2nd Quarter 2008 News
For those of you who have enjoyed the past editions of Summerville Real Estate News, I wanted to thank you for your feedback. I have decided to change the format to a Quarterly, e-edition starting with the 2nd Quarter of 2008.
Residential sales for the 2nd Quarter 2008 are on pace to meet or exceed the 1st Quarter sales. The Town of Summerville continues to dominate the sales in the area. Unfortunately, for sellers in particular, the inventory of properties for sale has increased dramatically since May. Sales seem a bit sluggish for the month of June, but with one week to go, have the potential of out-selling the 1st quarter numbers. The average sale proce is currently creeping a bit higher than 1st quarter sales so far. However, this average could change as more properties close before the end of June.
Residential sales in Dorchester County have dominated the properties sold. Wescott Plantation and Legend Oaks are leading the way thus far in the 2nd Quarter. The average price remains above $200,000.00. Single family homes are the most popular type of property being bought at this time. June month to date, there has been $22 million dollars of property sold in Dorchester County (447 units)
As you can see, there are still sales going on out there. If you are in the market to BUY property, it is certainly available. Some properties can be bought at very good levels. I had the priviledge of helping a buyer purchase a home for $65,000.00 less than appraised value.* (results not typical)
There are many sellers out there that are not in a position to negotiate. Utilizing the services of a Realtor to find those seller is paramount to a buyers success. On the other hand, if you desperately need to sell, a Realtor can help by helping you proce your home to sell at the best possible proce in the shortest period of time. In most cases, this service results in pricing that does not meet the sellers desired return on investment. However, in a tough buyers market, price is king and condition is queen! Selling in a buyers market is not fun for most sellers. However, looking long term, cutting a few thousand dollars now, may get that house sold and moving on with your life may be priceless.
If you are looking to buy, do your homework. First and foremost, your finances must be in order. Your Realtor can recommend lenders who are stable and flexible in this current credit crisis. Common sense can result in a fun and gratifying purchase of a home. Get your credit in order, then hire a Realtor to begin your search. Good luck!
