As we move into the second half of the year, one thing is clear: the current Charleston real estate market is one for the record books. The exact mix of conditions we have today creates opportunities for both buyers and sellers. Here’s a look at four key components that are shaping this unprecedented market.

A Shortage of Homes for Sale
Earlier this year, the number of homes available for sale in Charleston fell to an all-time low. In recent months, however, inventory levels are starting to trend up. The latest Monthly Housing Market Trends Report from realtor.com says:

“In June, newly listed homes grew by 5.5% on a year-over-year basis, and by 10.9% on a month-over-month basis. Typicall...

Building financial wealth and stability in Charleston, SC remains one of the top reasons we choose to own a home here, and as a homeowner, your wealth often grows without you even realizing it. In a recent paper published by the Urban Institute, Home Ownership is Affordable Housing, author Mike Loftin illustrates how homeowners increase their equity and their wealth simply by making monthly mortgage payments:

“The principal portion that reduces the loan balance builds the homeowner’s equity. In doing so, the principal payments behave like an automatic savings account. The principal payment is not money going out; it is money staying in.”
But home equity – the difference between the valu...

Today’s Charleston housing market is full of unprecedented opportunities. High buyer demand paired with record-low housing inventory is creating the ultimate sellers’ market, which means it’s a fantastic time to sell your house. However, that doesn’t mean sellers are guaranteed success no matter what. There are still some key things to know so you can avoid costly mistakes and win big when you make a move.

1. Price Your House Right
When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing price. Believe it or not, that’s not always true. Even in a Charleston sellers’ market, listing your house for the right price w...

There’s no doubt that 2021 is the year of the seller when it comes to the Charleston housing market. If you’re a homeowner thinking of moving to better suit your changing needs, now is the perfect time to do so. Low mortgage rates are in your favor when you’re ready to purchase your Charleston dream home, and high buyer demand may give you the leverage you need to negotiate the best contract terms on the sale of your house. Here’s a look at what’s driving this sellers’ advantage and why there’s so much opportunity for homeowners who are ready to move this season.

1. Historically Low Inventory
Even with a slight rise in the number of houses for sale this spring, inventory remains near an a...

This year, mortgage rates have started to slowly climb above recent record-breaking lows. Many homeowners planning to move to the Charleston area may feel like they’ve missed the chance to score a great rate on their next mortgage. In reality, there’s still time to secure a rate far below the historic norm. Here’s why.

After creeping up for seven consecutive weeks, average mortgage rates have dropped more recently (See graph below). With rates taking a slight dip over the past two weeks at the same time the inventory of houses for sale in Charleston is so low, homeowners today are sitting in the optimal seat to sell. What’s the advantage of selling your house now? Securing a low mortga...

A Fannie Mae survey recently revealed some of the most highly-rated benefits of homeownership, which continue to be key drivers in today’s Charleston power-packed housing market. Here are the top four financial benefits of owning a home according to consumer respondents:

88% – a better chance of saving for retirement
87% – the best investment plan
85% – the chance to be better off financially
85% – the chance to build up wealth
 

The above graph only includes data through 2019, but according to CoreLogic, the equity held by homeowners grew by $26,300 over the last twelve months alone. And in the Charleston Real Estate Market, many homeowner's equity grew even more than that in the last year...

There are a lot of misconceptions about buying or selling a home today, making it challenging to know exactly how to navigate the current Charleston real estate landscape. Here’s a little clarity when it comes to 5 common myths about the 2021 Charleston housing market. With these busted myths in hand, be sure to also work with a trusted real estate advisor so you can decipher local facts from fiction along the way.

16 Jasper Street UNIT A
Charleston, SC

MLS# 21008207 - Residential

16 Jasper Street is newer construction (2012) in the Historic District of Charleston with King Street shopping, dining and entertainment a few blocks away. Come see it! This unattached home has a m...

Some Highlights

• Over the past year, homeowners in the Charleston Real Estate market have gained an unprecedented opportunity to sell with great success while buyer demand is soaring.
• With homes selling twice as fast as they did last year at this time, getting multiple offers, and rising in price, homeowners are in the driver’s seat.
• Call us today if you’re ready to learn about the leverage you have as a seller in the Charleston Real Estate housing market.

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  67 Barony Court
  Edisto Beach, SC

  MLS# 21005385 - Residential
  

  Panoramic views from this custom home in the gated Wyndham resort. This fine home is located on a quiet cul-de-sac with almost every room focused ...

Tip #1: Put your best offer in immediately. 
In this hot Charleston Real Estate market, sellers are less inclined to negotiate their asking price because, well, they don’t have to. There will be other buyers out there that will be more than willing to put in a higher offer.

Tip #2. In a bidding war, choose between the following:
Cash
Conventional (20% , 15% , 10% , 5% , 3%)
FHA 3.5%
Majority of the time, a seller is going to look for the highest down payment, so the higher your down payment, the chance you will be outbid are less. Cash is king especially in this Charleston Real Estate Market! Sellers are more likely to favor buyers who pay in cash. If using a low down payment loan option...

If you're on the fence about selling your house, now is a great time to take advantage of sky-high demand, low supply, and fierce buyer competition right now in the Charleston Real Estate market.

The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows.

As the map shows, buyer traffic in Charleston, SC is very strong, but seller traffic is low. With so few homes for sale right now, record-low inventory is creating a mismatch between supply and demand.

Sellers may not want to wait until spring t...

There are a few key things to avoid after applying for a mortgage to help make sure you still qualify for your loan at the closing table. In this competitive Charleston Real Estate Market, you definitely want the closing to go as smooth as possible. And with all the covid shutdowns, people are flocking south to Charleston so it's wise to be sure there are no surprises when it's time to close the deal.

310 Longshore Street UNIT #628
Charleston, SC

MLS# 20033330 - Residential

New concrete and steel construction complete in 2021. Spacious 3 bedroom plus den with large out door space. Corner location affords lots of natural light.

View Listing Details

Will 2021 be a seller's market in Charleston? You can bet on it.

Buyers have to be ready to compete. Call the experts at ChuckTown Homes Real Estate to learn how to win in this market!

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170 Barn Hill Road
Ladson, SC

MLS# 21001645 - Residential

Welcome home to 170 Barnhill Road! Enjoy the tranquility of country living coupled with the convenience of living close to town. This wonderful 4 bedroom, 3 bath home is situated on nearly 2 acres and offers a main house with a private Mother-in-law suite, HUGE storage shed, lovely pergola and more! The versatility of this home is just one reason it's so appealing. For one, it can be used as described, confi...

FSBO or hire the experts for your Charleston home sale? You need to talk to the listing experts at ChuckTown Homes Real Estate before pulling the trigger.

2020 has brought all kinds of changes to the Charleston market- for sure 2021 will be a new era for real estate sales in the Holy City. Don't go it alone!!!!

Demand from homebuyers has skyrocketed this year, which means today’s sellers are poised to win big.

Covid shutdowns have brought many buyers from large Northern cities to Charleston. Our market looks like a deal to them- and they have cash! This ideal moment in time to sell your house won’t last forever, though.

With more sellers coming to the Charleston market in the spring, waiting until next year means buyers will have more choices, so your home may not stand out from the crowd.

Reach out to the experts at ChuckTown Homes Real Estate today to discuss why now may be the right time to make a move on your terms.

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1718 P...

THINKING OF MOVING?

2020 has brought extremely low inventory levels to the Charleston SC real estate market.

It's very common for us to see 10 offers on one house house in 2020. Don't want to compete in

an escalating bidding situation? Want everything on your list to already be in the house?

Let us show you how to buy a new construction home in Charleston in 2021! Different

than buying a pre owned home? Sure! But don't worry the professional buyer representatives

at ChuckTown Homes Real Estate know every step of the way. Free-to-you professional

representation- It's what we do!

Find out why we are Dave Ramsey's most often trusted ELP in Charleston.

Learn about all t...

Should You Buy an Existing Home or New Construction?

Finding the right home to purchase today in Charleston is one of the biggest challenges for potential buyers. With so few homes for sale and construction of newly built homes ramping up, you may be wondering if you should consider new construction in your search process. It’s a great question to ask, and one to look at from the pros and cons of what it means to buy a new home versus an existing one. Here are a few things to consider when making the best decision for your family.

New Construction  

When buying a new home, you can often choose more energy-efficient options. New appliances, new windows, a new roof, etc. These can all he...

House Hunting: Everything You Need to Know

So you’re ready to buy a house. If you think house hunting is like trying to find toilet paper during a pandemic, you’re not alone. Most buyers say finding the right home is the most challenging step of the home-buying process. But don’t let that get you down. If you strap in and stay focused, you’ll find the home of your dreams!

To keep calm during your home search, it helps to know that most buyers search for 10 weeks and view nine homes before they find the one they purchase. In the middle of all that, it can be easy to lose focus and forget what kind of house fits your budget and lifestyle. But our house hunting tips will show you exactly...

Spring in Charleston is right around the corner, so flowers are starting to bloom, and many potential homebuyers are getting ready to step into the market. If you’re thinking of buying this season, here’s how mortgage interest rates are working in your favor.

Freddie Mac explains:

“If you’re in the market to buy a home, today’s average mortgage rates are something to celebrate compared to almost any year since 1971…

Mortgage rates change frequently. Over the last 45 years, they have ranged from a high of 18.63% (1981) to a low of 3.31% (2012). While it’s not likely that the average 30-year fixed mortgage rate will return to its record low, the current average rate of 3.45% is prett...

The #1 Reason to List Your Charleston House Right Now

The success of the U.S. residential real estate market, like any other market, is determined by supply and demand. This means we need to look at how many potential purchasers are in the market versus the number of houses that are available to buy. With early 2020 housing data now rolling in, it’s quite evident there are two big stories impacting this year’s residential real estate market:

1. Buyer demand is already extremely strong
2. Housing supply is at a historically low level

Demand

ShowingTime is a firm that compiles data from property showings scheduled across the country. The latest ShowingTime Showing Index reveals how s...

If you’re following what’s happening in the current Charleston housing market, you’ve seen how the lack of newly constructed homes is a major reason there’s a shortage of housing inventory available to today’s buyers. Another reason is that the inventory of existing homes for sale is shrinking. According to the most recent Existing Home Sales Report from the National Association of Realtors (NAR), sales are up 10.8% from the same time last year. That exceeds expectations and is great news.

The troubling news from the report is that the sold inventory is not being replaced. As NAR explained,

“Total housing inventory at the end of December totaled 1.40 million units, down 14.6% from Nov...