Blog Post 3

While life often slows down in the dog days of summer, we have some exciting local news to share this month about area athletes, accolades and records, improvement projects and environmental initiatives. Read on and be sure to use the links provided (click on the bold blue font) to find out more about the topics that interest you.

Let’s begin with news about some of our top area athletes. We have three Charleston natives participating in the Paris 2024 Summer Olympics! They are Ashley Hall graduate Emma Navarro in Women’s tennis, Fort Dorchester High School alumnus Jasmine Camacho-Quinn in Women’s 100 hurdles and Burke High School graduate Raven Saunders in Women’s shot put. Former Col...

If you’re thinking about selling your house, you should know there are buyers who are ready and able to pay today’s high prices. But they want a home that’s move-in ready.

A recent press release from Redfin explains:

“Buyers are still out there and they’re willing to pay today’s high prices, but only if the house is in really good shape. They don’t want to spend extra money on paint or new appliances.”

It makes sense when you think about it. They’re having to pay a lot of money for a house in today’s market. That means they may not be able to easily afford upgrades after they move in.

So, if your home is outdated or needs some work, buyers might pass it by or offer a lower price tha...

There’s an interesting trend happening in the housing market. People are increasingly moving to more affordable areas, and remote or hybrid work is helping them do it.

Consider Moving to a More Affordable Area

Today’s high mortgage rates combined with continually rising home prices mean it’s tough for a lot of people to afford a home right now. That’s why many interested buyers are moving to places where homes are less expensive, and the cost of living is lower.

As Orphe Divounguy, Senior Economist at Zillow, explains:

“Housing affordability has always mattered . . . and you’re seeing it across the country. Housing affordability is reshaping migration trends.”

If you’re hoping to...

How Long Could It Take To Sell My House?

You want your house to sell fast. And you may be wondering how long the whole process is going to take. One way to get your answer? Work with a local real estate agent.

We have the expertise to tell you how quickly homes are selling in your area and what’s impacting timelines for other sellers. That way you have realistic expectations and we can work together to come up with a plan that’s based on today’s market.

Here’s a high-level overview of just one of the factors a great agent will walk you through – the supply of homes for sale and how that impacts your process.

The Growing Supply of Homes for Sale

Over the past few months, the number ...

The Difference between an Inspection and an Appraisal

When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with. While you may have a general idea of what an inspection is, maybe you’re not sure why you need one or how it’s different from an appraisal. To keep it simple, here’s an explainer of each one and what they mean for you as a homebuyer.

Home Inspection

Once you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the safety and overall condition of the home – which is important for such a big transaction. As a recent Realtor.com art...

The Charleston area economy continues to thrive! This month, we highlight recent news related to development, restoration and renovation projects and the life sciences. Follow the links provided for each news item to find out more.

Several major development, restoration and renovation projects are underway or planned across the Lowcountry. Those on our radar include…

• The Archer School Apartments - a $43M restoration and adaptive reuse of the 90-year-old building that was the historic Henry P. Archer School into an affordable housing complex for seniors - has just opened in Charleston’s Eastside. The project, spearheaded by The Humanities Foundation, Charleston County and the City of...

We have some wide ranging local news to share this month. Be sure to follow the links provided to find out more about any items of special interest to you.

On the transportation front, two airlines are adding nonstop services from Charleston: Breeze Airways will offer four flights per week to Los Angeles (LAX) starting mid-June and Spirit Airlines will fly four times per week to Detroit (DTW) beginning mid-July. Tradd Advisory, a third-party freight transport logistics services provider that advises clients, carriers and agents on effective freight handling strategies, will be expanding its operations in Mount Pleasant, creating 100 new jobs over the next five years.

In the technology...

Are big investors really buying up all the homes today?

If you’re trying to find a house to buy, this may be something you’re wondering about. Maybe you’ve read about it or seen reels on social media saying investors buying all the homes is making it even harder to find what the average buyer is looking for. But spoiler alert – there’s a lot of misinformation out there. To clear things up, here's the scoop on what's really happening. A lot of the big investor activity is actually in the rearview mirror already.

The Wall Street Journal (WSJ) explains:

“Investors of all sizes spent billions of dollars buying homes during the pandemic. At the 2022 peak, they bought more than one in ev...

Climate change is impacting where people buy homes.

As the experts at the National Association of Realtors (NAR) explain:

“Sixty-three percent of people who have moved since the pandemic began say they believe climate change is—or will be—an issue in the place they currently live.”

If you’re planning to move, climate change is something you might want to consider, no matter where you are. A recent study from Realtor.com helps put the growing impact climate change is having on real estate into perspective (see below):

So, how can you be sure your investment is safe from the elements?

For starters, work with a local real estate agent to understand the likelihood of your future ho...

Many astute investors are familiar with the primary requirements of a successful 1031 exchange, which, when executed correctly, allows for the deferral of significant capital gains taxes on the sale of an investment property. However, delving deeper into the process reveals many subtleties that are often overlooked. Here are some crucial finer points to consider.

Common Knowledge About (Forward) 1031 Exchanges

• Your replacement property must be of equal or greater value than the one you are selling (the relinquished property).
• You need to use a Qualified Intermediary (QI) to perform the exchange. The QI needs to be a trustworthy entity/person, as they will hold your funds in their n...

Should I Wait for Mortgage Rates To Come Down Before I Move?

If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you.

In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold.

But when rates start to come down, things change. It goes from limited ...

Image courtesy of SC Ports - Matthew Peacock

What a diverse mix of local news we have to share with you this month! Since we’re short on space (and time) to provide many details, be sure to use the links provided to find out more about the items that interest you most.

In industrial news, SC Ports experienced a significant increase in year-over-year container volume growth in March, driven largely by “a 17% increase in loaded imports and strong intermodal cargo movements”. TEUs increased 12%, pier containers 11% and vehicles 15% over March of last year. Containers moved at Inland Ports Greer and Dillon were up 8%, while rail moves were up 22% at Inland Port Greer. This growth in port ...

This month, we focus on local news relating to our waterfront and waterways. Across Greater Charleston - from our barrier islands to Charleston Harbor as well as along and over our rivers - these areas are abuzz with new developments big and small, in planning and underway! Here are some on our radar.

On the Isle of Palms, a small waterfront park along the Intracoastal Waterway is close to completion near the marina. It will consist of a boardwalk, a public dock with kayak launch, kayak storage, green space, seating and parking for golf carts and bicycles. Another park is planned for an undeveloped, long and narrow 24-acre tract of land along the Stono River on James Island. Known as...

Before making the decision to buy a home, it's important to plan for all the costs you’ll be responsible for.

While you're busy saving for the down payment, don't forget you’ll want to prep for closing costs too.

Here’s some helpful information on what those costs are and how much you should budget for them.

What Are Closing Costs?

A recent article from Bankrate explains:

“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”

Simply put, your closing costs are the additional fees and payments you have to make at closin...

In today's housing market, more and more single women are becoming homeowners. According to data from the National Association of Realtors (NAR), 19% of all homebuyers are single women, while only 10% are single men.

If you're a single woman trying to buy your first home, this should be encouraging. It means other people are making their dreams a reality – so you can too.

Why Homeownership Matters to So Many Women

For many single women, buying a home isn't just about having a place to live—it's also a smart way to invest for the future. Homes usually increase in value over time, so they’re a great way to build equity and overall net worth. Ksenia Potapov, Economist at First American,...

Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall.

So, let’s see exactly how experts’ thinking has shifted – and what’s caused the change.

2024 Home Price Forecasts: Then and Now

The chart below shows what seven expert organizations think will happen to home prices in 2024. It compares their first 2024 home price forecasts (made at the end of 2023) with their newest projections:

The middle column shows that, at first, these experts thought home prices would only go up a little this year. But if you look at the column on the right, you'll see they'...

There’s been a lot of great news about the Charleston area recently and we can only graze the surface. This month, we’re highlighting the environment, requests for public input, and industry expansions and new arrivals. We hope you’ll follow the links provided to find out more about the topics that interest you.

Regarding the environment, we’re happy to report that South Carolina - and Charleston - are recognized as regional leaders in proactive climate planning and that there’s a new app called Recycle Coach available to help Charleston County residents with recycling. 

As for requests for public input, public meetings and open houses have been held and/or are planned regarding the R...

If you’re holding out hope that the housing market is going to crash and bring home prices back down, here’s a look at what the data shows.

And spoiler alert: that’s not in the cards. Instead, experts say home prices are going to keep going up.

Today’s market is very different than it was before the housing crash in 2008. Here’s why.

It’s Harder To Get a Loan Now – and That’s Actually a Good Thing

It was much easier to get a home loan during the lead-up to the 2008 housing crisis than it is today. Back then, banks had different lending standards, making it easy for just about anyone to qualify for a home loan or refinance an existing one.

Things are different today. Homebuyers fa...

The Charleston area economy remains sound, attracting a growing number of industries, out-of-state relocatees and visitors. Charleston International Airport set a record in 2023 with more than 6 million travelers. Allied Van Lines’ 2023 Annual US Moving Migration Report revealed that not only was South Carolina the top inbound state for moves, but that Charleston was the top inbound city across the US and was the destination of 70% of those moving to our state! Check out the report if you’re curious to find out why people are moving here. Airlines - such as Air Canada, Breeze and Spirit - are responding to growing interest in Charleston by introducing new routes (including internation...