Mount Pleasant SC Homes For Sale | Listings on MLS Mt Pleasant SC
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If you live in Charleston S.C and are considering selling your home, now is as good time as ever. According to USA Today the Charleston SC area is performing better than the national average.
“Inventories also shrank faster than the national average in Minneapolis; Charleston, S.C.; Seattle; Washington, D.C.; Miami; and parts of Southern California, Zillow says”.
|Change from a year ago in the number of homes for sale in May by price tier in 100 top markets:|
It now costs more to rent than to own a home in 98 of the top 100 U.S. metropolitan areas, says real estate website Trulia, which tracks rents and home prices. In some of those markets, however, the inventory of homes for sale has shrunk.
But low interest rates are luring more buyers, as are home prices that are down 35% from their 2006 peak.Nationwide, 35% of existing single-family home buyers in April were first-timers, according to the National Association of Realtors. In healthier times, first timers account for 40% to 45% of the market, says NAR chief economist Lawrence Yun. Tight credit and a still-shaky economy have kept many first-timers out of the housing market, he says.
Rising prices could boost supply
Home inventories have shrunk because fewer foreclosures are coming to market. Many homeowners don’t want to sell, because they don’t have enough equity in their homes. Others are waiting for higher prices.
“They’ve waited out five years of declining prices and don’t want to sell at the bottom,” says Stan Humphries, a Zillow economist. As home prices increase, more sellers will likely emerge, he says, which will add inventory. Or, buyers might back off if the economy softens.
If you are in need of Charleston area real estate advice please feel free to contact me.
James Schiller – Realtor in Charleston, Mount Pleasant, Isle of Palms.
What is a distressed sale? – The sale of a property whereby the homeowner is in financial distress and can’t afford to pay the mortgage any longer also known as a forced sale. Which is an action taken in a civil court forcing the owners of a piece of real property to sell their property and to divide the profits (usually there aren’t any). A forced sale is generally the result of a petition to partition action such as: foreclosure action or bankruptcy .
HOW TO GO ABOUT BUYING A FORECLOSURE…
Please note this is for Charleston county, SC only and that your county and state likely has its own rules and protocol so contact your local office. However I think this is the general jist of most transactions around the country as this has been going on for hundreds of years.
Thank you for your interest in foreclosure sales. This page was prepared in an effort to answer the most frequently asked questions about this process. If you have further questions, please contact me at 843.478.8061.
If you are interested in bidding on a piece of property in Charleston County, SC, which has been foreclosed upon and is scheduled to be auctioned for sale in the near future, the following are some things you may find helpful to know:
1.) When real property is ordered to be foreclosed in Charleston County, a judge called the Master-in-Equity will issue an order directing the mortgaged premises (or part thereof as required to satisfy the claims established) be sold by or under direction of the Master.
2.) The judgment (often called a Master’s Decree of Foreclosure) will contain a legal description of the property being sold, a provision for the necessary legal advertisement, the time and location of the sale, and notice of any senior liens, taxes or other rights to which the property to be sold is subject.
Sales are held the 1st and 3rd Tuesday of each month at 11 a.m. at the front entrance of the Charleston County Judicial Center located at 100 Broad Street in downtown Charleston.
The judgment also will specify the amount of good faith deposit necessary at the time of the sale, which is usually 5% five percent of the successful bid at the sale. Compliance must be made with the bid by 4 p.m. that same day. This deposit is required to be in cash or certified funds and is not refundable. The plaintiff or any other party may be a purchaser on such sale. You have 30 days to comply with the balance of the bid with cash or certified funds.
Some Plaintiffs seek a deficiency judgment against the Defendant. This means the Plaintiff is not only foreclosing its mortgage but is seeking a money judgment too. Unless the pleadings state that no personal or deficiency judgment is demanded or any right to such judgment is expressly waived in writing, the bidding will not be closed upon the day of sale but remains open until the thirtieth day after such sale exclusive of the day of the sale. When the sale is re-opened for final bidding, the highest bid is accepted. The Plaintiff can only bid at the first sale.
Short Sale– is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan.
If you want a short sale the process is very much like a traditional real estate transaction except in one way. The hassle. For you to take advantage of a short sale, you’ll definitely want a local Charleston area real estate agent on your side. Primarily because the bank is technically the seller. Even though the seller might still be the owner of record, for a short sale to occur the seller’s mortgage lender has to approve it. Unless the seller just sells the home for less than they owe and pays the difference to their lender.If the seller can’t do that then the lender with the mortgage will have to O.K the home being sold for less than is owed on it.
The largest problem with purchasing a short sale home is that the bank is not willing to work with you (the buyer) to make the purchase easy or cheap for you. Usually when putting an offer on a home that is approved for a short sale the bank will only sell the home “As Is”, and doesn’t care if there are problems with the home even if you get a home inspection. Secondly, they usually will drag their feet because if you make an offer they probably have a couple other offers on the table that they will work against you so you must make sure you have a large earnest money deposit ready, and no contingencies. Otherwise they will not consider it and/or they will contact the current offers they may already have.
When looking to buy a home that is a short sale you must keep in mind that since the home isn’t being sold for profit that there is no room for the seller to pay a buyer’s agent commission. Therefore, be prepared that you may have to pay a buyer’s commission out of your own funds. However, President Obama and HUD have instructed banks that they have to allow agents to be paid when representing a buyer in a short sale, but this isn’t always the case.
*Don’t worry. If this seems like too much of a scary proposition, there are plenty of unbelievable cheap homes on the market that are great deals for sale the traditional way.
There are essentially 4 types of newly built homes you could choose from if new construction is what you have to have.
1.) Fully Custom – Just as its name states, custom homes are as YOU want them. As the prospective home owner you would be expected to hire an architect whereby with regular meetings you, your architect, and home builder would design a home according to your direction, and vision. After you have signed off on the design of your home it then has to be stamped by a licensed engineer to make sure its design features are structurally sound. Beware of a fully custom home because they take much longer to build, and they require many many meetings with a plethora of different people all of which are there to make sure you get exactly what you want. Also, here in Charleston, South Carolina, downtown specifically there is an ARB (architectural review board) which over-sees the construction of every building in historic Charleston. However, there is a good reason for this. Aside from the normal responsibilities of ensuring the safety of each property, it too is responsible for preserving the look and historic significance of one of the United States most respected and historically relevant cities in the country. If you are considering building in Mount Pleasant, Folly Beach, Isle of Palms, or surrounding areas there is less chance you have to be too concerned with having each phase of your design and construction signed off on from an aesthetic point at least. However, many newer suburban communities also have restrictions and rules that have to be adhered to there to preserve a consistent feel of the neighborhood. For instance Kiawah Island home builders have to make sure their customers know that they can not use white for their exterior trim color.
1.a Next are the finishes, i.e. type of cabinets, trim, hard wood floor species, stain colors, electrical fixtures, plumbing fixtures, tile, exterior materials, carpet styles, paint colors, and many more options. It is common for your builder (general contractor) to have a few design partners that will help you when choosing from the hundreds or thousands of options available to you with each phase of construction. It is fairly safe to say that the more elaborate and detailed your home is with design elements the longer it will take to build.
2.) Semi-Custom – A semi-custom home usually refers to a type of new construction home whereby the builder will either provide you with a multiple different home plans to choose from if they already own the dirt. Yet the home buyer can make small changes to the plans, but usually not to the structural elements as well as they get to choose the finishes mentioned in 1.a. This kind of home is probably your most commonly used option, and many of your local & national home builders prefer to offer this as it is the most flexible to most people. Here is one example of Mount Pleasant Builder offering new homes.
You feel as if you are getting a fully custom home without having the additional time, and expense of hiring and meeting with an architect. Since the builder is familiar with the floor plans they usually are fairly confident with giving you a estimated close date and cost depending on the finishes you choose.
3.) Spec (Speculative) – Spec homes are where a builder (national or local) will pre-build a newly constructed home, choose the floor plans, and the finishes, landscaping, etc. hoping that a prospective buyer will be interested in buying it as he or she designed it. They are “speculating” that there are enough interested buyers in the market, hence the name “spec home”. These homes are usually built in established neighborhoods often times in nicer communities consisting mostly of custom homes.
4.) Tract Home – Usually your most affordable option – As defined by Wikipedia – Tract housing is a style of housing development in which multiple similar homes are built on a tract of land which is subdivided into individual small lots. Tract housing developments are typically found in North American suburbs that were modeled on the “Levittown” concept and sometimes encompass large areas of dozens of square miles.
These types of homes although new are usually of lesser quality then the first three options because the builders know exactly what it costs them to build each home as cheaply as possible because believe it or not their profit is in the land. Most of the national builders whose names you’d recognize such as: DR Horton, Beazer, Pulte, KB, and Centex, are considered tract builders. The expense and “power” is in the dirt. If you own the dirt or tract of land to build then you have the power because buyers have no other choice other than to buy your product if they want to live in certain areas. These builders will buy large pieces of land all over the country and develop the dirt, but in order to compete with local builders will many times offer a semi-custom feature into their plans. Whereby, they will have usually offer 6, sometimes 8 floor plans to choose from, and offer a hand full of different finish options. Such as: 3 types of pre-finished hardwood flooring, 4 types of ceramic tile or vinyl, 3 styles of carpet, 3 different exterior wall coverings, etc.
Precision Construction is Charleston’s SC best Affordable Home Builder