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Click on the video below for a quick 1-minute market update for the U.S.
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Are you closing on a home along the East Coast of the US in the next couple of weeks?
Given that Tropical Storm "Erika" is heading our way, make sure you have your insurance policy all stitched up ASAP, as it is customary for all insurance carriers to ban all new policy sales when there is an impending storm headed our way, and this could significantly delay closings, ev hit en if the storm does not come close to Charleston.
Please pass this on to friends who may not know this...
Alan
Last week the Dow Jones Industrial Average went from 17,500 to 16,500. What kind of effect does a correction like this one have on the housing and real estate markets?
The reality is that a stock market slump could be good and bad for real estate.
If the correction in stock market prices is just a financial adjustment caused by overheating and speculation, with no long term implications for the economy, then bond prices will soar, and the slump will place a hold on any interest rate hike, which will be good for the affordability of real estate, as it will keep mortgage interest rates low.
In addition, real estate will get a...
Author: Alan Donald. August 7, 2015
Note: This article refers to general area information, but real estate sometimes is "hyper-local", which means that certain neighborhoods may behave differently that their areas. Click Here if you are interested in buying a home in the Charleston Area and want information about a particular neighborhood.
We have always maintained that in real estate, the Mount Pleasant market is to the rest of the Charleston like the California market is to the US in terms of technology trends: Everything happens first in Mount Pleasant, and then it "filters through" to the other areas.
Case in point: The Mount Pleasant r...
Of course, with all the international kudos, awards and positive press, people around the world have found us and many are moving here. So, our real estate market is one of the best in the US.
Through the first half of 2015 we are up by 17.5% in number of transactions over the same time period from 2014. We will easily sell over 14,000 homes this year and it will be the 3rd most active year ever.
Meanwhile, prices are rising, albeit at a lower, sustainable rate. Our median sales price is up 3.3% over the same period from 2014.
Our median home sales price is over $230,000 - the highest ever for Charleston. However, prices pe...
August is here and we have lots to do to help us enjoy our hot summer. See the list of events below.
August events:
8 – Antiques Rd Show Appraisal Event, N Chas Convention Center
9 – Weird Al Yankovic, N Chas PAC
14 – Comedy Get Down, N Chas Coliseum
15 – Glass Onion celebrates Julia Child’s Birthday
16 – Southern Bridal Show, N Chas Convention Center
27 – The Mavericks, Chas Music Hall
28-30 – Charleston Home and Design Show, N Chas Convention Center
29 – 12th Annual Grape Stomp, Irvin House Vineyards Wadmalaw
29 – Betty Wright and the Whispers, N Chas PAC
We work with a lot of home buyers who end up purchasing new construction homes and have found that they many of those buyers ask the same questions. So, we decided to put together a list of our "Top 8 Tips for Buying a New Construction Home"...
Watch Alan Donald & Meghan Bowes from The Alan Donald Real Estate Team discuss some of the top tips for buying new construction homes in the Charleston, SC area:
If you or someone you know are considering purchasing a home in the Charleston area, give us a call to discuss your options (no obligation), 843-900-0155.
We are here t...
Courtesy of Jim Duffy of Atlantic Bay Mortgage
"Conventional is getting easier; Government is getting tighter"
Changes are coming up in mortgage lending industry, some of which may affect home buyers.
A. Fannie Mae: Vested Retirement Funds can be used more easily. If they don't need the whole amount for down payment, then we do not need verification that the funds are liquidated from the retirement accounts. Translation: Less paperwork for buyers = happier buyers.
B. USDA Rural Housing: The Guarantee Fee (the fee that is added to the loan amount) is rising from 2% of loan amount to 2.75% of the loan amount. Bummer. That starts Oct 1; so if you are plan...
The popular Sales Tax Holiday weekend in South Carolina will begin Friday, August 7 at 12:01 a.m. and end Sunday, August 9 at midnight.
Our real estate market is very hot! Demand is high and supply is still tight, making this a "Seller's" market for most areas within the Charleston Metro.
A low inventory real estate market, such as the one we have now in Charleston, SC, requires thinking out of the box to service our clients.
We recently received an inquiry from a fellow agent whose clients were looking for a home in Belle Hall, our specialty neighborhood, and could not find a suitable one, since there were not many options to choose from.
So we called a number of local homeowners who we knew were "thinking of selling", found her clients a suitable home and put the transaction together in ONE DAY, at top market price, with just one showing (minimum showing hassle for the sellers).
The buyers were able to find a suitable home in the neigh...
...Should I buy now, or wait until I save some more for the downpayment..?
This is a question that we get asked very often. Our opinion is that there is no time like the present time to buy.
The combination of lower home prices (they are rising!) and lower interest rates (rising as well) makes for great home affordability. To give it some historical perspective, consider the following graphic, showing how much home affordability has changed in the last 30 years:
Combine this with the forecast for mortgage interest rates rising into mid-2016, according to Freddie Mac:
...and the median home price in Charleston SC area (also rising):
This table ...
The real estate market here continues to be one of the best in the country. Supply is holding pretty steady and demand is very high. Most listings don’t stay long on the market before they are sold at almost full list price. It’s important to have a well-connected and diligent Buyer's Agent working for you in this market, as he/she may be able to find the home you are looking for before it comes on the market. In the last few months we have sold three homes before they were put in the MLS.
Multiple offer situations are becoming common (once again!). Your Buyer's Agent can help buyers put together an offer that will beat all ...
Charleston Strong!
We had a terrible thing happen in Charleston this past month, but our city has responded in such a positive and with determined fashion! It makes me proud to live in Charleston! 
Summer is here and it’s getting warm. July is one of the slowest months for events here in Charleston, as kids are at home and most residents are either vacationing or just headed to the beaches. Here is a list of a few of the events in town this month:
July 2 – Easton Corbin at Boone Hall Plantation
July 4 – Wondering how to celebrate the 4th of July weekend? Here are a few options for you:
1) Attend the Kickoff Party at the bus sh...
Amazing opportunity now available with this 3 br., 2.5 ba home located in a cul-de-sac and backing to a wooded area in Wescott Plantation. Some of the features for this home include:
Wescott Plantation is a premiere community in Summerville that offers amenities that include a 27-hole golf course, running trails and ponds for fishing. The Farms has a terrific amenities center with a barn-like clubhouse swimming pools ...
I read this article in the Moultrie News recently and it taught me a lot about the history of this fantastic place we live - Mount Pleasant, SC.
Browse Homes for Sale in Old Mount Pleasant and the Old Village
As Seniors Real Estate Specialists (SRES), we also provide access to ancillary resources to help our senior clients who may be downsizing, moving to another town or moving into an assisted living facility. Many seniors (and/or their children or relatives) arrive to the conclusion that a move to a new home or living facility is the best option they have to continue enjoying life.
Unfortunately, moving out of a home after living in it for many years can be a daunting experience for an elderly person, especially if they have recently experienced the loss of a loved one. More often than not, children or close relatives live far away or...
The Charleston real estate market is one of the best in the country right now. Buying activity is at record levels (see closed sales graph below).
Transactions are up year to date 19.4% over the same time period in 2014. We will probably see North of 14,000 home sold this year, the biggest number we've seen since 2007. This is not surprising, given all the good publicity and the repeated accolades that Charleston has received, the job growth in the area and the attractiveness of our charming, coastal, restaurant-rich city.
Recently there has been a lot of talk about the Charleston SC real estate market being "overheated" and "over-priced", similar to the "bubble" that burst in 2006-07.
I beg to disagree, I believe our residential prices are actually under-priced, and that there is no bubble, for several reasons.
1) Credit is still difficult to get. In 2004-05 credit was readily available for everyone including "risky" borrowers who could borrow 100% of the purchase price with minimal checks (stated income, no-doc loans). Today, lenders are still pretty conservative, requiring higher down payment and much more thorough due diligence.
2) Our media...
