Concerned Homebuyer

The selling market in Charleston right now is incredibly good.  We have been on a tear in most of Charleston with available houses for sale (inventory) being really low.  Which of course keeps demand high, and increasing prices.  Coupled with so many folks moving to Charleston in search of a home, things have been fantastic for home sellers.  Fortunately, most lowcountry residents have been able to take advantage of this through the years with your home value skyrocketing!

But...  Are we topping out right now?  We've been talking in the real estate industry about home insurance premiums almost doubling for some homeowners and the Fed raising rates again this year.  I've read potentially 2 more times this year.  Which would of course continue to make things more difficult for buyers and their ability to afford a house.  Interest rates right now are in the 7% range.  To home buyers that are Gen Z or Boomers, that's not too bad.  But to Millennials and Gen Z (50% of the homebuyers)- that's about the highest interest rate they've ever seen!  And they'll go up if the Fed raises rates twice.

So I'm just letting you know ahead of time that there could be some turbulent waters ahead and to think and plan ahead.  20 years in the business now tells me that things look wonderful and rosie right now- but just be cautious ahead.  Not scaring you at all- but if you're thinking of selling your house within the next couple of years- you may want to think sooner and have a plan!

Mike Ciucci, Realtor

Mike Ciucci specializes in the Charleston SC real estate market.  He has been a Charleston realtor for over 19 years, focusing on quality and attention to detail his clients have come to expect.

Mike Ciucci
Carolina One Real Estate

Phone: 843.608.8378

Posted by Mike Ciucci on


Email Send a link to post via Email

Leave A Comment

Please note that your email address is kept private upon posting.