The State of the Market for Buyers in Charleston SC

Is it still a buyer’s market today in Charleston?

As experts in the Charleston real estate market, we get asked this question a lot.

The answer isn’t as simple as yes or no.

First off, it really depends on the property type and location.

Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.

Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.

But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Charleston, but seem to be rebounding as the rental market increases.

Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Charleston market in unique ways.

Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.

Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.

Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.

Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.

Sound confusing? It is. But We Can Help.

There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.

We’re investing in Charleston because we believe in the community and the people here.

If you need to sell a property near Charleston, we can help you.

We buy properties like yours from people who need to sell fast.

Give us a call anytime 843-883-3319 or fill out the form 
over here today if you’re looking to sell a Charleston house fast!

Duncan

About Duncan

Duncan Townsend is a native South Carolinian with a degree from Clemson University. His real estate career extends over thirty years and spans many facets of the field including pre-construction sales, land development, property management, home construction, residential renovations, many property investments, and general real estate brokerage. His sales and marketing experience began with US Capital Corporation in Banner Elk, NC in 1980 working on new condominium projects and later moved to Hilton Head Island, SC to continue work on multi-family projects with Raintree Corporation and single family homes with The Hilton Head Plantation Company. In 1991 Duncan established Osprey Construction Company on Johns Island, SC to serve clients in the design and build custom high-end custom homes on Kiawah and Seabrook Islands. His entrepreneurial ventures through Osprey Construction included speculative home and land development, condominium conversions, property renovations, and property management. Duncan has owned and successfully managed short term and long term residential rentals, and commercial office properties. Duncan is a member of the Charleston Trident Association of Realtors, a Construction Specifications Institute Construction Documents Technologist, was an ASTM Standards Committee member and he actively served on the board of directors for the both the Construction Specifications Institute, Mt. Rainier Chapter in Tacoma WA, and for the Seattle Building Enclosure Council. He is also an active member of the Exchange Club of Charleston. An enthusiastic learner, Duncan continues to expand his extensive knowledge of real estate and construction through studies on buyer and seller representation, law updates, property foreclosures, short sales, lease/purchase methods, installment sales, tax strategies for real estate, marketing to find deals, self directed IRAs , private money funding, negotiation strategies, and more.
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