Posts by : Alan Donald

The Charleston, SC residential real estate market continues strong, albeit with some weaknesses in specific areas.

Number of Transactions

Overall, sales are up 0.3% in terms of number of transactions over the same 2018 period. Depending on how the rest of the year goes, we could beat the 2017 record.

The following MLS areas are significantly up in number of transactions over the same 2018 period:

• 22 Folly Beach to Battery Island
• 31 North Charleston Inside I-526
• 32 North Charleston/Summerville Outside I-526
• 41 Mt Pleasant N of IOP Connector
• 52 Peninsula Charleston Outside of Crosstown
• 74 Jedburg Rd-Black Tom-Hwy 17A-Col Pk
• 75 Cross/St. Stephens/Bonneau
• 78 Wando/Cainhoy

The ...

By WARREN L. WISE - POST & COURIER
wwise@postandcourier.com

23 new apartment projects on the rise in Charleston area
Developers continue to flock to the booming Charleston market to build new rental housing as 23 new communities are under construction, according to a new report.

The number of proposed units increased over the past six months through September to 6,030, with most of them in Mount Pleasant and Charleston's upper peninsula, Charlotte-based apartment service Real Data reported.

Several others are under construction across the region in almost every suburb.

Demand still remains strong as apartment occupancy jumped nearly 2 percent in the region to 91.2 percent over the past ...

Would you like an offer on your home?

You can skip the headaches and hassles of a traditional sale!

There is a record amount of capital waiting for a place to be invested. Companies and individual investors are ready to make a very competitive offer on your home.

They buy it, turn it around, fix it and sell it in 30-90 days to the public for a small profit. 

You get convenience and speed in return.

This means:

• Close quickly, get the equity from your home in as little as 7 days
• You pick your closing date
• No showings or open houses
• No negotiating with buyers
• Skip the cost, time and effort getting your home "market ready" and showing like a model home
• Get the freedom to ...

Home buying activity (demand) is up, and the number of available listings (supply) is down. When demand outpaces supply, prices appreciate. That’s why firms are beginning to increase their projections for home price appreciation going forward. As an example, CoreLogic increased their 12-month projection for home values from 4.5% to 5.6% over the last few months.

The reacceleration of home values will cause some to again voice concerns about affordability. Just last week, however, First American came out with a data analysis that explains how price is not the only market factor that impacts affordability. They studied prices, mortgage rates, and wages from January through August of this...

Daylight Saving Time ends this Sunday, November 3rd so don't forget to turn your clocks back an hour. If it helps, think "Spring Forward, Fall Back". Veterans Day is on the 11th and Thanksgiving will be celebrated later in the month on the 28th! The weather continues to be mild so try to get out and enjoy some of the many events scheduled for the Charleston area this month including Turkey Trots and a variety of shows.

Here is Your November 2019 Calendar of Events:

1: 15th Annual Friends of the Hunley Oyster Roast, Visitors Center Bus Shed, downtown Charleston
1: Cosmic Charlie's Dark Side of the Dead, Charleston Music Hall, downtown Charleston 
1: Chanticleer, Gaillard Center, downtown C...

Charleston is the Number 1 Moving Destination According to Realtor.com 

Realtor.com just completed an analysis of "Top Moving Destinations" and found that many people from the Charlotte, Atlanta, and New York areas are flocking to the Lowcountry. This analysis was based on which metro areas received the most out-of-state views from April through June 2019 on the Realtor.com website. The study revealed that most people were looking to move to a place with a medium-size population, where the housing is relatively affordable and where plenty of job opportunities are available. Although Charleston is not considered highly affordable, home prices here seem like a "bargain" compared to where t...

Home prices have been on the rise for the last seven years, leading many housing market analysts to conclude that first-time homebuyers are being shut out of the market due to affordability concerns.

The National Association of Realtors (NAR) reports on the percentage of First-Time Home Buyers (FTHB) on a monthly and yearly basis. Their latest report shows that FTHB’s made up 33% of buyers in March, which matches their reported share in 2018.

NAR uses survey data from their members to come up with this statistic, so their results do not include every transaction completed. Rather, they only show the transactions reported by members who complete the survey.

The other entity that reports...

How Much Do You Know About Down Payments?

Whether you’ve owned a home before, or you’re ready to jump into homeownership for the first time, there are always a lot of questions swirling around about what is truly required for a down payment, and how to best source down payment assistance. Let’s tackle these two today.

1. How much do you really need for a down payment?
There is a long-standing misconception about down payment requirements. A survey from Fannie Mae shows only 17% of consumers know the minimum options are actually between 1 - 5% of the purchase price and 40% don’t know how much they need at all.

There are many mortgage loans available that require as little as 3% down fo...

What "Bigbelly Bins" in Charleston Mean for the City!

Have you noticed the new trash cans downtown? Before Hurricane Dorian made its appearance in early September, the City placed 100 new solar-powered trash cans around downtown, and more will be placed in West Ashley and the East Side soon. These new "Bigbelly Bins" are projected to save the City $200,000 a year. There has already been a noticeable difference for the sanitation workers who no longer have to conduct routine trash checks and can instead focus more time on street sweeping. These cans are designed so that once trash is thrown into them, they compact the items to allow more trash to be accumulated than can be by "air-exposed...

October has arrived and, after a close call with Hurricane Dorian last month, the fall weather is in our near future along with many outdoor activities such as Fall Festivals, Music Performances in the Park and Halloween on the 31st! Here is our October 2019 calendar of events:

9/26-10/6: MOJA Arts Festival, various locations 
1: Toni Morrison: The Pieces I am Film Screening, Charleston Music Hall, downtown Charleston
1-31: Boone Hall Pumpkin Patch, Boone Hall Plantation, Mount Pleasant 
2: Drew Holcomb and the Neighbors: Dragons Tour, Charleston Music Hall
3: Keepin' Jazz Alive, Charleston Music Hall
3, 10, 17, 24: Live Under the Oaks Concert Series, Mount Pleasant Towne Centre
4: George Thor...

Will Your Remodel Pay Off? The Best (and Worst) Ways to Spend Your Budget

Most new homeowners have something about their property that they want to change. And as family needs and design trends shift over time, many will eventually choose to remodel. Some homeowners make updates to their property before listing it to maximize their potential sales revenue. Whatever your reasons are for taking on a home improvement project, it’s wise to consider how the money you invest will impact your home’s value. We’ve taken a look at six popular home renovations and identified those that—on average—have the best and worst returns on investment. So before you lift a hammer or hire a contractor, take ...

Should You Fix Your House Up to Sell It, or Sell "As-Is"?

With the fall season upon us, change is in the air. For many families, children are growing up and moving out of the house, maybe leaving for college or taking a jump into the working world. Parents are finding themselves as empty nesters for the first time. The question inevitably arises: is it finally time to downsize?

If you’re pondering that thought, you may also be wondering if you should fix-up your house before you sell it, or go straight to the market "as-is" pricing it accordingly or offering an allowance so that potential buyers can do the updates and remodeling they wish. If you’re one of the many homeowners this camp,...

Last week Realtor.com released the results of a survey that produced three major revelations:

• 53% of home purchasers (first-time and repeat buyers) currently in the market believe a recession will occur this year or next.
• 57% believe the next recession will be as bad or worse than 2008.
• 55% said they would cancel plans to move if a recession occurred.

Since we are currently experiencing the longest-ever economic expansion in American history, there is reason to believe a recession could occur in the not-too-distant future. And, it does make sense that buyers and sellers remember the horrors of 2008 when they hear the word “recession.”

Ali Wolf, Director of Economic Research at th...

Tips for Buyers

In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search.

If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or Pinterest, and start looking at the countless homes listed for sale through rose-colored glasses.

Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the "man cave" of your dreams be...

Those of us who have been in this industry for a long time have seen the signs of a market shift coming to our local market for a few months now. But the indicators can be confusing.

Let's take home prices; Home prices in South Mount Pleasant (29464) have been pretty flat for the last 12 months. And in the last 3 months prices have softened a little, perhaps when sellers who wanted to sell in early summer panicked and lowered their price expectations to get a buyer before the end of the summer.

The graph below shows the median sales price for single family, detached homes in zip 29464 (12-month moving average). 

Although us Realtors do not have a great confidence in the ZEstimate(R) va...

When searching for a home, you may end up selecting a property in a community with a Homeowners Association (HOA). Before you buy, it’s important to know how HOAs work and what they mean for you.

According to a recent article on Realtor.com,

“In a nutshell, an HOA helps ensure that your community looks its best and functions smoothly…The number of Americans living in homes with HOAs is on the rise, growing from a mere 1% in 1970 to 25% today, according to the Foundation for Community Association Research.”

An HOA is governed by a board nominated by the homeowners in the neighborhood. It is designed to make sure the residents have a support structure to maintain the value of the communi...

Back in 2009 I wrote a blog post on the top 10 reasons some people may not like Charleston, SC (read below) which got more than 17,000 views! Ten years later, it's time to update this list. What would I change now? 

1. Charleston is now a larger "small" city (pop. est. 850,000) and it has become a little more diverse, although it is experiencing growing pains that are reflected in increased traffic issues.

2. Hurricanes have become more common (a common issue in Florida, the Gulf and the East Coast of the US)

3. Employment opportunities and salaries have improved, with the arrival of Boeing, Volvo and Mercedes-Benz manufacturing plants, and the growth of technology companies like Boomt...

Probate & Real Estate

Our real estate services fully complement the Probate Attorney's. In this 3-episode series sheds some light into the probate process and the different functions that a Personal Representative of an estate must perform in South Carolina, as it relates to real estate. This introductory video features Probate Attorney Michael Sgobbo, Esq., who answers some of the basic questions about probate in SC.

We help the Personal Representative or Executor determine the best property disposal strategy and offer a team of service providers (relating to the disposal of the real estate in the estate) to help them achieve their objectives. Whether they choose to have a quick,...

How Property Taxes Can Impact Your Mortgage Payment

When buying a home, property taxes are one of the expenses that can make a significant difference in your monthly payment. Do you know how much you might pay for property taxes in your state or local area?

When applying for a mortgage, you’ll see one of two acronyms in your paperwork – P&I or PITI – depending on how you’re including your taxes in your mortgage payment.

P&I stands for Principal and Interest, and both are parts of your monthly mortgage payment that go toward paying off the loan you borrow. PITI stands for Principal, Interest, Taxes, and Insurance, and they’re all important factors to calculate when you want to determine...

Kids are back in school, the weather seems to be cooling off and September is finally here. There are tons of fun annual events happening this month including Beer Week, Water Week, Park Circle Oktoberfest, and Chucktown Showdown as well as many concerts to go and see! Don't forget about our holidays including Labor Day (2nd), National Wildlife Day (4th), International Day of Charity (5th), National Cheeseburger Day (18th), International Day of Peace (21st), the Fall Equinox (23rd), Rosh Hashanah (29th-1st), as well as many more you can check out here!

Here is your September 2019 calendar of events: 
1: Lowcountry Jazz Festival: Day Two, Charleston Gaillard Center, downtown Charleston
1-2:...