April 2013

Home buyers relocating to Charleston, SC often ask us about the climate of our city. Charleston has a mild year-round climate, so it’s no wonder that it’s becoming the destination of choice for young and experienced professionals as well as college students and retirees. Usually people who have spent any time in Charleston have a difficult time leaving because of the miles of beaches and gorgeous marshes, not to mention the local cuisine rivals that of New York and Chicago. Outside magazine says that Charleston is the best place to live on the East Coast and Bizjournals says that Charleston is a job market leader. There is definitely something for everyone in this lovely southern city.

Springtime brings the surfers out, and the festivals are at

What is the difference between an adjustable rate and a fixed rate loan? Adjustable rate loans (or ARMs) can be tempting because of the lower initial interest rate, but they come with some risks. It is very important to be educated on the interest rate environment, the local Charleston real estate market, and how ARMs work. You also need to be quite certain of how long you will own the home. Fixed rate home loans generally have a higher rate, but they provide more security with regards to your payment amount and interest rate. Fixed rate loans are seen much more in Charleston than they were back in early 2000.

Adjustable rate mortgages offer many attractive advantages. ARMs have lower rates and lower payments at the beginning of the loan term.

Which type of loan should you get? Purchasing a home is one of the single biggest investments most people make, so it’s a good idea to research the best ways to pay for your home. There are three main types of loans to consider: FHA (Federal Housing Administration), VA (Veterans Administration), and conventional. FHA and VA loans are government backed, which means that if the buyer defaults, the government will ensure full payment to the lender. Conventional loans are not backed by the government and usually encompass any loan that is not an FHA or a VA loan.

VA loans can only be obtained by veterans and active military personnel. People who qualify for VA loans are not restricted to using a VA loan, but many who qualify choose to go the VA route

This is going to be a great week to get outside and enjoy our gorgeous weather. Next weekend is supposed to be in the low 70’s! Here are a few upcoming events to consider:

• The Town of Mount Pleasant Blessing of the Fleet and Seafood Festival: Sunday, April 28 from 11:30 AM to 6 PM. The festival is a free event and features a boat parade and ceremonial blessing of the shrimp and fishing fleet, plus seafood samplings from local restaurants, live music, an arts and crafts show, dancing, shrimp-eating contests, and family-friendly activities. Located at the Mt. Pleasant Memorial Waterfront Park on Harry M. Hallman Jr. Boulevard (you’ll see the Mount Pleasant Pier pictured, which is part of this park that’s located adjacent to the Ravenel Bridge).

Compared to last year, Charleston has a lot more to offer in 2013 for new construction homes. Charleston new construction homes have grown recently to meet the demand for more inventory. West Ashley, in particular, has some great options in the $200K to $350K range being built by Beazer Homes in Bolton’s Landing as well as by Centex Homes and Pulte Homes in Carolina Bay. The West Ashley area is located just southwest of downtown Charleston. The drive from either neighborhood is about 15 to 20 minutes to downtown Charleston and about 30 minutes to Folly Beach. The Citadel Mall, Costco, and many other local and chain retail shops are scattered throughout West Ashley. Don’t forget to ask for your Hometown Hero discount for doctors, nurses, EMT/paramedics,

The Charleston real estate market has had the strongest quarter we’ve seen in years! From January 1 to March 31, Charleston sold 2,361 homes with a median sales price of $193,000. Comparing this quarter to the same time last year, that’s a 16.5% increase in the number of sales and a 7.3% increase in the median sales price.

As the inventory of homes for sale continues to decline, we’re seeing more new construction projects in the area. However, many of these subdivisions and subsections won’t be available until later this year or early next year. A growing demand for homes combined with the decrease in today’s inventory has resulted in significantly higher prices for these new construction homes – not to mention the recent cost increases for lumber

What is the difference between a condo and a townhome? We often get this question from home buyers, so we decided to sum up the many conversations we’ve had into a blog in hopes that it reaches more people who are currently weighing the pros and cons of each. The technical difference is that the two property types are deeded differently. When you purchase a condo, you are purchasing the air space and not the land that the condo sits on. Townhomes are deeded as fee simple homes, meaning the buyer will actually own the tract of land that the townhome sits on, which makes lenders more apt to lend money on them. The West Ashley real estate market is a great Charleston market to find affordable condos and townhouses, so we’ve also included some of the most

Spring is here, so let’s get outside and enjoy our favorite time of year in Charleston!

• Plow to Chow Cooking Demonstrations: On Saturday, April 13 local restaurants and farmers will offer cooking demonstrations during the Charleston Farmers Market. The Charleston Farmers Market is one of our favorite weekly events. It generally runs until late fall and features fresh local produce, flowers, homemade goods, art, jewelry, and food vendors. This particular cooking demonstration will be free, and you’ll find many other free events and entertainment at the farmers market throughout the year. Marion Square is located at the Calhoun and King Street intersection in Downtown Charleston.
• Founders' Day: Also on Saturday, April 13 from 10 AM to 5 PM,

When purchasing a new construction townhome in Charleston, West Ashley offers the best variety and affordability. Hunt Club, Ashley Park, and Middleborough in Shadowmoss are some of the neighborhoods currently offering newly constructed townhouses in West Ashley.

Hunt Club is a great place to find a brand new townhome with low HOA and regime fees. Fees are only $585 per year for HOA and $49 per month for the regime. These DR Horton homes are about 1,500 square feet with 3 bedrooms, 2.5 baths, and a one car garage. The homes’ exteriors are built with beautiful hardy plank and stacked stone which gives the neighborhood a cozy feel rather than having all of the homes looking the same. The floor plans are open and have a galley kitchen with plenty of