Running Charleston Foreclosure List for July and August 2010

Charleston Foreclosure List for July & August 2010

I am seeing a tremendous amount of foreclosures lately, with some clients being very happy, and other clients walking away from a horrifying situation.  If you plan on purchasing (or are a part of) any short sale right now, please take a look at the list and make sure that the short sale you’re after isn’t listed.  While short sales and foreclosures are often glorified, they are not to be taken lightly- you need to be prepared and have a knowledgeable agent to represent you.

For instance, did you know that even after a foreclosure is sold at the courthouse steps, a seller may still buy the house back from under you?  It's called a Right of Redemption.  Please let us know if you have any particular…

2563 Views, 1 Comments

An update to the Charleston, SC Real Estate Market

Here are some random thoughts on the market.  Instead of just keeping them to myself, I wanted to share.  Sorry for the short, rambling thoughts...

Good news:
First quarter 2010 statistics:
MLS sold units are up 10.3%
1591 homes

New listings are up 5.3%
Active inventory (homes on the market) 3/31 is down 6.4% (great!)
9,036 – lowest in 4 years
Supply and demand ratio improving
Still needs to be half – 15 months supply
Won’t happen for awhile – REOs and Short Sales

Prices
National media positive for Charleston
Lifestyle, new jobs
First quarter compared to 2009
Average sales price - $275,000 – up 9.1%
Median sales price - $189,000 – up 4.7%

On surface, positive news but let’s understand the numbers
Not address to address appreciation … impacted by
some exceptional values…

2363 Views, 0 Comments

It's Time to Lock in Rates, Buyers

I hope everyone had a great weekend here in Charleston.  It was absolutely beautiful, which is yet another reason we all live here.

After a significant jump in rates to start the week last week, rates settled down slightly at the end of the week and into the start of this week.  Unfortunately, I think we've begun a pattern that will continue throughout the rest of 2010...rates will be very volatile and moving up and down constantly, with a trend upwards.

If you're considering moving very soon, then I might suggest locking in your rate now.  Rates are constantly changing, so be sure to contact your lender.

Make it a great week!

-Mike

2253 Views, 0 Comments

February Home Sales up 22% for the Charleston Region

According to new data from the Charleston Trident Association of Realtors, homes sales were up 22% in February over last year for the Charleston, SC region.  A total of 509 homes sold in the Charleston area, and this was up from last year’s number at 417 in February of ’09.  The Tax Credit seems to be pushing these numbers.

The median home sales priced did not change much, it was at $179,900 for this February and last year’s was $179,450.  Since the beginning of the year, 851 homes have sold in the Charleston area, while 789 sold last year in the same timeframe.  That’s an increase of 10%.  The median sales price since January is up 5% over what it was last year.

Among the Tri-County area, Charleston County led in price increases and volume for…

2237 Views, 0 Comments

Charleston in Top 5 Markets to Fare Well for 2010

According to SmartMoney.com, the "Top 5" areas in the country that should have home prices performing the best for 2010 are:

• Tacoma, Washington (increase of 2.44%)
• Memphis, Tennessee (up 0.99%)
• Pittsburgh (up 0.89%)
• Charleston, South Carolina (up 0.18%)
• Seattle (decline 0.50%)

Of course, one of the reasons being cited is because of Boeing building their 787 aircraft plant in Charleston, but also because the number of homes on the market in Charleston is declining, and our prices have remained in sync with household income over the past year.

2497 Views, 0 Comments

Video Blog on the Latest Charleston Market Info

Updates on the Charleston Real Estate Market

Here is some updated information on the extended Home Buyers Tax Credit, as well as some statistics on how the Charleston real estate market performed as a whole for the end of 2009.  Don't forget, the First Time Home Buyers Tax Credit has been extended until April 30th, 2010.

Play the video to take a look at what the Tax Credit did for home sales in October.  Pretty staggering, really.  Signed purchase agreements were up 67.8% in October from a year ago.

Video provided by the Charleston Trident Association of Realtors.

2395 Views, 1 Comments

Is the Charleston Real Estate Market Getting Better?

The Charleston real estate market has been in a slump for the past four years...When will this trend end?

Well, there is not going to be a clear-cut, definitive turnaround if you're looking for one.  Real estate, which has traditionally been a solid investment, has been jittery (at best), right along with every other market.  There isn't going to be a solid, radical change in direction in the Charleston real estate market in the immediate future.  There are just too many foreclosures and short sales coming up on the market, which are still keeping home values down.  While home values nearly doubled from 2000 to 2006, the average has fallen somewhere around 30% in most Charleston areas.

But are things getting better?

The Charleston real estate market…

2403 Views, 0 Comments

Real Estate Statistics for Downtown Charleston (The Peninsula)

I have been showing a lot of property in downtown Charleston on the Peninsula lately, and have noticed things seem to be a bit slow.  I was showing a property to some clients of mine and the listing agent had told me a surprising statistic.  She mentioned that downtown Charleston, on the Peninsula, has seen an increase in the volume of homes selling for the last 3 years.  She also mentioned that the Peninsula alone had a market entirely on it's own, outside of the rest of Charleston.  While I agree with her that the Peninsula has it's own market independant of other Charleston areas, I was floored that the market on the Peninsula saw an increase for the last 3 years.

I decided to delve further into the MLS and find out for my self the performance of the…

2165 Views, 1 Comments

A Few Good Changes in the Mortgage Industry Lately!

Yes, good news amid a slurry of seemingly bad news over the last year.  It seems that banks were tightening more and more as the year went on, but now we have a some great news.

Here in Charleston SC, Carolina One Mortgage is offering some changes to mix things up.  Condos and second homes now seem to be a little more affordable:

Condos:  Up until now, you had to put down 10% towards a condo purchase.  This has been shortened to 5%.  If you’re buying a $200K condo, that’s $10,000 less that you’d have to put down!  This is great news for first-time homebuyers who can still take advantage of the $8,000 tax credit.

Second Homes:  Here again, up until now you had to put down 20% towards the purchase of a second home.  Now you only need to put down 10%.  So…

2547 Views, 3 Comments

Market Update for Charleston, SC Real Estate

The expiration of the federal tax credit for first-time homebuyers still seems to be spurring activity in the Charleston market.  Pending sales were up 23.8% in August, which marked the largest increase in pending sales since 2005.

There are fewer new listings on the market, with 1,583 new listings in August, which is a 6.8% decrease from last August 2008.  This is great news, which means less housing inventory to absorb.

Prices are still in decline, showing a 5.2% drop from last August 2008.  However; this is a smaller decline than seen in prior months, indicating that prices may be a little stronger...slightly.

Here are some visual market stats for you, taken from the Charleston MLS:

3111 Views, 2 Comments