Category Archives: Mt Pleasant News

6 Excellent Resources to Use When Buying a Home

a couple searching on a computerScrolling through online listing photos, scouting for the best neighborhoods, and pondering décor in your new home is fun. But the home search itself is not the only enjoyable experience; the entire home buying process can be pleasant when you have access to the best tools.

Here are the top six resources you should use to make buying a home easier and enjoyable.

1. A Wants vs. Needs Checklist

First determine what price, location, size, and any special features your new home must have. Then you can hone in on your favorite properties by searching for additional features that you would prefer.

2. A Mortgage Payment Calculator

What do you want your monthly mortgage payments to be? We have an easy mortgage payment calculator you can use to find out how much you can afford for a home. This tool takes into account the length of the loan, the interest rate, and annual tax and insurance to calculate how much you will pay every month.

3. A Reliable Home Search Tool: PaigeHutto.com

The best source for your home search is a real estate agent and a database of available properties called the Multiple Listing Service (MLS). At PaigeHutto.com we make searching local real estate listings easy.

If you are using national real estate sites to search for homes near you, keep in mind that you are not seeing all the homes that are for sale. HousingWire reported that websites such as Zillow show fewer listings than are available in many major cities, which means you could be missing out on the best home.

4. A Local Neighborhood Guide

Choosing the best home involves more than the property itself. It’s important to research areas and neighborhoods. Here are a few questions you may want to consider when researching communities:

  • Does the community offer amenities, such as a swimming pool or fitness center?
  • What are the parking options in the community?
  • Where is the nearest grocery store, gas station, or shopping area?
  • How is the local school district?

We have helpful information about neighborhoods and areas on our website that you can use when searching for a home. Simply click here to start exploring Charleston neighborhoods!

5. A List of Recently Sold Homes

a line graph with a magnifying glassResearching the real estate market will also make your home search much easier.

If you are thinking of buying a home in a particular community, ask us for the Neighborhood Sold Report, which can help you determine whether the home is fairly priced.

You can always ask us about the real estate conditions in this area, too. Send an email to Paige today!

6. A Local Real Estate Expert

But your best resource for buying a home in this area is the local real estate expert. He or she will have all of the tools you will need, including sold data and an easy-to-use home search, to help you easily find the best home.

Are you ready to buy a home? Let Paige Hutto help! Contact us today and we can work with you to find your ideal home.

I’On Real Estate Update

The I’On real estate market continues to be very strong in 2015.  Prices are still creeping up which is still very good news if you are thinking of selling your I’On home!  While the number of homes that have sold this year has decreased from last year, the average sales price has increased from 2014. Sold homes are also receiving on average 95% of their asking price. Here are some key data points from this year so far:

2015 YTD:

  • I’On Homes Sold – 40
  • Median Price for Homes Sold – $996,806
  • Average Selling Price/Square Foot – $307
  • Average Days on Market – 110Screen Shot 2015-08-11 at 2.26.09 PM

I’On’s selling price per square foot has always outpaced North and South Mt. Pleasant and it continues to do so! This trend shows the continued desirability of owning and living in the I’On community. In addition, there are currently 10 I’On homes that are under contract or pending closing that range in price from $549,000 to $1,749,000.  If you would like additional information on I’On home sales so far this year, please click here.

Current Inventory

Today, there are 26 homes for sale in I’On.  This is fairly consistent with the number of homes that were on the market last August.  Inventory usually climbs during the summer months, so this number of homes for sale is not unusual.  With an average of only 5 months worth of supply for the I’On market, we remain in a strong seller’s market. However, homes priced above $1M tend to have closer to 7 months of supply which does not favor the buyer or the seller in a significant way. Below are some details on the I’On homes for sale:
  • Homes for sale – 26
  • Median Asking Price – $1,270,000
  • Asking Price/Square Foot – $332
  • Average Days on Market – 138

Thinking of Selling, or Have Questions?  Call Us!

Please give us a call if you have any questions about this post.  If you are thinking of selling, please contact us to learn more about my marketing program for your home.  We have sold dozens of homes in I’On over the years and have an intimate knowledge of this community, what buyers are looking for, and how to get your home sold.

Busy Summer Home Buying Season

sullivansThe summer months should be quite busy for home buyers, sellers and real estate agents alike!

As we head into June, real estate analysts are saying that the national housing market is poised for a successful (and busy!) summer home buying market. Several factors are at play, experts say, including low housing inventory, pent up demand and increasingly optimistic sellers.

Already in May, Mt. Pleasant saw 136 homes sold with an average sale price of $533,000. In May of 2014 the average sales price was $520,000. There are currently 517 single family homes for sale in the north and south areas of Mt. Pleasant which is a 3% increase from this time last year. The absorption rate, or Months of Inventory is still dropping, which means that the demand for homes in Mount Pleasant is still strong and outpacing supply of new construction homes.

What Every Buyer and Seller Should Know

According to the latest sales figures released by the National Association of Realtors, sales of previously owned homes increased in March by the most in four years.

On average, homes were being purchased in 52 days on average, which is the fastest sales rate the country has seen since July. In Mt. Pleasant, the average days on market for homes sold in May was slightly longer at 70 days.

Here are some more highlights from the latest data report:

  • The share of first-time buyers increased slightly
  • The number of homes for sale increased in March for a second month. In fact, that gain was the biggest since December 2010
  • New listings in Mt. Pleasant increased 12.5% over last year in May
  • More sellers expressed confidence about buyers entering the market as the weather warms, further helping to increase the supply of properties for sale.
  • And sellers’ instincts about buyer interests appear to be spot on. For instance, 40 percent of homes sold in March were on the market for less than a month.
  • The median price of an existing home jumped 7.8 percent from March 2014 to March 2015, to $212,100. That’s the most since February 2014.
  • Sales of single-family homes rose 5.5 percent to an annual rate of 4.59 million, which is the most it’s been since August 2013.
  • Meanwhile, closings on multifamily properties (including condominiums) increased 11.1 percent.
  • Also, the average rate for a 30-year fixed mortgage was 3.67 percent recently. The rate was 3.59 percent in February, which was the lowest in almost two years.

We’re Your Real Estate Market Experts!

We hope you have found the information above as insightful and encouraging as we did. Seeing the national housing market recover is definitely a welcome sight! If you are thinking of buying or selling call us today! We’d be happy to review statistics that are pertinent to your property or a home you like! Sold data is also available on our website for Mt. Pleasant neighborhoods like Belle Hall, Carolina Park and a host of others.

What’s Going on With Mortgage Rates?

Interest Rates Remain Low, But for How Long?

Despite some volatility in mid- to late-March, low rates continue their smooth stride into the spring home buying season.  Rates jumped slightly this week to 3.99% after the yield on the 10-year Treasury note hit its highest level in two months. The increase in rates spurred a 8% drop-off in refinances, but purchases are still up.
Home loan applications for purchases moved higher in early April due to consistently low rates and were 8% higher than the same time one year agMortgage-Rates-300x300o. Applications to refinance, which are more dependent on interest rates, rose 4% in April and were a surprising 44% higher than the same time one year ago.

Applications for the two main types of home loans, conventional (typically 15 and 30 year fixed rate loans) and government (Federal Housing Administration and Veterans Administration loans), also moved higher. This indicates both move-up and first-time buyers are back or getting into the market. Government-insured loans tend to attract first-time buyers due to their low down payment requirements. Volume for these loans grew by an impressive 19 percent from a year ago. Continue reading

I’On Real Estate 2014 Recap & Market Update

As we predicted at the end of 2013, the I’On real estate market did not see significant changes in 2014.  The market appears to have leveled out and growth has become more steady. Below is a snapshot of 2014 sales activity for the community.  To put the year in perspective, we have included the percentage growth in these numbers as compared to 2013.

2014 Activity:

I’On homes sold – 70 ~ up 3%
Average Selling Price/Square foot – $298 ~ up 6%
Average Selling Price – $957,690 ~ up 10%
Average Days on Market – 85 ~ down 26%
(Note: Click here to view details on all I’On homes sold in 2014)

SqFt2014

The average sales price is inching closer to one million dollars, which is great news for home owners. And the time it takes to sell a home in I’On has decreased by around 30 days. This is all good news for home sellers, it simply isn’t the significant changes we saw in 2013. Continue reading

Mount Pleasant Real Estate – 2014 Review

Happy New Year! We hope that you had a wonderful holiday season. Now that 2014 is behind us, it’s time to take a look at how the Mt. Pleasant real estate market fared for the year. While 2013 real estate trends saw major growth in the number of homes sold and solid price increases, 2014 market did not bring significant changes. However, the market continues to be strong and the steady growth keeps keeps us in a market that is generally favoring the seller.

 2014 Mt. Pleasant real estate stats:

  • Homes Sold – 2,364 ~ up 1%
  • Volume Sold – $1,033,081,563 ~ up 10%
  • Median Price – $375,000 ~ up 10%
  • Average Price – $437,000 ~ up 10%
  • Average Days on Market – 67 ~ up 6%

Continue reading

5 Predictions for the US Housing Market in 2015

PredictionAre you a current home owner who is considering listing your property on the market in 2015?

If so, then you’re likely to enjoy a lot of success!

After all, Realtor.com recently released its top predictions for the housing market in the New Year. And all of them seem to favor home sellers.

Let’s Take a Closer Look at National Housing Market Predictions

Millennials will enter the market en masse. This is something the housing market has needed for the last couple of years: More Millennials entering the market as first time home buyers. And according to projections, that’s what you can expect in the New Year, with more than two thirds of household formation being credited to this demographic. Helping matters is the fact that about 2.5 million jobs are expected to be added next year, improving home buying power.

There will be an increase in existing home sales. These sales are expected to increase 8 percent during the New Year. Meanwhile, as more people gain employment and increased incomes, distressed property inventory is expected to decline. All of this means a lower real estate inventory. This coupled with a surplus of buyers will create a seller’s market.

Home prices will rise. This generally follows when housing inventory shrinks. In fact, prices are expected to increase by an average of at least 4.5 percent in the coming year. Thus, if you’re thinking about possibly selling your home, 2015 is likely going to be a good year for doing so.

Mortgage rates will increase as well. For much of 2014, these rates have hovered around 4 percent and under. But with the previously mentioned factors and the Federal Reserve’s expected rate hike in the early part of 2015, residents can expect home loans to shoot up to 5 percent in 2015. If you have been thinking about re-financing, it makes sense to do it sooner rather than later since mortgage rates are likely to increase.

Home affordability will decline. With all of these changes on the market expected, home affordability is projected to decrease by 5 to 10 percent. This will be driven by price appreciation, mortgage rate hikes and tighter housing inventory. Again, if you’re thinking about possibly selling your home, 2015 is likely to be a good year for home sales.

See You In 2015!

We hope that as a home seller, you’ve found the above predictions encouraging.

We’ll be back in the New Year to discuss whether these real estate predictions come true and to revisit how they will impact buyers and sellers.

If you’re thinking about listing you home anytime soon,  please give Paige or Chuck a call. We’re available to answer any questions you may have or to help you on your home selling journey.  For now, we hope you and your family have a happy holiday season!

Just Listed in Old Mount Pleasant

noname-11502 Kathryn Street

Old Mount Pleasant

$450,000

Beautifully renovated home in Old Mt. Pleasant located on a large corner lot with easy access to the beaches and downtown Charleston. An updated and open floor plan welcomes you and your family to the heart of Mt. Pleasant. The eat-in kitchen, complete with granite counter-tops and stainless appliances, also has a breakfast bar and leads into the family room that opens to the backyard. A new screened porch is the perfect place to relax in this quiet neighborhood. The bedrooms and bathrooms have been renovated as have the floors throughout the home.

Call The Avera Group today with any questions or to schedule a showing!

Mount Pleasant Real Estate Update – 9/25/14

We are always asked….How is the real estate market in Mt. Pleasant?  And the answer is always the same…..”it’s great”.  So what does that mean exactly?

The Mt. Pleasant Real Estate Market is Always Great…Or is it?

Every real estate market is always good for some, but not all.  For example, if you are a buyer and the inventory is quite low, it’s likely a great market for sellers.  But if there is a high supply of inventory, then it’s likely a better market for you, the buyer.  It’s all about supply and demand.  So what is currently going on in Mt. Pleasant real estate?  Let’s add some perspective to this question… Continue reading