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Mount Pleasant SC Homes For Sale | Listings on MLS Mt Pleasant SC

Mount Pleasant SC Homes For Sale | Listings on MLS Mt Pleasant SC

 Search All Mount Pleasant South Carolina real estate listings by neighborhood below.

Dunes West The Old Village Olde Park I’ON Village Creekside Park Oyster Point Rice Planters Pointe
Shellpoint Scotts Creek Park West Hamlin Plantation Mallard Lake Porchers Preserve Coopers Landing
Charleston National Rivertowne Ravens Run Darrell Creek West Point Patriots Province Pinkney Place
Snee Farm Belle Hall Longpoint Grassy Creek Ivy Hall Candlewood Chadbury Village
Hobcaw Point Brickyard Hobcaw Creek Molasses Creek Crown Pointe Landings Run Sweetgrass Village
Wakendaw Lakes Heron Pointe Oak Haven Wando Lakes Rosemead Coopers Point The Renaissance
Old Mount Pleasant Fiddler’s Marsh Watermark Shemwood Hunter Lake Remleys Point Bayview
Planters Point Harborgate Shores Carolina Park Hamlet Square Phillips Park Simmons Point Glenlake
Sweetgrass Lakeshore Seaside Farms Quail Hollow North Point  The Tides Linnen Place
Center Lake Horlbeck Creek Hidden Lakes Etiwan Pointe Point Pleasant Chelsea Park Oyster Point
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Seller’s Market in Charleston, SC?

By most accounts Charleston, South Carolina has been the one glimmer of hope throughout the country in the housing sector. We have been on top of the housing recovery almost from the start. If you live here then you are not surprised by this. The area’s most populous county accounted for 502 homes sold, 57 percent of all homes that changed hands last month within the three counties, according to the Charleston Trident Association of Realtors’ monthly home sales report released Wednesday.

Berkeley, Charleston and Dorchester counties combined for 876 sales in September, 13 percent more than the same month a year ago.

Seller’s Market in Charleston

The association’s monthly reports have been showing encouraging residential real estate trends since the fall of 2011. Sales have been rising, inventories have been falling and the uptick in median sales price suggests that broader real estate values are starting to rise.

The Charleston area sold 7,879 homes through September, a nearly 11 percent increase compared to the same period a year ago. The median sale price also has risen to $190,000, up from $179,850 a year ago, according to the association.

Charleston County also is leading the charge in slimming the average number of days a property sits on the market before being sold, bringing it to some of the shortest spans since before the last recession. All three counties averaged house listings before sold in 100 days or less on average. In Charleston the average was 87 days.

Charleston SC home builders even have reason to be excited as  national new homes at an annual rate of 750,000, up 29.1% compared with a year earlier. They applied to build another 803,000 new homes on an annual basis, a 24.5% jump compared with August 2011.

Charleston SC Home Builder’s Happier

Home builders have become increasingly bullish — a confidence index from the National Association of Home Builders reached its highest level since June 2006.

Excerpts by the Post and Courier used:

Cheaper to Own House then Rent

Buying a house in Charleston, Mount Pleasant, or even Daniel Island is now cheaper then renting according to a new report from the real estate website Trulia. In virtually every U.S. city it’s better to buy a house then to rent.

“Despite the recent home rebound, rents continue to rise faster then do home prices, and mortgage rates are at record lows,” said J. Kolko, Trulia’s chief economist, in a news release by The Daily.

On average, buying is now 45% cheaper then renting in the 100 largest U.S. cities – a savings of almost $800 a month. With more and more home owners having to leave their homes due to job loss, and a poor economy forces those same people to rent thus increasing the demand for rental properties forcing rent costs upward. Furthermore, mortgage lending is still very tight and less people are qualified to purchase.

These factors result in an almost 5% surge in  rental rates in the past year and a glut of 30 yr mortgages around 3.5 percent. Trulia looked at the average age price of all homes for sale and the average rent of all homes for lease between the beginning of June and the end of Aug. It spread its search from the inner cities to the suburbs. Trulia also baked in various expenses like closing costs, maintenance, renter’s insurance, and taxes.

After the analysis was completed in the winter, it was better to buy in 98 of the top 100 markets including Charleston, South Carolina’s. Purchase mortgage rates have dropped while rents have increased. The study however, is built on some big assumptions, primarily that the hypothetical buyer puts down 20% and qualifies for a great mortgage AND doesn’t sell for 7 years.

With that said, even in a case where the homeowner got just a 4.5% mortgage and only stayed in the home for 5 years, the result was still almost the same. It was cheaper to buy in 96 markets.

Nevertheless, some 6 million properties remain close to foreclosure, and most potential buyers still find it difficult to save up the 20% for down payment. Although there are still loans that only require 3.5% down.

Mortgage Rates in Charleston Stay Low

CHARLESTON, SOUTH CAROLINA – Average mortgage rates on fixed mortgages fell this week and are just slightly above record lows reached earlier this year. The low rates have contributed to a modest housing recovery.

GSE Freddie Mac said Thursday that the rate on the 30-year loan declined to 3.59%, down from 3.66% last week. Five weeks ago, the rate fell to 3.49%, the lowest since long-term mortgages began in the 1950s.

The average on the 15-year fixed mortgage, a popular refinancing option, slipped to 2.86%. That’s down from 2.89% last week and from the record low of 2.8% five weeks ago.

Cheap mortgages are a key reason the housing market is finally started to rebound five years after the bubble burst. However, another large factor is banks are not releasing the foreclosed homes they have on their books, and are sitting on them thus reducing the inventory and increasing demand. 

Sales of newly built and previously occupied homes are well above last year’s levels. Prices have increased consistently, largely because the supply of homes has shrunk while sales have risen. And Charleston SC builder confidence is at its highest level in five years.

Still, the  Charleston housing market has a long way back to full health. Some national economists forecast that sales of previously occupied homes will rise 8% this year to about 4.6 million. That’s well below the 5.5 million annual sales considered healthy. Many people are still having difficulty qualifying for home loans or can’t afford larger down payments required by banks. If you need help with home financing in Charleston South Carolina and need advice contact me at.

Charleston SC Mortgage Rates

National overnight averages Today +/-
30 yr fixed mtg 3.54%
15 yr fixed mtg 2.89%
5/1 ARM 2.86%
$30K home equity loan 5.68%
$30K HELOC 4.58%
About these rates

Mortgage rates in Charleston SC are low 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 Treasurey’s 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 0.6 point, down from 0.7 point last week. The fee for 15-year loans also slipped to 0.6 point from 0.7.

The average rate on one-year adjustable rate mortgages fell to 2.63% from 2.66% last week. The fee for one-year adjustable rate loans was unchanged at 0.4 point.

The average rate on five-year adjustable rate mortgages declined to 2.78% from 2.80%. The fee held steady at 0.6 point.

Most Article Content By USAToday.com

Charleston South Carolina Housing Improves Faster then National Average

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:
Market
Bottom third
Middle third
Top third
Average
Charleston, SC
-41%
-22%
2%
-20%
United States
      -12%
-17%
-17%
-15%

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.

Bidding on foreclosures in Charleston, County

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.

Court House AuctionsIf 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.


Search Homes Charleston South Carolina – Mount Pleasant

As a member of the National Association of Realtor and Charleston Trident Association of Realtors I feel it is my duty to fully inform the public and prospective clients about the truth of online property search tools.

If you haven’t noticed every real estate agent and company now-a-days has a “free” home search, Search Homes Here, or “Search homes for Sale” tool built into their website.

 

I am a real estate agent in Charleston South Carolina and I too have one of these online home search horizontalCharleston South Carolina homes for sale search functions for my customers / prospects. We have all seen them; if you have purchased a home or are considering buying a home in the last 7 years or so you have more than likely used one of these.

But; what are they really? What’s the deal behind them and who has the best one to use? Who has the best and easiest online property / home search tool? Truth is they are all mostly the same. It is all the same information and no one company has more info then the other, and the reason is because the real estate boards insure that every agency has a level playing field.

The multiple listing service or MLS at least here in Charleston (I believe everywhere in the U.S.) provides (for a small monthly fee) website code that real estate companies and/or Realtors can embed into their websites so that you as a customer can search homes or property at your leisure- including myself. If you click HERE you will see that you can search Charleston area real estate and home for sale.

You are probably asking yourself how does the local / county / city MLS home search tools compare to Zillow or Trulia? Good question. From my understanding these companies use the MLS same information as real estate companies, but they also subscribe to a technical feed from city and county records, and compile and collect information from each local government office into their websites that include past and recent sales.

Their information is exactly the same as agents and realtors have, but they unlike most local real estate companies have more capital to invest into more web development and design to construct their tool to be able to process more information, faster.

Different Kinds of New Home Construction

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.

Let Us Build You a New Home

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

To Buy or Build Home, That is the Question?

This is a tricky question, because it really depends who you ask.

If you ask a mortgage loan officer they are going to try to steer you toward buying a built home instead of building because getting a construction loan is a almost impossible these days. Trust me I know because I was in the mortgage business for over 12 years.  My suggestion is if you absolutely have to have a new home, then try to find a semi-custom “spec” (speculative) home. Meaning a developer buys a large plot of land and has multiple house plans from you to choose from. IF you and your real estate agent get under contract on a home that is in the middle of construction but not yet sold your home builder will usually let you pick out many things that fit your taste. Like: the type of flooring, paint colors, trim packages, counter tops, cabinets, even type of roof material, and landscaping so you get a new home with a custom feel without all the hassle of having to hire an architect, permitting, etc.

Since I am real estate agent, built my own home, and once owned a mortgage company I will answer the question for you from my experience.

To be honest with you building is kind of a pain, unless you have a great home  builder and bank. Right now banking and mortgage lending is NOT smooth sailing. It was a pain getting a construction loan when anyone with a pulse could qualify in 2004-2006.  So getting a construction loan now is even more of a nightmare. As an ex- mortgage loan professional I would not suggest building just for that reason alone.  You have to put down a lot more money then you would have to for just a traditional purchase.

If you still want to build just be prepared for a busy few months. Depending on the size of home, the finishes, the town you are building, among others, the process can be from 4 months to 2+ years. There are many meetings involved, decisions to be made, and things to consider, and with a lot of people. IF you really do your homework and find a great reputable, experienced builderthen you can make your process a little easier. In any event building a home is not usually an enjoyable experience, simply because there are so many choices and changes, that can test your nerves.

Precision Construction is Charleston’s best Affordable Home Builder

In closing my suggestion is to seriously think about it before making a decision. You may even consider buying an older home, or a foreclosure and renovating it to look new. If you want a like new home then I suggest letting me find you home that needs a lot of work then let a contractor redo it to your liking. Then you can make changes, additions, and improvements that will suit you. Sometimes when doing a renovation it too can also be a difficult process for getting money from a bank, but one loan that is tailored for this type of process is a 203k from FHA. Make sure you specifically ask about this type of loan and make sure your loan officer is very very familiar with this type of loan.

Realtor VS Real Estate Agent

Those of us in the industry as licensed real estate professionals know the difference between the two, but does the public know? That is the question. And, do they really care? Studies show the answer is no. Let me start by saying as I type this article I am a member of the NAR but that really is because it is my company’s policy that I am to sell with them. Otherwise, I wouldn’t be.

So; what is a REALTOR®? A licensed real estate agent that is a member of a national association that pays yearly dues to say they are a realtor. So in short, it is just a made up word for an organization. Period. There are benefits as a real estate agent sometimes to be a member of the NAR (National Association of Realtors), but none for the clients. They would like you to believe there are by trying to convince the public it’s better practice to do business with an agent who is a member, but it’s my opinion it makes no difference.

What is a real estate agent? (as defined by wikipedia) a person or organization whose business is to market real estate on behalf of clients.

A licensed real estate agent who has gone through the schooling and training necessary to sell real property as defined by the governing body with which gave them their license.

In the state of South Carolina, the LLR or labor licensing board is the governing body that handles the issue of real estate for SC, and the laws pertaining to it.

Does it matter if someone is a realtor? NO. A real estate agent non-member is just as qualified to sell as a realtor.

So; next question? What makes a good real estate professional?

We must first go through the qualities that best describe the duties necessary to be a great real estate agent. Since, being a real estate agent is more or less just being your own business on behalf of your client, we need to lay out the qualities of a great business or business person.

1.)    Marketing knowledge/experience

2.)    Negotiation skills

3.)    Organization

4.)    Hard work ethic

5.)    People/personality management

6.)    Technology knowledge

7.)    Business experience

Granted, these are a bit generic, but they are the fundamentals nonetheless.

So I ask again, does being accredited by a made up organization created for profit really make you more qualified to sell real estate? No.  In my opinion having business experience is much more important to me. You can go to real estate school, and take a one day class put on by the NAR and can be 18 years old with no professional or business experience whatsoever to be a member. Do you think that person is going to be better qualified then someone who has ran their own company, worked in some sort of professional environment for years? Most likely; not.

James Schiller is Charleston’s best Real Estate Agent

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