Category Archives: Mount Pleasant South Carolina
National Mortgage Rates
In another report Thursday, Freddie Mac said average rates on fixed mortgages fell again to record lows.
The average rate on 30-year loans fell to 3.53% from 3.56% last week. It is the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year mortgage, a popular refinancing option, declined to 2.83%, below last week’s previous record of 2.86%.
The rate on the 30-year loan has fallen to or matched record lows in 12 of the past 13 weeks. Cheaper mortgages have contributed to the modest housing recovery. Home prices are rising in most markets. Mount Pleasant SC Builders are putting up more houses than they have in nearly four years, a long-awaited recovery that could help energize the local economy.
Low mortgage rates could also provide some help to the economy if more people refinance. When people refinance at lower rates, they pay less interest on their loans and have more money to spend on other things. Many homeowners use the savings on renovations, furniture, appliances and other improvements, which help drive growth.
Still, many people are having difficulty qualifying for home loans or can’t afford larger down payments required by banks. And the sluggish job market could deter some from making a purchase this year.
Mortgage rates have been dropping because they tend to track the yield on the 10-year Treasury note. A weaker U.S. economy and uncertainty about how Europe will resolve its debt crisis have led investors to buy more Treasury securities, which are considered safe investments. As demand for Treasurys increase, the yield falls.
To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.
The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1% of the loan amount.
The average fee for 30-year loans was 0.7 point, unchanged from last week. The fee for 15-year loans slipped to 0.6 point, down from 0.7 the previous week.
The average rate on one-year adjustable rate mortgages was unchanged at 2.69%. The fee for one-year adjustable rate loans also stayed the same, at 0.4 point.
The average rate on five-year adjustable rate mortgages dropped to 2.69% from 2.74% last week. The fee was unchanged at 0.6 point.
Story By USA Today
The National Association of Realtors says sales of previously occupied homes fell 5.4% in June from May, to a seasonally adjusted annual rate of 4.37 million homes. That’s the lowest rate since October.
“It is only one month and the rest of the housing indicators have all continued to show improvement,” saidJennifer Lee, senior economist at BMO Capital Markets. “Let’s hope this June decline is a blip.”
Where as here in CHARLESTON, SC—(July 10, 2012) Home sales in the Charleston region maintained their consistent and steady pattern in June, with continued growth in sales volume and ongoing stability in pricing. 1,033 homes sold at a median price of $200,000 in June according to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR). Last month, adjusted figures show 1,002 homes sold at the same median price.
National real estate sales are up 4.5% from a year ago, evidence that the market is recovering. But the annual sales pace is well below the 6 million that economists consider healthy.
First-time buyers, critical to a housing recovery, made up just 32% of sales. That’s down from 34% in May. In healthy markets, first-time buyers make up more than 40% of the market.
The national median existing-home price for all housing types was $189,400 in June, up 7.9% from a year ago, according to the NAR.
Here in Charleston SC – Inventory declined again, with 6,277 homes listed as actively for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of July 10, 2012.
Charleston Trident Association of Realtors® — (May 9, 2012) – Median existing single-family home prices are firming in many areas of the low-country, while improving sales and declining inventory are creating more balanced conditions, according to the latest quarterly report by the National Association of Realtors®.
Last April, preliminary figures showed 776 homes sold at a median price of $175,000, following an almost equal number of property tours.
“The number of showings our REALTORS® are completing in 2012 is almost equal to the number of showings we saw in 2009, when the market was significantly depressed, but inventory was much higher. This tells us that the prospective buyers in today’s market aren’t just looking. They are serious buyers, making offers and closing transactions” said 2012 CTAR President, Herb Koger.
The national median existing single-family home price was $158,100 in the first quarter, which is 0.4 percent below $158,700 in the first quarter of 2011. The median is where half sold for more and half sold for less. Distressed homes2 – foreclosures and short sales which sold at deep discounts – accounted for 32 percent of first quarter sales; they were 38 percent a year ago.
Heading into what is typically the busiest season of the year, year to date figures reflect a market that is in the midst of sustainable, healthy growth. Inventory is 29% lower than it was at this time last year; sales volume is almost 6% ahead and prices have increased a healthy 4% from this time last year.
Total existing-home sales,3 including single-family and condo, increased 4.7 percent to a seasonally adjusted annual rate of 4.57 million in the first quarter from a downwardly revised 4.37 million in the fourth quarter, and were 5.3 percent above the 4.34 million level during the first quarter of 2011 when sales spiked. We are seeing more people coming back into the investment and second home market buying homes for sale in places like Isle of Palms and Sullivan’s Island.
Mount Pleasant SC custom home builder-owner of Sand Dollar Homes, said there are more opportunities in today’s market. “Historically favorable housing affordability conditions are making it easier for buyers to enter the market despite the unnecessarily tight credit conditions,” he said. “Housing supply and demand are roughly balanced with overall housing supply at the lowest level in six years, putting sellers on an even footing with buyers in most markets.”
CTAR REPORT –
170 homes sold at a median price of $154,945 in Berkeley County in April. This represents even sales and an increase in pricing compared with April 2011, when 170 homes sold at a median price of $145,000.
476 homes sold at a median price of $228,125 in Charleston County in April. This represents an increase in sales and pricing from April 2011’s 451 sales at a median price of $208,000.
151 homes sold at a median price of $165,000 in Dorchester County in April. This represents a significant increase in both sales volume and pricing, as 129 homes sold at a median price of $147,490 in April 2011.
Mount Pleasant 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 population was 47,609 at the 2000 census. As of 2007, the town had an estimated population of 64,707. Mount Pleasant is included within the Charleston-North Charleston Urbanized Area and is the 3rd largest municipality in this metro behind Charleston and North Charleston.
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
- 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.
- Trident Academy
- Christ Our King – Stella Maris Catholic School-(Catholic Diocese of Charleston)
- Grades K-8
- First Bapitst Church School-(Mount Pleasant First Baptist Church)
So where to live 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.
If you are considering relocating to the Charleston area and are looking for a nice, clean, and convenient area of town to live in Mt. Pleasant is the place and I am the realtor for you. It’s 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 down town Charleston. If you want to build Precision Construction is Mount Pleasant’s best Home Builder.
To Search homes in some of the nicest communities in Mt. Pleasant simply click the names of the neighborhoods below.
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 note worthy communities. Most of the newer schools are near these communities as well. The commonly mentioned ones being; Dunes 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 shopping, 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 Mt. 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 if you are considering Charleston, take a look in Mt. Pleasant. I love it here.
James Schiller is Charleston’s best Real Estate Agent