Aug. 28, 2017

Wagener Terrace Market Report

VIEW ALL AVAILABLE HOMES IN WAGENER TERRACE

The Wagener Terrace market report includes single family homes, condos and townhomes in one of the most popular neighborhoods in the Historic Charleston Peninsula. Located in the Upper Peninsula just above Hampton Park, demand in Wagener Terrace far outstrips supply. Buyers are very interested in a location close to downtown Charleston and all the fabulous shopping and dining available. Additionally in recent years, many new bars and restaurants have opened. Buyers interested in Wagener Terrace might also be interested in looking into available homes for sale in adjacent neighborhoods. Hampton Park Terrace, North Central and West Side all share this very desirable location in the Upper Peninsula. Generally speaking inventory is very tight in all these neighborhoods and Wagener Terrace is very much of a sellers market.

Statistics compiled by Barry Cunningham using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.

Here is a statistical comparison for home sales, home prices on a median, average and dollar per square foot basis, the absorption rate and the number of homes currently available for sale for the most recent 12 months vs. the previous 12 month period for Wagener Terrace.

 
2016
2017
Difference
Home Sales
47
47
0.00%
Median Price
$395,000.00
$430,000.00
8.86%
Average Price
$418,686.00
$464,843.00
11.02%
Price / SQFT
242
305
26.03%
Absorption Rate (Months Supply)
2.8
2.5
-10.71%
Current Homes for Sale
13
11
-15.38%

VIEW ALL AVAILABLE HOMES IN WAGENER TERRACE

Aug. 9, 2017

Housing Inventory Hits 30-Year Low

Housing Inventory Hits 30-Year Low

Spring is traditionally the busiest season for real estate. Buyers, experiencing cabin fever all winter, emerge like flowers through the snow in search of their dream home. Homeowners, in preparation for the increased demand, are enticed to list their house for sale and move on to the home that will better fit their needs.

New data from CoreLogic shows that even though buyers came out in force, as predicted, homeowners did not make the jump to list their home in the second quarter of this year. Frank Nothaft, Chief Economist for CoreLogic had this to say,

“The growth in sales is slowing down, and this is not due to lack of affordability, but rather a lack of inventory. As of Q2 2017, the unsold inventory as a share of all households is 1.9 percent, which is the lowest Q2 reading in over 30 years.”

CoreLogic’s President & CEO, Frank Martell added,

“Home prices are marching ever higher, up almost 50 percent since the trough in March 2011.

While low mortgage rates are keeping the market affordable from a monthly payment perspective, affordability will likely become a much bigger challenge in the years ahead until the industry resolves the housing supply challenge.”

Overall inventory across the United States is down for the 25 th consecutive month according to the latest report from the National Association of Realtors and now stands at a 4.3-month supply.

Real estate is local.

Market conditions in the starter and trade-up home markets are in line with the median US figures, but conditions in the luxury and premium markets are following an opposite path. Premium homes are staying on the market longer with ample inventory to suggest a buyer’s market.

Bottom Line

Buyers are out in force, and there has never been a better time to move-up to a premium or luxury home. If you are considering selling your starter or trade-up home and moving up this year, let’s get together to discuss the exact conditions in our area.

July 25, 2017

Rising Home Prices Mean Great News For Homeowners

Rising Home Prices Mean Great News for Homeowners

Recently there has been a lot of talk about home prices and if they are accelerating too quickly. As we mentioned before, in some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers who are out looking for homes, which has caused prices to rise.

The great news about rising prices, however, is that according to CoreLogic’s Homeowner Equity Report, the average American household gained over $14,000 in equity over the course of the last year, largely due to home value increases.

The map below was created using the same report from CoreLogic and shows the average equity gain per mortgaged home during the 1st quarter of 2017 (the latest data available).

Rising Home Prices Mean Great News for Homeowners | Keeping Current Matters

For those who are worried that we are doomed to repeat 2006 all over again, it is important to note that homeowners are investing their new-found equity in their homes and themselves, not in depreciating assets.

The added equity is helping families put their children through college, invest in starting small businesses, pay off their mortgages sooner and even move up to the home that will better suit their needs now.

Bottom Line

If you are a homeowner looking to take advantage of your home equity by moving up to your dream home, contact an agent in your area to discuss your options!

July 25, 2017

JUST LISTED 4BR/2.5BA 3150sf 0.69 acre Home in Gated Pocket Community on Johns Island

Check out the Virtual Reality 360° Tour Below

 

For ALL details, including all photos, please visit the Property Details page by CLICKING HERE.

Posted in Buying, Real Estate, Selling
July 17, 2017

What is a CL-100 and why do you need one?

Termite InspectorWhat is a CL-100 Report

If you’re purchasing a home in South Carolina, a CL-100 Inspection may be required by your lender in order to close on your loan. The CL-100 Inspection is also called a Termite Inspection, and the report letter is called the CL-100 (Clear Letter) also known as the WIR (Wood Infestation Report).

The purpose of the inspection is to check for:

  • Visible infestation and damage caused by insects, usually termites or beetles, and decay in accessible areas of a structure.
  • These reports are usually required by the mortgage lender or the buyer in a real estate transaction.
  • Visible evidence of whether there has been prior subterranean termite treatment.
  • Below the first main floor, if there is the presence or evidence of:  active wood-destroying fungi (which has a wood moisture content of 28% or above), or if there is the presence of wood-destroying fungi that is inactive (less than 28% wood moisture content).  Fungus will not grow if there isn’t enough moisture, so it is important to find the direct cause of the moisture and work to resolve the problem.
  • Any visibly damaged wooden members below the main first floor of the home (columns, sills, joists, plates, door jambs, headers, exterior stairs, porches, or fungi damage below the first floor).  If the Inspector finds any of this to be true, he or she will list the damaged areas.

Reports may include the following:

  • Photographs
  • Computer generated reports
  • Diagrams of the structure

 

Here is a sample CL-100 Report:

CL-100 Report

CL-100 Report Page 2

July 12, 2017

Interest Rates at 3.88%

familiesBe Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate

Interest rates have hovered around 4% for the majority of 2017, which has given many buyers relief from rising home prices and has helped with affordability. Experts predict that rates will increase by the end of 2017 and will be about three-quarters of a percentage point higher, at 4.5%, by the end of 2018.

Last week’s Freddie Mac Primary Mortgage Market Survey revealed that interest rates for a 30-year fixed rate mortgage have fallen to their lowest mark this year, at 3.88%. This is great news for homebuyers looking to purchase and homeowners looking to refinance.

The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home.

Let’s take a look at a historical view of interest rates over the last 45 years.

30 year mortgage rates

Bottom Line

Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

 

Posted in Buying, Pricing, Real Estate
July 12, 2017

4 Tips of Effectively Making an Offer on a Home

So, you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market, you want to make sure that you make a good offer so that you can guarantee that your dream of making this house yours comes true!

Freddie Mac covered “4 Tips for Making an Offer” in their latest Executive Perspective. Here are the 4 tips they covered along with some additional information for your consideration:

1. Understand How Much You Can Afford

“While it’s not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”

This ‘tip’ or ‘step’ should really take place before you start your home search process.

As we’ve mentioned before, getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace).

2. Act Fast

“Even though there are fewer investors, the inventory of homes for sale is also low and competition for housing continues to heat up in many parts of the country.” 

According to the latest Existing Home Sales Report, the inventory of homes for sale is currently at a 3.7-month supply; this is well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.

Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as soon as possible.

3. Make a Solid Offer

Freddie Mac offers this advice to help make your offer the strongest it can be:

“Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford.”

Talk with your agent to find out if there are any ways that you can make your offer stand out in this competitive market!

4. Be Prepared to Negotiate

“It’s likely that you’ll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you’ll be glad you did your homework first to understand how much you can afford.

Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller, or cancel the contract.

Bottom Line 

Whether you’re buying your first home or your fifth, having a local professional on your side who is an expert in their market is your best bet in making sure the process goes smoothly. Happy House Hunting!

Contact one of our experienced agents to help with your home search today.  

Posted in Buying, Pricing, Real Estate