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How Do I Know When to Purchase?

Posted by Darle Booher on April 4, 2014
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That is a question I am frequently asked or perhaps it is one you have asked yourself. There is no simple answer, especially since so many variables can play into the decision. However, some quantifiable data may help us find an answer together.

From my perspective, I am seeing far less foreclosures and short sales this year, especially in the mid to luxury markets. Although there have been some recent sales in lower-priced homes that are bank owned, they have been getting multiple offers with sales often going over list price. These are indicators that the market is on the mend.

The first quarter home sales comparative statistics for 2013 and 2014 suggest an uptrend in the number of sales this year. That is further emphasized by the number of pending and contingent contracts, most of which will close in the next few months. Please note sampling of first quarter home sales.

Comparison of 2013 to 2014 First Quarter Sales

Community Closed
Sea Pines 33 35 10 24
Wexford 2 1 1 0
Long Cove 5 6 3 1
Palmetto Dunes 7 13 7 1
Port Royal 8 13 10 1
Palmetto Hall 5 7 3 1
Indigo Run 13 8 12 3
Windmill Harbour 1 3 4 0
Moss Creek 11 10 15 4
Colleton River 5 5 3 2
Belfair 5 8 10 1
Berkeley Hall 8 5 3 1
Oldfield 2 0 4 2
Hampton Hall 11 7 6 5

Buyers have offered many reasons for waiting to purchase, both personal and economical. However, in doing so, they often miss the home that would have been an excellent choice. If you have the ability to purchase now, when you see a great value or a home that is perfect, you should definitely consider moving forward. Rates are still exceptionally low and there are some great homes available. Reduced inventories occurring in some of our market areas are another sign that pricing will be moving upward.

We know that all properties are unique, even when they have similar floor plans and locations. Often it is the small details within the home or a view that makes it perfect. Some buyers use the home they passed up to compare all others. This can make the search very difficult if it was a particularly unique home.

This year may be ideal for you to begin to live your dreams. There is little reason to wait. Prices are affordable and there is a good selection available. Last winter, most of the country endured a bitter winter. While a bit colder than usual here, I am sure many of you would rather have been living here in the Lowcountry.

As your buyer agents, Kate and I can provide information and offer opinions based on experience and knowledge to help you make the right decision. At Carolina Realty Group, we are informed about the inventory in our area and watch for trends so we can give you quality advice. Please keep us posted on your travel schedule. We will make sure you are on the calendar whether you are coming for an overview or to make your plans become a reality.

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