Charleston, SC Real Estate: How To Find And Buy The Best Deals

Home prices for sale in Charleston, South Carolina declined significantly in 2009. On average, home values ​​in the Charleston area are approximately 15% lower compared to 2008. Lower property values They have caught the attention of local and international home buyers looking for incredible deals on Charleston property. If you want to find a great home bargain in the Charleston area, you are not alone. Top-priced homes in areas like Mount Pleasant and downtown Charleston are getting multiple offers within days of listing for sale on the MLS.

The combination of truly historic market conditions and media hype has created both risks and opportunities for today’s home buyers. There are a few things you can do to take advantage of the market and avoid the many pitfalls.

First, do your homework. Search Charleston real estate online and find a Charleston real estate agent showing you homes and neighborhoods. Your real estate agent must understand your neighborhood and home preferences. Once you narrow down your home search and target your top 5 Charleston neighborhoods, your real estate agent should provide you with recent market reports for each neighborhood, provide homeowners association documents, and submit new home listing updates.

Second, you must be pre-approved for a mortgage and have the required down payment. If you’re still not in a position to buy, find out why and troubleshoot. If you have a home to sell before you can take advantage of the current buyer’s market, selling your home should be your first priority. Sell ​​stocks and other assets that will need to be liquidated to have the funds ready to buy a home.

Third, you must have realistic expectations. If you want to find a great deal on a Charleston home, you have to be willing to do some minor repairs and upgrades. Charleston foreclosures or bank properties often require new owners to make substantial repairs after closing. If you are buying a “short sale” in Charleston, plan for the closing to take place at least 90 days after the contract has been ratified. Banks negotiate, approve, and sometimes reject real estate contracts to purchase both short-sale and bank-owned properties. Again, your real estate agent will be able to estimate when your closing should take place.

Lastly, don’t be discouraged. Even if your offer is the first one submitted on a home, sellers may receive more favorable offers from other buyers and reject yours. It is often necessary to submit offers to buy multiple homes for sale in Charleston to get a good deal. Some of the best bargains on the Charleston real estate market are short sales, which, for various reasons, are not sold to the first buyer with a ratified contract.