Feeds:
Posts
Comments

Posts Tagged ‘Real Estate’

ImageWhat are the two things you need to know if you are looking to buy or sell real estate in the Charleston County real estate market? Trends and values. What are the trends in home sale over the last 5 years, and what happened to the median home price over that same period. The answer to those two questions will help you to know if the market is right for your next steps.

Since 2008, the number of homes sold in Charleston County bounced from 4,043 homes (2009) to 4,982 homes (2011). Then 2012 had a jump in sales of over a thousand sales, to 5,987 homes. That increase reflects an improving economy for Charleston County and an upbeat outlook for business in the area.

But what about median home prices during that time? What story do these numbers tell? In 2008 the median home price was $254,900, but Charleston County was behind the curve on the collapse of the housing market. That number had a precipitous drop in 2009 to $226,000, a slight increase in 2010 to $235,000, and back done to $219,916 in 2011. In 2012 we see an increase in the median price to $228,000. What do we learn from this five years of data?

The old real estate adage is that you never know that you’ve reached the bottom of a market until you start seeing prices rise. It may be a little early to declare that the market is on the way up, if you only look at the median prices. After all, the numbers went up in 2010, only to drop back in 2011! Its hard to say why that happened without more data. Maybe it was problems with interest rates. But one thing was interesting between 2010 and 2011. Even thought the median price dropped, the number of homes sold increased! And in 2012, the number of homes sold saw a significant upward trend.

Charleston County is a vibrant business center and has a strong and stable real estate market. Developers have shown continued confidence in the Charleston County real estate market with new developments coming online, and older developments being re-invigorated. Is this the time to buy or sell? Business leaders think so. Developers think so. And we think so.

No one can forecast what the future will bring. One thing is certain, though. Conditions at this point in time in Charleston County seem ripe for you to buy your first home or your next home, and since there is some indication that home prices are recovering, it looks like the right time to list your home for sale.

 

Read Full Post »

I did a little research this past week on the real estate market in Mt. Pleasant and learned a couple of interesting things about the Mt. Pleasant real estate market. In the local multiple Listing Service (MLS) Mt. Pleasant real estate is in two sections; properties south of Hwy 41, and properties north of Hwy 41.

The total number of homes listed for sale in all of Mt. Pleasant (both parts of MLS and both attached and detached homes) is 1159. This is a moving target, so the numbers will be different slightly this week. Of those homes listed there are 264 that are listed as contingent, meaning their under contract but area in the process of clearing those contingencies. Of these, some may not clear all contingencies and will return to the active status.  The numbers show about 18.6% of the listed homes for sale in both sections of Mt. Pleasant are under contract.

A Mt. Pleasant detached home

Looking at the Median Prices provides some additional information that can be telling. For the area north of 41, the Median Price for all homes listed is $450,000, while the Median Price for the homes that are contingent is $315,000. A difference of $135,000 below the Median Price for all Listed detach homes. For homes listed in the south area below 41 the Median Price is $469,950, while the Median Price for the homes that are contingent is $372,500. A difference of $97,450 below the Median Price for all listed homes.

Attached homes have a lower Median Price, but show a similar trend. In the north area above 43, Median Price is $212,200 while the Median Price of contingent homes is $199,000. In the south area Median Prices for all listed homes is $229,945 while the Median Price for contingent homes is $156,500.

Some attached homes in Mt. Pleasant.

In all cases, the Median Prices show that the homes under contingencies have Median Prices well below the Median Price for all listed homes, both attached and detached. Since these homes are active contingent, the Median Price reflects the listed price at the time the home was classified as active contingent in MLS. The actual price paid is not reflected in any of these numbers.

The take away is that in this market, homes need to be price aggressively or buyers will look to properties that are! Buyers have more choices and will not look at homes that are not aggressively priced. A professional real estate agent knows the local market and is in the best position to help their clients price their homes competitively for that market.

We are professional Realtors and know the market in Mt. Pleasant. If you have questions about real estate in Mt. Pleasant, or you are looking for help buying your next home, or selling your current home, call us. If you know someone who may have questions, have them call us. Patricia can be reached on 843-425-0953. I can be reached on 843-364-9509. You can also sign-up for the most comprehensive Market Snapshot available at our website at www.MarkandPatriciaFuchs.com.

Read Full Post »

Image representing Twitter as depicted in Crun...

Image via CrunchBase

The scene of the world is changing! How we engage people in conversations has seen tremendous change within my generation. When I started with the telephone company, switching technology was moving from Step-by-Step to Panel to Crossbar to #1 ESS, and I am sure that most reading this have no idea about what that meant in the world of telecommunications.

As significant as those changes seemed, it can’t compare with what has happened in the last 20 years. The cell phone has almost replace landlines. The internet has changed personal communications and is doing the same with marketing, advertising, sales and public relations. In real estate, almost 90% of buyers start their search online before they begin working with a real estate professional. LinkedIn, Twitter and Facebook are providing access to audiences that were difficult to reach 20 years ago. And if you could reach that audience, it was expensive and took a long time to produce results as we look at things today. While these changes have been profound and have opened new ways of PR and marketing, there is something fleeting about this digital age. Nothing tangible, just fleeting. When companies engaged in professional direct mail campaigns, they could create some degree of intimacy with their target group. I don’t think that happens online.

Patricia and I have a joint approach to marketing in which we blend high quality brochures, business cards and letters, with our online presence at www.MarkandPatriciaFuchs.com, blogs, Facebook pages, Twitter, and LinkedIn. You never know how a relationship will come about, or from where a client will develop. We use a direct mail campaign in a number of targeted areas as a compliment to our online marketing. Last night we were surprised at the reach of our direct mail campaign.

I joined Patricia and our daughter, Heather, at Neil Jordan’s Steakhouse after I attended a meeting. Neil Jordan’s was celebrating its second anniversary and the place was crowded. We were seated in the bar area at a long table with several other patrons. Somehow a conversation started with the two women on the other side of the table. Turns out, they live in one of our target markets and receive our direct mail. So Tracey DeLong, VP at Resource Financial Services, had recognized us from our mail campaign. We had never met before, but Tracey and her friend Dawn Smith felt that they knew us from our brochure and mailings. Tracey said that she kept our material because it was so well done. I suppose that could have happened on our website, or through Facebook. But our direct mail made a difference to them.

Recently, we also obtained a client as a result of our targeted direct mail. They told us that when they found themselves ready to sell their home, they thought of us right away. What sealed their decision were recommendations they received from their neighbors. The neighbors knew us from our high quality direct mail. We had top of mind recognition from our direct mail campaign.

The scene of the world is changing, but some old things still work. Patricia and I work closely with our clients to team up for success. You don’t have to wait until you are ready to buy or sell to team up with us though. We want to help you find answers to your real estate questions. No obligation. To prove it to yourself, try our FREE Market Snapshot and find out what is happening in your real estate market.

Read Full Post »

I’ve read a lot about the real estate market overall and got to thinking about the business of real estate. While the reports in the news are national trends and may highlight a few locations that prove the report, the seldom, if ever, report on the real estate market in Mt. Pleasant, SC. The real estate market in Mt. Pleasant is not the same as the real estate market in Charleston, or North Charleston. So I thought I’d take a snapshot of the last three months using homes above 2500sf, with 4 bedrooms and 2.5 baths. I selected that size because many sections in the north part of Mt. Pleasant have covenants that set the minimum square footage that can be built. So this report is skewed to the north part of Mt. Pleasant. Here are the numbers:

  Total Highest Lowest Median
Sold Homes 61 $803,000 $155,000 $375,990
Homes For Sale 157 $2,499,000 $229,000 $375,000

The average selling price was 96% of the listing price at the time of sale. Of course, that is an important point…at the time of sales! The real estate industry looks at the age of a listing  and represent this by the number of days a property has been listed for sale. That is important because it may show that a property was listed at a higher price when it was first listed. Some may have had several price reductions before finally selling. The 61 homes sold during the last three months had an average number of days on the market of 492! How likely would you be to accept and offer of 96% of your listed price if your home had been on the market for 492 days?

Which of these products would you buy?

There are a couple of things that we can take from this information. We are emotionally tied to our homes,  ascribe value to that emotion and price our homes accordingly. I’ve done it and so have many other real estate professionals. It is a hard lesson to learn, but what was our home becomes a commodity when we list it for sale. It is a product at that point and needs to be priced to compete with comparable products. The 61 houses that sold were competing with the 157 that are also listed.

Listing your home is a business transaction. If you take the emotional part out of it, you have a product. Regardless of why you are selling your home, when you list it, it has the best opportunity to sell quickly if it is priced at or below the market, within the first month. After that first month it begins to age on the market. We know how to get homes sold and work as a team with our clients.

Email us for our free Market Snapshot. Patricia@MarkandPatriciaFuchs.com, or Mark@MarkandPatriciaFuchs.com. You can also visit our website and sign-up for our Market Snapshot. www.MarkandPatriciaFuchs.com It is the most comprehensive Market Snapshot available.

It is FREE! No obligation and no strings attached. Sign-up today!

Read Full Post »

Picture of the "Gingerbread House" i...

Image via Wikipedia

As a real estate professional it is very easy to allow your time to be consumed by your work. Especially when working short sales…now there is an oxymoron! Short sales are a fact of life these days and for the foreseeable future. They can take an enormous amount of time to get done whether you are representing the buyer or the seller.
It can also be emotionally draining for everyone involved. It is difficult to keep in mind that it is simply business. On the sellers side, there can be the emotion of failure and with the banks asking for more and more documentation, it can feel as though someone believes you are withholding information.
On the buyers side there can be a different set of emotions. Families want to be settled in their home. As they started the process, they heard 45-60 days at least, but wanted 30-45 days. The agent has to keep in constant communications with them to help them to see that there is light at the tunnel.
Dealing with clients and banks in short sales make controlling your schedule a challenge.  This week we are taking a time-out on the IOP at Palm Seasons. Great weather! Great friends! And an absolutely great family!

Sometimes you just need a time-out!

Read Full Post »

When Kristin B. suggested on Twitter and Facebook that her friends should register for 30 Days of Biking, I laughed and thought I would have a little fun with it. Kristin is an avid biker and shares her experiences in her blog http://charlestoninsideout.net/. She and I are both with Dunes Properties, so you will get information on her site about downtown Charleston. Patricia and I cover Mt. Pleasant, Isle of Palms and Wild Dunes, so you will read some real estate information on my blog…good stuff that will help you answer real estate questions. But, this post is about biking and my commitment to ride for 30 days.

I completed my 13th ride today, the 14th day since I started. Sine my last blog post, I have reported on FB and Twitter incorrect information by counting one day and one ride less. After today’s Tweet and FB Post, I remembered when I started and I am correcting the count accordingly. The amusing thing is that I posted and Tweeted that my memory was improving. Now we have evidence that it is!

I remember me then!

I am actually feeling better after the rides and it is carrying over throughout the day. Someone told me I looked like I had lost weight. I can’t say because I did not weight myself at the start. What was the point? I knew I was overweight. I will say that my pants fit better.

It would be fun to hear from you. Are you biking at all? Did you commit to 30 Days of Biking? Are you following the progress on Twitter and Facebook? Will you?

Thanks for reading this post. I’ll write more soon. Comeback or subscribe.

Read Full Post »

I was sitting down with my new financial advisor (FA) the other day discussing an annuity I had purchased from my previous FA. He explained to me what I should have known when I purchased the annuity 6 years ago. I remember saying to him, “I did not know that?”  My previous FA did not explain the documents to me as my new FA was doing now. No matter, he (the previous FA) did give me a prospectus which explained everything I needed to know. There is a problem here that you may have experienced. Even if I had read the prospectus I likely would not have understood any better than by not reading it!  

What should you know?

 

Real estate transactions are the same way. There is a lot of information you need to know. But buyers and sellers may be involved in 2 or 3 transactions in their life. Those transactions are probably separated by years and the laws governing real estate transactions can be difficult to understand when only handle 2 or 3 in your life. So it would be understandable if you said, “I did not know that?”  

A professional Realtor® may handle 2 or 3 transaction a month, or maybe a week in some cases. A Realtor® is a professional required to take part in continuing education that keeps them up-to-date on the rules and regulations of the industry and the state. An experienced Realtor® will work closely with their client to make sure that their transaction is handled in accord with those rules and regulations. A Realtor® is trained to look out for your best interest.

My wife, Patricia, and I are Realtors®. Each year we take classes that keep us up-to-date on things we need to understand to better serve our clients. We work together with clients to understand their needs and their dreams. When we understand those things, we can put into place a plan to satisfy their needs and realize their dreams. We don’t hand our clients a stack of real estate rules and regulations and expect them to read them on their own. Our clients are important to us! We explain the way things work and what they need to do. We team up for success with every one of our clients.

Team UP for Success!

 

If you would like to know more about our approach to client service, call me or email me. My number is 843-364-9509, or my email is Mark@MarkandPatriciaFuchs.com. You can also visit our website and sign up for our FREE Market Snapshot to learn more about your real estate market.

When you are our clients, you should never have to say, “I did not know that?”

Read Full Post »

Older Posts »