"The National Association of Realtors recently released their 2011 3rd Quarter Housing Report. In the report, they showed that combined sales of single family homes, condos and co-ops increased in EVERY state as compared to the 3rd quarter of last year."

SC sales rose 19%;  overall US sales rose 17% .  Here in the Charleston/Summerville area inventory is still plentiful and interest rates are low. 

It's always a good time to buy in Charleston, and especially NOW.

"Now could be the best time in history to buy a home" -Market Watch

"It's an excellent time to buy a house, either to live in for the long term or for investment income."  -Wall Street Journal

"It is important for America to realize that when it comes to housing, now is the time to buy." - JP Morgan

"Many buyers who waited for rock-bottom prices know that now is the time to buy." - US News and World Report.

With interest rates near 4% and plentiful inventory in the Charleston, SC metro area, we agree!  Now may be the best time ever to buy a home.  Let me help you make that happen.

Conventional Loans

30 Year Fixed:  3.875

7-year ARM:      3.25

Government Loans

30 Year VA/FHA:  3.75

VA 5/1 ARM:        3.5

Charleston is a wonderful place to live.  Today it is 80 degrees and sunny.  Golf is a year round sport here!!  There are great deals to be had in this residential real estate market---call me at 843-224-5747 or email me at julie@mulliganteam.com and let me know how I can help you take advantage of historic rates and awesome buying opportunities.

7848 Racquet Road - $139,000 in a gated community! 3BR, 2 baths, 2-car gargage, ground floor master, privacy fenced yard.  

 7873 Sabalridge Dr. - $149,000 in a gated community! 3 BR plus large bonus room, 2-car garage, ground floor master, low maintenance privacy fenced yard. 

These homes are in the same gated community and buyers can walk to pool, tennis, and playground.

New Listing in Whitehall!!! 5411 Dwight Dr. Open floor plan, large kitchen, 3BR plus sunroom and bonus room, 2-car garage  Very private lot.  $207,000  Walk to pool and tennis---membership is optional. DD2 schools 

Check out these listings and others! 

In the Charleston Metro area, including Summerville, SC, the weather is great and the market is improving.  In fact, Carolina One closed sales volume was up 23% in August compared to last year ... and 19% year to date.   July was the only month in 2010 less than 2009 ... a direct reflection of May written business, down because contracts were "pushed forward" due to the April 30 tax credit expiration.

Carolina One written business was up 10% in August compared to August 2009 and 14% year to date.

On balance, the market for sellers has improved.  Recovery will take time, be gradual, and bumpy.  This is the best opportunity for home buyers in many decades ... historically low interest rates, price affordability, and good selection in all price categories.  Buyers moving into the area for Boeing, CAFB, and the Naval Weapons Station will find great deals on pre-existing homes and new construction. 

Contact Julie at The Mulligan Team at 843-224-5747 for more information.  

Boeing announced that they intend open a new facility in the Charleston area to fabricate interior parts for the 787 Dreamliner which will be assembled at the new Boeing plant under construction near the airport in North Charleston, S.C.

While the exact site hasn't been announced, the Boeing representative said the new plant will be located within 20 minutes of the assembly plant/airport and will employ as many as 150 workers.

The number of closed sales during the first quarter of 2010 reported to the Charleston MLS was up 10.9% (1,670) over 2009, the number of pending sales was up 40.7% (2,543), the average sales price was up 5.9% ($269,780) over last year and the inventory of homes on the market in the Tri-County area as of 1, April 2010 stood at 20.1 months (17 months for homes priced under $300K and 34.6 for homes over $300K.

What will the months ahead look like? Well that's hard to predict - here are few issues we're keeping an eye on: 

1. Rising Interest Rates: For the past couple years, interest rates have been held in check by the government to help spur the economy. Many of those policies that kept interest rates low are set to expire and experts are predicting rates to rise - perhaps to 7 ½ - 8 percent.
2. End of First Time Home Owner Incentive: While we don't expect to see as large of a drop in sales at the end of this incentive period - we do expect to slower sales the second quarter.
3. Foreclosed Properties : A big unknown in the real estate market is how many foreclosed properties banks are sitting on, and how many properties owners are in default on their loans who may be forced into foreclosure in the next six months (in 2009, South Carolinas mortgage default rate was 13.9%, 16th highest in the nation).  Since the beginning of the mortgage crisis, banks have been reluctant to put their reclaimed properties on the market. Rather than selling the homes for less than the loan value, which would be recorded as a loss on their already battered balance sheets, many have been waiting for the market to improve. However, they cannot hold these properties indefinitely. 
4. Resetting ARM's: For many borrowers, their Adjustable Rate Mortgages (ARM's) will be reset in the next few months. For those with traditional ARM's there should be few problems as they convert their ARM's to fixed rate mortgages at interest rates between 4-5 percent. However, there is a large group of borrowers who opted for more "creative" ARM's such as interest only loans whose debt grew as their property value depreciated.
5. More Defaults: It's estimated that as many as 25% of homes entering foreclosure is the result of the borrower simply deciding not to pay the mortgage even though they have the resources available. This strategy is often taken when the homeowner sees the value the property depreciate below the loan amount.
6. Shrinking pool of buyers: The number of qualified buyers is also diminishing. Since the beginning of the mortgage crisis last year lenders have tightened the qualification - which reduced the buyer pool. Higher interest rates creates a smaller buyer pool as it takes a large income to qualify for a loan. And, almost every homeowner who is in bankruptcy, has had their property foreclosed or forced into a short sale will not qualify for a home loan for 3-5 years!

Concern; over 1.8 million current homeowners could be ineligible for a loan for 3-5 years - taking them out of the potential buyer pool.

Experts predict the number of homes for sale - many bank owned - could grow significantly over the next 6-12 months, many the result foreclosures and short sales. Banks could be anxious to move these properties as quickly as possible - perhaps at a loss.  As the number of homes on the market increases, prices could fall. If banks unload their properties below market value neighborhood property values may suffer. The number of potential buyers may be reduced significantly by rising interest rates and unqualified buyers as a result of foreclosures and short sales - with less buyers, the demand for homes could fall, inventory may increase, putting even more downward pressure on prices.

If you visit Magnolia Plantation make sure to see the rookery in the Audubon Swamp Gardens. It's filled with nesting Great Blue Herons, Snowy Egrets, Great Egrets, Cattle Egrets, Little Blue Herons, Ibis, Wood Ducks and many more species, plus plenty of gators. The chicks have just started hatching so you'll see them playing around in the nests. If you can't get out to one of the plantations I put together a short slideshow with a few pictures so you can see what you're missing.

The Charleston, South Carolina real estate market did show some spark in the first quarter of 2010 - but lagged well behind national trends. The average sales price was up 9.1% over 2009 to $275,000 and the median sales price climbed 4.7% to $189,000. The number of homes sold was up 10.3% and the number of active listings on the market was down 6.4%, the lowest in four years. Charleston MLS Sales Statistics

Closer to home, in MLS area 61, (which extends along the Dorchester Rd corridor from just below Ashley Phosphate to Ladson Rd., which includes Whitehall, Coosaw Creek, Wescott Plantation, Cedar Grove and Archdale) first quarter statistics were erratic. New listings were up 4.1%, the number of closed sales were down 22.5%. the median sales price dropped 14.5% from $179,450 to $153,500 and the average sales price single family detached homes dropped 12% from $189,461 to $166,687. Area 61 Charleston MLS Sales Statistics.

If you'd like more detailed information about your neighborhood (Charleston tri-county area only) just send me an email at salesstats@mulliganteam.com with your neighborhood in the subject line.

We have some great homes for sale in Whitehall, Coosaw Creek, Legend Oaks, Pine Forest, Summer Park and Sangaree.

If you know of anyone looking for a home in Summerville, Charleston, or Ladson, South Carolina call or email me - and I'll do everything possible to help them take advantage of this unique opportunity.

North Charleston, South Carolina

Offered at $324,900 

A welcoming front porch represents Southern hospitality in Coosaw Creek, a popular, gated, golf community in North Charleston, South Carolina - only minutes from historic Summerville, SC. This all-brick home features a wonderful layout for gracious living and entertaining. A lovely foyer leads to a comfortable great room and to a formal dining area accented by stylish columns and crown molding. The adjoining kitchen includes plenty of solid surface counter space, warm 42" cherry cabinets, and a generous pantry. A charming bay window in the breakfast nook overlooks extensive woods---this peaceful, natural setting can also be enjoyed from the large screened porch. Bedrooms include a master suite and FROG on one side of the home, plus two bedrooms and a full bath on the other side.  The ground-floor master suite provides a serene retreat--a separate office with French doors is convenient, yet very private and the oversized shower in the master bath is amazing!

Key Features 

• Single Story
• 4 Bedrooms
• 2 Baths
• 2500 SqFt
• 2 Car Garage
• Screened Porch
• Patio
• Dorchester District II Schools
• Gated Golf Community

Guests will enjoy the privacy of the FROG which includes a large partitioned living space and generous closet. The FROG has the added benefit of three extra storage spaces. Low-maintenance ceramic tile flooring extends throughout much of the first floor;-gorgeous accent tiles add interest and flair. This home represents an admirable use of space and the home is easy to maintain and energy efficient. A side-entry, two-car garage includes extra width for storage, and features counters, cabinets, and a wash tub, plus a storage closet. Coosaw Creek is a country club community that includes an acclaimed 18-hole golf course, a club house with full dining room, tennis courts, and a gorgeous pool, home of the Coosaw Creek Crockodiles Swim Team. Students attend Dorchester County District 2 schools. The gated community is close to shopping, dining, Charleston AFB, and the new Boeing facility. 

For more information about homes for sale in Coosaw Creek contact Julie Mulligan at 843-224-5747.

Click Here for a list of all the homes currently available For Sale in Coosaw Creek, Charleston, South Carolina

www.mulliganteam.com  

  

 

 

Summerville, South Carolina

Offered at $249,900 

Single-story, brick front home for sale in Pine Forest Country Club, Summerville's premier golf community. Hardwood floors throughout the halls, foyer, kitchen, dining room & breakfast nook. Large palladium windows bring lots of natural light into rooms. The 19 x 16 greatroom features a vaulted ceiling & a gas fireplace. Solid surface counters & stainless steel appliances, 42 inch cherry cabinets & a pantry adorn the kitchen. A large master bath includes dual vanities, a soaking tub, separate shower & a walk-in closet with custom organizer. Secondary bedrooms are located across the home & are separated by a full bath with an oversized shower. A large "mudroom" includes a laundry room & stairs to the FROG (4th bedroom).

Key Features 

• 4 Bedrooms
• 2 Baths
• 2114 SqFt
• Hardwood Floors
• Stainless Steel Appliances
• 2 Car Garage
• Screened Porch
• Patio
• Fenced Yard
• Dorchester District II Schools
• Golf Community

Plenty of storage space in the FROG--- a large walk-in closet plus attic storage. Outside is a 15 x 12 ft screened porch, an 18 x 14 ft patio & a 5 ft. fence. A 10 x 12 storage shed matches the house. Amenities include pool, clubhouse, tennis courts & lots of social activities. Dorchester District 2 schools. Just minutes from Charleston Air Force Base, Bosch, the new Boeing facility and Charleston International Airport.

 

 

  

 

 

North Charleston, South Carolina

Offered at $339,000 

Breathtaking marsh and river views define this 5-bedroom home in popular Whitehall.  The huge screened porch (20 x 14) opens to an expansive deck—great places from which to enjoy the natural, serene setting.  The house itself is awesome, too!  The Alexandria has a superb flow for living and entertaining.  Large formal rooms hug a gracious, two-story foyer.  A big family room opens to a large kitchen, complete with stainless steel appliances, a center island and a walk-in pantry, plus a casual dining area with bay window that overlooks the scenic backyard. All bedrooms are up, including a huge master suite, three good sized bedrooms, and a FROG which serves as the 5^th bedroom.  

Key Features 

• 5 Bedrooms
• 2.5 Baths
• 3400 Sq/Ft
• Formals
• Family Room
• Fireplace
• Screened Porch
• Marsh View
• Dochester District II Schools

This bedroom plus sitting room has its own access to a full bath plus a private back staircase. Storage is abundant throughout  this home;  an impressive laundry room includes cabinets, counters, sink, washer, dryer, and storage closet. This is a great location for Boeing and Charleston AFB personnel. Buyers who get a contract in place by April 30 may qualify for enticing tax credits.  

 

 

 

 

North Charleston, South Carolina

Offered at $379,000 

This stately home near the Ashley River offers an exceptional floor plan. Large rooms on the first floor include a formal living room/study with French doors, a formal dining room, and a large family room with fireplace and built-in shelving that opens to a gorgeous sunroom. The impressive kitchen boasts a deep pantry, center island, butler's pantry, and large informal dining area. The huge first floor laundry room includes counters, cupboards, and a large closet. The second floor is accessible by a gracious staircase leading from the lovely foyer. Upstairs, the large master bedroom suite is fabulous and includes room for a sitting area. The master bath has a jetted soaking tub, an oversized shower, dual vanities, ceramic tile flooring, and a large walk-in closet.

Key Features 

• 5 Bedrooms
• 2.5 Baths
• 3600 Sq/Ft
• Formals
• Family Room
• Fireplace
• Sunroom
• Patio
• Dochester District II Schools

Three additional upstairs bedrooms are spacious with large closets. The "FROG", has a large closet plus additional walk-in storage and separate access to a full bath. This is the 5th bedroom which also makes a great media or game room---it even has a separate back staircase!! Other notable features in this home include smooth ceilings, recessed lighting, plentiful storage, upgraded kitchen cabinets with pull-out shelves, vented storage areas, and a security system. Situated on a low-traffic cul-de-sac, the home's extensive front yard accents its lovely red brick front; in back is a nicely landscaped yard and extensive patio; mature oaks and lovely landscaping are scenic and a lovely pond adds to the charm. The six-zone irrigation system simplifies yard care and a six-foot fence along the rear property line supplies welcomed privacy. Whitehall is an established neighborhood just minutes from CAFB, Boeing, Bosch and great shopping, golf, and services. Students attend the popular Dorchester District 2 schools.

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