The Charleston real estate market suffered with foreclosures and short sales just like all of the other real estate markets across the nation. Though there are still a few, the over supply of foreclosures has drastically declined now.
This is great news for those looking to sell because they no longer have to worry about the bank owned listings dropping their prices so low that it effects the value of all the other homes. In many cases, the decline in foreclosure listings is even the cause of a slight recovery in property values. There are many cases where we are seeing price increases.
If you are still considering an investment in foreclosure or short sale properties in the Charleston area, the window of time is drawing to a close. The number of listings that truly represent a bargain is definitely dwindling. We also urge you to use a professional real estate agent to guide you in any foreclosure transaction to avoid the legal pitfalls that may come up, as well as knowing the potential problems to steer away from. If we can help in any way, please contact us for information or guidance.