5/13/2018 Here in the Charleston SC Tri-county area we are experiencing robust home sales despite rising prices and a limited inventory of homes. The number of real estate transactions climbed 5.6% in April over the same period last year. The soaring prices don't seem to be stopping buyers with the biggest problem being ability to find the home with the low number of listings. Well priced new listings are many times under contract within a few days. Builders rarely have a spec home in inventory and are now building by order taking 6-7 months for delivery. Last month 1,614 homes changed hands in our region at a median price of $270,000, up $23,000, or 9.3% from a year ago. In a healthy market we have about 6500 homes on the market. We are down to about 5200 now and that may include under construction homes with a future delivery date. The cost of renting a home still out paces home ownership costs and interest rates are low. Buyers are realizing that the dream of affordable homeownership is starting to fade and are moving on the market. Some homeowners are reluctant to list to move up or downsize because of the unknown associated with finding a suitable home to purchase. In either situation, buying or selling, my advice for this fast paced market is that "experience counts" so get with agents that have a few years under their belt and have professional certifications. Be prepared to shop fast and when you find "the one" don't sleep on it overnight. Once you know go after it! Get your offer submitted that minute. In this market being 2nd is never fun. Have everything ready to go. Pre-approval with a mortgage company. Know what your payment consists of. Know when you are going to need money. Share with your agent what you consider the absolute max you can afford for a total monthly payment. Then shop in that price range. Most sellers right now are not considering or even countering low ball offers so stay in your range. We are still getting some seller concessions for buyer closing costs in some price ranges.