The Charleston Real Estate Advisor

Charleston's Most Expensive Forcelosures For Sale

When you think of bank owned property, most people think of homes below $300,000.  In this economic downturn it is surprising to find more upper properties being sold by the bank. Here is a current list of top bank owned properties that are listed on the CTAR MLS . 

Just Listed - 2 Bedroom Condo in Mt Pleasant for under $125K

Updated condo in Hibben Ferry for sale in Mt Pleasant for under $125K.  Hibben Ferry is approved for FHA loans.  This is best priced condo in the subdivision.  Find more detailed information on the Hibben Ferry condo for sale at:  www.JImNear.com

Charleston Real Estate Buyers Looking in Dorchester County

 

The Charleston real estate buyers are actively looking at Charleston homes for sale in Dorchester County.  Dorchester County is seeing showing activity at the same level of summer months.  Berkeley County and West Ashley in Charleston County are seeing a significant upturn in showing appointments for homes for sale based on the Centralized Showing Service.  Sunny Charleston SC weather,  great interest rates and competitively priced homes are bringing out the buyers.  

Charleston Real Estate Buyers Move to Dorchester County

Charleston real estate buyers moved from West Ashley to Dorchester County this week.  According to Centralized Showing Service, the number of buyer appointments in Dorchester County had the best showing week since August 2008.  In the other areas in metro Charleston all showed improvement in showings.  With interest rates at or below 5% and significant price cuts on Charleston homes for sale,  buyers are coming out to find a their next new home.

Charleston Real Estate Market to Benefit from White House Plan

The Charleston real estate market and local economy will benefit from the Homeowner Affordability and Stability Plan, or in non Washington terms "save homeowners from losing their homes plan."   

It has 3 parts:

• Help for the person that wants to refinance but can't because their loan is more or close to the value of their home due to falling home prices.  (We see this a lot in the Charleston area)
• Help for the person in default by working the banks to modify the loan and reduce the monthly payment.
• Promote low interest rates to stabilize the housing market.  

More details are coming out soon and the program is scheduled to start on March 4th, 2009.  

If you have questions concerning any part of this program, leave me a comment on the blog or contact me directly at 843-754-5848, email:jnear@kwchs.com.  If I do not have the answer,  I will research it and get back to you.  This is an important program for the Charleston real estate sellers and buyers.

Important Information on Sellers and Short Sales

Here is a good article on items that a seller needs to consider prior listing a short sale on their property.

Short Sales - What Your Sellers Need To Know

 These days, it seems like Short Sales are the rule, not the exception.  In addition to working with a real estate team that has experience with Short Sales, there are several other important factors that your client needs to consider before moving forward with this type of sale. 

While a Short Sale can be a better option than foreclosure, it does have some very distinct disadvantages.  A Short Sale will effect your clients credit, although it will typically be viewed better than a foreclosure.   Another disadvantage is that the IRS may deem the difference between the sales price and the mortgage balance as reportable income, especially if it is investment property.  You should encourage your client to consult a CPA or tax attorney prior to deciding to do a short sale, as they may need to be prepared for an additional tax burden.  Clients should also realize that banks are not obligated to offer an owner a short sale.  Different banks have different rules, and some may even require promissory notes from the client instead of eating the loss.  Most banks will require additional information about your client’s financial situation before agreeing to a short sale, so your clients should meet with a qualified financial planner to gather net worth statements, cash flow statements, and other financial documentation to make their case to the bank.

An experienced Short Sale real estate agent is crucial to the process.  You and your team need to take the lead on coordinating with the bank and the client’s other advisors such as their attorney, financial planner, and CPA. Professional Real Estate Closers can be a tremendous asset to this team. They are experienced with short sales and bank negotiations and are willing to begin working with you at the time of the listing to help collect the required documents. As daunting as this task can seem to you, imagine what your client thinks when considering a short sale.  It’s imperative that you and your experienced team guide and coach the client through this complicated process.

-Dennis M. Patrick, CFP^®, ChFC^®

Dennis Patrick is a CERTIFIED FINANCIAL PLANNER ™ and a Chartered Financial Consultant^® with Morris Financial Concepts, Inc, a nationally recognized fee-only financial planning firm in Mt. Pleasant, SC.  Dennis.patrick@MFCPlanners.com

Searching for a Charleston Real Estate Agent Expert or Specialist?

To help Charleston real estate buyers and sellers find the right real estate agent for their needs, we have put together a list of real estate experts and specialists for the Charleston area.  If you are looking for someone that is an expert in your subdivision or looking for someone that handles land,  just refer to this list to find the right agent for the job.  Charleston real estate covers 3 counties and you want to find the agent that is an expert in your area.  The Charleston real estate agent expert list.

How to Help The Housing Market and Create Jobs

The “Fix Housing Act” will provide a $15,000 tax credit for homebuyers and there is a provision to lower 30-year fixed rate mortgages rate down to 4-4.5% for eligible homebuyers.  This would help get the real estate market back on it feet and help create jobs across America.  If you agree with this bill,  please contact your Senators and Representatives so they can hear your voice.

• Click here to download a step-by-step guide for contacting your Senator or Representative via phone or email.
• Click here for a composed note to send to your Senator or Representative.

If you are not familiar with this Act, click here for more information.

(Source: http://ensign.senate.gov/public/)

The Charleston Real Estate Market is Getting Active

The Charleston real estate market is gaining steam since the 1st of the year.  Take a look at the number of showings in Mt Pleasant and West Ashley,  we are seeing the buyers searching for homes across the Charleston area as level from late summer in 2008.   We should see more real estate contracts in February 2009.  In the below $250,000 range for Mt Pleasant, we are hearing multiple offers on homes for sale. 

Trulia Releases Charleston Real Estate Inventory and Listing Graphs

Trulia has released new interactive graphs displaying the Charleston real estate inventory and average list price by major MLS areas.  It is a fast way to get a good visual que to what is happening in the local Charleston real estate market and what the average Charleston home for sale list price is by geographical area.

Charleston Real Estate - Trulia