Spring has sprung and with it loads of folks moving to the Charleston area. 1200 per week according to some reports, and I would not believe it BUT…The real estate market has been off to the races since mid march, with very little slow down in sight. Statistically one of the best Aprils since 2005, and certainly the best of my career. Timing is everything, but here are some ways to ensure you, as a buyer or seller stay above water in a boom market again.
1. Location: Buyers make sure you don’t over spend on surface features, go for good bones and great locations. Think about lifestyle but look for long term trends, not trendy homes! The Charleston French Quarter is the epicenter of the South East, make a map with that as the bulls eye and buy as close as possible to that within your budget and lifestyle needs.
2. Quality: Sellers: No matter how fancy staging and expensive photography makes your home look, it is always a good investment to make the home as hardy as possible. Spend money on a new roof, repair rot, replace any broken items before getting caught up in marketing. Buyers: Same advice, try to look beyond staging at what is left when the design team removes the lovely furniture.
3. Appreciation: Ask an agent for the data from the past 20 years to study appreciation rates of an area you have an interest in. Take note of when homes were built and what kind of products were used to build them. What reasons or upcoming changes might affect the desirability of the area. Always keep your exit (resale) strategy in mind. Hopefully you are buying a “forever home” but things change.