Charleston SC Real Estate Blog

How Does a 2/1 Buydown Work when Buying a Home with a Loan?

What is a 2/1 Buydown?  How does it work?

As this real estate market becomes a little more balanced between buyers and sellers, we all need to shift our focus on the elephant in the room:  High interest rates.  So what is a 2/1 buydown, and how does this not only help buyers, but also sellers in selling their house?

This is actually an amazing tool for sellers (as a home selling marketing plan) to offer buyers when selling their house.  You can take a look at the numbers below, to see how much it would cost a seller, and how much savings the buyers would realize.  It's actually quite astonishing just how much someone saves in the first and second year!

A 2/1 buydown is a type of mortgage financing arrangement where the interest rate on a home…

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Upcoming Problems in the Charleston Real Estate Market?

The selling market in Charleston right now is incredibly good.  We have been on a tear in most of Charleston with available houses for sale (inventory) being really low.  Which of course keeps demand high, and increasing prices.  Coupled with so many folks moving to Charleston in search of a home, things have been fantastic for home sellers.  Fortunately, most lowcountry residents have been able to take advantage of this through the years with your home value skyrocketing!

But...  Are we topping out right now?  We've been talking in the real estate industry about home insurance premiums almost doubling for some homeowners and the Fed raising rates again this year.  I've read potentially 2 more times this year.  Which would of course continue to make…

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What does the Spring 2023 Charleston real estate market hold for us?

Hello clients and friends,

Over the last week Dave Samson (CFO within Carolina One) has looked at what is happening with Charleston home sales levels (surprisingly strong relative to our expectations) and what is happening with house inventory (inventory is low and declining as is normal seasonally before it starts to climb some in the spring).

Today I plan to address pricing and the direction that prices are moving.

What is worth knowing in this estimation:

(1) Prices are holding up very well in Charleston. Median sales prices market wide have held steady inside of a very narrow band since last February (12 months) and appear to be poised to hold this trend.
(2) The rate of price increase, measured year over year, has slowed…

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What are the differences between Isle of Palms and Folly Beach?

What are the differences between Isle of Palms and Folly Beach?

Isle of Palms and Folly Beach are two separate coastal communities located near Charleston, South Carolina. Isle of Palms is a larger, more developed community that is located on an island off the coast of Charleston. Folly Beach is a smaller, more laid-back community that is located on a barrier island to the south of Charleston.

There are several key differences between Isle of Palms and Folly Beach, including their size, location, and character. Isle of Palms is a larger community, with a population of around 4,600 people. Folly Beach is smaller, with a population of around 2,500 people.

Isle of Palms is located on an island off the coast of Charleston, and is accessed by a…

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Where are the best areas to live in Mount Pleasant?

Where Are the Best Areas to Live in Mount Pleasant?

Mount Pleasant, South Carolina.  Such a great place to live!  It borders historic downtown Charleston, while also bordering Isle of Palms and Sullivans Island beaches.  As one of the first locations settled outside of downtown, this location has one of (if not THE) largest draws of any community in Charleston.  I've personally seen Mount Pleasant grow tremendously over the decades, and while 'change is inevitable, growth is optional', I've loved the growth that Mount Pleasant has experienced.  The last census says that Mount Pleasant's population is right around 92,000.  Which is the 4th largest city in the state of South Carolina.

But with such a large surface area and population, how does one…

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Website Makeover; Our New Look!

After our first website launch in 2009 here at BuyingCharlestonRealEstate, we've had many different websites/looks over the years.  I'm proud to say I believe this one should be the best for all of those looking to buy or sell a house here in Charleston.

We've added a number of different features for those looking at houses or land, and also have a great sections for those that want to SELL their house in Charleston.  With so much competition now (we were actually one of the top 3 websites in Charleston before Zillow and the big ones came along), we have to constantly change things up to ensure you have the latest technology and tools available at your fingertips.

A few of my favorite items:

• Communities/Areas Page - Shows the communities…

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Fun Things To Do in Charleston for November!

As we begin the long run-up to the holiday season and look forward to family gatherings ahead, Charleston is still as lovely and welcoming as ever. In between holiday shopping and gift wrapping, you may want to take in a few of the local highlights planned for November.

• The Fall Tours Continue! Homes, History & Architecture, October 7 - November 6 2021. Tours of selected beautiful private homes and gardens in downtown Charleston, plus walking tours and other events. Ticket purchase required.
• James Island County Park hosts the Annual Holiday Festival of Lights, starting Friday, November 12th through December 31st.  Marshmallow Roasting, Festival Train Rides, the Enchanted Walking Trail, Old-Fashioned Carousel, Santa’s Sweet Shoppe and…

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Buyers are Tired of This Sellers Market- And They Are no Longer Going to Take it!

What an incredible whirlwind the Charleston real estate market has been lately.  Little home inventory on the market, multiple buyers, sellers calling the shots- all of it...loved by sellers, but hated by buyers.  Well I think it's finally time to let you know that...

BUYERS ARE NO LONGER GOING TO TAKE IT.

We are actually seeing a change in the market from as early as 6 weeks ago.  You see, we've been in a sellers market since the onset of Covid.  No surprise there.  And because Covid has hit us so hard- sellers were not showing houses in the spring of 2020.  So there was a lack of available homes for a large portion of 2020.  Not to mention that after Covid- folks from NYC, Ohio, and California were all leaving large cities and coming to…

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How do I find out about the local areas in Charleston, SC?

So if you are not from Charleston, South Carolina and are making a move to this wonderful city- how do you navigate the subtle but sometimes drastic differences between the areas surrounding Charleston? Because each and every area within Charleston has its own vibe. Its own personality, and subculture.

Most people moving to Charleston have an idea of what they’re looking for.  Whether they’ve created this idea/potential reality over the span of a number of years, or whether they’ve gone back to their roots and would like to live in something similar to their childhood home- we all have our own ideas of a perfect place to live.

But how are you expected to move to a city where you don’t know anyone, and don’t know the difference between living in…

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Great! You have a real estate contract, now what?

Congratulation on your purchase contract! A job well done on being masters of HGTV staging, landscaping pros, and social media sellers. It is now time to relax and coast to closing. Right?

A lot of buyers and sellers feel it's now okay to ease up, and all that's needed is paperwork for the lender, and frequent communication from your realtor that everything is rolling smoothly. But as any realtor will tell you- now is when the difficulty or success begins (it's all how you look at it).

Whether you're a seller or a buyer, there are a number of items that need to fall into place in order to have a smooth, successful closing.  But what are those items?  I've come up with a list that I've used over the years here in Charleston that I hope you'll find…

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