Fantastic Interest Rates & Other Opportunities

It is incredible to me that there are buyers still waiting on the sideline wondering what will happen in the future, when one thing you know for sure is that Right NOW you can buy a house at a greatly reduced price and that rates are at all time lows.

Do you realize that if you borrow $200,000 at 4% for 30 year loan that your principal & interest is only $954.83 per month. You Can't Rent a $200k House this cheap !! That is what is going to turn around the market, when you can own for Less than it costs to rent a house in Charleston and this has only happened a couple of times in my 27 years of experience.

I remember in 1993 when they announced the Charleston SC Navy Base was closing, it was by far the largest employer in the area and the announcement and impending doom and gloom brought real estate to its knees. In that year I sold a 107 houses (and I was only 28 years old at the time). It was fantastic for me, not for those that lost their jobs and had to either relocate or recreate themselves, go back to school, open their own business, etc. What happened a few years later though was incredible those houses doubled in value, in 1993 my average sale was $62,000 and within 5 years those homes were selling in the low $100k range, really incredible.

Our market turned around and actually improved by the Navy Base Closing. I remember going to a Meeting in Orlando Florida about communities across the Country that were losing bases and how they had dealt with it and what had happened over the years and in almost every single instance it wound up being a big positive and the economy came back even stronger, with a more diverse employment, higher paying jobs, better quality of life, etc.

I have witnessed first hand the ups and downs of real estate in Charleston over the past 27years and I can tell you without hesitation that it is fantastic time to buy a home. When you can buy lots for less than what it costs to develop them, houses for less than what it costs to build them and rates are at or around 4%, it just doesn't get any better than that.

Remember buy when everyone is selling and sell when everyone is buying, that goes for not only stocks but it works in real estate as well.

I heard a story tonight at a Halloween party from a friends parents about how she grew up in a home in Charleston that her dad paid $3000 for at the time and that it just sold this week for $900,000 even in this "depressed" market. Where else can you make that kind of return on your money, in addition provide a roof over your head, shelter for you and your family, and leverage your money with todays financing? Nowhere but in Real Estate.

Pass the word, the media is not going to do it for us, tell your friends, kids, thier friends, co-workers, etc, that NOW is the time to buy as Real Estate, especially in Charleston, SC, will always be the best investment for you and your family.

Hope you had a safe and Happy Halloween, Sincerely, David Wertan of RE/MAX Advanced Realty