Posts by : Alan Donald

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...

The Charleston area economy is doing well! Here's some of the latest news...

Air Canada is adding Charleston as a nonstop destination from Toronto, Canada.  The daily international service between Charleston International Airport (CHS) and Toronto Pearson International Airport (YYZ) begins March 28, 2024. It will be the state’s only daily nonstop international flight.

Contract agreements for the Battery Park riverfront development, a 50-acre project in North Charleston, have recently gained approval from the City Council. The collaborative effort of Jamestown, Weaver Capital Partners, and WECCO Development will play a crucial role in the city's initiative to revitalize the former Ch...

When you read about the housing market, you’ll probably come across some information about inflation or recent decisions made by the Federal Reserve (the Fed). But how do those two things impact you and your homebuying plans? Here's what you need to know.

The Federal Funds Rate Hikes Have Stalled

One of the Fed’s primary goals is to lower inflation. In order to do that, they started raising the Federal Funds Rate to slow down the economy. Even though this doesn’t directly dictate what happens with mortgage rates, it does have an impact.

Recently inflation has started to cool, a signal those increases worked and are bringing inflation back down. As a result, the Fed’s hikes have got...

December 2023 News

Monopoly’s “Charleston-style” Board Unveiled, Featuring Many Local Landmarks
Top Trumps, in collaboration with Hasbro, has finally unveiled the Charleston edition of Monopoly, featuring iconic local landmarks suggested by Lowcountry residents! Some of the selected locations include the Pineapple Fountain, Angel Oak tree, Rainbow Row, Isle of Palms, and notable institutions like the Charleston Library Society and Patriots Point Naval & Maritime Museum. Charities such as Charleston Animal Society and Lowcountry Food Bank are also featured, adding a charitable aspect to the game. The edition is the only licensed version in the state and is available in various stores and...

DECEMBER 2023 EVENTS

It’s December… and the holiday season is upon us, with Hanukkah (12/7 - 12/15), Christmas (12/25), Kwanzaa (12/26 - 1/1) and New Year’s Eve (12/31), plus some other holidays listed here! There’s a great mix of traditional and new events happening across the Lowcountry to help us celebrate, including holiday craft workshops, markets, parades, performances, tree lightings and visits with Santa. Some exciting events to note include Park Circle Santacon (12/9), Charleston Holiday Parade of Boats in Charleston Harbor (12/9), Chanukah in the Square (12/10) and Skate the Stadium (12/1-12/30*). We’ve listed many weekly and individual events below for you to enjoy yoursel...

November 2023 News

After Closing N. Charleston Paper Mill, WestRock Co. to Be Sold for $11 Billion
WestRock Co. has agreed to be sold to Dublin-based Smurfit Kappa in an $11 billion deal, creating a global packaging giant. When combined, the two companies will become the second-largest packaging company globally, and will be known as Smurfit WestRock. The deal follows WestRock's recent closure of its North Charleston paper mill due to high operating costs and capital investment needs. This transaction “is expected to be finalized by mid-2024”. Read more here and here. 

New 23-Acre State Park on James Island to be Completed 2024
A new 23-acre state park is being developed on the northe...

NOVEMBER 2023 EVENTS

It’s November and we are starting to enjoy the cooler temps and prepare for the holiday season! This month, there are plenty of fun festivals and events to check out, including the continuation of the Coastal Carolina Fair (1st-5th), the 2nd Annual AfroSouth Film Festival, (2nd-5th), the 52nd Annual Charleston Scottish Games (4th), as well as the Holy Smokes BBQ Festival (11th) and the return of Charleston's Spiegeltent (18th-12/23). As the days grow shorter, the annual Holiday Festival of Lights (10th-12/31) at James Island County Park kicks off, turning the park into a sparkling wonderland of lights and holiday cheer. And for those looking to burn some calories b...

The "golden handcuffs" around the wrists of US homeowners just got a little tighter.

According to Mortgage News Daily, the average 30-year fixed mortgage rate that was already at 7.5% last week, this week increased to 7.81%, the highest rate in 23 years!

Also, according to @NewsLambert, 91% of US mortgage borrowers currently have a mortgage rate below 5.0%.

This helps explain the low inventory or re-sale homes (homeowners understandably have little incentive or desire to swap a home at a very low mortgage rate for a home at a much higher rate).

It also helps explain the reduction in the number of total sales, as buyers got priced out of the neighborhoods they wanted to buy in.

On t...

OCTOBER 2023 EVENTS

It’s finally October and we have fall festivals galore to enjoy across the Charleston area! A few festivals to note include the The 26th Annual Awendaw Blue Crab Festival (7th), the continuation of MOJA Arts Festival (through the 8th), the Latin American Festival (8th), Children’s Day Festival (15th), India Fest (29th), as well as many fall and harvest festivals and the beginning of the Coastal Carolina Fair (15th - Nov 7). So much to do! For holidays to celebrate this month, there’s Indigenous People’s Day/Columbus Day on the 9th, Halloween on the 31st and a host of others highlighted on this page. We’ve also listed lots of weekly and individual events below so you...

SEPTEMBER 2023 EVENTS

It’s September and we can look forward to cooler temps (maybe…) and several festivals in the Charleston area this month, such as the Lowcountry Jazz Festival (2nd - 3rd), 40th Birthday Bash Food Truck Festival (14th), Sweet Tea Festival (23rd) and MOJA Arts Festival (28th - October 8th). Plus, there are some major holidays, including Labor Day (4th), Hispanic Heritage Month (15th - October 15th), Rosh Hashanah (15th-17th), Yom Kippur (24th-25th), and Sukkot (29th - October 6th). The Autumn Equinox - when fall officially begins - is on the 23rd. We’ve listed many local weekly and individual events below to help you enjoy these early days of fall! And for more occasio...

AUGUST 2023 NEWS

Startup Vehicle Manufacturer to Open $34M Summerville Facility 
"Honor LSV, a startup manufacturing company, will design, manufacture and assemble golf carts and luxury low-speed vehicles in Berkeley County". The company plans to invest $34 million into the project and create 65 new jobs in the Summerville area. According to South Carolina Governor Henry McMaster, “This investment will bring our people even more opportunity and help continue to propel the state’s rapidly growing economy forward.” Read more here. 

Marvel Actor Jeremy Renner New Co-owner of Local Sweet Grass Vodka
Jeremy Renner, a two-time Oscar nominee known for his roles as Hawkeye in the Marvel Cinematic U...

AUGUST 2023 EVENTS

The fall school semester is right around the corner, so be sure to take advantage of the SC Tax Free Weekend starting on Friday the 4th and purchase everything you need to prepare for the school year. Plus, there’s still time to take advantage of the many fun events going on across the Charleston area! Looking for something to do with your family? Goose Creek hosts Kids Fest on the 5th, with plenty of activities and food for everyone. Want to boost your spirits? On the 19th you can join the Grape Stomp Festival at Deep Water Vineyard in Wadmalaw or head over to downtown Charleston on the 27th for the SC Reggae Jerk and Wine Festival. For more things to celebrate, che...

If you are experiencing financial distress and have received a notice of default from your lender, DON'T IGNORE IT!

If you know your options, you can act to REGAIN CONTROL of your situation, SAVE YOUR EQUITY and salvage your CREDIT!

Watch the video below and contact us at foreclosure@alandonald.com to learn more. 

JULY 2023 EVENTS

Happy Independence Day, everyone! If you’re looking for ways to celebrate over the July 4th weekend, check out this article and our list below. Also, to find out where to watch 4th of July fireworks, follow this link. You’ll see that there’s something for everyone across the metro area! Later in the month, there are some great festivals you can attend, including the Charleston Caribbean Jerk Festival on the 15th, the 19th Annual Sweetgrass Festival on the 22nd, and the JuLionfish Festival at the Aquarium downtown on the 28th. Also, in nearby Beaufort, the long awaited 67th Annual Beaufort Water Festival (14th-23rd) will be taking place! For more July holidays and month...

JULY 2023 NEWS

Mount Pleasant Named as a 2023 All-American City
Mount Pleasant has been recognized as one of 20 finalist cities nationwide for the 2023 All-American City Award! This honor is given to “municipalities that demonstrate innovation, civic engagement, and collaboration in their efforts to create a positive impact on their communities.” According to the National Civic League, Mount Pleasant’s "new Intellectual Disability Inclusion Movement" and the strong relationship the town’s police force have with their community were some of the main factors behind being chosen. Mount Pleasant has been nominated for this award twice before, in 2010 and 2018. Read more here, and here. 

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Selling your house is no simple task. While some homeowners opt to sell their homes on their own, known as a FSBO (For Sale by Owner), they often encounter various challenges without the guidance of a real estate agent. If you’re currently considering selling your house on your own, here’s what you should know.

The most recent Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveyed homeowners who’d recently sold their own homes and asked what difficulties they faced. Those sellers say some of the greatest challenges were prepping their home for sale, pricing it right, and properly managing the required paperwork, just to name a few.

When it comes to...