From the Category: Charleston South Carolina Real Estate

Improvement Continued – Sales Still Rising

As reported by CNBC on Thursday new construction home sales were the best on record since 1963. Sales of new homes rose in April to the second highest level since the summer of 2008 while the median price for a new home hit a record high, further signs that housing is recovering. The median price of a home sold in April was $271,600, the highest level on government records going back to 1993. The April price was 8.3% higher than in March and 13.1 percent higher than a year ago. With the April increase, sales are now 29% higher than a year ago, but sales are still below the 700,000 level considered healthy by economists.

How’s this translate for those of us in Charleston, South Carolina? According to USAToday, Sales in the South were up 3% but sales fell 16.7%. Sales of previously owned homes rose in April to a seasonally adjusted annual rate of 4.97 million, the highest level in 3½ years.

As the supply of available homes to buy remains tight this trend is likely to continue through the foreseeable future. Applications for permits to build homes rose in April to the highest level in nearly five years. While construction of new homes dipped a little in April, the drop came one month after construction topped 1 million for the first time since June 2008. Several major homebuilders have told of strong annual increases in orders for the first three months of the year, others, said that orders in April jumped 59% from a year earlier.

Some Content Courtesy of USAToday.com

Mortgage Rates on the Rise

USA Today reported that mortgage rates are rising and if you have checked recent mortgage websites you’d see the changes for yourself. WASHINGTON (AP) — The nationwide average rate on a 30-year fixed mortgage rose for the third straight week May 23, hitting their highest levels since mid-March.

The Fed has been buying treasuries for over three years now to keep rates   lower  and boost the not only the housing market but also the economy. It’s only reasonable that this can’t continue forever, considering the fiscal problems in Washington. The average on the 15-year loan jumped to 2.77%, up from 2.69% last week. The record low of 2.56% was hit on May 2.
Moreover,  as the economy improves investors are more likely to purchase equities versus MBS (mortgage backed securities)  the driver of how the mortgage market trends.

As investors, and traders get more comfortable with the economy as a whole their likelihood of staying conservative in treasuries weakens into more aggressive strategies. Thus they pull capital out of MBS and into stocks, and equities resulting in higher mortgage rates.

Mortgage rates rose sharply this week because they tend to track the yield on the 10-year Treasury note.

The yield rose above 2% Wednesday for the first time since March 14 and was at 2.02% Thursday. Investors began selling government bonds Wednesday after minutes of the Federal Reserve’s last meeting showed several policymakers favored slowing the Fed’s bond purchases, perhaps as early as this summer.

 

New Construction Up Significantly

According to CNBC new home sales are up almost 15% and the highest price jump on record since 1963. Charleston, SC homes prices have gone up as well. Existing-home sales also rose slightly last month to reach their highest level since late 2009, while the supply of homes for sale took a big jump but still remains tight, the National Association of Realtors said Wednesday.

April’s annual sales rate was the highest since November 2009, when sales hit an annual rate of 5.44 million. But sales are still at a relatively low level. From 2000 through 2005, before the housing bubble burst, the annual rate of sales averaged more than 6 million a month. Although to most agents things are almost booming it is a misleading because the boom for builder and sellers really has to do with lack of inventory in available Charleston, SC real estate listings. The inventory of homes for sale, meanwhile, expanded in April to a 5.2-month supply from 4.7 months in March. That means all the homes would sell in that time-frame if no new supply was added. Realtors consider a 6-month supply to be a balanced market between buyers and sellers.

 

“The robust housing market recovery is occurring in spite of tight access to credit and limited inventory,” says Lawrence Yun, NAR chief economist. “If not for those constraints, existing-home sales easily would be well above the 5 million-unit pace,” he said. New-home construction is needed to alleviate the inventory tightness, he says, and “tame” price growth to a healthy pace.

While here locally – Charleston, SC new construction is up +8.6% from May of 2012 as seen on the left.

 

Charleston SC Attractions, Fun Activities, Things To Do, and Places to Visit

Family-Fun-Charleston1

 

Charleston South Carolina is blessed to have many fun things to do, attractions and activities to choose from when visiting the area. Below are a list of the area’s most well known, and loved fun festivals, gatherings, and outdoor tourist destinations in Charleston area.

There are essentially 4 beaches in the Charleston area: Folly beach is the more “crazy” youthful and less family oriented of them. The Isle of Palms & Wild Dunes beaches, which vary between quiet and good for families to the fun “party” block near the Windjammer. Sullivan’s Island which connects to Isle of Palms, is a little more laid back and even more quiet and offers a slightly more private less touristy feel.

Lastly is the beaches of Kiawah and Seabrook which are most reserved for those that live on Kiawah or Seabrook or are staying in one of the resort’s homes. These beaches are very private, quiet and pristine.If you love to be outdoors then come visit our wonderful city and have some fun.

If you have children here are some fun ideas to tire them out:

Whirlin Waters Adventure Waterpark -(NORTH CHARLESTON)

WW

2018 Schedule

  • 10:00 a.m. – 6:00 p.m.
  • Weekends Only: May 3-25 and August 16 – Labor Day.
  • Daily: May 26-August 15

Admission – Save more with Extra Value Days or a Super Splash Pass

  • General Admission: $19.99 per person
  • Under 48”: $14.99 per person
  • Seniors 60 : $9.99 per person
  • Children 2 & under: Free
  • After 3:00 p.m. (Mon – Fri): $10.99

 

SPLASH ZONE WATERPARK JAMES ISLAND

SPLASH

  • 200-foot tube slide
  • 200-foot open slide
  • Caribbean play structure with slides, wheels, and sprays
  • 500-foot lazy river with an adventure channel featuring sprays and a waterfall
  • Leisure pool
  • Concessions
  • Restrooms
  • Showers/changing areas
  • Lockers
  • Lounge chairs

SPLASH ISLAND IN MOUNT PLEASANT

SPLASH ISLAND MT PLEASANT

Attractions

  • Awesome 200-foot body flume
  • 16-foot otter slide
  • Sprays, geysers, and raindrop waterfalls
  • The Cyclone, a swirling water ride
  • Activity pool
  • Lifeguards
  • Concessions
  • Restrooms
  • Showers/changing areas
  • Locker rentals
  • Lounge chairs
  • Birthday party packages
  • Private rentals

Admission*

  • General Admission: $7.99 per person
  • Charleston County Resident: $6.99
  • Under 48”: $5.99 per person
  • Seniors 60 : $3.99 per person
  • Children 2 & under: Free
  • After 3:00 p.m. (Mon – Fri): $4.99

Spoleto USA Nation’s Largest Arts Festival.

Piccolo Spoleto –  Piccolo Spoleto (smaller version of Spoleto which is 2 weeks) is the perfect complement to the international scope of its parent festival and its 700 events in 17 days, transforms Charleston into an exhilarating celebration of performing, literary and visual arts.

Southeastern Wildlife Exposition A 3-day celebration of nature that has earned a reputation for excellence, SEWE now hosts the world’s foremost experts in wildlife and nature art, as well as conservation research and environmental education.

Charleston Boat Show The biggest boat show and sale in the Charleston Area, returns to the Convention Center, with hundreds of boats from the area’s top retailers on display.

Low Country Oyster Festival – Every year our waters bloom with some of the best, most succulent oysters in the United States and we like to celebrate how blessed we are have them right in our back yard.

Charleston Food and Wine Festival – A festival showcasing the best that Charleston has to offer in restaurants, chefs, and dining for the foodie in all of us.

Charleston Garden Festival-

 

Interesting Places to Visit:

Charlestown Landing – The first place settled in Charleston SC

Patriots Point – One of the largest Naval museums of its kind in the world The USS Yorktown with the addition of other ships such as the destroyer USS Laffey, known as The Ship That Would Not Die. The Treasury class Coast Guard cutter Ingham would join the Patriots Point battle group along with the Balao class submarine Clamagore.

Boone Hall Plantation – Boone Hall is also one of America’s oldest working, living plantations. We have been continuously growing and producing crops for over 320 years.

Fort Sumter – Fort Sumter was built following the War of 1812 , as one of a series of fortifications on the southern U.S. coast. Construction began in 1827, and the structure was still unfinished in 1860, when the conflict began.

Magnolia Plantation & Gardens – Founded in 1676 by the Drayton family, Magnolia Plantation has survived the centuries and witnessed the history of our nation unfold before it from the American Revolution through the Civil War and beyond.

Middleton Place – National Historic Landmark and a carefully preserved 18th-century plantation that has survived revolution, Civil War, and earthquake

Cypress Gardens – Outdoor kayaking through native cypress swamp and trees with alligators, wildlife, flowers and more.

Angel OakThe Angel Oak Tree – is a Live Oak that is a native species found throughout the Lowcountry (Coastal Carolina). This tree on Johns Island is believed to be in excess of 1500 years old. Is a national landmark here in Charleston, SC.

Charleston, SC Theaters, PLAYS and Musicals Stage shows

 

Charleston Stage – At the Historic Dock Street Theatre, Charleston Stage has presented over 150 productions and played to a collective audience of over one million strong.

Footlight Players – Shows and Plays in Charleston SC – The Footlight Players presents six plays in a regular season, stage productions which mark them as one of the leading community theatres in the South. Generations of plays presented by and for the community have consolidated the aims of the Footlight Players:

Theatre 99 – As “Charleston’s Home For Improv Comedy”, improv is our thang, but we also offer sketch and stand up, cabaret, music, and other raucous entertainment for people who groove to something saltier than the mainstream.

South Of Broad Theatre Company – Charleston SC’s local version of Broadway

Mortgage Rates Even Lower

Good new for all; mortgage rates fall once more in Charleston, SC along with the rest of the U.S. 30 Year mortgage rates dropped to 3.40% last week, down from 3.41% the week before and although not a huge drop, anything lower is better than an increase. Last year this time rates were at 3.88% for a 30 year fixed. Even better, for those who qualify, the average rate on a 15-year fixed-rate mortgage hit a record low 2.61% this week, down from 2.64% in the prior week. Freddie Mac began keeping nationwide average records in 1971.

“The housing market is getting a boost with mortgage rates hovering at or near record lows,” said Frank Nothaft, a vice president and chief economist at Freddie Mac. On the housing front, existing home sales averaged an annualized pace of 4.9 million the first three months of the year, the most since the fourth quarter of 2009. Furthermore, new home sales jumped to 424,000 during the first quarter, strongest showing since the third quarter of 2008.

These lower interest rates are almost sure to improve the Charleston, South Carolina housing market and send prices further higher. With the lack of inventory coupled with very low rates many prospective homebuyers are finding it increasingly difficult to find the home they want as supplies dwindle.

For those who know they may only be in their home for 5 years or less; considering an short term adjustable rate mortgage could be the best option as the 5 year treasury ARM have hit a record low at 2.58% down from 2.6% last week which could equate in considerable savings if your rate is anywhere above 4.5%.

Some Info  Provided by USEToday.com

Tri-county Public and Private Schools in Charleston SC

Below is a list of all the local Charleston County and tri-county schools: To read more –>  about the Charleston county school district. Berkeley county and Dorchester county schools.

Charleston South Carolina charter schools, magnet schools, public schools, high schools, grade schools and elementary schools in Charleston SC area.

About Mount Pleasant South Carolina Relocating

Relocating to Mount Pleasant SC | Information about Mt Pleasant South Carolina

Mount Pleasant (real estate) is a suburban town in Charleston County, South Carolina, United States, within the Charleston–North Charleston–Summerville Metropolitan Statistical Area. It is the fifth largest municipality in South Carolina, and for several years it was one of the state’s fastest growing areas, literally doubling in population size between 1990 and 2000. The populationrelocating to Mt Pleasant SC was 47,609 at the 2000 census. As of 2007, the town had an estimated population of 67,707. Mount Pleasant, SC is the 3rd largest municipality in this metro behind Charleston and North Charleston. The Mt Pleasant real estate market is probably the most resilient of all of Charleston, and consistently home prices and home sales retain their strength as compared to other areas in Charleston. Mount Pleasant, SC is the newest area community in the Low-country with fun things to do like: Shem Creek, The  Town Center (shopping), Coleman Blvd, great restaurants and more, all close to the beaches of Isle of Palms and Sullivan’s Island. The cost of living in Mount Pleasant SC is probably one of the more expensive in S.C for a suburban community. Although not on the beach it’s more costly than living in Columbia, or Greenville, and to get a nice home will probably cost minimum of $300,000. The taxes and insurances are usually double and triple that of anywhere else in South Carolina aside from similar tourist type communities like Hilton Head, or Myrtle Beach.

MLS Listings Data

Total Listings: 551
Average Price: $1,330,255
Highest Listing Price: $12,000,000
Average Days On Market: 103

So where to buy a home if relocating to Mount Pleasant SC? I have lived in Mt. Pleasant since I moved to Charleston in 1999. If I were to characterize it I would put it this way. It is the young urban professional area of Charleston County, suburbia at its greatest. What you may not know is that there are kind of two parts of Mt. Pleasant. The heart of Mt. Pleasant (older area) and newer Mt. Pleasant. There are many great communities in Mount Pleasant with homes for sale

Mount Pleasant is close to Isle of Palms, Sullivan’s Island, Daniel Island and depending on if you live in the newer part or the heart you are only 15 mins from downtown Charleston.

If you have children Mt. Pleasant has some of the nicest and best public schools in the Charleston area, but they are located in newer Mt. Pleasant. Newer Mt. Pleasant has a few noteworthy communities. The commonly mentioned neighborhoods: Hamlin PlantationDunes West,  Park West and Rivertowne. About 30 mins from downtown these communities are very large and located either on or near a golf course. The problem with living on this side of Mt. Pleasant is the traffic and its distance from Golf Course homes in mt pleasant scshopping, activities, and downtown. Located up hwy 17, getting there can be a pain especially when its tourist season, 5 o’clock or early morning.  A community worth mentioning that is a little older, but on that side of Mt. Pleasant is Charleston National. These homes were built in the early 90’s whereas Dunes West, Park West and Rivertowne are around 10 years old or newer. My opinion on this side of Mt. Pleasant is; if you have children, can tolerate some annoying traffic at times, and like golf its a great place to buy a home.

Older Mt. Pleasant a.k.a the heart of Mt. Pleasant is located very close to the Isle of Palms connector and I’d say most think of the Mt. Pleasant town center.  The benefits of living in the heart of Mount Pleasant are mostly its proximity to all that Mt Pleasant has to offer.. like shopping, dining, movies and convenience to the islands and downtown.

If you like older quaint communities one that is mention-able is the Old Village. The Old Village real estate for sale is comprised mostly of older homes built in the 50’s and up.. The lots are large, there are mature trees, and there are no restrictions to what you can do with your lot. This is a very desired neighborhood because of its charm and subsequently the prices reflect it. BUT, my favorite neighborhoods in all of Mt. Pleasant are Olde Park and I’On Village.

So what about new construction in Mt Pleasant SC you ask? Although dirt is hard to come by and pretty darned expensive if you are a developer, don’t worry there are still new homes being built. For now, that is. However, most of them are in Mt Pleasant “north” as described earlier except for Scott’s Creek shown above and Watermark.

 


 

Mount Pleasant’s public schools are part of the Charleston County School District.

  • James B. Edwards Elementary School
  • Belle Hall Elementary School
  • Mount Pleasant Academy
  • Charles Pinckney Elementary School
  • Jennie Moore Elementary School
  • Whitesides Elementary School
  • Laurel Hill Primary School

Middle Schools

  • Moultrie Middle School
  • Laing Middle School
  • Thomas Cario Middle School

Both Laing Middle School and Moultrie Middle School served as the town’s high schools before Wando High School was built.

High Schools

Private Schools

  • Trident Academy

Religious Schools

  • Christ Our King – Stella Maris Catholic School-(Catholic Diocese of Charleston)
  • First Baptist Church School-(Mount Pleasant First Baptist Church)

 

MOUNT PLEASANT SC SUBDIVISIONS

subdivision
Active Listings
Avg DoM
Avg Price
alston point, Mount Pleasant
7
392
$1,182,933
back bay village, Mount Pleasant
3
97
$2,181,633
ballam oaks, Mount Pleasant
5
193
$884,635
bay club, Mount Pleasant
2
71
$339,250
bay club homes, Mount Pleasant
1
95
$358,000
bay club sea lofts, Mount Pleasant
1
96
$394,500
bay tree, Mount Pleasant
3
136
$558,343
bay view acres, Mount Pleasant
2
87
$1,181,250
beaumont, Mount Pleasant
1
188
$394,490
bee hive plantation, Mount Pleasant
1
675
$1,241,000
beehive, Mount Pleasant
1
1,363
$3,700,000
bees crossing, Mount Pleasant
1
231
$663,843
belle hall, Mount Pleasant
8
173
$1,332,042
bentley park, Mount Pleasant
2
52
$1,047,000
bowman park, Mount Pleasant
1
126
$724,900
brick church, Mount Pleasant
1
345
$675,000
5
176
$1,014,674
brookgreen meadows, Mount Pleasant
1
176
$700,000
cambridge lakes, Mount Pleasant
4
121
$424,817
carolina park, Mount Pleasant
52
255
$1,477,768
carolina walk, Mount Pleasant
2
182
$859,500
cassina heights, Mount Pleasant
1
46
$1,499,900
chandlers, Mount Pleasant
1
316
$2,650,000
charleston national, Mount Pleasant
10
129
$904,963
chelsea park, Mount Pleasant
2
162
$726,680
7
157
$1,176,843
cooper estates, Mount Pleasant
3
102
$1,589,833
coopers landing, Mount Pleasant
1
85
$64,990
copahee view, Mount Pleasant
4
208
$713,950
cottages at copahee, Mount Pleasant
1
15
$699,000
creekside park, Mount Pleasant
1
155
$1,646,000
crown pointe, Mount Pleasant
1
130
$899,900
darrell creek, Mount Pleasant
7
175
$1,432,750
deer, Mount Pleasant
1
164
$1,350,000
dunes west, Mount Pleasant
26
176
$1,122,913
4
135
$388,000
eastwood townhomes, Mount Pleasant
1
51
$450,000
emma lane townes, Mount Pleasant
2
142
$697,450
1
590
$883,550
etiwan pointe, Mount Pleasant
2
123
$538,329
fiddlers cove, Mount Pleasant
3
197
$1,200,941
fox pond, Mount Pleasant
2
93
$969,000
grassy creek, Mount Pleasant
2
130
$1,261,700
2
123
$354,500
hamlin park, Mount Pleasant
1
200
$584,500
hamlin plantation, Mount Pleasant
14
152
$1,096,500
hamlins, Mount Pleasant
4
344
$549,000
harbour watch, Mount Pleasant
1
245
$2,300,600
heirloom landing, Mount Pleasant
5
213
$2,316,750
heritage village, Mount Pleasant
5
155
$475,900
hermitage, Mount Pleasant
1
163
$1,945,000
heron pointe, Mount Pleasant
1
209
$1,274,975
hickory shadows, Mount Pleasant
3
105
$597,250
hidden cove, Mount Pleasant
3
146
$1,153,613
hidden lakes, Mount Pleasant
3
113
$1,063,800
hobcaw, Mount Pleasant
2
118
$572,967
2
288
$1,185,833
hobcaw point, Mount Pleasant
1
223
$1,747,300
horlbeck creek, Mount Pleasant
1
167
$1,237,500
ion, Mount Pleasant
12
184
$2,756,346
ivy hall, Mount Pleasant
1
208
$579,286
1
59
$535,000
lake hunter commons, Mount Pleasant
1
218
$713,150
lakeshore, Mount Pleasant
2
110
$1,066,415
lansing east, Mount Pleasant
1
63
$435,000
liberty hill, Mount Pleasant
2
48
$543,875
liberty hill farm, Mount Pleasant
34
276
$1,202,578
lieben park, Mount Pleasant
1
120
$621,667
long grove, Mount Pleasant
8
116
$398,144
longpoint, Mount Pleasant
2
154
$858,711
louise terrace, Mount Pleasant
1
61
$715,000
magnolia village, Mount Pleasant
1
188
$1,129,333
marsh pointe, Mount Pleasant
2
131
$565,375
mathis ferry court, Mount Pleasant
1
90
$2,749,900
midtown, Mount Pleasant
5
119
$1,120,000
molasses creek, Mount Pleasant
1
147
$1,938,500
montclair, Mount Pleasant
2
148
$420,471
moores landing, Mount Pleasant
3
109
$957,000
moss park, Mount Pleasant
1
146
$939,967
myrtle acres, Mount Pleasant
1
98
$1,199,500
new parrish village, Mount Pleasant
1
189
$985,000
north point, Mount Pleasant
3
141
$919,800
norwood oaks, Mount Pleasant
11
221
$1,208,636
oakhaven, Mount Pleasant
1
80
$799,500
oakhaven plantation, Mount Pleasant
1
185
$921,856
old mt pleasant, Mount Pleasant
15
152
$1,757,134
old village, Mount Pleasant
22
139
$3,789,528
old village landing, Mount Pleasant
1
98
$1,537,500
olde park, Mount Pleasant
1
167
$3,398,333
one belle hall, Mount Pleasant
2
187
$456,680
oyster point, Mount Pleasant
7
151
$1,060,021
palmetto fort, Mount Pleasant
2
257
$2,157,783
parish place, Mount Pleasant
1
181
$808,760
park west, Mount Pleasant
48
149
$847,609
phillips, Mount Pleasant
3
418
$2,639,800
pinckney place, Mount Pleasant
1
17
$1,295,000
pirates cove, Mount Pleasant
1
57
$950,000
planters pointe, Mount Pleasant
4
163
$684,120
point pleasant, Mount Pleasant
1
212
$1,632,500
quail hollow, Mount Pleasant
2
86
$602,967
ravens run, Mount Pleasant
1
311
$2,598,333
remington forest, Mount Pleasant
1
149
$491,950
remleys point, Mount Pleasant
2
146
$2,451,250
1
171
$2,423,333
riverside, Mount Pleasant
1
67
$2,580,000
rivertowne, Mount Pleasant
1
211
$1,150,917
13
150
$1,380,252
2
161
$1,095,987
royal palms, Mount Pleasant
1
222
$522,625
ryefield, Mount Pleasant
1
117
$1,145,000
scanlonville, Mount Pleasant
1
181
$1,790,000
scotts creek, Mount Pleasant
1
131
$1,980,875
seaside farms, Mount Pleasant
7
140
$1,164,640
sewee preserve, Mount Pleasant
1
88
$1,250,000
shelmore village, Mount Pleasant
1
8
$879,900
shemwood, Mount Pleasant
2
96
$1,122,500
shemwood ii, Mount Pleasant
1
171
$1,073,300
simmons pointe, Mount Pleasant
3
66
$947,250
1
36
$975,000
snee farm, Mount Pleasant
11
157
$1,051,190
snee farm lakes, Mount Pleasant
1
59
$430,000
snowden, Mount Pleasant
3
175
$754,400
somerset oaks, Mount Pleasant
1
61
$907,500
somerset point, Mount Pleasant
1
19
$1,400,000
southampton pointe, Mount Pleasant
7
134
$378,483
7
121
$1,394,290
sullivans pointe, Mount Pleasant
1
152
$1,249,000
sweetgrass, Mount Pleasant
2
115
$779,062
1
146
$1,217,000
1
149
$649,000
the groves, Mount Pleasant
4
142
$2,159,325
1
139
$292,500
the meadows, Mount Pleasant
1
147
$463,000
the meridian, Mount Pleasant
2
124
$352,850
the village, Mount Pleasant
1
103
$795,000
tides condominiums, Mount Pleasant
5
244
$2,099,313
4
122
$1,473,400
tolers cove, Mount Pleasant
1
73
$1,525,000
tupelo plantation, Mount Pleasant
6
137
$701,667
village creek, Mount Pleasant
3
88
$457,900
wakendaw lakes, Mount Pleasant
1
142
$1,301,000
1
164
$2,000,000
wakendaw place, Mount Pleasant
2
78
$748,300
wando east, Mount Pleasant
1
207
$515,414
wando forest, Mount Pleasant
2
104
$967,400
watermark, Mount Pleasant
4
143
$1,517,400
wharf indigo, Mount Pleasant
1
144
$1,995,000
whitehall terrace, Mount Pleasant
2
101
$510,250
10 mile, Mount Pleasant
1
249
$1,137,500

 

 

Charleston SC VA Mortgage Loans | VA Mortgages SC

VA mortgages Charleston SC | Where to Get VA Loans in Charleston SC | Information About

There seems to be a little confusion to the fine men and women that serve and protect our great country. As a Charleston, SC area real estate agent whose father served in the Army, father-in-law who served 25+ years in Coast Guard and countless other friends who have also served. I want to help by trying to simplify the confusion that is getting a VA loan. The VA loans still offer 100% mortgage financing for veterans that qualify, however as a one time mortgage expert for over 14 years I do not suggest financing 100% if you can avoid it. (View OTHER type of  NO money down mortgage). The 2018 VA loan limit increased to $453,100 in 2018 from $424,100 except in 220 high cost counties where they are higher. This represents a 6.8% increase this year. For comparison there are 3,234 counties and county equivalents.

 

First the VA does NOT lend the money, but in fact the VA guarantees the loan to the bank that agrees to lend the money to the Charleston, SC veteran that has been approved. When buying a house the service member must contact a Charleston, SC VA mortgage lender or bank that offers VA loans and apply. Make sure to find one that is experienced in doing VA loans as they are a little more detailed and stringent than conventional or FHA loans.

VA Mortgage Loan Rates
Click to See Latest Interest Rates

With a Purchase Loan, VA can help you purchase a home at a competitive interest rate, and if you have found it difficult to find other financing. VA’s Cash-Out Refinance Loan is for homeowners who want to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. The Cash-Out Refinance Loan can also be used to refinance a non-VA loan into a VA loan. VA will guarantee loans up to 100% of the value of your home. Most VA Home Loans are handled entirely by private lenders and VA rarely gets involved in the loan approval process. VA “stands behind” the loan by guaranteeing a portion of it. If something goes wrong and you can’t make the payments anymore, the lending institution can come to veteran’s administration to cover any losses they might incur. The VA loan guaranty is the “insurance” that we provide the lender.

VA Home Loan Advantages

The guarantee VA provides to mortgage lenders allows them to provide you with more favorable terms, including:

  • NO down payment 100% financing as long as the sales price doesn’t exceed the appraised value.
  • NO private mortgage insurance premium requirement.
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs may be paid by the seller.
  • The lender can’t charge you a penalty fee if you pay the loan off early.
  • VA may be able to provide you some assistance if you run into difficulty making payments.

You should also know that:

  • You don’t have to be a first-time  home buyer.
  • You can reuse the benefit.
  • VA-backed loans are assumable, as long as the person assuming the loan qualifies.
Eligibility – You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Service members and Veterans, spouses, and other eligible beneficiaries.
The spouse of a Veteran can also apply for home loan eligibility under one of the following conditions:
  • Un-remarried spouse of a Veteran who died while in service or from a service connected disability, or
  • Spouse of a Service member missing in action or a prisoner of war
  • Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003 (Note: a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.)
  • Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death

Home Sales On Rise

Charleston, SC Real Estate Sales Highest Since 2008 according to the local Association of REALTORS®. 

CTAR reported today that 634 homes sold at a median price of $181,750 in the Charleston region in January. These figures represent the highest rate of January sales activity in the region since January 2008, when 648 homes sold. Activity and buyer interest were notably higher during the typically slow first month of the year as many REALTORS® reported a significant increase in calls from prospective buyers. Charleston SC real estate market statistics.

As sales volume continues to make consistent, sustainable progress, prices remain stable, approaching the $200,000 range, where local REALTORS® and expert economists looking at our region expect them to stay for the short-term future. “As was the case in 2012, we expect to see nominal, but sustainable, growth in prices this year” said 2013 CTAR President Owen Tyler. “2012 closed out with a 4.4% increase in median price, which is an excellent rate of growth in a recovering market”.  said Tyler. However, before we get too excited Charleston/North Charleston real estate ranked in the top 10 nationally at #8  for length of time homes sat on the market. Meaning; out of largest metro areas researched houses in our area sat on the market longer then most cities in the country.

Comparing the beginning of 2012 to 2013, sales volume is up 16% and median price reflects 3% growth thus far in 2013. This rise in sales volume much like most of the country is likely due to a lack of inventory more so then dramatic change in the overall market. There were 5,520 homes actively for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of January 31, 2013. As the inventory for homes is low, Charleston, SC home builders will likely see higher demand for new construction. Futhermore, low mortgage rates continue to spur interest in buying vs renting around the country for the foreseeable future as the cost of owning has caught up with the affordability of renting.

2012 Adjusted numbers (Adjusted numbers now show 10,588 homes sold at a median price of $190,145).

Preliminary data reported for 2012 indicated that 10,574 homes sold at a median price of $190,065.

Berkeley County
125 homes sold at a median price of $157,000 in January in Berkeley County.  The most activity in the County was reported in the areas bordered by Highway 17A and College Park, as well as Goose Creek/Moncks Corner, bordered by Highway 52 and the Cooper River. The activity in those areas accounted for nearly half of the county sales.

 

Charleston County
Of the 363 homes sold at a median price of $228,726 in Charleston County in January, 108 of those sales took place in Mount Pleasant. Other notable areas of activity: 47 sales in North Charleston/Summerville (outside I-526) and West Ashley (outside I-526) where 37 homes sold.

Dorchester County
123 homes sold at a median price of $146,000 in Dorchester County in January.  The areas of Summerville/Ridgeville and Summerville/Ladson were the most active, with 55 and 41 sales, respectively.

Information From CTAR

Charleston, SC Real Estate Market Inventory

In the last few months most the nation is seeing a seller’s market, and all agents know the rules of supply and demand which can only be one thing. Lack of supply, but where has it gone? It’s not like the real estate market is booming, or the economy for that matter to justify this seller’s market. I am a real estate agent in Charleston, SC and I can attest that there is far fewer homes on the market here locally then has been the case of the last few years and buyers are finding it much harder to find the home they want.

So let’s break down the most probable reasons why this is:

1.) The government backed HAMP (Home Affordable Mortgage) Program is the likely culprit for most of the shortage. This program allows many borrowers that were struggling to modify their loans more easily thus resulting in far less foreclosures and REO properties available for purchase.

2.) Upside down homes – Homes that are underwater where the borrower owes more than it’s worth. These home owners can afford their payments, but due to the fact they owe more than the market allows them to sell their home for results in them just staying in the property.

3.) Slow foreclosure processing time – The homes that are being foreclosed on have to go through a litany of  rules, steps and procedures before the bank can legally take possession and this process takes a long time for municipalities, and the dept. handling the paperwork.

4.) Investors – A lot of the homes that were and are coming on the market are being snapped up by cash investors that are planning on sitting on the homes as leases until the market rebounds which will likely be many years to come.

Charleston, SC real estate inventorySo what’s this mean for buyers and lookers? The obvious answer is rising prices which has been the case for months now. Secondly, according to National Assoc. Realtors 60% of all sellers last year offered concessions to attract buyers.  With it being and strengthening into a full on seller’s market you will likely see this incentives quickly disappear.

New Home builders  are seeing a much higher demand for new construction which makes them happy. So much so that many of them are getting back into the spec market instead of contract only builds.

Here locally the Charleston SC real estate for sale has certainly shrank and buyers that have been looking are feeling the pinch of less inventory and increasing prices. So; to the sellers that have been sitting on the side lines, I suggest you revisit the idea, and to buyers..If you continue to wait, it will likely get worse so make a decision already.

On the bright side these conditions make for a more balanced market then we have seen in the last few years. Barring any further restrictions and increasing in mortgage rates things are moving in the right direction.