Charleston SC Real Estate Blog - Charleston SC Real Estate: Selling a Home

14 Questions Real Estate Agents Should ask Sellers

Thu, 24 Jun 2010 08:38:00 -0400

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your Charleston SC Real Estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

14 Questions Real Estate Agents Should ask Sellers

Below are 14 questions a real estate agent should ask a seller when determining the motivation level of a prospective seller.

1. How long have you lived here?

2. Who owns the house?

3. Do you own the house free and clear, or do you have a mortgage?

4. Do you know about how much you owe on the current mortgage?

3. What are your plans for the future regarding this home?

4. Can you think of any situation when it would make sense to sell the home?

5. If you sold the house, when would you want to sell it?

6. How much would you expect to sell your home for?

7. Where would you want to move to?

8. Would it make sense for us to help you determine the value of your home?

9. Do you have your home currently listed with a real estate agent?

10. If your home is not listed, would like to discuss selling your home?

11. Does the house need any repairs?

12. Are you prepared to spend money necessary to repair the house or would you rather sell it “as-is” and let the buyer make repairs?

13. Do you own any other real estate you would be interested in selling?

14. Are you interested in buying more real estate?

As always, your thoughts, questions, or comments are greatly appreciated.

Let me know if I can help with any of your Charleston SC Real Estate needs or questions.

See Charleston SC Real Estate Blog for local attractions and current Charleston events.

Look at Charleston SC Real Estate homes anywhere in the tri-county area.

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

4 Fundamentals of Selling a Home Today

Fri, 14 May 2010 08:29:00 -0400

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

4 Fundamentals of Selling a Home Today

Here are four things sellers should understand about today’s market to make their homes as saleable as possible:

1. Real estate pricing is very local: "When you're looking at comparables, you have to see what's sold in the past three months. Look at your competition and what's under agreement," advises Colette Casey-Brenner, sales manager at Coldwell Banker Arlington, Mass.

2. Get property pictures online: Stage the property, then take pictures and video. Better yet, hire a professional photographer to do the job.

3. Disclosure is key: Tell potential buyers what’s wrong before they figure it out. That eliminates last-minute re-negotiations and cold feet.

4. Clean, clean, super-clean: A clean and clutter-free property makes potential buyers likely to pay more, says David Kelman, an associate with RE/MAX Landmark in Milton, Mass.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for Charleston SC Real Estate homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

Source: Boston Globe (04/29/2010)

Kiawah Island March 2010 Homes Sales Best in Two Years

Thu, 13 May 2010 06:41:00 -0400

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

Kiawah Island March 2010 Homes Sales Best in Two Years

Kiawah Island had 28 residential homes sold in March 2010 totaling $41.5 million dollars. This represents the largest single month sales volume in two years at Kiawah Island and a 537% increase over March 2009. The sold homes prices ranged from $275,000 to $4.6 million.

These positive sales figures come at the same time as a Barrons’s article which was printed in March 2010 that named Kiawah Island as the second best luxury home community in the United States behind only Maui, Hawaii.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for Charleston SC Real Estate homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

Existing-Home Sales Down, Prices Steady

Wed, 03 Mar 2010 07:00:00 -0400

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

Existing-Home Sales Down, Prices Steady

Existing-home sales fell in January but are above year-ago levels, according to the National Association of REALTORS®.

Existing-home sales — including single-family, townhomes, condominiums, and co-ops — dropped 7.2 percent to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5 percent above the 4.53 million-unit level in January 2009.

Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”

Inventory Levels

Total housing inventory at the end of January fell 0.5 percent to 3.27 million existing homes available for sale, which represents a 7.8-month supply at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6 percent below a year ago, and is at the lowest level since March 2006.

“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”

Median Home Prices

The national median existing-home price for all housing types was $164,700 in January, unchanged from a year earlier. Distressed homes, which accounted for 38 percent of sales last month, continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area.

A parallel NAR practitioner survey shows first-time buyers purchased 40 percent of homes in January, down from 43 percent in December. Investors accounted for 17 percent of transactions in January, up from 15 percent in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4 percent in January.

NAR President Vicki Cox Golder said buying a home in the current environment has become more challenging. “First-time buyers and others who need a mortgage are increasingly losing out to all-cash investors for the best bargains in many areas, particularly for foreclosed homes where cash is king,” she said.

“Inventory conditions vary by price range, and of course there are major differences depending on location. REALTORS® are the best buyer resource for strategies on winning bids in increasingly competitive markets,” Golder said. “The bidding for more desirable homes will only accelerate between now and the April 30 contract deadline to qualify for a tax credit of up to $8,000.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 5.03 percent in January from 4.93 percent in December; the rate was 5.05 percent in January 2009.

Single-Family Homes and Condos

Single-family home sales fell 6.9 percent to a seasonally adjusted annual rate of 4.43 million in January from a level of 4.76 million in December, but are 8.6 percent above the 4.08 million pace in January 2009. The median existing single-family home price was $163,600 in January, down 0.4 percent from a year ago.

Existing condominium and co-op sales dropped 8.1 percent to a seasonally adjusted annual rate of 620,000 in January from 675,000 in December, but are 38.1 percent above the 449,000-unit level a year ago. The median existing condo price was $172,400 in January, which is 1.4 percent higher than January 2009.

Regional Performance

Existing-home sales in the Northeast fell 10.9 percent to an annual pace of 820,000 in January but are 22.4 percent above a year ago. The median price in the Northeast was $245,300, a gain of 8.8 percent from January 2009.
Existing-home sales in the Midwest declined 6.9 percent in January to a level of 1.08 million but are 8.0 percent higher than January 2009. The median price in the Midwest was $130,300, which is 1.0 percent below a year ago.
In the South, existing-home sales dropped 7.4 percent to an annual pace of 1.87 million in January but are 12.0 percent above a year ago. The median price in the South was $140,200, down 2.0 percent from January 2009.
Existing-home sales in the West declined 5.2 percent to an annual rate of 1.28 million in January but are 7.6 percent higher than January 2009. The median price in the West was $203,400, down 5.8 percent from a year ago.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for Charleston SC Real Estate homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

4 Reasons to Sell Now

Sun, 14 Feb 2010 07:01:00 -0400

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

4 Reasons to Sell Now

Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.

1. Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.

2. Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.

3. Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.

4. Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

Source: McClatchy Tribune, Kate Forgach (02/07/2010)

How to Negotiate a Contract on Your Home

Sun, 07 Feb 2010 06:35:00 -0400

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

How to Negotiate a Contract on Your Home

When an offer is presented on your home, you will have three basic choices in deciding how to respond:

1. Accept the offer.

2. Reject the offer.

3. Make a counter offer. Together with your REALTOR thoroughly analyze the offer, and discuss its strengths and weaknesses. Ask your REALTOR for his recommendations and then YOU decide how you want to respond.

This is where a competent REALTOR can be worth their weight in gold, because having the right wording or contingency clause in the contract can mean the difference between a smooth transaction and a messy court battle.

Your REALTOR is intricately familiar with real estate contracts, and knows how to protect your best interests. A REALTORS’ experience in contracts and negotiation will benefit you!

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

8 Drawbacks of Overpricing Your Home

Sat, 06 Feb 2010 06:36:00 -0400

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

8 Drawbacks of Overpricing Your Home

Here are the consequences of overpricing you home:

1. REDUCES ACTIVITY: Agents won’t show the property if they feel it is priced too high.

2. LOWER ADVERTISING RESPONSE: Buyer excitement will be with other properties that offer better value.

3. LOSS OF INTERESTED BUYERS: The property will seem inferior in amenities to other properties in the same price range that are correctly priced.

4. ATTRACTS THE WRONG PROSPECTS: Serious buyers will feel that they should be getting more for their money.

5. HELPS THE COMPETITION: The high price makes the others look like a good deal.

6. ELIMINATES OFFERS: Since a fair priced offer will be lower than asking price and may insult the seller, many buyers will just move on to another property.

7. CAUSES APPRAISAL PROBLEMS: Appraisers must base their value on what comparable properties have sold for.

8. LOWER NET PROCEEDS: Most of the time an overpriced property will eventually end up selling for less than if it had been properly priced to begin with, not to mention the extra carrying costs.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

7 Benefits of Proper Pricing

Fri, 05 Feb 2010 09:05:00 -0400

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

7 Benefits of Proper Pricing

Here is why it is critical to price you home correctly:

1. FASTER SALE: The proper price gets a faster sale, which means you save on mortgage payments, real estate taxes, insurance, and other carrying costs.

2. LESS INCONVENIENCE: As you may know, it takes a lot of time and energy to prepare your home for showings, keep the property clean, make arrangements for children and pets, and generally alter your lifestyle. Proper pricing shortens market time.

3. INCREASED SALESPERSON RESPONSE: When salespeople are excited about a property and its price, they make special efforts to contact all their potential buyers and show the property whenever possible.

4. EXPOSURE TO MORE PROSPECTS: Pricing at market value will open your home up to more people who can afford it.

5. BETTER RESPONSE FROM ADVERTISING: Buyer inquiry calls are more readily converted into showing appointments when the price is not a deterrent.

6. HIGHER OFFERS: When a property is priced right, buyers are much less likely to make a low offer, for fear of losing out on a great value.

7. MORE MONEY TO SELLERS: When a property is priced right, the excitement of the market produces a higher sales price in less time. You NET more due to the higher sales price and lower carrying costs.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

How to Price Your Home

Thu, 04 Feb 2010 09:11:00 -0400

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

How to Price Your Home

1. What you paid for your property does not affect its value.

2. The amount of money you need to get out of the sale of your property does not affect its value.

3. What you think it should be worth has no effect on value.

4. What another real estate agent says your property is worth does not affect its value.

5. An appraisal does not always indicate what your property is worth on the open market.

The value of your property is determined by what a ready willing and able buyer will pay for it in the open market, which will be based upon the value of other recent closed sales. BUYERS DETERMINE VALUE!!

The next best way to determine the value of your home is to request a market analysis from a Realtor you know or that is referred to you by a friend. If you do not know any Realtors I suggest interviewing two or more by requesting a market analysis of your and discussing how they will market your home. Select the agent who you most feel comfortable with and answers all your concerns the best.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

5 Essential Ingredients to Sell Your Home

Wed, 03 Feb 2010 09:03:00 -0400

There are 5 essential ingredients that comprise the formula for a successful sale of your home. They are location, condition, market, terms and price. Your home will sell at highest profit and in the quickest amount of time when all the ingredients are combined perfectly. If only one ingredient is left out of the formula or is out of proportion to the others…your home will take longer to sell and will, quite possibly costing you money.

LOCATION

The pricing of your home must reflect its location. The better the location, the higher the acceptable price will be. School districts, high or low traffic, and highway accessibility, all need to be considered in determining the value of your home’s location. We cannot control the location.

CONDITION

The pricing of your home must accurately reflect its condition. The general upkeep and presentation of your home is critical to obtaining the highest value for your home. Nature of the roof, plumbing, carpets, and paint all relate to condition. Basic rule: If we can smell it…we can’t sell it!

MARKET

Recession, inflation, interest rates, mortgage availability, competition, and the public’s perception of the general economy all make up the market. It may be a buyer’s market or a seller’s market. The pricing of your home must reflect the current nature of the market because we cannot influence the market.

TERMS

The more financing terms and options you accept, the more potential buyers there will be for your property. The pricing of your home must reflect the terms available. The easier the terms, the more valuable your property becomes. (And this is where my team of professional Affiliates really shine-by offering a broad, full-spectrum of mortgage products and options to both you and all potential buyers!)

PRICE

Is the #1 most important factor in selling your home. The consequences of making the wrong decision are painful. If you price your home too low, you will literally give away thousands of dollars that could have been in your pocket.

Price it too high, and your home will sit unsold for months, developing the reputation of a problem property (everyone will think that there is something wrong with it). Failure to understand market conditions and properly price your home can cost you thousands of dollars and cause your home not to sell… fouling up all of your plans. Setting the proper asking price for your home is the single biggest factor that will determine the success or failure of your home sale.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

24 Suggested Questions For Listing Agents

Tue, 02 Feb 2010 08:54:00 -0400

Below are 24 questions you may want to consider asking when selecting a REALTOR to work with you in selling your home.

1. Do you work as a full-time Realtor?

2. How Many potential buyers and sellers do you talk with in a week? A month? Of those you speak with, how many actually contact you as opposed to cold calling?

3. How many buyers are you currently working with?

4. In what ways will you encourage other Realtors? to show and sell my home?

5. What can you tell me about the real estate market in this area?

6. What price do you recommend for my home, and what is it based on?

7. What are your average days on market?

8. What is your list to sales price ratio?

9. What kind of advertising do you do? May I see some samples?

10. How often will my home be advertised, and where?

11. How do you attract buyers from outside the local area?

12. Will you prepare an informative feature sheet for my property? May I see a sample?

13. Where and how will the feature sheets be distributed, and to whom?

14. Do you have a system to follow-up with other agents and brokers so that we get valuable feedback after every showing?

15. How often, and in what way will I be kept informed?

16. Are you associated with a national referral network that refers their buyers to you and gives you the opportunity to refer me to the top agent in the town or state I may be moving to?

17. Do you have a Team to help with the details, or are you a one man / woman wonder show & do it all yourself?

18. Do you have a way to market my home through the Internet or Virtual Tours?

19. Do you have a Specific Marketing Plan designed to sell my property quickly and for top dollar? How does it go beyond placing a sign in my yard, an ad in the paper, and notifying the Multiple Listing Service?

20. May I see a copy of your last listing as it appears to other Realtors on the MLS? (Called a “Realtors Full Report”)

21. Do you have an 800# Hot-Line so that my home is marketed 24-hours a day, 7 days a week?

22. How many homes have you sold in the past 6 months? Year?

23. Do you have references that I may call?

24. What happens if I am not happy with your service? Do you have a 100% satisfaction guarantee policy? Can I cancel my listing if I am not satisfied or am I locked in?

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

National Association of Realtors 2009 Profile of Home Sellers Highlights

Wed, 27 Jan 2010 09:41:00 -0400

Home Sellers and Their Selling Experience

1. About half of home sellers traded up to a larger size and higher priced home and slightly more than one-fifth traded down to a smaller and less expensive home.
2. Eighty-five percent of sellers were assisted by a real estate agent when selling their home.
3. Recent sellers typically sold their homes for 95 percent of the listing price, and 60 percent reported they reduced the asking price at least once.
4. Forty-two percent of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs.

Home Selling and Real Estate Professionals

1. Forty percent of sellers who used a real estate agent found their agents through a referral by friends or family, and 26 percent used the agent they worked with previously to buy or sell a home.
2. Ninety percent of sellers reported that their home was listed or advertised on the Internet.
3. Among recent sellers who used an agent, 81 percent reported they would definitely (59 percent) or probably (22 percent) use that real estate agent again or recommend to others.

For-Sale-by-Owner (FSBO) Sellers

1. The share of home sellers who sold their home without the assistance of a real estate agent was 11 percent. About half of them, 45 percent, knew the buyer prior to home purchase.
2. The primary reason that sellers choose to sell their home without the assistance of a real estate agent to a buyer they did not know was that they did not want to pay a fee or commission (49 percent).
3. Nearly one-third of FSBO sellers took no action to market their home, and 57 percent did not offer any incentives to attract buyers.
4. Eighteen percent of FSBO sellers reported preparing or fixing up the home for sale was their most difficult task, while 15 percent reported getting the price right and an additional 15 percent reported understanding and performing paperwork was the hardest part of selling their home.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

Pending Home Sales Down From Surge

Sat, 09 Jan 2010 07:50:00 -0400

Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit. However, it remains comfortably above the level from a year ago, according to the NATIONAL ASSOCIATION OF REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 16 percent to 96.0 from an upwardly revised 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.

Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”

Buyers who have a contract in place to purchase a primary residence by April 30 have until June 30 to finalize the transaction to qualify for the tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

By Region

The PHSI in the Northeast dropped 25.7 percent to 74.4 in November but is 14.7 percent above a year ago.

In the Midwest the index fell 25.7 percent to 82.0 but is 9.2 percent higher than November 2008.

Pending home sales in the South fell 15.0 percent to 97.8, but are 14.7 percent higher than a year ago.

In the West the index declined 2.7 percent to 124.6 but is 21.4 percent above November 2008.

Interest Rates Likely to Go Higher

Yun projects an additional 900,000 first-time buyers will qualify for the extended tax credit, in addition to about 2 million who have already purchased; 1.5 million repeat buyers also are expected to benefit from the credit.

“Many trade-up buyers, who have historically timed their purchase based on school-year considerations, will have to accelerate their buying plans if they need the tax credit to make a trade,” Yun said. Repeat buyers do not have to sell their existing home to qualify for the credit, but they must occupy the home they buy as their primary residence.

Yun added that mortgage interest rates cannot remain at rock-bottom levels for a sustained period and will likely inch higher in 2010. But the tax credit impact in the first half of the year and expected job-growth impact in the second half will support home buying activity and absorb enough inventory to bring a rough balance between buyers and sellers. Home prices are expected to stabilize or even modestly rise as a result in 2010.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

Charleston-Area Residential Real Estate Sales Soar in November

Sat, 12 Dec 2009 06:48:00 -0400

Charleston County Home Sales Double Over 2008 Levels, Leads Regional Recovery

The Charleston-area residential real estate market continues to show signs of a strong recovery. Led by incredibly strong sales in Charleston County, preliminary data from the Charleston Trident Association of REALTORS® showed 783 closed transactions in November, with a median sale price of $173,000.

As of December 10, 2008, 435 properties were sold at a median price of $185,503. This month’s numbers reflect an unprecedented 80% increase in sales and the third consecutive month of increases.

This type of activity is uncharacteristic for November, and likely attributable to the passing of the original homebuyer tax credit deadline, which was November 30. The tax credit deadline has been extended to April 30, 2010 and expanded to include provisions for existing homeowners inventory sits at this year’s lowest level, with 9,429 properties listed as “active” with the Charleston Trident Multiple Listing Service, as of November 30, 2009.

To learn more about the tax credit check out this article in my blog: http://www.carolinajoe.com/blog/index.cfm/2009/11/12/HOMEBUYER-TAX-CREDIT-SUMMARY

BERKELEY COUNTY

Home sales in Berkeley County were up 65% in November, with 196 sales at a median price of $154,700, compared to November 2008’s 119 sales at $170,000.

CHARLESTON COUNTY

Charleston County showed the greatest gains in the region during the month. Sales doubled over last year, and median prices are within 1%of 2008 levels. 361 properties changed hands in November at a median price of $225,000, in stark contrast to 2008’s 170 sales at a median price of $227,738.

DORCHESTER COUNTY

Sales continued to be strong in Dorchester County, up 42% year-over-year. 199 properties sold at a median price of $150,000 this month, compared to 140 properties at a median price of $169,995 in 2008.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

Government Announces Short Sales Guidelines

Tue, 08 Dec 2009 07:31:00 -0400

The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly.

To qualify under these new guidelines:

1. The property must be the home owner’s principal residence.

2. The home owner must be delinquent on the mortgage or close to defaulting.

3. The loan must have been made before Jan. 1, 2009, and be for less than $729,750.

4. The borrowers’ total monthly mortgage payment must exceed 31 percentof their before-tax income.

Under the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments.

Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/ .

View my entire inventory of VisualTours at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

Source: Associated Press, J.W. Elphinstone (11/01/2009) and The Wall Street Journal, Ruth Simon (11/01/2009)