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Foreclosures and Short Sales are becoming more and more common in Charleston, Goose Creek, and in Hanahan, SC.
Buyers in Charleston, Goose Creek, and in Hanahan, SC are taking advantage of the current real estate buyer's market to buy their first home or to invest in real estate. Due to the increasing number of foreclosures in the area, many struggling home sellers have no choice but short sale their homes to avoid foreclosure. This viscious cycle is causing the price of homes to drop in order to sell.
Foreclosures dominate home sales
Repossessed homes and short sales make up a large percentage of sales in many real estate markets.
NEW YORK (CNNMoney.com) February 3, 2009 - Real estate values around the nation have collapsed, and sales of foreclosed and "underwater" homes now dominate many housing markets, according to a report released Tuesday.
The report, from Zillow.com, a real estate Web site, revealed that with foreclosures soaring, nearly 20% of the nation's home sales in 2008 were of bank-repossessed properties. Another 11% were short sales, in which homeowners owed more in mortgage debt than their homes were worth.
Madera, Calif., had the highest percentage of these distressed sales: 54.6% of all transactions there were foreclosed homes, and another 3.4% were short sales.
In Merced, Calif., 53.4% of sales were foreclosures and 4.8% were short sales. In nearby Stockton, 51.1% were foreclosures and 5.4% were short sales.
"As more markets turn down and markets that were already down go deeper, the pace at which value is being erased from the U.S. housing stock is rapidly increasing," said Stan Humphries, Zillow's vice president in charge of data and analytics.
"More value [was] wiped out in the fourth quarter of 2008 than was eliminated in all of 2007," Humphries said.
About $3.3 trillion in home equity was erased in 2008, with $1.4 trillion of that wipeout coming in the fourth quarter alone, according to Humphries. More than $6 trillion in value has been lost since the market peaked in 2005.
Those equity losses have put many homeowners underwater, where they're extremely vulnerable to foreclosure. These owners can't tap home equity for the cash they need to pay bills when they run into rough financial patches, and they often find it impossible to refinance - lenders will not loan more than the property is worth.
In the United States, 17.6% of all homes are now underwater, according to Zillow, as are 41.2% of all mortgages for homes bought in the past five years.
To finish reading this article, please click the link: http://money.cnn.com/2009/02/03/real_estate/foreclosures_dominate_housing_market/?postversion=2009020303
For more information on Buying a Home in Hanahan & Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek & Hanahan News
Buyers looking to buy in the Hanahan and Goose Creek Area will find Lower Prices & Motivated Sellers due to the continued decline of the real estate market in Charleston
Homes in the Charleston area (i.e. Hanahan and Goose Creek) have stayed on the market almost 27% longer than in 2007. For buyers there is more inventory to choose from, lower prices, and motivated sellers. This means buyers will be able to buy a home at a great price. With interest rates on mortgages near historical lows, this makes it a very good time to buy.
South Carolina real estate sales way down in 2008
Charleston Regional Business Journal, January 26, 2009 -Year-end numbers confirm what most in the housing market already could feel: 2008 saw sales drop steeply. But some already see signs of a revival in 2009.
The number of transactions statewide dropped 24% from 2007 to 2008, according to the S.C. Association of Realtors. Last year included 46,914 sales, the lowest number of transactions since the peak of 72,811 in 2003.
The drop was felt statewide: Sales were down 19.6% in the greater Greenville area, 20.6% in metro Columbia and 31.2% in the Charleston area.
The state is trying to absorb an oversupply of housing, and construction has been cut back, S.C. Realtors Association CEO Nick Kremydas said in a statement.
“As builders cut back in the short term — though very painful for the homebuilding industry — the housing market will improve,” he said.
Median prices also declined statewide, but at a less steep pace of 3.5%. That overall number, however, conceals disparities in market prices. Columbia’s median price slid 1.7%, while the Charleston area’s dropped 4%, Beaufort’s fell 8.8%, and prices dropped 11.7% along the Grand Strand. The Greenville area actually showed a 2.4% increase in prices.
Homes spent an average of 5% longer on the market in 2008, with a 26.6% increase in Charleston pacing the state.
Low interest rates have started to prompt new inquiries with real estate agents, but that has not yet translated into a bump in sales statewide, Kremydas said.
To finish reading this article, please click the link: http://www.charlestonbusiness.com/news/26261-south-carolina-real-estate-sales-way-down-in-2008
For more information on Buying a Home in Hanahan & Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek & Hanahan News
Goose Creek & Hanahan, SC Real Estate Investor Tip for the Week of Jan. 18, 2009
Tip: Build a Huge Cash Reserve.
Here is why:
1. You can buy with Larger Down Payment.
- Financing for investment properties will require a larger down payment than in the past (i.e. 20 - 30% down).
- There will be POSITIVE CASH FLOW.
- There will be EQUITY in property day 1.
2. Money will be set aside and available to manage the property vs using personal funds.
- Pay for maintenance and emergency repairs.
- Pay for Improvements (i.e. roof).
- Pay for Management Company (i.e. managment fees, evictions, and etc.).
- Pay mortgage when there is a vacancy.
I recommended putting down 25-30% when buying and having 6-9 months reserves set aside for management. This is extremely conservative.
Assuming you do your due diligence and you build a huge cash reserve for buying and managing your investment property, the likelihood of success is much higher. The chances of having a positive cash flow when the property occupied and be able to handle the maintenance, improvements, and emergency repairs that happen will not be a huge stress on your personal finances.
In addition, you will have sufficient equity in the property if you need to sell quickly or refinance and pull out cash.
Please note: More FORECLOSURES are coming and there is no better time than now to build cash reserves.
For more information on Buying a Home in Hanahan & Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek & Hanahan News
Goose Creek & Hanahan, SC Real Estate Selling Tip for the Week of Jan. 18, 2009
Tip: The home needs to have curb appeal.
Curb appeal is probably the most important criteria for buyer to considering looking at your house for sale next to listing price. Especially in today's real estate buyer's market. The market is very competitive with a lot of foreclosures coming and on the market already. It is very critical to put your best foot forward when trying to sell.
The goal in having nice curb appeal, makes the homes easier to see from the road and it makes it appear that has been well maintained and simple to take care of.
Remember we are trying to sell the house not the landscaping.
Here is a list of some of the things that need to get done, depending on the weather:
- Cut the grass and edge the lawn
- Remove all weeds.
- Trim and prune all overgrown shrubs and trees.
- Pressure wash the home.
- Fresh mulch around shrubs.
- Wash windows.
- Sweep sidewalks.
- Get rid of the clutter.
By doing just some of the basic items will make the home appear worth taking a closer look at.
For more information on Selling a Home in Hanahan & Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek & Hanahan News
Goose Creek & Hanahan, SC Real Estate Buying Tip for the Week of Jan. 18, 2009
Tip: Use REALTOR or Real Estate Agent.
A Real Estate Agent or REALTOR is not only a professional, but offers the following sevices to a buyer for FREE:
1.) Is the Buyer's guide through the home buying process.
2.) Helps Buyers identify what are the most important criteria in their next home.
3.) Identifies homes for the Buyer that meet their criteria.
4.) Provides real estate market information and analysis.
5.) Is an objective second set of eyes when looking at homes.
6.) Negotiates and arbitrates on the Buyer's behalf.
7.) Helps Schedules Home Inspection, Closing, and etc.
These 7 reasons, can save the Buyer $1000s and time when comes to buying a home.
For more information on Buying a Home in Hanahan & Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek & Hanahan News
Goose Creek & Hanahan, SC Real Estate Selling Tip for the Week of Jan. 11, 2009
One the most critical pieces to selling a home is the initial Listing Price.
If the homes in your area are not selling in reasonable amount of time, it sometimes makes difficult to sell a home if it is on the market for longer than 60-75 days. Even if the price has been dropped significantly.
This why it is critical to determine a initial listing price that attracts buyers to come and take a look. Since most the United States and parts of the world are in Buyers Market, it is even more critical to list a home with price that makes the home look like a bargain. If the home is priced below its competition initially, there is a better chance of getting buyers to look at the home sooner than later.
Remember every additional month the home is on the marker for sale, is costing the seller thousands of dollars.
Tip: Price your home below your competition, to make it look like a bargain.
Web Link: Goose Creek & Hanahan News
Goose Creek & Hanahan, SC Real Estate Buying Tip for the Week of Jan. 11, 2009
When buying a house, there are a lot of things to consider?
If you do not decide up front on what is important, it will make it very difficult in finding the perfect home
Before you begin to start looking for a home, this weeks Tip is to determine what are the 5 Most Important Things (i.e. must haves) you need in your new home.
Here is a list to get you started:
1. Purchase Price or Monthly Payment
2. Location (near schools or the interstate)
3. Neighborhood
4. # of bedrooms
5. # of bathrooms
6. square footage
7. 1 or 2 story
8. Old or new
9. Lot size
10. Property Taxes
By knowing what is important, this will help you and your REALTOR find the perfect home for you.
Web Link: Goose Creek & Hanahan News
For more information on Buying a Home in Hanahan & Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek & Hanahan News
Goose Creek & Hanahan, SC Real Estate Selling Tip for the Week of Jan. 4, 2009
Use a Real Estate Agent.
Why?
1.) They know more about the local real estate market. They know what is selling and what is not.
2.) They take care of all the paperwork, which some sellers neglect if they attempt to sell their home themselves.
3.) They do the marketing of the home, which is more than an open house, an ad in the paper and put it on the MLS.
4.) They do not have emotional attachment to the home and can look at the home from a buyer's perspective. Note: This is a problem some FSBOs have when they try their homes, they think the home is worth X but is only worth Y.
5.) They can price the home competitively, which can reduce the amount of time it takes to sell.
6.) They work for the seller and they do not get paid until the home sells.
These are just a few reasons.
For more information on Buying a Home in Hanahan & Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek & Hanahan News
Goose Creek & Hanahan, SC Real Estate Buying Tip for the Week of Jan. 4, 2009
Buy a home when mortgage interest rates are low.
A low interest rates can mean more home for the money and lower monthly mortgage payments.
Reason 1: More Home For The Money:
For example, your monthly mortgage payment, excluding insurance and property taxes, with the current average interest rate of 5% would be:
$100,000 - $536.82
$150,000 - $805.23
$200,000 - $1073.64
$250,000 - $1342.05
$300,000 - $1610.4
Depending on the current rental market, this gives you a good idea how much it will cost you for a new home.
Reason 2: Lower Monthly Payment:
For example on a 30 yr. fixed mortgage with a loan balance of $100,000, here is what the monthly mortgage payment, excluding including insurance and property taxes, would be:
7.0% - $665.30
6.5% - $632.07
6.0% - $599.55
5.5% - $567.79
5.0% - $536.82
There are truly savings when you look at the average savings $60 per month when the interest rate is lowered from 6 to 5% may not seem like much savings, but over a year that is $720.
Note: The current interest rates are artificially low due to government intervention. There is no better time than now to take advantage of these historically low rates.
For more information on Buying a Home in Hanahan & Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek & Hanahan News
3 Big Reasons to Buy in Goose Creek & Hanahan, SC
1.) Low Mortgage Interests Rates
If you can qualify and purchase a home with 30 or 15 year fixed mortgage with one of today's low interest rates, you could literally save thousands of dollars over the life of the mortgage.
2.) Rents are rising
Due to the mortgage and credit crisis, unfortunately a lot of previous homeowners are becoming renters again. This causing a demand for rentals and is causing the rents to go up. For some it will make sense to buy a home, because it will cost less than renting.
3.) Lots of homes for sale
There is currently lots of homes on the market, which means there is a lot to choose from. As a result home sellers are having to reduce their listing prices and are willing to offer incentives.
These 3 reasons alone, could make this the best buyer's market ever. If you would like to take advantage of this market contact me and let's explore the possibilities.
For more information on Buying a Home in Hanahan & Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek & Hanahan News
Buyers looking to buy in the Hanahan and Goose Creek Area will find lower prices due to the continued decline of the real estate market in Charleston
The buyers market in the Hanahan and Goose Creek area is getting better and better as prices continue to decline and interest rates are approaching historical lows. As the market continues its declines, sellers are becoming more motivated and are willing to work with buyers to sell their homes. This could very well be the best time ever to buy home in our lifetimes.
Charleston’s real estate market continues decline
Charleston Regional Business Journal, November 20, 2008 - The Charleston-area housing market is continuing its downward spiral compared with last year. The median price of homes is down, the number of units sold is down and the number of days on the market is up.
According to multiple listing service data released by the S.C. Association of Realtors, the median price of $195,000 for homes sold in October is down 6.7% compared with October 2007, while the number of homes sold dropped by 30.7%, from 792 to 549.
To read the rest of this article click here: http://www.charlestonbusiness.com/news/25690-charleston-rsquo-s-real-estate-market-continues-decline?rss=0
For more information on Buying a Home in Hanahan & Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek & Hanahan News
Are You Considering Buying a Brand New Home? Using a Buyer's Agent in Goose Creek & Hanahan, SC Could Save You $1,000s...
There are still lots of existing homes for sale in the Goose Creek and the Hanahan area. But brand new construction homes are still selling faster than existing homes .
Why?
The reason is because the builders, who have survived the downturn in the market, have been able to price their homes much more competively. With the reduction in overall building, labor and materials costs have gone down.
For buyers looking to buy their first home, it makes a lot of sense to buy a brand new home with a builders warranty than existing a home with potential issues that need to be addressed in the near future (i.e. roof).
To get the best deal, it is the best interest of the buyer to work with a REALTOR to make ensure they negotiate the best possible price and terms. If you work directly with the builder, there is very good chance you may not get the best possible price and terms. In addition, the REALTOR will be your guide through the entire buying process.
For more information on Buying a Brand New Home in Hanahan & Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek & Hanahan News
Goose Creek Home Values should benefit from Walgreens being a part of The Market at Carnes Crossroads
Goose Creek home values and areas surrounding the new shopping center at The Market should benefit from having Walgreens, a national chain, as part of it. This new shopping center should drive existing home values upward and new construction in the area. This is a very positive sign for the area. If companies are willing to investment in this area despite the current economy, they obviously see potential for growth in the area.
Walgreens still plans 4 area stores
The Post and Courier Monday, November 10, 2008 - Pharmacy giant Walgreens announced earlier this year it intends to slow the pace of new store growth over the next three years, but that hasn't stopped the Deerfield, Ill.-based business from expanding in the Charleston area.
The nation's largest drugstore, with $53.8 billion in sales in fiscal 2007 and more than 7,000 locations, plans to build four new stores in Charleston and Berkeley counties over the next few years.
One area poised for massive growth in Berkeley County just west of Goose Creek will see a Walgreens added to a new shopping center called The Market at Carnes Crossroads.
To read the rest of this article click here: http://www.charleston.net/news/2008/nov/10/walgreens_still_plans_area_stores61055/
For more information on Home Values in Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek News
Goose Creek, Hanahan, and the rest of Berkeley County Home Values should benefit from Managed Growth in Neighboring Dorchester County
Home values in Goose Creek, Hanahan, and the rest of Berkeley county should rise as neighboring Dorchester County finally has plan to manage growth. This plan will help manage the amount of new construction and prevent over building that will prevent flooding the market with news which will lower home values in Dorchester County and neighboring Berkeley County.
Plan to manage growth in place
The Post and Courier Tuesday, November 18, 2008 - SUMMERVILLE — A plan to manage growth in Dorchester County is finally in place, after months of hearings, debates and compromises.
Council unanimously voted Monday to approve a new comprehensive plan, which will guide what gets built in the county over the next two decades.
Hallelujah!" Council Chairman Larry Hargett exclaimed as the audience applauded after the vote.
Dorchester has been the state's fastest-growing county the last several years. Growth here affects the entire Charleston area, as the majority of residents drive toward Charleston for work.
Residents around Summerville and North Charleston, frustrated by overcrowded roads and schools, have been calling for more controls on development. The new plan includes a section that says the county can't approve a new development if roads and schools can't handle it and directs council to consult with the school district before approval.
Conservationists were worried about thousands of acres of unprotected farmland and timberland west of Summerville. The new plan designates wide swaths of land as rural. Development will be clustered near existing nodes, rather than spread throughout the county.
To read the rest of this article click here: http://www.charleston.net/news/2008/nov/18/plan_manage_growth_place62032/
For more information on Home Values in Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek News
Home Values in Goose Creek, Hanahan, & North Charleston should benefit from this large commercial development.
It is being touted as "the largest commercial development in the history of South Carolina", this is a sign that business believe the real estate market has hit bottom. This should benefit homeowners in No. Charleston, Hanahan, and Goose Creek as the desire to live around and be in close proximity to brand new stores is desirable. This should drive demand for homes in the area and home values should rise.
Development on massive scale
The Post and Courier Tuesday, November 11, 2008 - Despite weak economy, two companies team up to build huge commercial complex.
The economy is gasping for air, but a German manufacturer and a Charleston real estate developer will unveil plans today for a huge commercial development near Interstate 26 and U.S. Highway 78. No tenants have been secured for the North Charleston project, and details were scarce Monday. But the basic plans call for a 300-acre complex that blends big-box retail stores, office space, hotels, restaurants and maybe a supermarket and a movie theater.
It's being touted as "the largest commercial development in the history of South Carolina," three times the size of the Centre Pointe complex across from the North Charleston Coliseum, according to a news release touting today's announcement.
To read the rest of this article click here: http://www.charleston.net/news/2008/nov/11/development_on_massive_scale61189/
For more information on Home Values in Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek News
Goose Creek Homes Values will rise when MeadWestvaco begins develop at Parks of Berkeley
MeadWestvaco's plans to build 13,000 homes in the Parks of Berkeley, the previous owners have been approved to build 6,000 homes in a development a couple miles away. This is a sure sign Goose Creek SC and surrounding areas will see home values rise as development continues in this area.
Company acquires Parks of Berkeley
The Post and Courier Wednesday, October 29, 2008 - MeadWestvaco Corp. owns hundreds of thousands of acres of South Carolina forestland, harvesting occasional sections for its paper and lumber operations.
But the Richmond, Va.-based packaging giant bought its latest wooded tract with an eye on capitalizing on future residential growth in Berkeley County.
Goose Creek Home Values to rise as development projects begins in neighboring Cane Bay Subdivision
Publix announcement is another sign that the market is getting ready to turn. The location of the new Publix in the new Cane Bay Subdivision, will have a positive impact on home values in Goose Creek and surrounding areas. The new Publix store will bring jobs and people to the area to live. This should drive demand for new and existing homes in the Cane Bay Subdivision and in Goose Creek.
Publix plans store at Cane Bay
The Post and Courier Monday, November 3, 2008 - The growing Berkeley County subdivision of Cane Bay, where a new high school of the same name just opened, will soon see a new supermarket.
Publix Super Markets Inc. plans to build a 45,000-square-foot store at the northeast corner of U.S. Highway 176 and Cane Bay Parkway in the Market at Cane Bay, said Brenda Reid, media and community relations manager for the food store chain that prides itself on customer service.
Construction will take about 10 months, though it has not begun, and the store will employ about 100 people, Reid said. "We generally look at population growth and density" when deciding on a location.
Publix has another supermarket just down the road on Hwy. 176, which is called St. James Avenue in Goose Creek. That store will not be affected by the opening of the new Publix, Reid said.
To read the rest of this article click here: http://www.charleston.net/news/2008/nov/03/publix_plans_store_at_cane_bay60218/
For more information on Home Values in Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek News
MeadWestvaco Corporation's purchase of 4,500 acre master planned community is another sign that Real Estate has hit bottom in Goose Creek, SC.
Investment from a large company like MeadWestvaco is sure sign real estate has hit bottom in Goose Creek , SC and it is time buy. The new master planned community will bring people to the area to both work and live. The values of homes in Goose Creek will appreciate as the demand for homes in the new development increases. This may be the best time to buy before the demand for new homes takes off.
Westvaco purchases 4,500 acres
Goose Creek Gazette Article October 29, 2008 - MeadWestvaco Corporation has announced its purchase of The Parks of Berkeley, a 4,500-acre master planned community located between I-26 and Highway176 in Berkeley County.
Previously owned by Crescent Resources, LLC, the property has been approved for residential and commercial real estate development.
“Our acquisition of The Parks at Berkeley further strengthens our commitment to this community,” said Ken Seeger, president of MWV’s Community Development and Land Management Group. “The addition of this property to our portfolio will enable us to help meet the Charleston region’s growing need for well-located residential and commercial development.”
The Parks of Berkeley is expected to grow rapidly and it adjoins the new Cane Bay High School.
To read the rest of this article click here: http://www.goosecreekgazette.com/news/1030NEland
For more information on Home Values in Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek News
Building boom should boost home values in Goose Creek, SC and the surrounding areas.
Berkeley County officials expect boom to persist
Unlike the rest of the country, Goose Creek, SC and surrounding areas are seeing multiple commericial and residential projects in the development and in the works. These projects will bring people to the area to work and live. The influx of homebuyers will reduce the supply of homes on the market and home prices should start to go up. This is sign the real estate market has hit bottom and will start to grow again.
The Post and Courier Article Thursday, October 16, 2008 - Berkeley County is growing at a rapid pace.
With many residential and commercial developments in the works, Berkeley leaders expect perpetual growth throughout this largely rural community.
Goose Creek
Soon to open its $600 million data center near Goose Creek, Google will employ 200. Plans are in the works for Roper to erect a 50-bed hospital that would employ nearly 500.
In Goose Creek, the 2,300-acre Carnes Crossroads development to be built off U.S. Highway 176 will be the epicenter of growth, said Daniel Ben-Yisrael, director of planning and zoning.
Ben-Yisrael attributes Goose Creek's growth to its convenient location in relation to surrounding areas and housing affordability.
Traffic problems have been a long-standing issue for Goose Creek. City officials hope the proposed extension of Henry Brown Boulevard from Liberty Hall Road to U.S. Highway 52 will help ease traffic congestion along that busy highway.
"Our intentions are to grow in an orderly fashion and to manage the growth that is inevitable for this area," he said. "We have seen a steady rate of development."
The current nationwide economic and housing crises have somewhat slowed new development in Goose Creek.
Developments in Carnes Crossroads have experienced delays. A few building permits have been withdrawn, but Ben-Yisrael is confident the market will rebound.
He thinks the economic impact to Goose Creek will be relatively minimal.
"The city has a good diversification of its revenue stream," he said. "I think in the long term it will balance out and we'll be in good shape."
To read the rest of this article, http://www.charleston.net/news/2008/oct/16/berkeley_county_officials_expect_boom_pe57977/
For more information on Home Values in Goose Creek, SC and Surrounding Areas contact Matt Naumann.
Web Link: Goose Creek News
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