The robust and growing job market in the Charleston, South Carolina area continues to draw people from across the nation. A "skilled" worker who recently relocated to the area from northern New Hampshire more than doubled his salary along with a corresponding improvement in their standard of living. Another family, who moved from Northern Virginia, remarked that their combined property taxes, homeowners insurance including hazard, flood and wind, are less than just the cost for property taxes in Virginia! I can go on with other specific examples such as these but will share instead the general question that I get from many clients when I first speak with them about what to expect regarding the dreaded property taxes. When I answer their question as to what they should expect to pay in property taxes on their new home, they then ask me, "is that a month?"Anyone who is relocating to this area from the Northeast, as well as other parts of the country, is paying outrageous amounts in taxes. And I always chuckle when I get that question, and do get it often.
But the theme of this Blog is not taxes in its entirety, but another slant on the "terrible" real estate market that the local and national news media fling at us almost daily. Yes, there are problems in the real estate market and decidedly so in some areas. But here in the Tri-County area of Charleston, South Carolina, which is a definite "Buyers Market", we are still selling homes and buyers are still buying.
Those who read this point of view and know how drastically the taxes on an owner occupied home have been reduced as of this year know first hand the point I am making. Our already low property taxes on owner occupied homes, especially compared to other regions, have been reduced by as much as 48% to some, albeit not as much in some Counties. The State of South Carolina has shifted the burdensome public school portion of property taxes away from homeowners and have added one cent to the state sales tax.
Mortgage rates are still the lowest that they have been in years. Mortgages are still readily available for those with good credit and, the new homebuilders, intent on reducing inventory are offering great incentives for homebuyers. Homes that are priced right, are in the right condition, are accessible for showings and, are getting the proper exposure are selling. So if you ask me how the Real Estate business is, my answer is "absolutely wonderful!"
Comments(1)