Charter One Realty Blog

The Truth About Today's Buyer Demand

When it comes to the latest news in real estate, there are a lot of sensational headlines in the media. In times like this, when it can be hard to know what to believe, put your trust in the experts. Those of us in the housing market respect that buying or selling a home is a major life decision, and we offer advice based on what the data shows.

Despite what you may have read, the housing market is still undeniably strong. Here’s a look at what leading experts have to say about buyer demand today and how it continues to shape the industry:

Michael Lane, President at ShowingTime:

“In general, there are definite signs of cooling demand. However, buyer traffic is still at historically high levels compared to pre-pandemic showings.”

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Signature Sales August 2021 - Charter One Realty

Charter One Realty's consistent investments on behalf of Buyers, Sellers, and Communities for over three decades pay dividends for our clients. Like the international luxury brands, Charter One Realty employs world-class marketing with a global reach. 

But one need only look at actual sales in the area’s luxury communities, and at the area’s $1,000,000+ transactions to understand that Charter One Realty is the Lowcountry’s Leading Luxury Brand.  

Charter One Realty listed, marketed, and/or negotiated the sale of the

following $1 Million Plus properties in August 2021.

Street Address  |  Community  |  Sale Price

 101 Headwaters Road | Palmetto Bluff | $7,500,000*  

  67 Baynard Park Road | Sea Pines | $4,250,000  

  611 Old…

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Lowcountry Real Estate Market Report - August 2021

With housing prices soaring and record-low inventory throughout much of the country, many prospective buyers have opted to rent for the time being, only to find conditions much the same in the rental market. Indeed, competition for rental properties is strong: the national median rent has increased 11.4% since January, and rent growth this year is surpassing the average growth over the same months from 2017 – 2019 in 98 out of the 100 largest cities in the nation, according to Apartment List.

Hilton Head & Mainland Real Estate Market Update - August 2021

For the 12- month period spanning September 2020 through August 2021, pending sales in the Hilton Head region were up 29.0 percent overall. Market-wide, inventory levels were down 54.6 percent. The…

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Home Price Appreciation Is Skyrocketing in 2021. What About 2022?

One of the major storylines over the last year is how well the residential real estate market performed. One key metric in the spotlight is home price appreciation. According to the latest indices, home prices are skyrocketing this year.

Here are the latest percentages showing the year-over-year increase in home price appreciation:

• The House Price Index (HPI) from the Federal Housing Finance Agency (FHFA): 18.8%
• The S. National Home Price Index from S&P Case-Shiller: 18.6%
• The Home Price Insights Report from CoreLogic: 18%

The dramatic increases are seen at every price point and in all regions of the country.

Increases Are Across Every Price Point

According to the latest Home Price Index from CoreLogic, each price…

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Reasons You Should Consider Selling This Fall

If you're trying to decide when to sell your house, there may not be a better time to list than right now. The ultimate sellers' market we're in today won't last forever. If you’re thinking of making a move, here are four reasons to put your house up for sale sooner rather than later.

1. Your House Will Likely Sell Quickly

According to the Realtors Confidence Index released by the National Association of Realtors (NAR), homes continue to sell quickly – on average, they're selling in just 17 days. As a seller, that's great news for you.

Average days on market is a strong indicator of buyer demand. And if homes are selling quickly, buyers have to be more decisive and act fast to submit their offer before other buyers swoop in.

2.…

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5 Reasons Today’s Housing Market Is Anything but Normal

There are many headlines out there that claim we’re reverting to a more normal real estate market. That would indicate the housing market is returning to the pre-pandemic numbers we saw from 2015-2019. But that’s not happening. The market is still extremely vibrant as demand is still strong even while housing supply is slowly returning.

Here’s the definition of normal from the Merriam-Webster Dictionary:

“conforming to a type, standard, or regular pattern: characterized by that which is considered usual, typical, or routine.”

Using this definition, here are five housing industry metrics that prove we’re nowhere near normal.

1. Mortgage Rates

If we look at the 30-year mortgage rate chronicled by Freddie Mac, we can see the…

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What Buyers and Sellers Need To Know About the Appraisal Gap

It’s economy 101 – when supply is low and demand is high, prices naturally rise. That’s what’s happening in today’s housing market. Home prices are appreciating at near-historic rates, and that’s creating some challenges when it comes to home appraisals.

In recent months, it’s become increasingly common for an appraisal to come in below the contract price on the house. Shawn Telford, Chief Appraiser for CoreLogic, explains it like this:

“Recently, we observed buyers paying prices above listing price and higher than the market data available to appraisers can support. This difference is known as ‘the appraisal gap . . . .’”

Why does an appraisal gap happen?

Basically, with the heightened buyer demand, purchasers are often…

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Why 2021 Is Still the Year To Sell Your House

If you’re trying to decide whether or not to sell your house, this is the time to think seriously about making a move. Fannie Mae’s recent Home Purchase Sentiment Index (HPSI) reveals the number of respondents who say it’s a good time to sell is higher now than it was over the past few summers (see graph below). Today, the majority of consumers, 75 percent, say it’s a good time to sell a house.

Why is sellers sentiment up year-over-year?

The higher good time to sell sentiment has to do with today’s market conditions, specifically low housing supply, and high buyer demand. In the simplest terms, we don’t have enough houses available for sale to meet buyer demand.

According to the latest data from the National Association of…

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What To Do with Your Vacation Home as Summer Ends

As summer comes to a close, is it time to think about selling your vacation home? Based on recent data and expert opinions, it’s something you may want to consider. According to research from the National Association of Realtors (NAR), vacation home sales are up 57.2% year-over-year for January-April 2021.

If you’ve taken your last vacation this summer, here are reasons you should consider selling your vacation home this year.

1. Remote work continues to drive demand for vacation homes.

As the report from NAR says, based on continuously evolving work needs, there could be more interest in your second home than you think:

“In 2020, across all nine divisions, the fraction of the workforce that work from home is typically higher in…

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What Do Experts Say About Today’s Mortgage Rates?

Mortgage rates are hovering near record lows, and that’s good news for today’s homebuyers. The graph below shows mortgage rates dating back to 2016 and where today falls by comparison.

Generally speaking, when rates are low, you can afford more home for your money. That’s why experts across the industry agree – today’s low rates present buyers with an incredible opportunity. Here’s what they have to say:

Sam Khater, Chief Economist at Freddie Mac, points out the historic nature of today’s rates:

“As the economy works to get back to its pre-pandemic self, and the fight against COVID-19 variants unfolds, owners and buyers continue to benefit from some of the lowest mortgage rates of all-time.”

Mark Fleming, Chief…

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