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Charleston's Market is on the Rise: January 2013 to January 2014
- Compared with last January, there has been a 19% increase in the number of homes sold.
- Median sales prices have also risen by 14%.
- Short sales have dropped by 21% to make up 14% of our selling market.
- This is a great sign because this will positively effect appreciation in our Charleston market.
- Inventory is also up to 7 months, a 2 month increase from December 2013. This sort if increase is not too surprising, especially since we're approaching spring when more people list their homes for sale.
- There are less than 5,800 listings in the Charleston area.
- Currently, there is high demand and low inventory
- If you're looking to sell this spring, now is a good time to prepare your property.
- The federal government is tapering it's funding to the housing and mortgage industries, which will cause interest rates to creep back up from previous historic lows.
- It is important to note that these low interest rates were artificially created by the federal government's funding.
- Rates are expected to climb slowly throughout 2014, so this still gives you a window to borrow money at a very discounted rate.
- On average, interest rates are expected to hit 5.2% in the first quarter of 2014.
- Rates are still at 4.5%, so this is still a very good chance for buyers to save money.
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