Real Estate Market Update for Charleston, SC - August 2015

Of course, with all the international kudos, awards and positive press, people around the world have found us and many are moving here.  So, our real estate market is one of the best in the US.

Through the first half of 2015 we are up by 17.5% in number of transactions over the same time period from 2014. We will easily sell over 14,000 homes this year and it will be the 3rd most active year ever.

Meanwhile, prices are rising, albeit at a lower, sustainable rate. Our median sales price is up 3.3% over the same period from 2014.

Our median home sales price is over $230,000 - the highest ever for Charleston. However, prices pe...

Events, News & Activities For Charleston, SC - August 2015 Edition

August is here and we have lots to do to help us enjoy our hot summer. See the list of events below.

August events:

8 – Antiques Rd Show Appraisal Event, N Chas Convention Center

8 – Bill Maher, N Chas PAC

9 – Weird Al Yankovic, N Chas PAC

14 – Comedy Get Down, N Chas Coliseum

15 – Glass Onion celebrates Julia Child’s Birthday

16 – Southern Bridal Show, N Chas Convention Center

27 – The Mavericks, Chas Music Hall

28-30 – Charleston Home and Design Show, N Chas Convention Center

29 – 12th Annual Grape Stomp, Irvin House Vineyards Wadmalaw

29 – Betty Wright and the Whispers, N Chas PAC

30 – Keb Mo, Chas Music ...

8 Tips For Buying New Construction Homes in Charleston, SC

We work with a lot of home buyers who end up purchasing new construction homes and have found that they many of those buyers ask the same questions.  So, we decided to put together a list of our "Top 8 Tips for Buying a New Construction Home"...

Watch Alan Donald & Meghan Bowes from The Alan Donald Real Estate Team discuss some of the top tips for buying new construction homes in the Charleston, SC area:

Download:  8 Tips For Buying A New Construction Home

If you or someone you know are considering purchasing a home in the Charleston area, give us a call to discuss your options (no obligation), 843-900-0155.

We are here t...

Changes Coming in Lending Guidelines

Courtesy of Jim Duffy of Atlantic Bay Mortgage 

"Conventional is getting easier; Government is getting tighter"

Changes are coming up in mortgage lending industry, some of which may affect home buyers.

A. Fannie Mae: Vested Retirement Funds can be used more easily. If they don't need the whole amount for down payment, then we do not need verification that the funds are liquidated from the retirement accounts. Translation: Less paperwork for buyers = happier buyers.

B. USDA Rural Housing: The Guarantee Fee (the fee that is added to the loan amount) is rising from 2% of loan amount to 2.75% of the loan amount. Bummer. That starts Oct 1; so if you are plan...

Tax-Free Weekend Coming Up August 7th-9th

​The popular Sales Tax Holiday weekend in South Carolina will begin Friday, August 7 at 12:01 a.m. and end Sunday, August 9 at midnight.

Mid-Year Real Estate Market Update for Charleston, SC July 2015

Our real estate market is very hot! Demand is high and supply is still tight, making this a "Seller's" market for most areas within the Charleston Metro.  

Matchmaking 101 for Real Estate

A low inventory real estate market, such as the one we have now in Charleston, SC, requires thinking out of the box to service our clients.

We recently received an inquiry from a fellow agent whose clients were looking for a home in Belle Hall, our specialty neighborhood, and could not find a suitable one, since there were not many options to choose from.

So we called a number of local homeowners who we knew were "thinking of selling", found her clients a suitable home and put the transaction together in ONE DAY, at top market price, with just one showing (minimum showing hassle for the sellers).

The buyers were able to find a suitable home in the neigh...

The Potential Cost of Waiting

...Should I buy now, or wait until I save some more for the downpayment..?

This is a question that we get asked very often. Our opinion is that there is no time like the present time to buy.

The combination of lower home prices (they are rising!) and lower interest rates (rising as well) makes for great home affordability. To give it some historical perspective, consider the following graphic, showing how much home affordability has changed in the last 30 years: 

Combine this with the forecast for mortgage interest rates rising into mid-2016, according to Freddie Mac: 

...and the median home price in Charleston SC area (also rising):

This table ...

Charleston SC Real Estate Market Update: Hot Market Continues!

The real estate market here continues to be one of the best in the country. Supply is holding pretty steady and demand is very high. Most listings don’t stay long on the market before they are sold at almost full list price. It’s important to have a well-connected and diligent Buyer's Agent working for you in this market, as he/she may be able to find the home you are looking for before it comes on the market. In the last few months we have sold three homes before they were put in the MLS.

Multiple offer situations are becoming common (once again!). Your Buyer's Agent can help buyers put together an offer that will beat all ...

Events & Activities in Charleston - July 2015

Charleston Strong!

We had a terrible thing happen in Charleston this past month, but our city has responded in such a positive and with determined fashion! It makes me proud to live in Charleston!  

Summer is here and it’s getting warm. July is one of the slowest months for events here in Charleston, as kids are at home and most residents are either vacationing or just headed to the beaches. Here is a list of a few of the events in town this month:

July 2 – Easton Corbin at Boone Hall Plantation

July 4 – Wondering how to celebrate the 4th of July weekend? Here are a few options for you:

1) Attend the Kickoff Party at the bus sh...

NEW LISTING - 8982 N Red Maple Cir., Summerville, SC 29485

Amazing opportunity now available with this 3 br., 2.5 ba home located in a cul-de-sac and backing to a wooded area in Wescott Plantation.  Some of the features for this home include:

• Move-in condition with upgrades thoughout
• Beautiful oak hardwoods downstairs and on the stairs 
• Crown molding with lights
• Stainless steel appliances and tall maple cabinets
• Privacy fence & two car garage

Wescott Plantation is a premiere community in Summerville that offers amenities that include a 27-hole golf course, running trails and ponds for fishing.  The Farms has a terrific amenities center with a barn-like clubhouse swimming pools ...

The History of Mount Pleasant, SC

I read this article in the Moultrie News recently and it taught me a lot about the history of this fantastic place we live - Mount Pleasant, SC. 

Browse Homes for Sale in Old Mount Pleasant and the Old Village

Caring Transitions: Resources for Seniors Relocating

As Seniors Real Estate Specialists (SRES), we also provide access to ancillary resources to help our senior clients who may be downsizing, moving to another town or moving into an assisted living facility. Many seniors (and/or their children or relatives) arrive to the conclusion that a move to a new home or living facility is the best option they have to continue enjoying life. 

Unfortunately, moving out of a home after living in it for many years can be a daunting experience for an elderly person, especially if they have recently experienced the loss of a loved one. More often than not, children or close relatives live far away or...

Events and Activities in Charleston, SC for June 2015

The Charleston real estate market is one of the best in the country right now.  Buying activity is at record levels (see closed sales graph below).

Transactions are up year to date 19.4% over the same time period in 2014. We will probably see North of 14,000 home sold this year, the biggest number we've seen since 2007. This is not surprising, given all the good publicity and the repeated accolades that Charleston has received, the job growth in the area and the attractiveness of our charming, coastal, restaurant-rich city.   

• Boeing is getting bigger and bigger. 
• Bennett Hospitality has announced a $101M hotel project for Marion Square that could add 350 jobs. 
• Alaska Airlines ...

Is Residential Real Estate Overpriced in Charleston, SC?

Recently there has been a lot of talk about the Charleston SC real estate market being "overheated" and "over-priced", similar to the "bubble" that burst in 2006-07.

I beg to disagree, I believe our residential prices are actually under-priced, and that there is no bubble, for several reasons.

1) Credit is still difficult to get. In 2004-05 credit was readily available for everyone including "risky" borrowers who could borrow 100% of the purchase price with minimal checks (stated income, no-doc loans). Today, lenders are still pretty conservative, requiring higher down payment and much more thorough due diligence.

2) Our media...

Want an elevator? Done! Want a man-cave? Done! Want a 3-car garage? Done! Want to play golf or walk on the beach every day? Done! 

Build your dream custom-built home in this golf community in Mount Pleasant. 1/3 acre lot backs to marsh for complete privacy in established community with amenities including swimming pools, tennis and a Rees Jones designed championship golf course that is open to the public year round.

Vacant lots in Mount Pleasant are becoming a thing of the past, since most new communities "package" the lot with a builder and a home. If you really want a CUSTOM-BUILT home, your choices are becoming fewer and fewer. And as demand...

Location, Location, Location! Marshfront Home in Belle Hall Plantation

 This gorgeous brick home sits on a 0.3 acre marshfront lot in the middle of Belle Hall Plantation. 

Experience the beauty of the Lowcountry scenic marsh from your back porch, dining room, kitchen, family room and master bedroom! This 4-bedroom, 3.5 bath traditional home features hardwood floors and crown molding throughout the first floor, with the exception of the powder room and the laundry room which have tiled floor. The kitchen has granite countertops and tile backsplash, modern stainless steel electric range and dishwasher, plus a garbage disposal. The second floor has a very functional floor plan that offers ...

What's Happening in Charleston, SC? May 2015 Edition

The weather is simply spectacular, and it’s a great time to enjoy the greatest city in the world. 

May brings one of Charleston’s premier cultural/artistic events, the Spoleto Festival USA (Photo of CASUS CIRCUS | KNEE DEEP by Photo by SYC Studios - Sean Young).

But there’s also the Greek Festival, the North Charleston Arts Festival and the First Flush Festival among others.

Oh, and MOTHER's DAY!

Here's a list of upcoming events to keep you and your family busy:

May 1-9  North Charleston Arts Festival

May 3  Bands, Brews, and Burger Throwdown

May 8-10  45th Greek Festival, Greek Orthodox Church on Race Street

May 22 - June 7  P...

Charleston SC Real Estate Market Update: Record Breaking Buying Activity!

The Charleston real estate market just set a record for the 4 busiest weeks of buying activity in our history!  We’ve only had a handful of weeks ever where over 350 residential properties went under contract, and we had never had over 400 in one week.  Well, the last four weeks saw 439, 397, 421, and 399 residential properties go under contract.  Wow!! 

Inventory is fairly low, and it can be quite difficult to find a home that fits a buyer’s needs.  We are implementing creative strategies to source homes that we can offer to our buyer clients BEFORE they hit the market.  Many frustrated buyers are opting for ne...