Real Estate

We had never had a week with over 400 residential properties going under contract in one week.  Our highest was 397 just a couple of weeks ago.  Only a handful of weeks have ever been of 350. Anything over 200 is good and 300 is great. Almost every week this year has been over 300.

Prices are rising nicely, but the activity doesn’t seem uncontrolled. Most homes are not quite back to their 2006/7 values yet (except in Mount Pleasant).

During the last real estate boom (2003-2007), prices got well above the trend line. But now we are actually below the trend line and have lots of room for appreciation. Houses are not staying on the market long because demand is so high, which is also keepi...

Charleston Real Estate Market Update: Busiest Jan-Feb Ever!

The Charleston, SC real estate market continues to outperform other markets in the region!

January and February 2015 were the best Jan/Feb ever!

Back in 2007, we had 2 weeks in Jan/Feb with over 300 residential properties going under contract, and that was the only time that this had ever happened until this year. In 2015, 5 of the first 8 weeks of the year had over 300 properties go under contract.

This could shape up to be the best year ever for Charleston real estate. Prices are rising steadily, but appreciation appears to be more sustainable this time.

So far, every purchaser needs to have good credit and jump through ...

To Condo or Not to Condo – That Is The Question...

Many would-be home buyers including first-time home buyers, empty nesters and retirees consider buying a condominium (or a condo title townhome), instead of a fee-simple, single family home. The most common reasons for considering a condo are:

• Price (normally condos are cheaper)

• Low maintenance – easy (lock and go)

• Amenities (I.e. pool, exercise room, tennis courts)

• Location (if close to place of work)

We advise our buyer clients need to ask additional questions to determine if a condo is the right fit for their personality, financial situation and desired lifestyle. Here are some of the issues we suggest explori...

Careers in Real Estate

In good times, selling real estate becomes very popular and I get calls every week from people thinking of getting into real estate sales. So here are some of the points I make when talking to potential new Realtors:

• You work as much or as little as you want. This is a double-edged sword. In my experience, only people who commit to real estate as a career and work very hard are successful. Part-timers can make a sale here and there but cannot keep up with change and may make costly mistakes.

• Income fluctuates dramatically. There may be 4 months of no income, and then 3 months where you make all your money. If your "significant other" has a steady job ...

In a previous "Seller's Market", if a contract with the first Buyers fell through, nobody on the Seller side cared or worried: They would just release the contract and most probably negotiate a better price with the next "backup" contract that was lined up to take its place, given that the property was aged on the market a few more weeks and prices were going up fast...

In a "Buyer's Market" one of the most critical services a REALTOR® can provide, is his/her ability to "keep the deal together" until closing. Many Sellers believe that once the contract is signed, it is a binding commitment on the Buyers, but this is not always the case.

With many options to choose from, Buyers may keep ...

Interest in Charleston SC Real Estate Grows Nationally

Charleston, SC was in the news recently as the "Best Tourism Destination in the World" (Conde Nast Travel Magazine, 2012) and many other accolades. Summerville (part of the Charleston MSA) was also chosen as "The Best Place to Retire in the U.S." by CNN Money. In addition, Charleston area's employment is the fastest growing in South Carolina (Boeing just built a new plant here) and the economic outlook for this coastal city is looking very encouraging.

It is no surprise that our real estate is receiving increasing attention nationally. The following graph from Google Trends shows the search activity for the term "homes in charleston...

Calling all EXECUTIVE ASSISTANTS!

Are you a thorough, detail-oriented professional who may be interested in a career with a growing business? Have you worked as a paralegal or loan underwriter? Are you comfortable with systems, procedures and checklists? Are you computer-savvy and good with people?

We are growing and need to hire a 1/2 time Executive Assistant (potentially going to full-time next year) to help grow our business to the next level. 

Interested?

Check out the job profile and please follow the instructions to apply. 

REAL ESTATE EXECUTIVE ASSISTANT

The Alan Donald Real Estate Team is looking to hire a half-time executive assistant to grow business to the next level.  

Primary Functions include:

1. Build, implement and manage all systems for sellers, buyers, lead generation, database management, information management and back office support
2. Oversee all contracts from signing through closing, including coordination of inspectors, trade service people, insurance providers, attorneys and lenders
3. Be the first point of contact in handling customer inquiries or complaints (real estate license is a plus but not essential)

2. Maintain financial systems, including maintaining the books, paying  bills, ass...

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...

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...

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...