South Carolina barrier island homes outside of Charleston, including those on Isle of Palms and Sullivan's Island, are moving out of a buyer's market due to continuing low interest rates and higher demand.

"You will currently experience a definite buyer's market as we continue to see higher inventory in all prices, homes staying on the market longer and more price reductions," says Realtor Spencer Stegall. "Despite the buyers' market, it's not a market where buyers can 'steal' a home with a ridiculous offer. Sales prices are relatively stable, which means that sellers are mostly realistic about housing values."

Stegall suggests, "The housing market does continue to be strong, driven much by low interest rates. And even though interest rates have risen, in perspective, the current interest rates are still very good. Just a couple of years ago at this time, buyers would have jumped at interest rates under seven percent. And with interest rates still low (but rising), now is the time to buy or sell!"

Sullivan's Island

Says Realtor Cheryl L. Woods. "Like Isle of Palms, Sullivan's Island is a coastal community with beautiful beaches and many recreational opportunities."

About the market, Woods says, "The real estate market on the Isle of Palms, SC, like most coastal communities, continues to be exceptionally strong with an increasing demand. Prices have stabilized somewhat since September, 2003, but will likely edge up as we get further into spring. Fortunately, interest rates continue to remain substantially under six percent, giving more people the opportunity to become homeowners and homeowners the opportunity to move up."

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Published: April 15, 2004

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