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charleston sc real estate: 5 Markets Expected to Fare Best in 2010 - 01/14/10 08:36 AM
SmartMoney.com released this article on Yahoo this week. The article didn't have sunny news for the majority of the nation, but it did tout 5 markets that are expected to fair well in 2010. The predictions are based on data provided by Moody's economy and list the following cities: Tacoma, Washington, Memphis, Tennessee, Pittsburgh, Charleston, SC and Seattle.
Charleston, SC was chosen as one of the 5 real estate markets to fair best in 2010!
The author did state several factors that would play into the nation's real estate recovery, primarily, the labor market, a backlog of foreclosures, and a 2nd wave … (11 comments)
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charleston sc real estate: Why isn't my real estate listing getting showings? - 01/09/10 08:40 AM
Why isn't my real estate listing not getting showings? With over 9,000 active listings in the Charleston MLS, but only about 700 sales a month, it's no wonder that sellers are not getting showings. It's sensory overload for a buyer. In fact, of the showings tracked by the Centralized Showing Service (CSS) for our area, the average listing is only getting 4-5 showings a month. So what the deal? According to CSS showing stats, the fastest selling bracket of homes measured by average days on market are those priced below $250,000. Yet, keep in mind there are still over 4500 homes … (12 comments)
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charleston sc real estate: If You Don't Buy a House Now, You're Stupid or Broke - 12/10/09 05:52 PM
Have you read this article yet? It was featured in Business Week. My first thought, wow! what a blunt and harsh statement! But the writer, Mark Roth, uses this headturning title to get your attention to make excellent points for those who are on the fence. Namely that interest rates are at an all time low, in fact, the lowest in 40 years. He noted that in the late 70s, rates hit a high of 18%! Can you even imagine buying a house at 18%? I personally can't fathom it as I bought my first house with an FHA loan while … (111 comments)
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charleston sc real estate: When will prices again approach the 2005-2006 peak? - 11/03/09 09:20 PM
For some, the list below can be depressing depending on which state you live in. But on a positive note in looking at the info below, prices have never been lower. In Charleston, SC, Moody's predicted that Charleston would only decline 1 more percent and the bottom would be in the 4th quarter of 2009. Now is the perfect time to buy, enjoy homeownership and be on the incline in the next 5 years. As a seller, you have to ask some tough questions. Can I hang on to the property for at least 5 years? If the rent doesn't cover … (5 comments)
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charleston sc real estate: You are losing money because you don't have multiple photos - 04/15/09 02:05 PM
I got a phone call from a client that liked a real estate listing I sent to her in North Charleston, SC. See to the only photo in MLS below.
This 3 BR 2 BA 1575 sqft home was originally listed at $163,000, dropped to $153,000, then $145,900, then $139,000, and this week, it was just reduced to $129,900. This property is a bank owned property that has been on the market since November 2008. My buyer wanted to see more pictures of the interior since there was only one photo (the exterior) which is the minimum required by our MLS. Since the listing agent did … (7 comments)
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charleston sc real estate: Upgrade your listings photos from winter to spring - 04/14/09 03:18 PM
Do your sellers and yourself a favor. If you have winter photos of your listing, take a new updated photo with green grass and spring flowers--and update the MLS and marketing photos. It changes the complete feeling of the home and its curb appeal. Don't be surprised if it improves showing activity. This is the least expensive way to freshen up winter listings for the least amount of money.
Spring always brings a renewed feeling in the real estate market. While many people may focus on the interior of the house with staging, curb … (14 comments)
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charleston sc real estate: 2009 State of the Market Address - 02/02/09 06:35 PM
2008 was a challenging year for the overall economy and for the real estate market in particular. Our fearless company leader, Patty Scarafile put it best: "We added new buzz words to our everyday language like, "financial meltdown", "subprime mortgage crisis" and "mortgage backed securities" and listened to the news media explain how foreclosures have risen to historic highs and real estate values fell month after month." In Metro Charleston, MLS closings were off over 30% from 2007 and the average sales price declined by approximately 2 %. The number of sales in 2008 were similar to 2001 - 2002 levels, but … (5 comments)
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charleston sc real estate: Forbes.com names America's 25 Strongest Housing Markets - 01/26/09 05:33 PM
And guess whose among them? My beloved, Charleston, SC!! Charleston, SC is #8 among America's 25 Strongest Housing Markets!
The Forbes article stated that it "requested Moody's Economy.com to compile a list of the country's real estate markets that are on the road to recovery. Moody's used the country's Census-defined metro areas--including metropolitan and micropolitan statistical areas--with populations over 500,000, and prepared forecasts through 2011. They then compared them to prices in the second quarter of 2008, which are the latest figures available, to calculate how far prices will likely fall before reaching bottom."
Charleston Metro, SC area is esimated to have a … (3 comments)
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charleston sc real estate: The road to recovery - What does it look like? We are almost there! - 01/23/09 09:36 AM
While there is always speculation on when the market will turn around, I will admit that I am not a prophet. I thought this chart presented an interesting picture and I added the years which is my take on the real estate market in Charleston, SC (and probably in a lot of other places also). Real estate has always been a cycle. Some cycles are shorter, some are longer. And you can't really say when what stage begins or ends until it is over. I purchased my current primary residence in 2005 so I can honestly say that I have personally gone … (10 comments)
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charleston sc real estate: Charleston SC transforms itself - Nice review in The Economist - 01/13/09 10:58 AM
A well written article in The Economist was published on Dec 30, 2008 about Charleston's maturity since the closure of the Navy Base in the mid 90s. Click here to view the article. It's true that the closure of this base was eminent doom for the military based economy of little ol' Charleston.
In my humble opinion, three key Charleston's visionary leaders, North Charleston Mayor, Keith Summey, Charleston Mayor, Joe Riley and Mt Pleasant Mayor, Harry Hallman, worked hard to diversify the local economy making a quite recovery. The article states, "Job growth for the Charleston region was 16.5% between 2000 … (3 comments)
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charleston sc real estate: FREE Mortgage Default/Foreclosure Clinic in Charleston, SC - Jan 10, 2009 - 01/06/09 11:20 AM
If you are falling behind on your mortgage or facing the possibility of foreclosure, there is help! Four clinics are being offered so you can meet with a HUD counselor who will help you discuss options to foreclosure. Please click on the link to view a flyer about the documentation you should bring with you.
Mortgage Default Clinic
The ONE DAY ONLY clinic will be held on January 10, 2009 at the following times:
9am, 11am, 1 pm and 3pm
Where: First Federal Corporate Center
2440 Mall Drive in North Charleston
… (3 comments)
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charleston sc real estate: Myth 10: If something appears on the inspection report, the seller has to fix it. - 12/24/08 09:26 AM
This is a continuation of a series: 10 Common Myths Shared by Homebuyers.* See myth #9 here.
A buyer might assume that since the contract is contingent on the home inspection, it can be mistaken that the seller is to fix anything and everything that comes up on it. South Carolina's Association of Realtor's contract specifically states that the seller is only responsible for repairs to make the roof free of leaks, the house structurally sound, and to address electrically, plumbing, and HVAC issues. Many inspectors volunteer their subjective opinions rather than just reporting the facts based on their observations. The … (1 comments)
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charleston sc real estate: I'm GUILTY! I've been so busy in December but the KUDOS goes to... - 12/19/08 01:42 PM
I've been so busy in December that I have neglected my blog and twitter. Not sure if it is the 70 degree weather we are having here in December or the just the drop in interest rates and amazing deals available out there that are encouraging buyers to start looking. Today is the 1st day I've had off in December other than the time I left the state for 2 short mini weekend getaways. I just want to give kudos to several groups of people out there contributing to this business!
SELLERS: You are doing a great job recognizing the importance pricing your property competitively and … (4 comments)
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charleston sc real estate: Myth #9 All mortgages are essentially the same. - 12/10/08 01:40 PM
This is a continuation of a series: 10 Common Myths Shared by Homebuyers.* See myth #8 here.
It can be complex in choosing a mortgage since there are plenty of options. Your particular circumstances may dictate what options are available to you. By assuming all mortgage are the same, a buyer might deprive themselves of making a fully informed decision. When borrowers compare rates, you could make sure you are comparing apples to apples in the same season. What I mean by "season" is that if you are shopping rates with different lenders, you should get a quote from all of … (0 comments)
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charleston sc real estate: S.C. ranks sixth in nation for home value appreciation over the past year - 11/27/08 05:05 PM
On 11/26/08, the SC Business Journal published this article. It's no secret in Charleston, but many do not realize that real estate is local. While numbers have dropped a little in Charleston, it has not followed extreme drops in many other markets. The statistics came from the US Federal Housing Finance Agency based on sales and refinancing information available on existing single family homes. "The Charleston-North Charleston-Summerville metro area came in at number 65 with 1.27% appreciation over the last year." Not only has SC weathered the storm well, but specifically Charleston, SC has endured the housing crisis well. Values have … (0 comments)
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charleston sc real estate: A&E told to pay "Flip this House" creator Richard Davis - 11/13/08 07:40 AM
The verdict is in! Local real estate company owner, Richard Davis, sued A&E for $7.5 million over a contract to split profits from the TV pilot show, Flip this House. During the 1st season, Davis was created as the creator but never received payment from the wildly popular show. This week the jury awarded Davis $4 million in damages for breach of an oral contract.
You can imagine that Davis and his legal team are happy with the verdict. His attorney admitted, "...It's very tough to prove you had an oral contract with a major network." A&E sure is disappointed and I imagine an … (18 comments)
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charleston sc real estate: Myth #4: If I just wait long enough, I'll find the perfect house. - 11/05/08 09:54 AM
This is a continuation of a series: 10 Common Myths Shared by Homebuyers. See Myth #1 here.
I hate to break the bad news, but there's no such thing as a perfect home. Buying a home ALWAYS requires compromising. When looking at property, there are many things that a buyer might notice that they do not like: wallpaper, paint colors that don't match your décor, dated light fixtures that don't go with your style, the ugly bush outside that needs help and plenty of others. It easy to rule out houses that might require too much work. Once you set a … (5 comments)
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charleston sc real estate: Myth 3: I can find all properties for sale on my own - 11/04/08 07:44 AM
This is a continuation of a series: 10 Common Myths Shared by Homebuyers. See Myth #1 here.
Most properties can be found online. The Internet is a great resource for buyers and of course you can drive through neighborhoods you like or look through the paper and home magazines. BUT there are many properties that are NOT advertised and/or DO NOT have signs. Many foreclosures in our market do not have signs. I have no idea why, but they don't! And believe it or not, some sellers request for signs not to be placed in their yard and some neighborhoods do … (15 comments)
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charleston sc real estate: Myth # 2: The agent on the For Sale sign will look out for my interests - 11/01/08 01:09 PM
This is a continuation of a series: 10 Common Myths Shared by Homebuyers. See Myth #1 here.
Many buyers start their search by looking online and occasionally getting in the car driving around to check out neighborhoods. Due to SC agency and representation laws, the listing agent is charged with protecting the interests of the seller. When you call the listing agent, they are obligated to tell the seller ANYTHING you say. You have the right to be treated with the same protection but it does require you to hire a Buyer's Agent. To find out how to hire a … (13 comments)
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charleston sc real estate: Top 10 Common Myths Shared by Homebuyers* Myth #1 - 10/29/08 09:05 AM
Myth #1: All agents are the same.
The general public thinks that everyone that has a real estate license is the same. The Rebac article* poses a great example: "Does everyone with a driver's license operate a vehicle the same way? Of course not! Drivers approach the road differently. Realtors do vary considerably in their approach to their job as well." Some realtors are part time and do not take the job of assisting you in your most important investment seriously. Real estate designations are another way to gauge agents that are serious about their job. An agent with designations shows … (9 comments)
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Michele Reneau, Realtor, GRI ~ Charleston, SC Relocation Experts Team
Summerville,
SC
More about me…
Certified Staging Professional (CSP) Elite Instructor
Address: 628 Long Point Rd, Mt Pleasant, SC, 29464
Office Phone: (843) 814-6680
Email Me
Charleston SC real estate, Military Relocation Experts serving Goose Creek SC, Summerville, SC and surrounding areas. CSP Elite Instructor, How to Maximize Your Client's Equity Through Home Staging.
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