The Post and Courier published information stating that Charleston and Berkeley County homeowners will soon receive the dreaded property tax reassessment notices telling them how much the local government thinks their land, home, and businesses are worth. Reassessments are done every five years and tend to make a lot of homeowners nervous about how much their property tax may go up. Some find out that their values have decreased, thereby reducing the taxes owed. But others find out their property has appreciated in value and so the tax man wants his share. The assessments will be determined from values in 2013, not as they are now. Charleston County says that there was an average of about 7% gain in property values from 2008 to 2013. Dorchester County says that the higher-end homes tended to decrease in value, whereas the middle-range homes increased.
Real estate consumers are about to see some changes to their closing process. Already, back on August 1st, the Good Faith Estimate and the Truth in Lending Act (TILA) disclosure form have been replaced with two new forms: the Closing Disclosure and the Loan Estimate. But the biggest change coming Oct. 3rd is that all forms are required to be ready three days prior to closing. This will allow the consumer a longer period of time to review and ask questions about their financing and closing costs, rather than have a quick review of settlement document the day prior or perhaps the day of closing.
Construction on new single-family homes across the country soared nearly 13% in July from June to the best level since December 2007, the beginning of the Great Recession, according to a new government report released Tuesday.
Here in the tri-county Charleston area, closings on new single-family homes increased 9.5% the first half of this year compared to the same period last year. That’s 935 new homes that were built and sold in just 6 months! On the flip side, resales of single-family homes have increased almost 21% the first half of the year compared to last year’s first half. That’s 8,732 pre-owned homes that have sold so far.
2015 has been a fantastic year so far in the Charleston Tri-county area! We’re up almost 14% in number of transactions, and our median sales price is up almost 4% over 2014 at $225,500.
The months of inventory is now around 4.5 for the entire MLS. Avg. is 6, so 4.5 means a very strong market. Many areas are definitely experiencing a seller’s market.
Buying activity continues to be very strong. Some of the stronger areas that have seen large median price increases over last year include:
|AREA||INCREASED % OVER LAST YEAR|
|N.Charleston Area inside I-526||182.6%|
|Folly Beach Area to Battery Island||26.9%|
|Goose Creek/Moncks Corner||21.3%|
|W.Ashley inside I-526||13.3%|
|Moncks Corner Above Oakley Rd.||11.6%|
A new, modern development called Fulton Neighborhood is underway in the center of Mt. Pleasant with semi custom homes, and you may not even be aware of it. Those that have stumbled upon it are able to take advantage of early bird discounts and will have built-in equity by the time their homes are complete. Fulton is tucked away off of Hwy. 17 North directly across from Boone Hall Farms. Turn right onto Fulton Ln. at the palmetto trees.
ALKA, a veteran of the high-end custom build home market, is the builder of this community. With nearly two decades of experience, ALKA builders say that, in Fulton, they would like to use their experience to simplify the process by doing the majority of the preparation and pre-selection work by their team. This frees the homeowner to focus on customizing finished rather than the development of plans and designs.”
Six floorplans are available, all with a modern twist on Lowcountry architecture, built with quality materials and an emphasis on low maintenance and energy efficiency. Raised slab foundations eliminate crawlspace humidity. Concrete porches have a tabby finish and brick borders. Metal roofs lend a historic vibe while adding to longevity and value. All homes feature 2 x 6 exterior walls, vinyl windows, increased insulation, tankless water heaters, high-quality garage doors, high-efficiency HVAC systems and more.
Fulton includes several well-planned, shared outdoor spaces for residents of all ages to enjoy, including the gathering area, fenced in playground, a park, and nature trails. The gathering area is designed for block parties and cookouts with cooking and lounging sections.
Home sizes range from 2251 sqft to 3186 sqft. Prices start at $629,000, but early bird discounts will be deducted from the listed prices.. If you’re interested, call me and I’ll set up an appointment to give you a tour of their model homes.
The last 12 months have seen a lot of buyer activity. Prices are up in most markets and buyers are hungry to purchase, yet inventory remains low. If existing owners will not sell, new construction is the next best answer to this dilemma. For the 12-month period spanning June 2014 through May 2015, Pending Sales in SC were up 19.2% overall. The price range with the largest gain in sales was the $200,001 to $300,000 range, where they increased 28.5%.
The overall Median Sales Price was up 3.3% to $218,000. The property type with the largest price gain was the Condos segment, where prices increased 5.2% to $175,000. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 63 days; the price range that tended to sell the slowest was the $300,001 and Above range at 93 days.
Market-wide, inventory levels were down 16.9%. The property type that lost the least inventory was the Single Family segment, where it decreased 16.3%. That amounts to 4.0 months supply for Single-Family homes and 4.6 months supply for Condos.
Jennifer Morris of Wells Fargo Mortgage is offering the following home mortgage rates. You can reach Jennifer at 843-367-3162 or email her at Jennifer.W.Morris@wellsfargo.com.
30 year fixed 4.125%
15 year fixed 3.375%
5 year ARM 3.00%
30 year fixed 3.875%
5 year ARM 3.25%
30 year fixed 4.00%
7 year ARM 3.375%
*Rates are with 0% origination/discount points.
**Rates are subject to change due to market fluctuations and borrower’s eligibility. Payment amounts do not include amounts for taxes and insurance. Actual monthly payment could be higher.
Pricing has just been released by DR Horton for the new homes being built in Tidal Walk. This is a new community adjacent to Grassy Creek in Mt. Pleasant right off of I-526 and Long Point Rd near Belle Hall Plantation. Prices will start at $377,000 for a 1733 sqft home. The largest home offered is 3293 sqft starting at $485,000. These homes will have Energy Star Appliances; Energy Star Central Heat/Air; Energy Star Insul; Energy Star Windows; HERS Rated; and Tankless Water Heater. The community will have green space and a pool.
Call me at (843) 270-6057 or email me if you would like more information. A buyer’s agent for new construction gives customers added comfort with negotiations and planning rather than relying on the seller’s agent on site. And it doesn’t cost the buyer anything more. In fact, it could save you money in the long run to have your agent looking over details with you.
Daimler-Chrysler will invest $500 million their existing Sprinter plant in the N. Charleston area which will create 1300 new jobs.
Volvo just announced that they will invest $500 million in their first U.S. car factory to be located in Berkeley County in Ridgeville creating 4000 jobs.
Dig South Conference gave the Southeast national attention and had 1470 registered attendees this year.
Charleston County’s Academic Magnet School is ranked #7 in the nation for best high schools by U.S. News & World Reports.