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

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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…

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West Ashley Real Estate "Deal of the Week!"

1336 S Sherwood Dr only $212K!

**Update: Sold in 5 days...Thanks everyone

This is it!  This is the best deal I've seen in a year at this price point.  The sellers have meticulously upgraded this home over the last 5 years, and it shows.  I know this is cliche in this business, but I fully expect this listing to sell immediately, that's how confident I am that this is a great deal.

3br, 2ba, 1636 sq ft.  Fresh paint on the exterior, interior, and ceilings.  An urban kitchen boasts butcher block and concrete counter tops, stainless appliances, white subway tile backsplash, and espresso cabinets. Gleaming hardwood floors help show off this home's open floor plan.  Bathrooms are completely renovated.  Oh, but I have saved the best for last, this home has…

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Good Morning America names Charleston in "Top 10 Cities for a Real Estate Bargain"

Zillow.com and Good Morning America revealed what they've deemed as the "Top 10 cities to bargain for a house".  Zillow said several factors were used to determine the cities mentioned including "where buyers were able to negotiate the biggest discount off of the list price".

Here are the Top 10 Cities:

1. Naples, FL
2. Cape Cod, MA
3. Charleston, SC
4. Merced, CA
5. Chicago, IL
6. Atlantic City, NJ
7. Cleveland, OH
8. New York City, NY
9. Flagstaff, AZ
10. Pittsburg, PA

The #1 example in Naples cited buyers having a full 7% off of list price in home sales.

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What is an EarthCraft Home?

An EarthCraft Home is the idea that a healthy, comfortable home can be built that reduces utility bills, while protecting the environment.  The idea is to minimize environmental impacts, and to follow a systematic approach to homebuilding that utilizes the importance of understanding how the different components of a home work together.  This means that the home performs better, is more economical for the homeowner, but it costs a little more than your normal construction costs.

This can be achieved by using certain qualifying materials, addressing energy efficiency, indoor air quality, waste management, resource efficiency, durability, and water conversation.  While EarthCraft Homes may be a little more expensive up front, the idea is that it should…

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Senate Approves Homebuyer Tax Credit Extension

The Senate today voted unanimously Wednesday night to extend the $8,000 tax credit for home buyers beyond its scheduled November 30, 2009 expiration date.  The credit would be available for contracts signed by April 30, 2010 and must close by June 30, 2010.  Under the new legislation the credit will also now apply to home buyers who are buying their second or subsequent home.  The credit currently applies only to first time home buyer.

The Senate vote was 98 to 0.

Under a compromise reached late last week, the tax credit for veteran homeowners will apply only to those who have lived in their current residence for at least five years.  The credit for these buyers will be capped at $6,500 while first time buyers will continue to receive $8,000.

Income levels…

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Good News, Pending Home Sales Up...Again

Good news in a sluggish economy- Pending homes sales increase.  A NAR (National Association of Realtors) Pending Home Sales index reported more pending homes sales in July than in June.  The NAR index, making its sixth straight increase, showed an increase of 3.2% in July, the quickest climb since the group starting tracking the market 10 years ago.  This was up 12% from July's '08 level.  This reading has far exceeded forecasts of economists that were surveyed.  The first-time homebuyers tax credit is cited as the major reason for this trend.  The NAR index also shows that the West out-performed the Northeast and Midwest, jumping over 12% in July, and that the South also did well.

This increase was much better than the 1.5% increase economists were…

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