Ending 2010

Like many sectors, 2010 was a tough year in real estate. With foreclosures and short sales still flooding the market it is hard to tell when we will see the decline in prices come to a holt. Selling during this time is extremely stressful for sellers especially those who bought or refinanced in the past 5 years and who held appraisals for much more than their neighbors were selling for.

Elizabeth Group Real Estate helped those who were working with losses, short sale situations, and thin margin lines and it was difficult for all involved. As agents, we all want our sellers to get close to what they feel their home is worth but in this market values are hard to identify and change so quickly. Appraisals used to be good for up to a year but now banks typically are looking for 3-6 months max, that's how fast the values can change. It used to be in our business that sellers were always walking away with checks in hand moving on to bigger and better places and today we still see that in most cases but this year we also saw some downsizing and clients bringing a check to closing in order to get some needed financial relief. What we have to remember is everything comes in cycles and this too shall pass. As frustrating as it has been for all involved we are making progress. We are learning how to deal with these tough times and it has taught us all lessons young and old. Real Estate is an investment and does carry with it certain risk and it must be respected. There are no guarantees of value, it's just like a stock in that it could sell for one price today and another price tomorrow based on the recent comps. The Charleston real estate market has been good to us for many years and for that we are thankful and we look forward to the cycle continuing into a healthy rebound for sellers in the future.

Buyers have enjoyed being able to afford a little more home this year and are finding rare property within their price range. This has been a joy to be a part of, several of our buyers got better locations, more square footage, and excellent terms, things that would not have been available just 24 months prior for them. Although financing was tough this year and buyers had to have extreme patience to get through the paperwork, all in all the banks worked as hard as they could to keep deals together and keep buyers happy. We saw some fabulous rates cross the closing tables this year. As you can see from previous blogs helping someone find a home is a great honor and we take it seriously. From all of us at Elizabeth Group Real Estate Thank you for your business in 2010 and we look forward to serving your real estate needs in 2011. Happy New Year Michelle