The Charleston Area real estate market has experienced an important change in sales momentum. Fueled by low mortgage interest rates, improved housing affordability (lower home prices), the $8,000 Tax Credit for first-time home buyers and the prospect of increased employment with the future Boeing plant being built near the Charleston International Airport, year-over-year monthly sales (i.e. October 2009/October 2008) have shown increases for the past four months, for the first time since October of 2006!

As this chart shows, this "turn" in the market trend signals positive things to come for our real estate market. Higher monthly sales = accelerated inventory reduction = shorter time to ...

486 Mt. Royall, Longpoint Plantation, Mount Pleasant

This 3-bedroom, 2.5 bathroom home has been totally renovated! Kitchen with granite countertops, ceramic tile floor and stainless steel appliances; granite bathroom countertops; new roof shingles; new window.

Looking for a nice home in a great subdivision in Mount Pleasant? At $137 per square foot, this one is great value!

Comparing Residential Real Estate Investments Across Markets

New Investment Assessment Tool Rolling Out

I just read about this new company, SMARTZIP.com, who is now in beta testing but intends to go national next year.  They have come up with a system to rate residential property investments across different markets, just like any investor would rate a stock, bond or mutual fund.

I think this is a great tool! We'll be able to see each property's investment ranking for future capital appreciation, as well as for cash flow. For residential property investors, they will be able to compare an investment in Charleston, SC, with an investment in Wilmington, NC.

A word of caution: Nothing su...

James Island's 20th FESTIVAL OF LIGHTS opens this Friday on the James Island County Park. From November 13th to January 3rd, this Holiday Event is a tradition in the Lowcountry and provide a fun activity for all the family.

You can get a sneak preview tonight during the 2-mile fun run and walk from 6:30 to 8:30 pm. Entry fee is $10 per car with up to 15 guests. 8-foot holiday cards that were designed by local students will be on display. There all sorts of fun ancillary activities for kids and families such as the carousel, Santa's Village, gift and sweet shops, roast marshmallows and pictures with Santa. Don't miss it this year!

Latin American Business Expo presented by the Charleston Metro Chamber of Commerce

According to a recent report from the Immigration Policy Center, businesses owned by Latinos and Asians in the state of South Carolina had combined revenues of $2.8 billion and provided over 20,000 jobs throughout the state in 2008. The Center also reported that Latinos and Asians living in South Carolina had a combined purchasing power of $5.2 billion.

In 2007, immigrants make up 5.4% of the workforce in South Carolina. With this in mind, the Latin American Business Council (LABC) will host a Seminar and Expo on Thursday, December 10, that will educate attendees on the economic impact that Latin Americans ...

President Obama signed today into law the extension of the $8,000 Tax Credit for first-time homebuyers. To qualify, buyers must contract the sale by April 30th, and close by June 30th, 2010.

In addition, the law expanded the credit to provide a $6,500 Tax Credit for buyers who have owned a primary home for over five years and who want to buy a new home.

This official document shows the differences between the existing and the new Tax Credit laws.

How To Handle Multiple Offers?

And why on earth am I talking about this in a "buyers' market"?

Well, as it turns out, it is not so much a "buyers' market" in certain segments of our local real estate market. Specifically the lower priced home and short sale home segments in each area have seen a lot of activity in the last six months, the former due to the First Time Homebuyer Tax Credit, the latter to the incredible deals that short sale prices seem to offer. The availability of these kind of homes in good shape has dwindled accordingly. And with this reduction in inventory come (you guessed it!) multiple offers, as buyers compete for the few good homes available in their price range.....

Ten Affordable Home Upgrades

Since the market turned around in the last three years, buyers have become pickier and pickier. Today's "buyer's market" implies that we are in a de facto "beauty contest" combined with a price war.

Some homeowners believe they have to upgrade everything in their home before it can attract a buyer. While fixing all deferred maintenance issues is essential to achieve the maximum "market price" for your home, you don't necessarily need to spend tens of thousands of dollars in upgrades to get a buyer. Realtor Magazine published today a list of 10 affordable upgrades that you may consider:

1. Make rooms gender neutral. If any of your rooms have a definite skew ...

Belle Hall Plantation is one of the best known planned neighborhoods in Mt. Pleasant. Its convenient location, diversity of price ranges, community amenities and neighborly spirit make Belle Hall one of the favorite destinations for those who want to live in Mount Pleasant.This 3-bedroom, 2-bathroom ranch style home is listed at $245,000! I don't think it will last! Call me to schedule a showing today...

225 Mossy Oak Way - Click here for details...

Ready for the Oyster Roast Season?

Fall weather brings another delight of the Lowcountry: Oyster roasts! From early October until late April we'll experience frequent events, fundraisers and parties featuring plump, steamed oysters. Get your shucking knives ready!

Some of the well known oyster roast events in the area include:

- The Historic Charleston Foundation Oyster Roast (April 2)

- Lowcountry Oyster Festival at Boone Hall Plantation in Mt Pleasant (January 31st)

- Wagener Terrace Neighborhood Association Oyster Roast (November 1st)

- Friends of the Hunley Oyster Roast and Silent Auction (TONIGHT, Friday, Oct. 23!)

- Charleston Junior Woman's Club Pink Roast (this SUNDAY, Oct...

Do You Know Your Mortgage PNPs? Savvy Borrowers Know Them Well...

If I had been asked this question yesterday, I would have returned a blank stare. I read last week a very informative article on Inman News written by Professor Jack Guttentag of Wharton School of Business that talks about PNP's as it relates to mortgage loan pricing.

PNP stands for "Pricing Notch Points" and is a factor that determines pricing of goods. For example, when buying corn, a supermarket may offer "$0.75 per ear for the first three, $0.70 per ear for 4-12 ears and $0.50 per ear if you buy more than 12 ears". In this case the "thresholds" or PNPs are 3 and 12, which are the quantities that trigger the change in ...

"My husband and I were stationed in Okinawa, Japan and received orders to Charleston AFB. Alan was referred and contacted us by email and phone as we started our home buying process before even leaving Japan! Once arriving in Charleston, we met with Alan and he explained the entire process which was so crucial being that we were first home buyers. Alan made us a binder with awesome information about his company, the process and contact information from utilities to painters and plumbers! I carried that with me everywhere during the process. He was so organized and professional, that we knew we couldn't have asked or picked a better Realtor!

Not only was he organized, knowledgeable and pe...

Great Buy in Mt. Pleasant

This new listing hit the MLS today! 3 bedrooms, 2 baths, 1,472 sq. ft. in LONGPOINT subdivision. Listed at $218,000. Perfect for first time home buyers. Have any friends who may be interested? I'd be glad to help them buy it! More Details.

TBC - Charleston Area & Rockefeller

This week's announcement that TBC Corporation (the nation's largest marketer of tires for the automotive replacement market) had chosen Berkeley County to set up a new 1.1 million square feet distribution center at the I-26/Jedburg Road new 400-acre Industrial Park and Foreign Trade Zone (being developed by the Rockefeller Group and MeadWestVaco) is a real vote of confidence in this area, and a much needed boost for the Port of Charleston to reverse their throughput decline of the last few years.

The center is said to bring at least 100 direct jobs to the area and TBC is set to become the Port's 4th largest customer. Great news!

The Charleston Regional Business Journal reported today:

"AirTran leaving Charleston in early December

Charleston's only low-cost carrier will end service in early December. An AirTran spokesman said the airline did not have enough business travelers in Charleston to sustain its operations here. With the departure, officials expect an increase in fares among other airlines serving Charleston."

This is not good news for Charleston, I hope that they reverse their decision - we are waiting for two big announcements regarding new companies coming to the Charleston area. Although authorities have been tight-lipped, one of these is supposed to be a Chinese tire manufacturer coming to set up ...

OktoberFest Returns to Blackbaud Stadium

On Sunday, October 25th from noon to 5 pm Blackbaud Stadium will be transformed into a Bavarian-stule beer hall to celebrate Oktoberfest.

Come drink some German beer, listen to Oompah Music (The Roger Gootman Sauerkraut Band) and bring the kids! There are a multitude of activities planned including authentic German dancers, children's events like mini-soccer games, a mountain slide, a Hot-Shot Power-Kick game and a jump castle. A variety of German food will be available.  

Partykomers (Oktoberfesters) are encouraged to bring blankets and lawn-chairs. This event will benefit local charities including Debi's Kids and The Salvation Army Angel Tree....

The Washington Post reported on a national study done by credit bureau Experian and consulting company Oliver Wyman on 24 million credit files.

The results of the study are both surprising and very revealing: 

*** HOMEOWNERS WITH HIGH CREDIT SCORES ARE 50 PERCENT MORE LIKELY TO DEFAULT (DELIBERATELY) ON THEIR MORTGAGES ***

So much so that the mortgage industry calls these "STRATEGIC DEFAULTS" and their numbers doubled to 588,000 from 2007 to 2008, well beyond most earlier estimates...

The study also highlighted:

• These defaulters tend to go straight from paying their mortgages dependably to not paying at all, and two-thirds have only one mortgage;
• Most are heavily concentrate...

Mount Pleasant Real Estate Market - Is it Time to Buy?

Do you have 2 minutes to spare...?

Please let us know what you think about the real estate market in Mt Pleasant by answering this QUICK, ONLINE SURVEY! 

We'll publish the results and compare YOUR PERCEPTIONS compared with MARKET REALITIES...

Thanks!

Team BuyHomesInCharleston.com 

This Sunday from noon to 6 pm, the traditional "Festival Hispano" takes place at North Charleston's Wannamaker Park. The festival has a new name this year - "Latin American Festival" - since it focuses mostly on Central and South American culture, music and foods. 

The activities include a demonstration of the Brazilian martial art/dance capoeira by Capoeira Charleston, as well as a salsa dancing competition with music from DJ Luigi from Latin Groove, the premier Latin DJ in the Charleston area.

In addition to the music and dance, the festival provides a great opportunity to sample some of the traditional foods of Latin America, including tamales, tortillas, empanadas and chorizos. 

Th...

Short Sales (Part 1 - The Short Sale Process: Definitions, Timing and Consequences

By Alan Donald, BuyHomesInCharleston.com

Well publicized changes in the real estate market, the job market and the U.S. economy have left many homeowners in distress, with few options to avoid foreclosure or bankruptcy.

As a REALTOR, I don't like the fact that many people are losing their homes, many surrendering the home to foreclosure without even knowing all the options available to them.

Since many clients started to ask me about options, I elected to write a list of some options  that could be available for homeowners facing difficult times. (contact me to receive a free copy).

In the Charleston...