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  With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of twelve years ago.

Here are three key metrics that will explain why:

• Home Prices
• Mortgage Standards
• Foreclosure Rates

HOME PRICES
A decade ago, home prices depreciated dramatically, losing about 29% of their value over a four-year period (2008-2011). Today, prices are not depreciating. The level of appreciation is just decelerating.

Home values are no longer appreciating annually at a rate of 6-7%. However, they have still increased by more than 4% over the last year. Of the 10...

Charleston, SC Residential Real Estate - What Happened in 2018?

Overall, 2018 was the second busiest year ever for Charleston in terms of number of residential real estate transactions. As shown in the summary chart (click on it for a larger display), a total of 17,483 transactions were recorded on the MLS in 2018.  This level was just 1.9% shy of the record level of 17,825 established in 2017. 

Median Sales Price

The Median Sales Price increased 6.4% from $255,565 in 2017 to an all-time high of $272,000 for 2018 (see table). The first graph below shows the Median Sales Price (12-month average) since 2004.  Note that the prices do not match between the chart and the graph because the...

As we approach the end of the year, many homeowners find themselves asking the question, “If we’re currently in a strong real estate market, why won’t my house sell?”

Below are the 6 most common reasons why a listing contract will expire:
1. Price
Sometimes when the market is hot, homeowners attempt to set their listing price higher. Their hope is that a motivated buyer will be willing to pay any price for a house in their desired neighborhood! Sellers must remember, though, that in today’s market a house must be sold twice; first to the buyer and then to their bank.

A buyer can agree to pay the homeowner’s asking price, but after the bank conducts their appraisal, the price might need to...

Here is the analysis of residential properties going under contract (Active Contingent) during the week of 11/9/18-11/15/18 in the Charleston, SC MLS:

All MLS
300 residential properties under contract past week, which makes it a good week for this time of year.

• 68 condo/townhomes went under contract last week
• 232 single family homes went under contract this past week:

• Median LIST price $287,000
• Median price per square foot $145/sqft.
• 9 under $100,000, 12 over $1M (2 of those over $2M)
• Median days on market 37
• Median Year Built 1997
• 3(1%) of 232 single family homes under contract past week were BANK OWNED FORECLOSURES or SHORT SALES
• 11% were new construction
• NO short ...

Holiday Season 2018: To Sell or Not To Sell...?

Is it a good idea to list your home for sale during the holidays?

Traditionally, people take their home off the market during the holidays, thinking that this is a "dead" period in the market and that it is not a good idea to leave their home on the market to prevent it from appearing "stale" at the beginning of the year. And many folks who are eager to sell wait until the spring to list their home, thinking it is a better time to sell. 

First of all, perception is different to reality: There are still a significant amount of sales during the end of the year holidays: In 2017 1,553 homes changed hands in November, 1,120 changed in Decembe...

There are many questions about where home prices will be next year as well as where they may be headed over the next several years to come. We have gathered the most reliable sources to help answer these questions:

The Home Price Expectation Survey – A survey of over 100 market analysts, real estate experts, and economists conducted by Pulsenomics each quarter.

Zelman & Associates – The firm leverages unparalleled housing market expertise, extensive surveys of industry executives, and rigorous financial analysis to deliver proprietary research and advice to leading global institutional investors and senior-level company executives.

Mortgage Bankers Association (MBA) – As the leading ad...

We are beginning to see reports that more housing inventory is coming to the market and that buyer demand may not be increasing at the same pace it did earlier this year. The result will be many headlines written to address the impact that these two situations will have on home values.

Many of these headline writers will confuse “softening home prices” with “falling home prices,” but there is a major difference between the two.

The data will begin to show that home values are not appreciating at the same rates as they had over the last several years (softening prices). This does NOT mean that prices are depreciating (falling prices).

[In Charleston, SC, for example, the median home pri...

Downtown Charleston (Area 51)
Edisto (Areas 26, 27 & 28)
Folly Beach (Area 22)
Isle of Palms (Areas 44 & 45)
James Island (Area 21) 
Johns Island (Area 23)
Kiawah Island (Area 25)
Lower Mount Pleasant (Area 42)
Meggett/Hollywood/Ravenel (Area 13) 
North Charleston (Areas 31 & 32)
Seabrook Island (Area 30)
Sullivans Island (Area 43)
Upper Charleston Peninsula (Area 52)
Upper Mount Pleasant (Area 41)
West Ashley (Areas 11 & 12)

Top 15 Things to Avoid When You List Your Home for Sale

As full-service Realtors, we come across all kinds of scenarios and situations. Many times we show a house and our buyer clients comment on things that "turn them off" right off the bat or lower their perceived value for the home.

Here is a list of the top 15 "tips" of things you should avoid as a seller, in order to have the best chance of attracting contracts and selling your home for top market price.

Specifically, 

1. DO NOT stay at home for Showings & Open Houses. It does not matter if you want to highlight all those improvements you made or describe how nice the neighbors are. Your mere presence will make buyers uneasy as t...

Market Update

Real estate here in Charleston is doing quite well. The number of year-to-date sales in 2018 is nearly identical to the same period in 2017, which was a record year. We will likely sell  about 18,000 residential units this year.

The median price is up 6.7% to a record of $270,000 and many areas are above that figure. It is practically impossible to get a single family, detached home under $300,000 in Mt Pleasant or James Island. Average prices in both of those areas are over $200 per square foot. The median price per square foot in Summerville, Goose Creek, and North Charleston is usually above $115.

Infill developments and new homes are using vacant land at a high pace. ...

Did you ever wonder why some homes stay on the market unsold for a long time?

Did you know that homes that sell quickly almost always sell for more money than homes that remain on the market for several months?
The most important factors determining whether a home will sell quickly are set before the house ever goes on the market.

The most important factor for selling quickly and for top dollar is pricing your home at the optimal price.
One of the free services we offer is a "Pin-Point-Price" Analysis, using our APC Chart, which gives you a precise range of pricing for your home - based on the particulars of your home and today's market conditions.

Other important factors are:

• Conditi...

Luxury homes above $3M are continuing to sell briskly in the Charleston Area. The following table shows the activity for homes sold above $3M through the Charleston MLS.

Twenty eight such luxury homes changed hands in the first two quarters of 2017, compared with thirty during the same period this year. The median price and size remained similar. The activity shows steady strength for this luxury market. Although these expensive homes take a few months to sell, inventory is pretty low (see Sales & Inventory table below). 

The top price for this first half of the year almost doubled. A Kiawah Island home at 109 Flyway Drive just closed for $11.1M. This 7,482-square-foot beachfront ma...

A few of us had suspected that Zillow® conveniently changes its "Zestimates®" of value based on MLS activity, instead of trusting their own algorithm. Now we are pretty convinced that this is the case. 

We put this theory to the test: A few days BEFORE we listed this townhome in Crowfield Plantation we took a screenshot of the Zestimate® ($139,8180). [Click to enlarge image]. 

A few days AFTER we put it on the market in MLS (at a list price of $135,000), we went back and checked. Oh surprise! The Zestimate® miraculously came down to $128,558 in 16 days (in a "seller's market")!

Ah, spring! The sun is shining, the birds are singing, and the windows are finally open! Now is definitely the time to take a realistic look at your home’s exterior (and all that goes with it), and do the necessary cleaning, or make repairs or replacements. Winter can be harsh, but springtime is all about renewal!

1. Roof and shingles

Winter storms, snow, and wind can take a toll on your roof shingles, and the summer sun doesn’t do your roof any favors, either. If you can, get up on a ladder and really take a good look at the condition of your shingles. Are they loose? Do you see any cracks or wearing? If so, you may want to begin to budget for a replacement roof by next winter. While...

The Difference an Hour Will Make This Spring 

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  Some Highlights:
• Don’t forget to set your clocks forward this Sunday, March 11th at 2:00 AM EST in observance of Daylight Saving Time.
  Unless of course, you are a resident of Arizona or Hawaii!
• Every hour in the United States: 614 homes are sold, 81 homes regain equity (meaning they are no longer underwater on their mortgage), and the median home price rises $1.51!

Charleston's Most Expensive Home

Curious to see what Charleston's most expensive property looks like? We were, too.

Wait no further and check out for yourself what Charleston's most luxurious property looks like on the inside. Spoiler Alert...it's amazing.

Click the button to see more.

Listing Courtesy of Handsome Properties, Inc.

Annual Real Estate Market Update Charleston, SC - 2017 in Review

By Alan Donald, Broker Associate
Keller Williams Realty, Mount Pleasant, SC
January, 2018

2017 Highlights

2017 was a record-setting year for the Charleston Area market. 18,397 properties changed hands during the year, making it the busiest year on record and beating the previous record established in 2005. Our market, similarly to the national market, has a housing inventory shortage. Sellers still hold the advantage in most sub-markets.

Our area economic indicators such as unemp...

Definitely an aggressive headline. However, as the final data on the 2017 housing market rolls in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME!

How did we finish 2017?
New-home sales were at their highest level in a decade.
Sales of previously owned homes were at their highest level in more than a decade.
Starts of single-family homes were their strongest in a decade and applications to build such properties advanced to the fastest pace since August 2007.

Bloomberg Business just reported:

“America’s housing market is gearing up for a robust year ahead. Builders are more optimistic, demand is strong and lean inventory is keeping prices el...

CHARLESTON, SC—(December 13, 2017) According to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR) 1,356 homes sold in November in the region at a median price of $252,733. Last November, 1,267 homes sold at a median price of $242,920.

The year-to-date pace of growth in sales and median price in the region stayed constant through November, tracking 3% growth in sales for the year and 4% growth in median price. 16,832 homes have sold in the region at a median price of $250,000 thus far in 2017.  At this time last year, 16,302 homes had sold at a median price of $240,000.

“We are in a position to finish this year on a path of sustainable growth for t...