Posted By nat wallen @ Sep 2nd 2013 11:15am In: A Day In The Life

What does labor day mean for Mount Pleasant SC real estate?With the recent change in the Mount Pleasant SC real estate market, Labor Day takes on a completely new meaning. A few years ago the real estate market was tough. The sky was falling and nobody knew really what the future held. It's always easy to look back in time and really see what has happened, and with that being said I can safely say that the bottom of the real estate market in Charleston SC happened in the fourth quarter of 2011.

One of the biggest changes that I've seen since then has been the construction of new homes. It's wonderful to see contractors working on their projects, rather than the tumbleweeds rolling by like they were in 2009. It seems like every day in Mount Pleasant is Labor Day. This is fantastic news for the people of Charleston South Carolina.

Of course there are factors in the future that may change things. Those things could be for the better, or for the worse. I have heard many buyers and sellers discussing the raising interest rates recently. I have to quickly remind them that even during the boom time of 2005, rates were still higher than they are today.

I will give you an example of just how crazy things were with a 6.5% rate:

I was selling a home in Mount Pleasant SC, and the real estate market was on fire. I was representing a buyer and they were buying a new home. It was listed for 600,000. During that time, there were so many buyers clamoring for properties,  we knew we had to pay full price to avoid someone else "winning it". That was the standard back then.

Fast-forward 10 days… while the buyers were getting the home inspected, and preparing for closing, a buyer that had missed the home came along and said that they were really upset that they couldn't buy it. They offered $750,000 cash. Not surprisingly, this was welcome news to the buyers that I was working with in the Mount Pleasant SC real estate market. Long story short, we closed in the morning on this home for 600,000, and then that afternoon for 750,000. Now I was working that day, but it wasn't much of a Labor Day for me. This happened all the time. Sales just came easy for everyone.

Will this happen again? Will we see the meteoric rises that we did between 2002 and 2005?

Experience has taught me to never say never. There was a time when I would say that I could never see the real estate market going downhill in Charleston. Well, this obviously was not true, because as we all know the real estate market across the country took a dive in the fourth quarter of 2006  (some might say the first quarter of 2007.)

And while we are in a much more challenged market than we were back then, we are really in a better market. And how does this relate to labor day? Because mortgage lending is much more difficult these days. A buyer no longer just needs to fog a mirror in order to purchase property. They actually have to qualify for a loan, jump through mortgage lenders hoops to obtain that loan, and they also have to have money down in order to make it happen. And while this may seem painful for some, it's actually a much better atmosphere moving forward.

So if you are looking for Mt. Pleasant SC real estate today, and you're missing out on properties because there are multiple offer situations, don't take this as a return to yesteryear. Simply take it as a note that the consumer feels like the market has turned around, and waiting for the bottom is something that buyers have seen already come and go. If interest rates go up a few percentage points over the next few years, so be it. We are it 4 now, 7 still won't be so bad in the future.  The timing simply has to be right for you and your family.

So how does all this tie into Labor Day again? Well, that's a great question.

It can mean many things:

  • When you see construction workers laboring in the heat, building homes it's a good sign.
  • When it's difficult to obtain a mortgage, and it feels like you're laboring away painlessly trying to fulfill every need of the mortgage lender, remember all this work is healthy for the market.
  • When a home doesn't sell in the first 30 days, and I've heard that having a home on the market from sellers can almost be like being in labor, remember it's better than having to fight to pay more than full price when competing with other buyers.

While the Mount Pleasant SC real estate market is no longer booming and untouchable, it's still doing quite well. And while some homes are more difficult to sell than others, they are still selling. Thanks for reading!

 ____________________________________________________________________________________________

Nat Wallen Real EstateNat Wallen is a Realtor in Charleston SC specializing in residential property sales. He has been licensed since 1995 and is the top listing agent with Carolina One Real Estate. Carolina One Real Estate is the largest company in the Charleston SC area of 700 plus agents. NOTE: Nat Wallen never solicits consumers interacting with his blog unless requested. YOUR comments are encouraged and welcomed. Thanks!



Comments (0)

Comments have been closed for this post.
Please contact us if you have any questions or comments.

Nat Wallen’s marketing campaign sells homes.

Thank You Charleston!

Read More

"I did not know there was a contest, so when Charleston City Paper readers voted me as their favorite Realtor, it was really nice. Charleston is a beautiful place, but the people here are what make living here so great!" - Nat Wallen

The Carolina One™ Sign

Read More

Every aspect of what makes a sale successful has been carefully dissected for your benefit. Even down to what colors are most memorable and recognizable together on the Carolina One Real Estate sign.

Drone Photography

Read More

Luxury properties and large tracts of land need to be viewed from a different perspective to attract a buyer. Standing out to buyers on the web is critical, and drones can make that happen in the right situation.

Luxury Portfolio Program

Read More

Carolina One sells more homes over $1,000,000 than any other company in Charleston. Our Luxury Portfolio Program includes high quality peripherals, professional photography and an international marketing reach including the Wall Street Journal, Luxuryhomes.com and our Luxury Homes magazine.

Coming Soon Program

Read More

With nearly 1000 agents, I will share your homes as a "coming soon" offering in our private Facebook group. Your home will be exposed to all of the buyers Carolina One agents are working with and will sell your home faster, and for more money... and this may even happen before it is placed on the market.

A Secure Lockbox

Read More

The latest technology is utilized to ensure your home is easily accessible and completely secure. You can rest assured that your home will only be accessed by licensed SC Realtors, on your time frame, and on your specific terms.

Showing Appointments

Read More

Handling the day-to-day showing appointments is an integral part of the sales process. Nat is able to efficiently arrange showings designed to follow the guidelines that you determine.

High-Quality Photography

Read More

Quality photography plays an important role in attracting a buyer for your home. By taking the time to determine the best angle, time of day and what photos to include in your marketing campaign, Nat’s photography speaks volumes.

A Professional Description

Read More

Careful attention to details will ensure your home is described and presented in the best light possible. By describing your home accurately and positively, Nat will work with YOU as the seller to craft the best feature and benefit list possible.

Carolina One™ Marketing

Read More

Your home sale will benefit with the Carolina One team at work. Through a variety of different mediums, the fully staffed marketing department works to expose your home to all buyers coming into the Charleston area.

The Caravan Tour

Read More

Nat Wallen will arrange a Carolina One agent tour of your home. Agents will become familiar with what your home offers by seeing it in person, and can share this information with their clients. In addition, agent feedback provides insightful opinions on the asking price and what will aid in the process.

The “Now Showing” System

Read More

Using Carolina One’s exclusive “Now Showing System,” Nat will proactively contact agents currently looking for a home like yours. This proprietary software system will locate agents currently working with buyers that fit the price range and area for your home.

Office Notifications

Read More

Carolina One has several offices in the Charleston area. With quality materials and a strong network of active Realtors selling homes each day in your neighborhood, your home sale will benefit with the strength of Carolina One’s agents working together.

Free Home Warranty

Read More

An American Home Shield home warranty will be placed on your property at no cost to you. This coverage is provided to you while your home is listed with Nat Wallen of Carolina One Real Estate.

Multiple Listing Service

Read More

Nat Wallen takes great care to provide an engaging description and high-quality photography to share your home’s features with all Charleston area buyers.

Buyer E-mail Notifications

Read More

With Nat’s knowledge of how to push the MLS features to their full capabilities, each day as buyers come into the market looking for a home like yours, they will receive an e-mail from their agent letting them know it is for sale and ready to be shown.

CarolinaOne.com

Read More

With over 80,000 visitors each month, Carolina One’s professional website allows your home’s quality photos, detailed description and availability to be shared with incoming buyers to the area on a local, national and global scale.

Relocation Notifications

Read More

Leading Real Estate Companies of the World will be notified of your home’s availability for sale. Composed of 550 firms, 4,600 offices and 140,000 sales associates in over 30 countries, this group of successful real estate agencies send referrals daily.

Mass Realtor Syndication

Read More

NatWallen.com is a heavily used Charleston real estate website. In addition to reaching hundreds of buyers visiting each day, your home will be syndicated to over 3,000 Realtor websites.

Multiple Websites

Read More

Your property will be listed on NatWallen.com, CarolinaOne.com, Google, CLRSearch.com, Trulia.com, Realtor.com, HomeFinder.com, FrontDoor.com, HGTV.com, SouthCarolina.com, Overstock.com. Yahoo.com, Fizber.com, Charleston.com, Vast.com, Hotpads.com, AOL.com, etc.

Social Networking

Read More

Your home will be shared through various social networking portals. Nat controls several Facebook pages and groups. Your property will be shared on pages like “Charleston, SC” - “Fans of Charleston” - “Fans of MUSC” - “Mt. Pleasant SC”- “The Nat Wallen Team” - ”Nat Wallen Real Estate” and “The Best of Charleston.”


Sell your home with the market leader.