flood zones.

But what is this about flood insurance rates going up, and will it affect me? Yes. The Biggert-Waters Flood Insurance Reform Act of 2012 was passed in June of 2012 which will increase flood insurance premiums over a 4 or 5-year period.

The National Flood Insurance Program states that premiums were off as much as 40% of

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