Contingent, under contract, appraisals... oh my. If you’re new to the real estate world, it can be confusing — and let’s be honest, scary. But it doesn’t have to be. We sat down with Lyles Geer, President and Broker-in-Charge of William Means Real Estate, who is breaking things down.
Keep reading for some tips + a better understanding of what it takes to buy a home in the Charleston area.
What should people know about buying in Charleston?
Charleston offers an incredible lifestyle with people continuing to move here, creating a highly competitive real estate market. When starting your home search, it’s crucial to get your ducks in a row and get pre-qualified so you know how much you can comfortably afford. Then, be ready to move quickly when the right home becomes available.
What are some of the hottest areas?
When searching for a home in Charleston, buyers usually consider proximity to work, schools, beaches, and downtown Charleston.
- Historic Charleston remains popular for its incredible homes, architecture, and culinary scene.
- Mount Pleasant has seen significant growth, with many buyers drawn to historic Old Village and the well-planned I’On neighborhood.
- West Ashley also offers popular neighborhoods near downtown, such as Avondale, Byrnes Downs, South Windermere, and The Crescent.
- Similarly, Riverland Terrace and Country Club I and II on James Island are highly desirable places to live.
How would you describe the housing market in the Lowcountry?
Despite low inventory, there’s still high demand for Charleston real estate, even with higher interest rates compared to previous years. Inventory hasn’t risen to meet this demand. In the first quarter, activity picked up significantly at the end of February and March as many sellers prepared to list their homes for spring. Our buyers were ready, making quick, strong offers as homes became available.
Tips on buying a pre-owned home vs new construction?
When buying a pre-owned home, inspections are crucial. The home may need inspectors who are experts in areas like roofing, pools, stucco, and structural issues. After inspections, meet with a general contractor to estimate repair or renovation costs, which can often be negotiated with the seller.
For new construction homes, a third-party inspection is still important, but contractors are usually obligated to fix any issues. Additionally, new homes often come with warranties that cover potential problems down the road.
Are you planning on buying a new home sometime soon? Let us know.
