Charleston REALTOR of the Year

Thrilled and honored to have been named Charleston REALTOR of the Year by my peers.

If I can assist you with your real estate needs please don't hesitate to call 843-224-5398 or e-mail me directly Owen@OwenTyler.com

REALTOR® of Distinction

I am so grateful to all of my wonderful clients that continue to call on me for their real estate needs and honored to have been awarded the REALTOR® of Distinction award again for 2013.

If I can assist you with your real estate needs please feel free to call me directly at (843) 224-5398 or e-mail me at Owen@OwenTyler.com .

Rising flood insurance rates a growing fear in Lowcountry

Recent article on InsuranceNewsNet.com picked from the Post & Courier regarding the potential increase in flood insurance in the greater Charleston  

By Tyrone Richardson, The Post and Courier, Charleston, S.C.

McClatchy-Tribune Information Services

July 28--Michael Sally, who works in the real estate business, went on a road trip in May.

His destination: Washington, D.C. The purpose: to hear first-hand how the Federal Emergency Management Agency intends to implement reforms to its flood insurance program.

Sally's interest and concern centers on the prediction that monthly premiums will rise sharply for millions of property owners across the country, including many in the Lowcountry.

The broker-in-charge of the Charleston real estate firm Pathway Real Estate Group described some unease after hearing the plan.

"This will be a tremendous blow to our communities," Sally said. "We have to press Congress to delay implementing this until we can see how to keep it affordable."

He and others describe a double-whammy for homeowners who are already reeling from overall increases in property insurance premiums, which are a separate expense from the federal flood program.

"You've got to think about retired people and others on a fixed income. This will have a major impact on their monthly expenses," said Andrew Muller, a property and liability insurance adviser at Neace Lukens. Local real estate professionals aren't alone in urging federal lawmakers to halt the massive reform to the debt-laden National Flood Insurance Program.

Similar efforts are taking place throughout the nation. Low-lying parts of South Carolina, Florida and other states could be hit hard by new government land surveys, which could trigger flood insurance premium increases so big that property owners in those areas might no longer be able to afford the coverage.

At issue are homeowners whose flood premiums historically have been "grandfathered" at lower rates if they followed the rules in place at the time they bought or built their home. Under last year's bipartisan overhaul, many of these people would face higher premiums when the new flood maps are issued next year.

The Senate Appropriations Committee approved a one-year delay on the rate increase as part of a $39 billion spending bill funding the Department of Homeland Security. The delay already has passed the House as part of its version of the spending bill, and now its fate is up to a future Senate vote.

U.S. Sens. Tim Scott and Lindsey Graham, both S.C. Republicans, could not be reached for comment. U.S. House members who voted in favor of the year delay include Rep. Jim Clyburn, D-S.C., and Rep. Mark Sanford, R-S.C.

Clyburn said there is a need to make the flood insurance self-sustainable, but "we have not addressed the affordability component for homeowners who could see their rates quadruple."

"We need to delay the rate increases to give us time to find a more equitable solution," he said.Sanford echoed similar thoughts, asking for FEMA to provide more details. "Everybody knows rates are going up, but I think it is important to explain for what reasons, and that's a basic if you're going to charge more," he said.

The overhaul

The name of the overhaul is the Biggert-Waters Flood Insurance Reform and Modernization Act of 2012. It passed last year with sweeping bipartisan support. The government's flood insurance initiative has required more than $24 billion in bailouts since being established in 1968, with billions of dollars in additional costs from Superstorm Sandy still being tallied.

Most of the losses came because of subsidized rates and losses from repeat claims on homes and businesses that get flooded every few years. The federal program subsidizes rates for about 20 percent of the 5.6 million dwellings it insures, FEMA officials have said. Subsidies are applied to "pre-firm" structures, describing those that predate the first flood insurance rate maps in the 1960s.

The assistance was made available to help people afford coverage even though their dwellings weren't constructed with flood protection in mind. Some reforms are going ahead, such as requiring higher rates for second homes.

In October, premiums on businesses in flood zones and homes that have been severely or repeatedly flooded will climb 25 percent a year until the rates represent the "true risk" of flooding.

And subsidized rates will lapse when a home is sold or flooded repeatedly. The delay would provide relief to people whose older homes were built to the flood code in previous years or decades ago but would be judged to be at greater risk under new flood maps.

Higher rates on these grandfathered homeowners would otherwise start taking effect late next year, and some homeowners face multi-fold premium increases that could make their payments unaffordable.

Local lobbying

The Charleston Trident Association of Realtors is orchestrating efforts to understand the impact of rising flood rates on the region. That includes gathering survey information from its members and homeowners as it works with state and national counterparts to determine if the reform needs to be evaluated.

Ryan Castle, the association's government affairs director, said there's been limited feedback so far, largely because of uncertainty about the rate increases.

Owen Tyler, 2013 president of the association, said he expects an outpouring once rates start to hit property owners in the pocketbook. "I expect when 'assumable' flood policies go away and rate increases start, our membership and anyone with a flood policy or needing a flood policy will have something a good bit more to say," he said.

For now, the uncertainty has already grown some fears that the rate increases could stem the recovery in the local housing market. Interest rates already are edging higher. If flood premiums jump, it could push potential buyers from the market, some coastal Realtors say.

"The biggest concern is the uncertainty," said Andy Twisdale, a real estate agent on Hilton Head Island. "It seems like nobody has a handle on what the results will be." Sally said the uncertainty could have buyers halting a home purchase.

"Flood insurance has always been a factor when people look at purchasing a home, and now we have a scary unknown when we talk about the future of those rates," he said. Supporters of last year's flood insurance changes say delaying the premium increases means people whose homes are at lower risk of being flooded will have to pay higher premiums to subsidize those living in flood zones.

"Delaying risk-based flood insurance rates doesn't delay homeowners' vulnerability or delay the insolvency of the program," said Steve Ellis of Taxpayers for Common Sense, a Washington, D.C.-based watchdog group.

"Lower-risk homeowners will see their rates increase disproportionately to offset the revenue lost from delayed rate increases on higher-risk properties."

Reach Tyrone Richardson at 937-5550 and follow him on Twitter @tyrichardsonPC.
The Associated Press contributed to this story.

___

(c)2013 The Post and Courier (Charleston, S.C.)

Visit The Post and Courier (Charleston, S.C.) at www.postandcourier.com

Distributed by MCT Information Services

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Charleston Realtors association adds Lowcountry ‘watch’ list

The Charleston Trident Association of Realtors released its February home sales figures last week, reporting another month of improved sales volume and prices.

 

That’s been constant for more than a year, but the group’s latest report added something new: a “watch” list highlighting particularly strong areas in the region.

 

 

To read the entire article http://www.postandcourier.com/article/20130318/PC05/130319336/1010/charleston-realtors-association-adds-lowcountry-x2018-watch-x2019-list

 

 

 

Charleston Area Home Sales Up 14% Year-to-Date

 

 

Charleston Area Home Sales Up 14% Year-to-Date

Pricing shows sustainable growth as well; 5.6% increase in regional median price

CHARLESTON, SC—(December 10, 2012) According to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR), 845 homes sold at a median price of $192,500 in November. Sales volume grew by nearly 200 sales this November, when compared to November 2011.

Year-to-date, 9,662 homes have sold at a median price of $190,081. These figures, which represent all homes sold through the Charleston Trident Multiple Listing Service (CTMLS), show 14% growth in sales volume and a 5.6% increase in median price for the region over last year at this time, when 8,493 homes sold at a median price of $180,000.

Charleston County has led the region in activity, with sales growth of 20.5%, year-to-date. In Charleston County, 5,464 homes have sold at a median price of $225,000 thus far in 2012. “In 2012, Charleston County alone will likely close out the year close to 6,000 sales. When you look at data from 2009 you’ll see that regionally, we sold 8,300 homes that year. It clearly shows how much consumer confidence in our market has improved in the last 36 months” said Owen Tyler, 2013 CTAR president.

“2012 has been the turning point for the Charleston region—sales have grown at a sustainable, healthy pace, inventory has declined significantly throughout the year and we expect this consistent activity to continue into 2013” said Tyler. “This fall has been noticeably busier than years past—the market is seeing a great deal of activity from investors, as well as from traditional buyers who were waiting for security to return to the market” Tyler continued.

While the impact of Washington's decision regarding the Fiscal Cliff remains to be seen, REALTORS® are standing together in defense of the long-standing policy that allows homeowners to deduct mortgage interest payments from their income taxes, which has been threatened by various versions of a potential Fiscal Cliff deal. "We urge our lawmakers to understand that the mortgage interest deduction is vital to the stability of the American housing market and to the stability of the overall economy. REALTORS® will remain vigilant in opposing any future plan that modifies or excludes the deductibility of mortgage interest" said Tyler.

OCTOBER ADJUSTMENTPreliminary data reported for October 2012 indicated that 898 homes sold at a median price of $185,112. Adjusted numbers now show 910 homes sold at the same median price.

BERKELEY COUNTY

193 homes sold at a median price of $179,190 during November in Berkeley County. Year-to-date, sales volume has increased 4%, with 2,098 closings and the county-wide median price has grown a healthy 3%, to $164,300.

CHARLESTON COUNTY

In November, 458 homes sold at a median price of $232,000 in Charleston County. Year-to-date, sales volume has increased 20.5% with a total of 5,464 sales. Median price has increased a healthy and sustainable 2%, to $225,000.

DORCHESTER COUNTY

170 homes sold at a median price of $160,000 in Dorchester County during November. Year-to-date, the county has seen a 7% increase in sales volume and a 4% increase in median price. 1,768 homes have sold at a median price of $167,222 thus far in 2012.

With 3,600 members, CTAR’s mission is to promote the highest standards of professionalism, ethics, education and technology, and to ensure that its members are the primary source for real estate services in the South Carolina Lowcountry. Only those who are members of the Association of REALTORS® and its parent organizations are called REALTORS®.

RESIDENTIAL REAL ESTATE MARKET BEGINS TO SHOW SIGNS OF NORMAL ACTIVITY

RESIDENTIAL REAL ESTATE MARKET BEGINS TO SHOW SIGNS OF NORMAL ACTIVITY

CHARLESTON, SC—(September 10, 2010) According to preliminary data released by the Charleston Trident Association of REALTORS® (CTAR), 681 homes sold in the region at a median price of $199,055 in August. This reflects a 3% increase in sales and a 6% jump in prices when compared to August 2009, when 658 homes sold at a median price of $187,840.

Year to date, 5,624 homes have sold, compared to the 4,685 that were reported at this point in 2009. The year-to-date median sale price is a healthy 2% ahead of this point last year—$183,982 as of August 2009, and $188,207 thus far in 2010.

“Sales volume is up 20% year-to-date. While the gain is no doubt due in part to the recently expired Home Buyer Tax Credit, the August figures suggest that stability is returning to the market after the post Tax Credit drop-off. We’re slowly moving back toward more normalized market conditions, as consumer confidence is being restored” said Jeremy Willits, 2010 CTAR President.

As of August 31, 2010 there were 9,552 properties listed as actively for sale in the Charleston Trident Multiple Listing Service (MLS). At the end of last August, inventory was comparable, with 9,806 properties actively for sale.

BERKELEY COUNTY
149 sales in Berkeley County at a median price of $177,990 reflect a 19% increase in sales and a reasonable 3% increase in prices compared to August 2009.

CHARLESTON COUNTY
Sales in Charleston County increased 15% compared to the same month last year and prices increased 5%. There were 370 sales at a median price of $253,145.

DORCHESTER COUNTY
In August, 133 residential properties changed hands at a median price of $165,000—a 20% decrease in sales and a 3% decrease in price from August 2009.

JULY 2010 ADJUSTMENT
Preliminary numbers reported for July 2010 indicated 643 homes sold at a median price of $196,573. Adjusted numbers now show 671 sales at $196,540.

With nearly 4,000 members, CTAR’s mission is to promote the highest standards of professionalism, ethics, education and technology, and to ensure that its members are the primary source for real estate services in the South Carolina Lowcountry. Only those who are members of the Association of REALTORS® and its parent organizations are called REALTORS®. To learn more, visit www.CharlestonRealtors.com.

Residential Real Estate Sales Increase Again, Median Prices Remain Stable

CHARLESTON, SC—(March 10, 2010) Preliminary data from the Charleston Trident Association of REALTORS® (CTAR) shows 509 homes sold in the Charleston region in February, at a median price of $179,900. This reflects a 22% increase in sales and essentially no change in median sale price from preliminary numbers reported on March 10, 2009, which showed 417 sales at a median sale price of $179,450.

As of March 10, 2009, CTAR data showed 789 sales at an average median sale price of $178,100. This year, CTAR has recorded 940 sales at an average median sale price of $185,500. Year-to-date numbers show a 7% increase in sales and median sale prices are a slight 4% higher than this time last year.

At the close of the month, there were 9,532 homes actively listed for sale with the Charleston Trident Multiple Listing Service, a 4% increase from last month, when there were 9,171 homes on the market.

January 2010 Adjustment
Preliminary numbers reported on February 10 indicated that in January 2010, 416 properties had sold at a median price of $194,000. Adjusted numbers show that 429 properties sold at a median price of $191,100. This equates to a negligible (-0.9%) decrease in sales and a 9% increase in median prices when compared to January 2009, which showed 433 sales at a median price of $175,000.


BERKELEY COUNTY
Berkeley County saw a 16% increase in sales and a 3% variance in median price over February of last year. February’s preliminary numbers show 108 properties sold at a median price of $157,495. On March 10, 2009, preliminary numbers reflected 93 sales at a median price of $162,400.

In Berkeley County, the areas of Goose Creek and Moncks Corner showed the most activity, and Crowfield Plantation was the most active neighborhood.

CHARLESTON COUNTY
Charleston County continues to lead the regional market recovery with 60% more closed sales and a 5% increase in median price when compared to last year. In February, 288 homes sold at a median price of $235,950 in the county compared to February 2009 preliminary figures which showed 180 homes sold at a median price of $225,000.

In Charleston County, the area south of Highway 41 had the most activity in February, with the Rivertowne neighborhood showing the highest sales for that area.

DORCHESTER COUNTY
In February, 91 residential properties changed hands at a median price of $145,000 in Dorchester County. When compared to February 2009 preliminary figures, this data shows a 5% increase in sales and a 15% decline in median price. Last year, 87 homes sold at a median price of $169,990.

The Summerville/Ridgeville area showed the most activity in Dorchester County, and the Legend Oaks subdivision had the most sales within that area.

Please note: “Preliminary number” indicates all sales and values for closings posted within 10 days following the close of the month. “Adjusted number” indicates the value after all sales have been posted.

# # #
With approximately 4,000 members, CTAR’s mission is to promote the highest standards of professionalism, ethics, education and technology, and to ensure that its members are the primary source for real estate services in the South Carolina Lowcountry. Only those who are members of the Association of REALTORS® and its parent organizations are called REALTORS®.