Nice newer home on Johns Island on 0.41 acres, plenty of room to roam at a great price.
Showing posts with label Charleston for sale. Show all posts
Showing posts with label Charleston for sale. Show all posts
Thursday, April 25, 2013
Sunday, March 3, 2013
Single Family Renters More Likely to Stay for 5 Years or Longer
Are you considering an investment in rental property but the concern of tenant turnover is holding you back?
According to a study released on February 25, 2013, turnover in a single family property might not be as high as you think.
According to WSJ's Nick Timiraos, "Some 26% of single-family-home renters said they planned to live in their current rental for five years or more, compared with 22% for renters in multifamily buildings. Three out of every five single-family renters also said they planned to become a homeowner within five years, compared with just 44% of apartment renters."
This is information that most investors owning single family property already know, but it is great to see it solidified in the National Survey of Renters.
According to a study released on February 25, 2013, turnover in a single family property might not be as high as you think.
According to WSJ's Nick Timiraos, "Some 26% of single-family-home renters said they planned to live in their current rental for five years or more, compared with 22% for renters in multifamily buildings. Three out of every five single-family renters also said they planned to become a homeowner within five years, compared with just 44% of apartment renters."
This is information that most investors owning single family property already know, but it is great to see it solidified in the National Survey of Renters.
To read the entire article and see the study visit: http://blogs.wsj.com/developments/2013/02/25/survey-single-family-renters-more-likely-to-stay-longer/
Monday, January 28, 2013
Monday, December 12, 2011
Charleston Real Estate Market Shows Strength and Stability in 2011
Charleston Real Estate Market Shows Strength and Stability in 2011Sales Volume Up, Stability in Median Price, Inventory moves to new 5-year Low
CHARLESTON, SC—(December 12, 2011) According to preliminary figures released by The Charleston Trident Association of REALTORS® (CTAR) 648 homes sold at a median price of $191,500 in November, while inventory declined again to reach a new low of 7,258 homes listed as actively for sale. Last November, 588 homes sold at a median price of $189,700 as inventory stood nearly 20% higher than the current level. “The continued decline of inventory is an important factor in maintaining the stability and health of our local market, as we anticipate the addition of bank-owned inventory in the early stages of 2012” said Rob Woodul, 2011 President of CTAR.
Compared to last November, sales volume is up by 10% and the median home price is a slight 1% higher.
“2011 has been a pivotal year for the Charleston real estate market. Without the support of a tax credit or other incentives, our market had to stand on its own and it did so considerably well. We’ve had 11 months of relatively stable activity and are beginning to close the gap on prices—which will likely be affected by additional foreclosed inventory next year. However, continued job growth and economic development in our region should help soften the potential negative effects of that bank-owned inventory” said Woodul. “This year, local REALTORS® have helped nearly 8,500 individuals or families make an investment in the Charleston area. Whether the market is up or down, helping people and families find a place to call home only adds to our region’s stability and strengthens our sense of community” said Woodul.
Year-to-date, 8,453 homes have sold at a median price of $180,796, which indicates nearly 5% sales growth and a 3% decline in prices compared to this point in 2010, when just over 8,000 homes had sold at a median price of $187,00.
October Adjustment
Preliminary numbers reported for October 2011 indicated 670 homes sold at a median price of $190,000. Adjusted numbers now show 677 sales at the same median price.
168 homes sold at a median price of $175,312 in Berkeley County in November—a considerable improvement from last November, when 138 sales resulted in a median price of $169,187.
The most active area of the county was Goose Creek/Monck’s Corner from Highway 52 to the Cooper River, where 45 homes changed hands at a median price of $164,590. The most expensive homes in the County can be found on Daniel Island, where the median home price last month was $387,000. The most affordable homes in Berkeley County are in the area of St. Stephen/Bonneau, where the median home price was $57,900.
CHARLESTON COUNTY
335 homes sold at a median price of $225,848 in November in Charleston County; compared to 318 sales at a median price of $236,175 last November.
Outside of the county’s largest geographic area of Mount Pleasant, where 94 homes sold at a median price of $318,125, the most active area of the county was again, in West Ashley (outside I-526) where 51 homes sold at a significantly increased median price of $198,250. The most expensive homes in the County sold in the resort community of Wild Dunes, where 9 sales resulted in a median price of $827,900. The most affordable homes sold in North Charleston (inside I-526) where 16 homes changed hands at a median price of $55,000.
125 homes sold at a median price of $176,000 during November in Dorchester County, which shows a healthy increase in sales volume and notable increase in price, compared to last November’s 112 sales at a median price of $152,136. The most active area was Summerville/Ridgeville, where 68 homes sold at a median price of $186,400; also making it the most expensive area in November. The most affordable homes sold in the St. George/Harleyville area, where 4 homes sold at a median price of $112,500.
Saturday, June 11, 2011
209 Marsh Oaks Dr | Charleston, SC | $649,000
209 Marsh Oaks on tidal creek. Amazing home close to Historic Charleston and I-526
Saturday, May 21, 2011
Shadowmoss Plantation Gem
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Tuesday, April 12, 2011
Market Update for Historic Charleston, South Carolina
March 2011 Market Update for Historic Charleston, South Carolina
(Property Sales South of Highway 17)
The number of new listings coming on to the market is down, the number of closings are up, and inventory is declining.
Tuesday, March 22, 2011
The ARM is back: Should you bite?
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| Image Courtesy of Quickenloans.com |
Full disclosure here, I have an ARM on an investment property and it has been a really great thing for me. I am not loosing my property to the bank, my interest rate didn't increase, and I don't feel trapped and can't sleep from worry. And I think I would do it again, their I said it!
Of course ARM's are not for the faint at heart and do not provide the sense of security that many get from a 30 year fixed mortgage
Adjustable-rate mortgages are rising in popularity again. Lenders say they have learned from their mistakes of the past decade, but have borrowers?
By doubleace on Mon, Mar 21, 2011 11:36 AM
This post comes from Lynn Mucken at MSN Money.
Adjustable-rate mortgages are making a comeback. It's official; after all, the news appeared in The New York Times.
You remember ARMs, don't you? They were the sweet sirens of the last couple of decades, luring Americans into the homebuying or refinance market with low initial interest rates and unspoken but hinted-at guarantees that nothing could go wrong.
Of course, things did go wrong -- terribly so -- when the real estate market imploded in 2006. ARMs weren't solely to blame for the real estate pyramid scheme whose collapse still haunts our struggling economy, but they did their part.
Now ARMs are back -- up to 10% of all mortgages issued, double last year but still far from the 70% in 1994. So the questions once again are: Are they safe? Are they right for you? The answers are: Maybe, and maybe.
An adjustable-rate mortgage is a relatively simple lending device: The borrower gets the money to buy or refinance a home at a lower interest rate than is available through the traditional 30-year mortgage. That means lower house payments that you can afford now. Somewhere up the road -- six months, five years, seven years, whatever is specified in the contract -- the interest rate begins to adjust up or down according to a set formula based on interest-rate indexes.
It usually goes up -- inflation is almost always with us -- but in theory the borrower's income and home value have at least kept stride, so you can make the bigger payments or sell the house. The alleged safety net is that, if you are like most Americans, you will have sold your home and moved long before the higher interest kicks in, or you can easily slip into a less-volatile 30-year loan.
Unfortunately, it didn't work like that in 2006 and the unhappy years that followed. Too many loans had been granted to people -- the infamous subprime borrowers -- who bought too much house, were overextended even by the opening monthly payment or fell for lending gimmicks that allowed them to pay a "minimum" amount that actually increased their debt on the home. It's an old credit card trick, but when it is used on a $500,000 loan instead of an $800 bill, it is deadly.
Such people lost their homes, which helped collapse the housing market, which in turn destroyed the home value of even prime borrowers, who had no trouble paying their mortgage but couldn't sell their home because they owed more than it was worth on the market.
Lenders say that won't happen again.
They insist they won't lend to questionable borrowers. "An adjustable now is basically a prime product," Michael Moskowitz, the president of Equity Now, told The New York Times.
In addition, they say that the six-month rate change and high interest caps have mostly been replaced by relatively staid 5/1 or 7/1 ARMs (five or seven years at the initial interest rate, followed by annual changes in interest) with a maximum eventual cap 6 percentage points above the initial rate.
The savings available through ARMs are undeniable. Sean Bowler, a loan officer at DRB Mortgage, told the Times that someone borrowing $500,000 with a 5/1 ARM at 3.5% would save $42,507 in the first five years, before it adjusts, compared with a 30-year fixed-rate loan of 5.25%. A 7/1 ARM at 4.125% would save $38,330 over the first seven years.
So, should you go for an ARM?
Yes, bring it on.
•If you have a large down payment that virtually ensures that you will still have equity in the home when the ARM begins to adjust upward.
•If you are reasonably sure you will be selling the home before the interest rate starts climbing. This works especially well if you are 60 and plan to retire, and move, at 65.
•If you have enough in savings to weather a reversal in the market. You don't have to plan for 2006-09 type of debacle, but be cautious.
•If you are in a secure job with reliable expectations of salary increases.
Nope, not for me.
•If this is the home of your dreams, the neighborhood is perfect, and you want your babies to grow up here.
•If the payments are a stretch now, and the prospects of better income are shaky.
•If you're the anxious type. Worrying for five or seven years about what might happen is not healthy.
•If your marriage isn't solid. It's hard to buy a house on one income.
In all cases, shop carefully. Compare ARMs with conventional 30-year loans. Check out the fees. Always do the math. Get advice from a trusted friend or relative who understands numbers. Be aware that there are big differences between dreams and reality: Dreams go poof. Bad loans seem to stick around forever.
And one last thought: If the loan sounds too good to be true, it probably is. Despite ARMs' spotty history, almost nothing has been done to prevent bad things from happening again. Bad people will always be around.
Monday, September 6, 2010
Thursday, September 2, 2010
Wednesday, August 25, 2010
Saturday, July 17, 2010
Tidal Creek Lot in Seaside Estates
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