Real Estate News You Can Use!
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RESIDENTIAL REAL ESTATE SALES REACH HIGHEST LEVEL SINCE SEPTEMBER 2007Sales Up 29%, Prices Continue Pattern of Consistency CHARLESTON, SC—(June 10, 2010) Preliminary data released by the Charleston Trident Association of REALTORS® (CTAR) shows 878 closings took place last month. This not only marks a 29% increase from the 678 sales in May 2009 but the highest level of closed sales in this region since September of 2007. “We are pleased to see such high sales volume, but it’s equally important that home prices are continuing this pattern of stabilization. So far this year, price fluctuations have been minimal, which is ideal as we see inventory gradually returning to a healthy level” said Jeremy Willits, President of CTAR. The median sale price for May 2010 settled at $186,497. In May 2009, preliminary reports showed a median sale price of $187,000. Last month, figures showed this year’s lowest median price of $180,175.
Year-to-date, 3,277 homes have sold in the Charleston region. This represents a 28% increase in sales activity when compared to the same period last year—at this point in May 2009, 2,553 homes had changed hands. Mortgage rates remain at historically low levels, currently 4.81% for a 30-year fixed loan. “Low rates and an affordable selection of property should continue to support healthy market activity. This month’s sales show high seasonal activity and the lingering effect of the tax credit, which we anticipate will continue into June and possibly July. We’re optimistic that this is setting the stage for a healthy market in the fall and later months” said Rob Woodul, President-Elect of CTAR. There were 9,867 properties listed as actively for sale with the Charleston Trident Multiple Listing Service as of May 31, 2010. BERKELEY COUNTY Berkeley County led the way in both sales and price increases in May. Bolstered by a flurry of recent activity on Daniel Island, sales in the county increased 46% and median price increased 10% over 2009 levels. 202 homes sold at a median price of $165,517 last month. In May 2009, 138 homes sold at a median price of $150,964. The majority of Berkeley County activity occurred in Goose Creek and Moncks Corner from Highway 52 to the Cooper River. Daniel Island had a strong showing this month with 22 homes sold at a median price of $540,450, the strongest month so far this year. CHARLESTON COUNTY Charleston County also posted impressive increases in May—475 sales resulted in a 31% increase over May 2009’s 363 sales and prices increased 6% from $215,000 to $228,000. The majority of activity took place in Mount Pleasant, south of Highway 41. 99 homes sold at a median price of $341,236 in that area. An unprecedented 32 homes sold for a median price of $245,988 on Johns Island—the most sales on the island since March 2007. DORCHESTER COUNTY 170 homes sold in Dorchester County last month, representing a 10% increase from May 2009, when 155 homes sold at a median price of $168,000. Prices showed a quiet decline of less than 2%, settling at $165,050. The increase in sales was led by consistently strong activity in the Summerville/Ridgeville area, where 86 homes sold at a median price of $169,272. APRIL 2010 ADJUSTMENT Preliminary numbers reported for April 2010 indicated 784 homes had sold at a median price of $180,175. Adjusted numbers now show that 844 homes sold at a median price of $181,000. Call me to List your Home or find a home to purchase. Lisa 843-270-2221 |
Fannie Mae's New HAFA Program
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As you may have heard, by August 1, 2010 Fannie Mae and Freddie Mac, the formerly Home Affordable Foreclosure Alternatives Program (HAFA) exempt mortgage giants, are set to implement their own HAFA programs. For borrowers who are eligible for the Home Affordable Modification Program (HAMP) but were unable to secure a Loan Modification on their Fannie or Freddie loan, this is potentially promising news. Today we’ll examine Fannie’s recently released HAFA Program Summary. Their stated goal with joining the program is to provide financial incentives for and simplify the process of short sales and deed-in-lieu (DIL) options in the face of foreclosure. For the most part, the Fannie version is in line with the wider HAFA program which includes the following: - Any borrower who wishes to utilize the new program must have already been evaluated for HAMP, which gives them more options in the event of an unsuccessful evaluation and also removes the need for further eligibility investigation as the HAFA program will use the HAMP documentation. In addition, the program standardizes the steps, documents, and timeframes of short sale or DIL approval;
- Before the property is even listed, the borrower will be able to get pre-approved short sale terms;
- The servicer cannot condition their approval of a short sale on a reduction of the real estate commission outlined in the listing agreement;
- Fannie will release those who are successful in a HAFA short sale from future liability for the debt, and;
- Servicer and borrower will be entitled to certain incentives:
- Servicers will receive a $2,200 fee for a short sale, or a $1,500 fee for DIL
- Borrowers will receive $3,000 to assist with relocation expenses
Fannie’s documents and a full Program outline can be found at their website. Given the amount of foreclosures Fannie has been aggressively pursuing across the country (even being known to refuse to postpone a trustee’s sale with a viable short sale offer before them), one might be forgiven for questioning the sincerity of their commitment to providing foreclosure alternatives. Next time we’ll look at Freddie Mac and their HAFA program. |
Expanded Tax Credit Information
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The Basics: Extended Home Buyer Tax Credit 2009/2010Bringing the Dream of Homeownership Within ReachAs part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that: - Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
- Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040. Latest news: Tax Credit Extension a Positive Step Toward Real Estate Recovery (Nov.5) President's Podcast: Tax Credit Extended (Nov. 5)
Who Qualifies for the Extended Credit?- First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
- Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit. Which Properties Are Eligible?The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops. How Much Is Available?The maximum allowable credit for first-time home buyers is $8,000. The maximum allowable credit for current homeowners is $6,500. How is a Buyer's Credit Amount Determined?Each home buyer’s tax credit is determined by tow additional factors: - The price of the home.
- The buyer's income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less. Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit. These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit. If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit. Can a Buyer Still Qualify If He/She Closes After April 30, 2010?Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. Will the Tax Credit Need to Be Repaid?No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale. |
Help for Military Families Relocating
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If you are one the many who purchased a home before July 1, 2006 and now find it necessary to sell your home, only to find out it is worth thousands of dollars less than what you paid for it, there may be some help for you. We haven’t heard much about this, but located in the thousands of pages in the Stimulus Bill, is a provision for Military families forced to move due to a Base closure, relocation assignment or combat wound requiring relocation near a health facility. The government is ready to step in with some aid. This is great news. We hear of many “short sales” and a lot about foreclosures, but there was definitely a gap in the system for our military personnel. I am glad to see this provision. Of course, there are guide lines and it is my understanding you can check with the Defense Department to get the details and see if you qualify.
http://hap.usace.army.mil/ |
IT'S TIME TO VISIT CHARLESTON, SC AGAIN!
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With all there is to do in Charleston, SC, it's time to visit us again. The weather is beautiful and activity abounds in the Low Country. The Preservation Society of Charleston is hosting its 32nd Annual Fall Tours of Homes and Gardens. This five week event begins on September 25 and ends October 26, 2008. Their goal is to educate, plan and encourage the preservation of Charleston's architecture, history and culture. It is our Nation's oldest non-profit organization. www.preservationsociety.org.
Another moonlight mixer is scheduled at the Folly Beach Fishing Pier on Friday, September 12, 2008. Dance the night away under the stars with local DJ, Rob Duren. Food and drinks are available at Locklear's Beach City Grill. Admission tickets are required. Check out www.ccprc.com. for this and many more upcoming and ongoing events.
The Charleston Music and Heritage Festival is scheduled for Saturday, October 25, 2008 at Brittlebank Park. You won't want to miss this funfilled event. www.chazzfest.com.
And of course we have our Charleston Harbor tours where the views and scenery are magnificant. You are sure to enjoy the beautiful harbor, historic Battery, views of North America's longest cable-stayed bridge, our beautiful dolphin, indrecible sunsets and so much more. www.schoonerpride.com.
North Charleston is hosting its annual Festival Hispano Sunday, October 5, 2008 at North Charleston Wannamaker County Park from noon until 6pm. There is fun for everyone at this event. www.ccprc.com.
Then there is Mepkin Abbey in Moncks Corner, where you can take in the peaceful Trapist monastery and its famous gardens. You will also see the Cooper River much as it appeared during the plantation era. It's full of special charm, beauty and history. www.mepkinabbey.org.
In nearby Summerville, Wassamassaw Community Park has recently opened. It's pet friendly and beautiful. There are lots of other upcoming and ongoing happenings in Summerville too. Check it out! www.summerville.sc.us.
Don't forget to visit the City Market, shopping on Upper King Street with galleries and shops galore, our fabulous restaurants featuring local produce and seafood, our beautiful Historic Plantations, beaches, museums and so much more!
Hope to see you soon!
Lisa Thompson www.RealEstatefromLisa.com 843-270-2221
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2009 Charleston Market Real Estate Recap
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2009 Real Estate Market recap Many homes are still overpriced and simply won't sell. It's predicted we have a 5 year time period for recovery to 2005-2007 pricing, which is very good compared to other parts of the country. Also Charleston was listed as one of the top 5 real estate market cities for 2010; remaining pretty flat at a +0.18% projected value increases. The 5 markets were taken from Moody's Economy.com data on the largest 100 metro areas. The article is located in http://www.smartmoney.com real estate-The 5 best markets for 2010. During the first quarter of 2009, the Charleston market struggled to regain its footing after the tumultuous end of 2008. January started the year with the lowest sales the area has seen in more than eight years, and a median sale price of $176,750, comparable to end-year numbers in 2004. However, throughout the year, sales increased steadily and median sale price rose at a slow, but healthy pace. By June, sales were back into the 700’s for the month and median sale price peaked at $193,000. July saw an annual sales high of 796. November saw an unprecedented 783 sales, an 80%increase from the same time, one year ago. This was the first time sales had shown an increase in November since 2007. Going into the final month of 2009, the Charleston market continued to show signs of recovery. WhileYear-to-date sales are approximately 11% less than 2008 levels and median sale prices are down about 9%, the consistent month-over-month gains we’ve seen in the final months of 2009 suggest a stabilizing market. The expansion and extension of the homebuyer taxcredit should help the market continue to grow and recover into 2010. *all data and information is current as of December 10, 2009, CTAR MLS |
Charleston Real Estate News
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November 2009: Sales Up 80% Date: 12/10/2009 Charleston-Area Residential Real Estate Sales Soar in NovemberCharleston County Home Sales Double Over 2008 Levels, Leads Regional Recovery CHARLESTON, SC—(December 10, 2009) The Charleston-area residential real estate market continues to show signs of a strong recovery. Led by incredibly strong sales in Charleston County, preliminary data from the Charleston Trident Association of REALTORS® showed 783 closed transactions in November, with a median sale price of $173,000. As of December 10, 2008, 435 properties were sold at a median price of $185,503. This month’s numbers reflect an unprecedented 80% increase in sales and the third consecutive month of increases. This type of activity is uncharacteristic for November, and likely attributable to the passing of the original homebuyer tax credit deadline, which was November 30. The tax credit deadline has been extended to April 30, 2010 and expanded to include provisions for existing homeowners. Inventory sits at this year’s lowest level, with 9,429 properties listed as “active” with the Charleston Trident Multiple Listing Service, as of November 30, 2009. BERKELEY COUNTY Home sales in Berkeley County were up 65% in November, with 196 sales at a median price of $154,700, compared to November 2008’s 119 sales at $170,000. CHARLESTON COUNTY Charleston County showed the greatest gains in the region during the month. Sales doubled over last year, and median prices are within 1%of 2008 levels. 361 properties changed hands in November at a median price of $225,000, in stark contrast to 2008’s 170 sales at a median price of $227,738.
DORCHESTER COUNTY Sales continued to be strong in Dorchester County, up 42% year-over-year. 199 properties sold at a median price of $150,000 this month, compared to 140 properties at a median price of $169,995 in 2008. |
Relocating to our beautiful Charleston, SC area? This city is as naturally beautiful as it is historically rich, and its residents are a wonderful group of friendly people from all over the world. The historic downtown district is loaded with century’s old glimpses into the past along with excellent shopping, dining, boutiques, galleries, antique stores and cafes galore.
People move to this great area for a multitude of reasons. Corporate executives find themselves in fortunate circumstances when transferred here. Health care professionals seek out the excellent medical facilities for career enhancement. Military personnel are delighted to transfer here. Retirement to the Greater Charleston area is a dream come true for many people each year. Everyone cites the location, mild climate, access to water and beaches, beautiful natural surroundings, excellent health care and cost of living as main factors in deciding to make this area their home.
The North Charleston area is the shopping capital of South Carolina and is home to the Tanger Outlet Center, a 14,000 seat coliseum and Whirlin’ Waters, our most exciting water park just to name a few highlights.
Summerville is one of Greater Charleston’s real estate hot spots. The area has grown 35% in the last five years, making it the fastest growing town in the state. Summerville is Dorchester County’s largest city and has the reputation for the best school district in the State of South Carolina.
There is so much more I could share with you but I’m running out of room. Can’t you tell I love it here! After living in Connecticut most of my life, it’s like paradise here to me.
As a full time, full service Realtor®, I am available to provide the professional services you deserve, whether buying or selling. I look forward to the opportunity to assist you with your home buying and mortgage finance needs. Feel free to call me on my cell phone or contact me via e-mail. I will get back to you. It’s my pleasure to be of assistance to you.
If you want to make your next move in life where the historic meets the sea, well that is Charleston, South Carolina.
It is a historic town that dates back to the 18th century, with its old storefronts and other building that have been well preserved for all to enjoy. You still can enjoy a carriage ride pulled by horses, just as people did many, many years ago. The other point of interest is the Port of Charleston, with its cruise ship berths, its imports and exports out of the port and of course, you have the military base. The beautiful boardwalk gives you the essence of being out among the wonderful ocean breezes.
There are also many businesses that have relocated to Charleston due to its vast availability to people which equals a work force. The town is very centrally located and, with the port readily available, it is easy to ship items in and out of the area. This town also has a very successful tourism industry. In 2007 it was up to $5.1 billion in tourist dollars.
Real Estate is still affordable on average. There are many new developments that have been erected. Many builders offer larger homes and larger lots in this area of South Carolina. Many tourists have visited this area and love it so much, they come back and purchase a new home or a vacation home.
So, if you are looking for somewhere new and fresh with a light hearted atmosphere and beautiful surroundings, visit Charleston, South Carolina - you will be sure to fall in love.
Charleston, SC: A Great Place To Live and Work
When we think of Charleston, SC, we think of miles of beaches and waterways, a wonderful year ‘round climate, entertainment, romance, performing and visual arts. This is a great place to vacation but have you ever thought about living here? No? Well, think again! Outside magazine has cited this fine city as “the best place to live” and “a job market leader” by Biz-journals. It’s becoming a great choice for seasoned professionals and for younger adults looking for a good job market and stability. There are few places in the world where you find quality living and opportunity coupled with culture and excitement.
Regardless of your reasons for moving to Charleston, there are many reasons why you should purchase a home versus rent such as tax advantages. Mortgage Interest and real estate taxes are tax deductible plus when you sell a primary residence and you’ve lived there for two years of the past five, and you are married filing jointly you can enjoy tax free profits. If you are single or married filing separately, you can enjoy tax free benefits up to $250,000. You can build equity over time and you enjoy the satisfaction of owning your own home. Because you can borrow against your home, it can also serve as a source of funding.
Now is a good time to buy. Interest rates remain low and there are some really good buys in the market. Sales are more competitive and there are some incentives that are appealing to you as a buyer.
Fact is, the Lowcountry is a hot market with area growth ranking 22nd in the nation and 6th for job growth.
Owning a home is probably one of the biggest investments you will ever make and taking the plunge is now possible with as little as 3% down and sometimes zero down. Here are some advantages of ownership: It’s a great time to get a good deal on a home and a great way to buy with equity and then build on that equity over time; you can deduct the yearly mortgage interest and real estate taxes from your federal and state income tax if you itemize; and homeownership offers a sense of accomplishment and usually a first home leads to a better second home.
After you’ve decided that you want to buy, determine a price you can afford. Any bank can pre-qualify you so you know what an estimated house payment and loan amount will be before you start looking. Seek out a reputable real estate agent. A realtor can find and show you more houses than you could possibly find on your own based on your criteria. You probably have an idea of what type of home you want by now. Insist on a home and pest inspection. Your professional realtor can assist you in options for attorneys, inspections, utility hook ups and repairmen.
So now is a good time to buy! Selection is grand and pricing is great. Mortgage interest rates remain relatively low. We are in a buyer's market in a lot of areas around the country. Buy armored with knowledge and take advantage of the present marketplace. ...
People who enjoy the richness of beautifully preserved historic architecture will find the city of Charleston, South Carolina a very unique location in America for Real Estate.
Charleston’s rich blend of unique historic homes is nestled within the five boroughs of the downtown area. Surrounded by a landscape blessed with care and attention to every detail, homes are available with distinctive architecture dating back into the 18th and 19th centuries. As an example, the French Quarter district contains homes exemplifying early Georgian design that are nestled within beautiful gardens and airy piazzas. Most of the real estate within the French Quarter is within the original walled city dating back to 1704 and has a distinctive bohemian atmosphere of pirate taverns and cobblestone streets that are lined with slate tile sidewalks.
Another example of fine historic property is the borough of Harleston Village. Located upon the peninsular area of Charleston, the architecture of these homes is distinctively antebellum in nature and dates to 1770. A feature of this borough of Charleston is the blend of historic homes amid modern upscale townhouses. Homeowners gather daily for walks along richly manicured streets and shops.
Charleston offers the advantage of hometown atmosphere and real estate choices that are among the finest in America.
Imagine yourself in the borough of South of Broad Street. It was in homes of this area that George Washington slept in, Robert E. Lee dined in and Teddy Roosevelt socialized in. It is indeed a rare combination of Georgian architecture and historic significance. Investment in real estate of this borough is a financial reward and well as a sound choice.
Pricing is extremely important when trying to sell a home. If the house is overpriced it will lose some of its appeal after a few weeks. Some realtors say that if the house is under priced that it will likely draw more offers and will be able to drive up the price that way, but that doesn’t always happen either. Basically, the price of the home needs to be comparable with other homes in the same locality, so check out the competition.
All personal feelings should be set aside from the situation. Don’t make up a price based on original purchase price and all the improvements that have been done. Invite in three real estate agents and get their opinions, some may be high and some mayb e low, so that there is an average price with no bias. Do the research check out other homes in the neighborhood. Look at houses that have been on the market for a long time and look at their pricing. Get a CMA (Comparative Market Analysis). Calculate the price per square footage and compare it with other homes in the same neighborhood. Make an educated decision on the price and make sure that there is room for some negotiation.
Once the price has been decided, make a plan. Decide what to do if it doesn’t sell after a couple of months. What can be done to sweeten the deal? Look at what can be offered instead of changing the price. Remember that overall, it is buyer’s market; try appeal to as many buyers as possible.
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Online Reports
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To enhance your buying and selling experience, it’s our job as real estate professionals to provide you with as much valuable information as possible. It is essential that the buyer or seller be aware of all aspects of the real estate market before making a major decision. Whether it be through newsletters, checklists or news articles, we are here to make this process stress-free and rewarding. Please access our free reports today!
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