Real Estate, etc.

Today is a beautiful day! The sun is shining and everything has that golden hue which reminds me of spring. The temperature is supposed to get up to 72 degrees today and I can’t wait to spend some time outside.

The real estate market here on Daniel Island seems to be picking up! Prices are still excellent and interest rates are low. It looks like people are becoming motivated by this combination. I’ve had more showings and appointments lately than I’ve had in a long time. Like everyone else, I’m praying that the economy improves and that the real estate market reaches a reasonable, sustaining level in the near future. Upon reflection, I hope that the craziness that overtook all of us in 2005 never takes hold again. I recently heard someone refer to the downturn that we are currently experiencing as the “hangover” that occurred after the unsustainable buying/lending frenzy. I think that’s a vivid description: it’s a hangover that has lasted for four (or more years) and has had far-reaching effects.

That said, there are still plenty of great deals out there. Resale and new homes are priced competitively and there are even some “short-sales” for those buyers who have time (and patience) on their side. Short sales are sales in which the bank allows a Seller to sell a home for less money than is owed to the bank. Most Buyers seem to think that short sales and foreclosures are the best “deals” on the market. This is not always the case. 

There are many listings that are priced just as attractively as the options I mentioned above. Sometimes this occurs because the Sellers purchased a property at an excellent price and can therefore sell at under market value. There are also Sellers who have the capability to cover a shortfall from their own funds instead of relying on the bank. Make sure you look all options if you’re in the market to buy something! I’ve had many Buyers tell me that they only want to look at short sales. If I didn’t take the time to educate them on the other possibilities, they would miss out on some of the other fabulous opportunities in real estate!

Published in: on February 12, 2009 at 3:09 pm  Comments (2)  
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2 CommentsLeave a comment

  1. Thank you for this blog, it is very informative and I will be sure to reference it when needed throughout our website once we add our resources section. Keep up the great blogging and thanks again.

    • Thanks for your kind words!

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