Economists give rosy outlook for Lowcountry home sales

The Charleston region’s housing market will continue an upward trend of sales and values this year as long as local job growth continues.

To see the full article please visit The Post & Courier

Closed Sales and Average Sales Price Increase on Daniel Island

The total number of closed sales and the average sales price on single family homes has increased on Daniel Island when compared to March 2011, median sales price has also increased slightly.

** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the

6 months used in a dot are proportioned according to their share of sales during that period. All data from the

Charleston Trident Association of REALTORS®.  Sponsored by South Carolina REALTORS®.

Powered by 10K Research and Marketing. Information deemed reliable but not guaranteed.

Consult your agent for market specifics.

Statewide home sales increase 10% in April

Tuesday, 25 May 2010
Staff Report

COLUMBIA – More than 4,350 homes were sold statewide in April, a 10.5% increase over the number of homes sold in March and a 36.3% increase over homes sold last April, according to the latest report from the S.C. Realtors Association.

And while 13 out of the 15 markets reported an increase in April, the gains were much more modest than those reported in March, which included some triple-digit increases.

The three major metro areas, Greenville, Columbia and Charleston, posted increases in April of 17%, 10% and 13%, respectively.

Statewide, the median home price increased to $141,000, up from $139,000 in March. The number of days a home sat on the market increased from 151 in March to 152 in April.

Source: S.C. Realtors Association

Palmetto Heroes Program - Police Officers - Fire Fighers - EMS - Teachers

SC State Housing Authority is excited to announce our 2010 PALMETTO HEROES PROGRAM.

The Heroes selected for the 2010 initiative are “Police Officers – Fire Fighters – EMS - Teachers”. Borrower(s) must meet SC State Housing's first-time home buyer requirements. The program features a reduced mortgage interest rate and down payment assistance is available. The funding will be limited to $40 million. Loans are available on a first-come first-served basis and borrowers must have an accepted sales contract on a home prior to reserving funds. All SC State Housing loan policies and procedures will be in affect for this program. See our program guides and manual for specific loan details.

Police Officers – Borrower must be a full-time police officer with state or local government agency including correctional officers with the South Carolina State Department of Corrections

Fire Fighters and EMS - Borrower must be a full-time or volunteer fire fighter or EMS with a state or local government agency

Teachers - Borrower must have a South Carolina Teachers Certification and be employed as a classroom teacher or have a contract to receive a paycheck begin teaching within 60 days of closing on the home.

INTEREST RATE –The fixed interest rate will be 5.125

DOWN PAYMENT ASSISTANCE

Category I - Up to $7,000 Repayable Down Payment Assistance.
Category II - $7,000 Forgivable Down Payment Assistance

Poll shows voters opposed to Point of Sale tax

Columbia, S.C. – Ohio based company, Fallon Research and Communications, recently surveyed SC registered voters about the Point of Sale tax. The findings concluded that 70% of respondents are opposed to the current law. "The point of sale tax is opposed by an overwhelming majority of voters. There is little doubt about opposition to it,” said Paul Fallon, President of Fallon Research & Communications, an Ohio-based research firm. The survey was released by SC Realtors (SCR) as a part of the statewide STOP THE UNFAIR TAX campaign.

Forty two percent of respondents agree that improving the economy and attracting jobs should be top priority for our state leaders. "Voters see the point of sale tax as a flawed policy for a number of reasons, particularly in the context of a tough economy. Given the current voter emphasis on jobs, and the fact that this policy has hurt the local economy, it not surprising that a majority (53 percent) of respondents think this is convincing enough to eliminate the current point of sale tax,” added Fallon.

"A large majority of South Carolina's voters believe that the point of sale tax is unfair and that it is hurting our economy," said SCR CEO, Nick Kremydas. "Voters get it. They understand that the current point of sale tax is flawed. Because of the unfair point of sale tax, some companies have said they will not relocate or open new businesses in our state. In a tough economy, the last thing we need are taxes that eliminate jobs and prevent new businesses from opening in South Carolina.”

In a separate survey question, 53 percent of respondents believe the point of sale tax is unfair because it results in different tax rates for identical homes in the same neighborhood.

"Some people argue that this tax is needed and that it helps local governments. In fact, the point of sale tax is hurting the real estate market because it allows local governments to dramatically increase property taxes on homes, land and businesses when they are sold," Kremydas stated. “And clearly, a majority of voters are not comfortable with local governments spending funds collected from the tax any way they want.”

"This poll suggests that voters will have little tolerance for taxes and policies that have a direct financial consequence for them," said Paul Fallon. "The results leave no question that voters think the point of sale policy is a flawed one, especially with its potential to hurt the economy."

For a copy of the Fallon key findings memo, and to learn more about the STOP THE UNFAIR TAX campaign, visit http://www.ItsJustNotFair.org


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About South Carolina Realtors

South Carolina Realtors is the premiere source for real estate trends and property information in the Palmetto State. With more than 17,000 members across the state, Realtors are working to improve the quality of life in South Carolina. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®.

STOP The UNFAIR Tax

Dear South Carolina Voter,

Last week you heard from us about The Stop the Unfair Tax campaign - which aims to educate South Carolina families and businesses about a flawed law called "point of sale." The current law allows local governments the right to charge higher property taxes when businesses are sold, or someone wants to buy a home.

What's worse is some local governments have seen a huge windfall from this tax, and even increased spending at a time when you and I have cut back. That’s not right, it’s not fair, and we must put a stop to this now! City and county government lobbyists are working hard to keep this unfair tax, but we can stop them if we work together.

We have a unique opportunity - THIS WEEK - to help fix this flawed law, and get our economy back on track. Together we can stop this unfair tax. It’s simple: go to http://www.itsjustnotfair.org/and:

1. Click “Take Action” and then the “Contact Your Legislator”;
2. Send an email (it takes less than five minutes) to your state representative and senator; and
3. Forward the message to your friends and family.

Let your voice be heard - use our action center to tell the politicians that it’s time to fix the unfair tax - and stop listening to special interests lobbyists for cities and counties - by supporting a current bill - HB 3272 - that will fix the problem, and help get our state’s economy moving again!

Sincerely,

Stop the Unfair Tax Campaign

PS-Please act today - the window to change this law is closing!

Paid for by the South Carolina REALTORS® Association.

STATE WIDE HOME SALES DOWN 5.6%

Friday, 25 September 2009
Staff Report

COLUMBIA – The S.C. Association of Realtors is reporting 3,952 homes were sold in South Carolina in August, down about 5.6% from home sales in July.

Home sales for August were down 9.4% compared to sales of August 2008.

Of the 15 regions reporting home sales to the association, only six reported an increase in sales for August.

Of the state’s three major metropolitan areas, Greenville reported a 2.9% increase in home sales, while Charleston reported a decline in sales of 17.3% and Columbia reported a decline of 7.6%, according to the report.

The median price of homes in South Carolina in August was $147,600, up from $142,000 in July. The median price of homes in August 2008 was 154,900.

The average number of days a home was on the market was 155, up slightly from 153 in July.

Statewide home sales year-to-date

Source: S.C. Association of Realtors

FANNIE MAE FREEZES FORECLOSURES

Thursday, 07 May 2009

By Ashley Fletcher Frampton
aframpton@scbiznews.com

Mortgage-backer Fannie Mae said it singled out South Carolina for an unusual court-ordered freeze on home foreclosure sales because the state gives local judges the authority to dismiss delayed cases, which other states do not.

Fannie Mae isn’t seeking a similar temporary freeze in other states, said Brian Faith, spokesman for the mortgage company.

“In South Carolina, judges have the discretion to cancel an ongoing foreclosure process if there is a significant delay between the foreclosure judgment date and the actual foreclosure sale,” Faith said in a statement.

If masters-in-equity — the special county judges that usually handle foreclosures in South Carolina — were to dismiss delayed cases, “the process begins anew, which leads to higher costs and losses,” Faith said.

“The court ruling effectively addresses this situation,” he said.

Fannie Mae suspended its foreclosure proceedings in late 2008 and during the first of quarter of 2009 while it reviewed cases for potential workout strategies, Faith said. In some cases, that created significant delays.

At Fannie Mae’s request, the S.C. Supreme Court issued a temporary restraining order late Monday afternoon on foreclosure sales for some homes. It targets properties that could be eligible for a mortgage modification program that President Barack Obama’s administration is rolling out. The program offers more affordable mortgage payments to homeowners whose loans are backed by Fannie Mae or Freddie Mac and who meet certain other criteria.

Fannie Mae did not want homeowners potentially eligible for the program to lose their homes in foreclosure before they had a chance to participate. The mortgage company estimates that more than 1,000 homes in South Carolina were headed to foreclosure sales this week. It filed the petition for a temporary restraining order on Friday.

Obama announced the Home Affordable Modification Program in February, but details were not outlined until April 6.

Masters-in-equity say they are still sorting through the implications of the S.C. Supreme Court order, which requires lenders seeking foreclosure to submit affidavits by May 15 stating whether loans in default are eligible for the modification program.

Homes not eligible will continue in the foreclosure process, according to the restraining order.

Published May 7, 2009

If you have questions regarding the real estate market in the greater Charleston, South Carolina area please do not hesitate to call or e-mail Owen at 843.224.5398 or Owen@OwenTyler.com

CHARLESTON REALTORS® ASSOCIATION AND EAST COOPER HABITAT FOR HUMANITY

CHARLESTON, SC—(April 23, 2009) Terri and Elizabeth Naguib will finally have a place to call home this Saturday afternoon, as their new home is dedicated at 1 p.m. on Saturday after months of work by REALTORS® and volunteers from East Cooper Habitat for Humanity.

The work on the home began during the South Carolina REALTORS® Annual Conference last September. More than 150 REALTORS® contributed over 1,000 hours of labor to this project.

The Charleston REALTORS® Housing Opportunities Fund (RHOF) exceeded their fundraising goal of $50,000—an achievement which ensured that not only were building costs covered, but a portion of the land as well.

“East Cooper Habitat for Humanity, Inc. (Habitat) has been the recipient of funds from the Realtors Housing Opportunity Fund (RHOF) since its founding. In the last year, however, the support by RHOF and by the Realtor community in South Carolina has been truly remarkable” said Bob Hervey, Executive Director for East Cooper Habitat for Humanity.

“Working alongside the REALTORS® was Terri Naguib, who has been hammering away, helping to build a safe and secure home for herself and her daughter, Elizabeth. She has completed her 350 hours of sweat equity as well as her required homeownership classes and is now ready to assume an affordable mortgage. East Cooper Habitat for Humanity is most pleased to have been able to partner with the REALTORS® to make the dream of homeownership possible for the Naguib family, giving Terri and Elizabeth a “hand up,” not a “hand out” said Hervey.

With approximately 4,200 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