Mount Pleasant SC Real Estate - Get Your Market Facts NOW

So, you plan to sell your home? The first thing to do is to get familiar with current market conditions...

The market price for your home and the time required to sell will depend on demand and supply factors (which you cannot control), property condition and availability (which you control) BUYER EYEBALLS and TRAFFIC (which is our marketing is designed to optimize).

We don't just try to sell your home - we MARKET your home to sell. Inventory is massive and buyers are scarce. It takes FULL TIME marketing and lead generation to keep your property up front on the internet at ALL TIMES. The MLS just does not cut it anymore. You...

FHA Increasing Mortgage Insurance Rates In April 2012

From the US Department of Housing and Urban Development's website:

"WASHINGTON – As part of ongoing efforts to encourage the return of private capital in the residential mortgage market and strengthen the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund, Acting FHA Commissioner Carol Galante today announced a new premium structure for FHA-insured single family mortgage loans.  FHA will increase its annual mortgage insurance premium (MIP) by 0.10 percent for loans under $625,500 and by 0.35 percent for loans above that amount.  Upfront premiums (UFMIP) will also increase by 0.75 percent. 

These premium changes wi...

BB&T has changed their guidelines for their CHIP loan program as follows:

1. 100% financing for HH income under $50,400 in any area, with min. credit score of 680
2. 97% financing for HH income under $63,000 in any area, with min. credit score of 620 (no mortgage insurance)
3. 97% financing for HH income under $75,600 in underserved areas only, with min. credit score of 620 and no mortgage insurance.

These programs may still be an attractive alternative to FHA loans!

For more information about buying a home with the CHIP program, please call us on 843-416-1434.

SHOULD WE OBTAIN A SURVEY?

Contributed by David Santos, Real Estate Attorney, Dodds & Hennessy, Charleston, SC 

Many mortgage lenders have recently adopted a policy of not requiring a current as-built survey to be obtained in connection with their loan. They have adopted this policy because most title insurance companies have recently agreed to insure them (the lender) against loss or damage for matters which would have been disclosed by a survey of the property. Unfortunately, most title insurance companies have not agreed to provide owners with the same survey coverage unless a current survey is obtained.

The effect of this is the obtaining of a survey in connection with the purchase...

Belle Hall Plantation in Mount Pleasant, SC is one of the premier planned communities in the Charleston, SC area. Because of its proximity to Downtown Charleston, Boeing and Charleston International Airport, plus the quality of its public schools and diversity in price points, Belle Hall is a favorite subdivision for people coming into our area.

We just updated our website www.MyBelleHall.com with the latest listings, stats and sales in Belle Hall Plantation.

Check it out!

In this video, Alan talks about the market of single family detached homes under $350K in Mount Pleasant, SC.

If you wish to buy or sell a home in the Mount Pleasant area, please call Alan today at (843) 864-3777.

SWITCHING HOMES: BUY A NEW ONE OR SELL THE OLD ONE FIRST?

With these market conditions of low prices and super-low interest rates, many people are thinking it’s the right time for them to upgrade their home or buy their dream home. And they are right. The problem is – most people need to sell their current home to buy the next one. The logistics of the “house swap” can be daunting if not thought out properly. It is important that you sit down with your REALTOR® and explore all the options available. Here are some of these options:

1. Buy first, sell later.
   Advantages: You can take advantage of current buying opportunities and low interest rates. Disadvantages: You will have to qualify f...

The $25 Billion Settlement With Mortgage Lenders: What Does It Mean To Homeowners?

On Thursday the five major mortgage lenders reached a $25 Billion settlement deal with the federal government to compensate homeowners for their abuses in the mortgage lending industry. The settlement with  Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial (formerly GMAC) has three components that may help borrowers in distress:

1. Former Borrowers Who Lost Their Home to Foreclosure

These people may get $1500 to $2000 each as compensation for "improper" foreclosure proceedings.

Who is eligible? Borrowers whose mortgages were serviced by one of these five banks (notes could have ...

HUD ANNOUNCES NEW REVERSE MORTGAGE OPTION

The Federal Housing Administration (FHA) announced a new modified version of its Home Equity Conversion Mortgage (HECM) product. The HECM loan is a reverse mortgage insured by the federal government.

It allows seniors (one of the home owners needs to be 62 or older) to tap into their equity of their home to BUY ANOTHER HOME, cover living expenses and health care costs or have spending money while continuing to live in their home without having to make the mortgage payments that are required with a traditional mortgage or equity loan. 

Up until now, BB&T's CHIP loan has been one of the few options that still provides the ability to borrow 100% loan-to-value for certain geographic areas that included Cainhoy, Hanahan and parts of Ladson, Summerville and Goose Creek. Therefore, buyers who were able to negotiate for seller-paid closing costs can purchase a home with no money down, provided (they and the property) are eligible. 

On December 5th, BB&T changed the eligibility parameters for their CHIP loans. Here are the new guidelines:

New guidelines (Highlights) starting Dec 5th

• Income limits will apply for all properties
• Over 97% loan to value 80% applicant must be below median HUD income = $49,760 (for total househo...

Foreclosures Heat Up In SC!

Due partially to the fact that the Supreme Court of SC determined at the beginning of the year that lenders MUST PROVE that they tried working a loan modification or deed en lieu with homeowners BEFORE they file for foreclosure, our foreclosure rates have been relatively low since May.

However, lenders have now figured out the necessary steps and paperwork to prove to the courts their efforts, and as a result we are going to see many more foreclosures (that should have happened 6-8 months before) coming our way. RealtyTrac (see map below) shows South Carolina as a one of the "high density" areas for foreclosures.

While this is not good news for the market in...

Charleston Real Estate Market Shows Strength and Stability in 2011

Sales Volume Up, Stability in Median Price, Inventory moves to new 5-year Low

According to preliminary figures released by The Charleston Trident Association of REALTORS® (CTAR) 648 homes sold at a median price of $191,500 in November, while inventory declined again to reach a new low of 7,258 homes listed as actively for sale.

Last November, 588 homes sold at a median price of $189,700 as inventory stood nearly 20% higher than the current level.  “The continued decline of inventory is an important factor in maintaining the stability and health of our local market, as we anticipate the addition of bank-owned inventory in th...

FHA-Approved Condos in Mount Pleasant, SC

An issue that has derailed more than one condo purchase transaction is the eligibility that a particular condominium project has for FHA mortgage insurance. According to the HUD (Department of Housing and Urban Development - where FHA is housed): "A condominium project must be approved before applications for FHA mortgage insurance can be processed for individual units."

Here is the current list of APPROVED condominium projects in Mount Pleasant, SC. 

• GREYSTONE AT SNEE FARM
• HIBBEN FERRY
• SANDPIPER POINTE
• WATERFORD
• EAST BRIDGE LOFTS
• BAY CLUB HOMES
• HERITAGE VILLAGE
• ETIWAN POINTE
• SUMMER'S BEND
• REMINGTON FOREST
• HERITAGE AT DUNES WEST
• TH...

No Showings? No Offers? What to do?

In this  (declining or "buyer's") market, sellers need to pay close attention to the response the market gives them as soon as they place their home on the market. This video explains part of the "psychology" of the market, where monitoring traffic and offers becomes an essential element to get homes sold at a top market price in a short time:

Wish to sell? Contact the home selling experts today!

Recent Home Sales in Mount Pleasant, SC

The Post & Courier reported the following recent home sales in Mount Pleasant:

1. James and Helen Berg sold Unit J, 507 Ventura Place, Ventura Villas to Shirley Light Pearson for $150,000.
2. Charles S. Goodman and Lonna C. Lee sold 2019 Andover Way, Arlington at Park West to John N. Flack for $290,000.
3. J. Theodore and Janice M. Venable sold 19 Ellen Ave., Brookgreen Meadows to Margaret R. and Peter M. Gerling for $162,500.
4. Dionne G. and David E. Robinson sold 1541 Cypress Pointe Drive, Cypress Pointe to John and Kirsten Hatcher for $269,000.
5. Lot 2125 Sewee LLC sold 2125 Sewee Indian Court, Dunes West to Robert Alan and Oksana V. Andersen for $155...

What is The "Earnest Money" Deposit?

The earnest money deposit is a "show of good faith" that underscores the buyer's seriousness of purpose and gives confidence to the seller to be able to take the property off the market during the "due diligence" or escrow period (from contract to closing, usually 30-45 days).

The buyer's earnest money check is not deposited in an escrow account until there is a signed and accepted (i.e. "ratified") contract, and will be governed by state law handling of escrow accounts.

When we represent buyer clients, we usually include 6 contingencies that our clients can use to release a contract "with cause" and get their earnest money deposit refunded ...

Mount Pleasant CONDO & TOWNHOME Market: Still a Buyer's Market!

The real estate market for condominium and townhome (single family attached) properties in Mount Pleasant is slowly getting better, but is still very much a Buyer's market. 

During the last 12 months inventory declined from 370 units to 288 units. While we are currently sitting at around 11 month's inventory (compared to 23 months' inventory 2 years ago), the basics of supply and demand dictate that property prices are still experiencing downward pressure (this trend will continue until we get to a 6-month inventory level, which is considered a "neutral market").

Many condominium and townhome communities have also been a...

This month's HOMEOWNER'S Monthly from B-Sure Home Inspections had these tips that I believe in. If Sellers heed this advice then they will find many fewer issues with repair requests coming from the Buyers.

Top 10 Repairs to Make Before a Home Inspection

1. Prune overgrown vegetation
2. Clean the gutters
3. Replace dirty furnace filters
4. Install missing covers of electrical outlets and switch junction boxes
5. Replace/check smoke alarms
6. Replace burned out light bulbs
7. Replace wax seals under leaky toilets
8. Replace loose of missing insulation in the crawl space and/or attic
9. Properly terminate all electrical splices in covered junction boxes

If you are thinking of selling your home, we offe...