With Inventory Up Will Prices Come Down?

Well, I logged into MLS this morning and for the first time in what seems like a year, saw this...
OVER 1200 LISTINGS!
Listings have been hovering in the 900-1100 range for over a year now. It looks like the rise in interest rates have/will cool demand just a bit. I've had a few clients in the past month that were looking within a specific budget, have backed off or have had to make adjustments to their budget.

The real question is, does this mean our home prices will start to go down as we see more available listings? Supply and demand, right? That is why prices jumped so quickly, too much demand, no supply so logic says we should see prices come down.

Not necessarily....

As someone who relocated from Atlanta 12 years ago, I lived through the housing boom there, and when I moved to Charleston, I quickly realized how UNDER VALUED the homes were in comparison to Atlanta. So I have personally watched our home values go up over the past 2 years and thought... well its about time. Now... I just don't see that they will be going back down.

FORTUNE MAGAZINE just released a new article today with their thoughts on this topic. Read more about our area and the rest of the US here to see which markets they predict will see declines in pricing and where they won't....

The odds of a home price decline hitting your local housing market, as told by one interactive chart

So, if you have been thinking about buying, there is no better time than now. Interest rates will go up again this month, and prices are not going down. However, what it does mean for you as a buyer in Charleston is more choices and less competition when you do find your dream home.

So go ahead, make the move! The beach isn't going to move to you!

Let me know when you are ready!