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It's been an exciting start to 2015. I'm looking forward to seeing what other doors open this year!
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Dear friends,
Happy March to you all!
January and February might typically be considered "slower" months in real estate, but, so far, it has been a BUSY start to the year . Despite all the activity, inventory of homes for sale has remained low in many popular neighborhoods. This month, I offer some tips for home buyers looking when pickings are slim.
And for those not in the market for real estate, there are plenty of area events to keep you very busy, too! Check out my picks for March happenings.
Best wishes,
Leize Gaillard
William Means Real Estate
leize@williammeans.com
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Beating the Low-Inventory Blues
Finding your new home, even when the pickings are slim
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It's been a strong start to 2015 in the world of Charleston real estate, with residential sales in January 2015 the highest they have been since January 2007, according to data recently released by Charleston Trident Association of REALTORS. What's striking, however, is that in January 2007, there were 9,000 homes for sale--compare that to the 5,500 available homes this January. That's over 30% LESS available inventory compared to the last time our market saw this much early-year activity.*
The recent low inventory has been has been strongly felt by my buyer-clients, especially those with specific wants/needs or preference for popular neighborhoods on the Peninsula, in Mount Pleasant, and in West Ashley. Still, buyers are remaining persistent and finding homes. Here are a few tips to help you do the same.
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1. Make sure you are getting the most up-to-date & accurate market information
I regularly receive excited calls from buyer-clients who found a house they love online... only to discover that the home is already under contract and that information had not yet trickled down to the third party website they were browsing.
These days, buyers have access to countless online resources for real estate market information--www.REALTOR.com, Trulia, Zillow, and many, many more. These websites are a huge help to buyers looking to explore the market, but it's important for buyers to be aware that the accuracy and frequency of updates of these websites vary.
To make sure you are getting the most accurate and up-to-date information, have your agent set up search alerts directly from the Charleston Trident MLS system. That way, you will know of new listings that meet your search criteria as soon as they hit the market. Click below to request a custom, direct-from-MLS search.
2. Revisit "stale" listings
Buyers who have been watching the market for any length of time know what I mean when I say "stale" listings--those listings that have seemed to be on the market forever. Usually, something turned you, the buyer, off from the listing early, and the home was written off before it had a chance to be "the one." But I encourage you to take another look. If the home loosely meets your search criteria, consider setting up a showing.
Worst case scenario: Your first instinct was right, and the home is a dud. Best case scenario? It's actually a wonderful home... and since it's been sitting so long, the sellers may be willing and ready to negotiate.
3. Look beyond MLS listings
For ready buyers who just can't seem to find the right home, there are are some ways your agent can help.
- Your agent can check local records for recently expired, temporarily off-market, or withdrawn listings that meet your criteria--some of these sellers may still be interested in making a deal.
- Your agent should have a solid network of other agents who may know of coming-soon or pocket listings--having your agent reach out to their network on your behalf may give you the
 chance to hear about and often times even see a home before it hits the public. - Many For-Sale-By-Owner sellers are willing to work with buyers' agents ("brokers protected"), so your agent can help you there, too.
No agent can uncover every possible coming soon or off-market listing--but having an agent that's willing to go the extra mile and turn over a few extra stones will increase your chances of finding the right home sooner.
4. Be ready to act...
When inventory is low, buyers are ready to jump as soon as the right home pops up in the listings. Being prepared to jump yourself (e.g., having financing pre-approval in hand or having a plan if you have to sell your current house or break a lease early) will put you in a better position in the event you need to act quickly and will leave you feeling less rushed.
Happy market watching!
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March happenings around Charleston
A sampling of events to add to your calendar this month
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The Charleston events season is officially underway, and, big or small, there are plenty of happenings to keep us all busy this month. Here's just a sampling of some of what's going on the the area in March. Click the images for more information. What are you adding to your calendar?
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| Charleston Wine + Food Festival
Photo credit: Andrew Cebulka |
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IBU is getting a home on King Street
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The IBU showroom/ workroom/ rooftop is opening its doors. | |
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Photo credit: Bianna Stello/ StelloPhotography2014
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