Home Sales on James Island
Posted on | June 17, 2009 | No Comments
I have just listed, and also just sold, a condo located at 1337 Pinnacle Lane, on James Island. I think it is proof that, even though the market is down, sales are still occurring. Everything is about price at this point. My client, who owns the condo, was prepared to price it to sell quickly, and that is exactly what happened. We got an offer in the first three weeks. I think it is really important for sellers to price their properties correctly now.
Most experts in this area believe that we are near the bottom, but that, due to oversupply and a surplus of short-sales and foreclosures, prices are going to continue to decline into 2011. It is yet to be determined how the “interest rates rising” factor will affect this. We are expecting prices to again reach their current levels in 2014. So, basically, sellers are going to need to price to get out now, or be prepared to wait for another 5 years. I know that is a tough pill to swallow for many, but it is important to me to tell my clients the truth, and not what they want to hear. That way, we can make a plan and find a solution, and we are all on the same page.
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