As 2016 nears it’s end, we take a look at the ever-booming housing market in Charleston, South Carolina. If you’ve ever been to the Holy City, the rise of the Charleston Real Estate market is no surprise. It’s a beautiful, quaint, coastal city with amazing beaches, tons of Southern Hospitality, a strikingly high ratio of girls to guys, and a chart topper of best places to visit by various publications like Travel and Leisure.
The Charleston Trident Association of Realtors recently reported that residential real estate sales have already surpassed 2015, with 16,216 homes already sold at a median price of $240,000. The report also states home sales have increased by 9% and buyers are paying 6.5% more than they did last year. If you’re talking numbers, that’s an additional $15 – $20,000 to the purchase price. Read the full article here.
This growth also means there’s been a nice increase in the amount of people acquiring financing in the area, something that is becoming increasingly easier to obtain. Jason Paluscsak, a mortgage professional based in Charleston, has seen a steady increase throughout 2016 in borrowers obtaining mortgage loans. He’s also seen a recent increase in homeowners taking advantage of low interest rates by refinancing before they begin to rise, as they tend to do following an election. Jason believes that although some experts may say the ‘refinance ship has sailed,’ that it will continue due to the large amount of people who will now be able to qualify due to new loan programs. He mentions that rates are still great even at 4.5% and the FHA and VA lending markets have many great programs available, including streamline refinances requiring no appraisal and closing as fast as 7 to 10 days. Borrowers that have questions about obtaining financing, current loan programs, or those who are considering moving to Charleston, may contact Jason by email by clicking here or by phone at 216.269.4346.
Images below of Charleston, South Carolina, courtesy of @ChsAfterDark