It’s true, home sales in the Charleston area are down. Is this bad? Well, if you really need to sell, than maybe so. You will probably be forced to set your asking price below what you hoped to get to be competitive, and if you recently bought you may even take a loss. If you can afford to hold on to your property, my recommendation would be to stay put for now. Believe it or not things will get better, it’s a cycle and what goes down will come up.
On the other hand, if you are in a position to buy than there may not be a better time….don’t be that guy who always says, “If only I would have bought then”. You know that guy. Inventory levels are high, prices on many homes have been significantly reduced, and interest rates remain relatively low. Will prices continue to drop? Sure they will, prices will drop in a sellers market too. However, again, what goes down will come back up and trust me, Charleston is a coastal market and coastal markets survive better than most. I certainly am not saying buy to flip (I believe the flip days are behind us), or buy short term. Long term is where it is at now, and if you can do so, this just may be the time? I don’t want to be the one who told you so.