The MLS stats are in for November 16-30, 2012. When comparing YTD (Year to Date) numbers for 2011 and 2012, here are the findings:
5,213 Active listings in 2012 compared to 6,488 in 2011 (that’s a decrease of 1,275, or 20% fewer homes for sale than this time last year)
the number of closed homes for 2012 was 9,325 (remember that this was a few weeks ago) compared to 8,227; this is an increase of 1,098, or 13% listings that have closed
These numbers show that the Charleston real estate market as a whole is recovering well. If we focus on specific areas, here’s what we find:
areas with the highest number of closed homes include West Ashley (with 40 closed homes in this two week period), James Island (24 closed), North Charleston (60), Mt.
We’ve gotten a lot of mortgage questions recently, so I wanted to take a minute to explain the hype about the very low interest rates we’re seeing right now (rates are holding steady around the 3.5 to 4% range). A 1% change in interest rate produces a 10% change in purchasing power. So, for example, let’s say that you can afford a $300K home at a 4% interest rate. If interest rates go up to 5%, you’ll only be able to afford a $270K home. In other words, you’ll be making the same monthly payment, but more of that money will be spent paying interest rather than the house itself.
Although interest rates are expected to remain low over the next year, home prices are not in the Charleston real estate market. In fact, Charleston’s prices have risen 6% so far
The Charleston real estate market has continued its trends of lower inventories and rising prices. The inventory of homes for sale is down 21% from last year causing the number of days on the market to drop significantly. Right now, the homes that are priced well and show well are selling within a week or two of being listed, often with multiple offers.
What does this mean for you as a buyer? When you find a home you want to see, let us know so that we can make an appointment! Acting quickly will boost your chances of being able to purchase that top pick among the homes that are your favorites. Prices are no longer going down, but rather trending up, so right now we are seeing many buyers ready to purchase who had previously waited for the bottom of the
Here are a few enlightening holiday events coming up in the Charleston area:
Mt. Pleasant Christmas Parade and Tree Lighting: On Sunday, Dec. 9 at 5:30 PM, gather at Moultrie Middle School in Mt. Pleasant for the tree lighting and a fireworks display. Then stay for the parade down Coleman Blvd.
Grand Illumination: From 6-8 PM on Thursday, Dec. 13 and also Friday, Dec. 14, you can step back in time to a Christmas of 1782. Wander through candlelit and torchlit gardens and hear costumed interpreters tell stories of the holiday season when the British evacuated Charleston at the end of the Revolutionary War. Afterward, enjoy a fire and a Southern buffet dinner in the Pavilion. Located in West Ashley at Middleton Place, 4300 Ashley River Rd. $45/adults,
If you're looking to build a custom home with easy boat access, be sure to check out this new land listing on Johns Island. This lot has plenty of space and privacy - it's located on a pond with .66 acres. It's in Gift Plantation, which is one of the most desirable communities to live on Johns Island. Amenities for Gift Plantation include a pool and clubhouse, tennis courts, and dock. A public boat ramp is just 1 minute away which provides easy access to the ocean and the Charleston Harbor.
This is the least expensive lot for sale in Gift Plantation by $20,000! You won't find a better lot for the location and price. This new listing is ideal for investors or for anyone looking to reserve a lot now and build later in a great community with custom built
I wanted to bring a new listing to your attention. A home was just listed yesterday in one of the most sought-after subsections of Park West. This home is ideal for buyers looking for a classic Charleston style home with great architectural details – but without the hassle of living downtown or the upkeep of an older home. I’ve included the remarks section of the report below so that you can read about the home’s features. For more information and pictures, click here!
Classic 1900's Quality in a 1 Year Old Home!!! Immaculate 5 bed., 4.5 ba. home in the most desired area & school district in Chas., Mt. Pleasant! This home has the solid quality and feel of an early 1900's Downtown Charleston home...one that was built w/ care & detail to last a…
There are hundreds of factors to consider when selling a home. However, the presence of asbestos is not often taken into account. Asbestos is a hazardous material – but only under certain conditions. For this reason, it is important to obtain a home inspection and asbestos consultation to help reassure potential buyers that while asbestos may be present, it is not typically immediately hazardous.
Many believe asbestos to be a problem of the past. However, they may be surprised to learn that asbestos can be found, in some form, in nearly 80% of structures built prior to 1978. Asbestos materials can be found almost anywhere in the home but are most common in pipe linings, boilers, insulation, and HVAC ductwork. This is not to say however, that all these…
This is the lowest that rates have been in years!!! And remember, each point dropped translates to saving about $100 per month on the same loan. So, that general rule of thumb might help to put this into perspective. I wanted to pass today's rate along to you, since we're not sure how long it will be this low. Between the low home prices, the large selection, and these good rates, it's a great time to buy real estate right now - especially for investors!
For more info on current rates, call Leah or Joel with Carolina One Mortgage at 843.795.7810!
Many buyers have been asking about the tax credit for home buyers coming up this tax year. Although this topic has gotten a lot of coverage in the news, people have gotten really confused about what it is. So, I wanted to clarify some of the misconceptions I’ve noticed when talking to home buyers.
The biggest misunderstanding about this tax credit is that every home buyer does not get it. This credit is only for first time home buyers. But, the good news is that the government usually defines people who haven’t owned a home in 3 years as first time buyers. So, you may not technically have to be buying your first home in order to qualify for this incentive.
Another misconception with this tax credit is that buyers think this credit is free…
Not too long ago, buyers were able to purchase homes without making a down payment. There were several options for these zero down loans, such as Fannie Mae’s My Community or Du Flex loans. An around the way (but quite popular) option for doing this with FHA was getting the seller to contribute the down payment money to a non profit organization like Nehemiah or AmeriDreams, which then granted the money back to the buyer for a fee.
Despite the popularity of such loans, lenders are now realizing that these kinds of loans did more harm than good. In short, there is no such thing as a $0 down mortgage anymore. Fannie Mae has raised guidelines for their loan products and is not allowing zero money down now.
However, borrowers who were…
