Finally, Autumn is upon us....October Schedule

Fall is finally here and the temps are starting to get really nice.  Everything in October is pumpkin this and pumpkin that, so make sure you go to the Boone Hall Pumpkin Patch.  Here is your October calendar of events:

1-6: 34th Annual MOJA Festival

1: Oktoberfest, MUSC Health Stadium

1: 15th Annual Scrumptious Summerville Kitchen Tour

1: Taj-Mo, Gaillard

4-8: 34th Annual Alan Fleming Senior Open Clay Court State Tennis Championship, Seabrook

4: 5th Annual Big Lebowski Bash, The Alley

5: 41st Annual Fall Tour of Homes

5: Thomas Rhett, N Chas Coliseum

6: Artwalk, downtown

7: Broadway Under the Stars, Volvo Stadium

7: Summerville Elks Lodge Giant Yard Sale

7: Bay St Biergarten’s Oktoberfest

8: Summerville’s Flowertown Funky Firkin Fest

8: Boil and Boat Party, Morris Island

11-15: Disney’s Frozen, N Charleston Coliseum

13-15: That Big Book Sale, Omar Shrine Auditorium Mt Pleasant

15: 30th Annual Town of Mt P’s Children’s Day Festival, Park West Rec

15: Summerville Italian Feast

15: 26th Annual Latin American Festival, Wannamaker Park

18: Herbie Hancock, Gaillard

19:Third Thursday in Summerville

21: 10th Annual Follypalooza Festival, Center St Folly Beach

21: Third Blind Eye, Volvo Stadium

22: Darius Rucker, Volvo Stadium

26-11/5: Coastal County Fair, Ladson Fairgrounds

28: Pethelpers Fur Ball, Charleston Marriott

In automotive news, Volvo has announced it will double their initial $500 million investment and add an additional 1,900 to its original 2,000 employment estimate. The 1,600 acre Ridgeville plant will produce the company’s S60 sedan.  The Governor says we’re in the running for the new Toyota-Mazda plant, along with 10 other states. The collaboration will require 1,000 acres, 2 assembly lines, and 4,000 workers to produce 300K vehicles each year. The $1.6B plant would open in 2021 building a crossover for Mazda and the Corolla for Toyota, both for the US market.  The Citadel was named the South’s #1 public college. The College of Charleston (voted the most beautiful campus in the country by T+L) was not far behind at #5. CofC was also tied for #2 college in the south for undergrad teaching, according to US News and World Report.  Researchers from 10 SC universities, including the C of C and MUSC, have been awarded a $20M, five-year grant from the National Science Foundation.  According to the US Bureau of Labor Statistics, the Charleston tech community created almost ten thousand jobs in the year ending 5/16.

With all this going on, you are certainly right in thinking that our real estate market is very, very strong.  We will probably sell over 18k homes this year for an all-time record.  Median sales price is over $250k.  New construction abounds all over the tri-county area, but especially in the area near the new Volvo plant.  Lots of investors are buying up rental properties and the rental market is very strong as well. 

Palmetto Dream Homes is here to help you with all your real estate needs. Be careful out there with other brokerages that may charge you hidden fees to list your home such as admin fees, keep more commission than they give to a buyer’s agent, additional closing costs, etc. Do your homework and make sure you interview multiple agents when listing your home. If you go car shopping don’t you go to multiple places to price it out; real estate is no different. We here at PDH offer competitive prices, offer the latest technology, have global capabilities and market and advertise your home thoroughly.

As usual we always love referrals and ensure your family and friends are treated with respect and we partner together to get the job done, whether is buying or selling a home. 

Jason, Realtor

ERA Wilder Realty

843.696.8627

Jason.Gregg@era.com

Lessons from the Ravenel Bridge

Top of bridge selfie

I've lived here 11 years and until today never walked over the bridge.  Have you?  Anytime I try a new adventure (not sure how adventuresome the bridge walk is) I try and "walk" (pun intended) away with something new.  These are today's lessons and highlights.

1. I realize the Mount Pleasant side of the bridge is an absolute beast and those 20's something moms that are pushing strollers up it while jogging are just animals.... way to go. #Charlestonmomsthatpushbabiesupthebridge

2. Charleston is beautiful and the view from the top of the bridge is pretty amazing.  If you have not seen it I recommend putting on those dusty tennis shoes you mow the yard in and take a hike up. You can park at the waterfront park next to Patriot's Point for free and there is a path to the bridge.

3. If you're not in great shape wait until it's cooler than 94 degrees to walk it.

4. Did you know end to end and back is 5 miles. As I stated the Mt. Pleasant side is quite the challenge so I say start there.  Watch out triathlon!

5. Don't walk into the bike lane without first looking. Should be common sense but as I was taking a selfie at the top I may or may not have been in the bike lane and may or may not have upset a rider.

6. Challenge yourself and see what your limits are.  What is one man's (or woman's) challenge is an others walk in the park so don't judge. Over 20% of the population has a hidden disability! Walking the bridge may not be a big deal to you but to me it was.  There is always a hidden story behind a face. My story is I am 8 years out of a double-lung transplant, 18 moths out from head cancer, 18 moths out from a quad muscle being removed from my leg and I defeated that bridge with under 50% lung function (which is not too bad almost 9 years out from a transplant seeing that I should be dead). You see... on the surface I may look like a rugged, handsome, sexy machine but on the inside I'm pretty broken. We all have a story that affects us in one way or another so it's best to show love and compassion.  As an organ recipient I want to encourage you to sign up to be an organ donor. Here is the link to register. It saved my life and it could save yours!  https://www.donatelifesc.org/register/

7. Fear is strong! It beats you or you beat it.  I walked the bridge today as a litmus test to see how I may handle a 4 day hike through North Carolina in a couple months. I still don't have the answer but I don't want fear to make my decision.

8. Pain is weakness leaving the body.  I sure do have a lot of weakness leaving the body!

9. The bridge is 13,200 feet, stands 575 feet tall and is designed to stand up to 300mph winds and has 186 feet of clearance below.



We hope you enjoyed our lessons from the bridge and encourage you to check it out for yourself. We here at Palmetto Dream Homes want to help you  buy and sell your home!  Check out our site at www.Palmettodreamhomes.com and call us or email us.

My pic from the top

Jason

Adventure Realtor

Jason.Gregg@era.com

843.696.8627

Did you know we can also help you buy or sell anywhere in the country? Have family or friends somewhere that need a good Realtor - contact us for more information!

September is Coming

September is among us soon and with that bring pumpkin lattes, pumpkin rolls, and fall weather (hopefully because we could all use a break from the rain).  Here is the September newsletter - Enjoy!

September has Jazz Fest, Charleston Restaurant Week, and Charleston Beer Week all in the same month.  If you’re looking for a great site for Summerville, SC check out http://www.visitsummerville.com/ and don’t forget the Summerville Farmer’s Market every Saturday from 8-1:00.

Here is your September calendar of events:

1-3: 9th Lowcountry Jazz Festival, N Chas PAC

5: Ed Sheeren, N Chas Coliseum

6-17: Charleston Restaurant Week

8: Mike Birbiglia, Gaillard

9-16: Charleston Beer Week

15: Moonlight Mixer, Folly Beach Pier

15: John Prine, N Chas PAC

14-16: Charleston Scottish Games and Gathering of the Clans

16: Cars and Coffee, Freshfields Kiawah

16: FamJam, Marion Square

17: Kiawah Island Triathlon

19: UB40, N Chas PAC

20: Tony Bennett, Gaillard

21: LGBTLOL, Chas Music Hall

21: Summerville, SC Third Thursday

22: Trevor Noah, N Chas PAC

23: Deer Tick, Chas Music Hall

25: Summers Corner Farmer’s Market

28: Chris Robinson Brotherhood, Chas Music Hall

28-8: MOJA Arts Festival

29: Free Verse Poetry Festival

30: Peppa Pig, Gaillard

30: 2nd House that Beer Built, Bohemian Bull

30: Hall and Oates, N Chas Coliseum

The total eclipse brought a lot more national attention to Charleston.  Not that we really needed it.  Being voted #1 City in the US so many times has taken care of that.  Our real estate market has responded by building new homes all over the tri-county area.  New construction is certainly a favorite among buyers.  Currently one third of the homes under contract are new construction.  In certain areas, that percentage is well over 50%.  Year to date in 2017, we are up 6.8% in number of transactions over the same time period of 2016.  It looks like we may sell 18k homes for the first time in our history.  And median sales price is up a modest 4.9% to an all time high of $255k.  But there appears to be more room for appreciation based on regression analysis of our yearly prices back to 1991.  Many people are thinking our market is overheated, but a 4.9% appreciation rate is just above the national average.  A booming port city like Charleston could easily be appreciating faster than that.  Credit has relaxed a bit, but is still very tight in general.  It’s not easy getting a loan these days. 

The West Ashley area is now getting a Whole Foods!!  Our new mayor has made West Ashley’s revival a priority.  West Ashley has been a very nice place, but who wouldn’t like to get even better.   A local group has purchased the Citadel Mall area there and should be announcing some big changes there soon.  Mt Pleasant continues to be the most popular place in all of Charleston, especially for those with some extra income.  Goose Creek and Berkeley County is also really starting to see a boom with the coming of Volvo. 

I'm thinking my next blog I'm going to try and track down all the local Farmer's Markets and post them.  Who doesn't enjoy walking around a farmer's market sipping a good cup of coffee (Insert beverage of choice)?  

Don't forget if you or someone you know is looking to buy or sell real estate let us be top of mind for you. We are at www.palmettodreamhomes.com or email us at Jason.Gregg@era.com

-Jason

Mortgages and their chaos....

At Palmetto Dream Homes we help you with your mortgage

As a Realtor I feel that it's my responsibility to have a decent understanding of mortgages. Mortgages in real estate can be compared to the oil in our car.  It's what drives the market with it's options, rates, and overall need for it.  As you can assume most people are not paying cash for a home but a friend of mind recently sold a 6 million dollar home for cash. That's pretty impressive, eh? Since most of my readers probably don't have a few million, or even a few thousand, in cash (if you do and want to buy please call me today) you should know a bit about mortgages.  Disclaimer: I am NOT a mortgage professional and will always send you to one of my lenders I work with.  This information will be part my knowledge and part research (http://www.homebuyinginstitute.com/mortgagetypes.php) and will be pretty general in terms.  

Conventional:

• Conventional home loans are not insured or guaranteed by the federal government in any way. This distinguishes it from the three government-backed mortgage types explained below (FHA, VA and USDA).  I belive a conventional requires at least 5% down (although this changes frequently so check with your lender) but anything less than 20% down will require PMI.  When you make a down payment of less than 20%, the lender requires private mortgage insurance, or PMI. The policy protects the lender from losing money if you end up in foreclosure. PMI also is required if you refinance the mortgage with less than 20% equity.

Combining: It's important to note that borrowers can combine the types of mortgage types explained above. For example, you might choose an FHA loan with a fixed interest rate, or a conventional home loan with an adjustable rate (ARM).

Government back loans:

• FHA Loan: The Federal Housing Administration (FHA) mortgage insurance program is managed by the Department of Housing and Urban Development (HUD), which is a department of the federal government. FHA loans are available to all types of borrowers, not just first-time buyers. The government insures the lender against losses that might result from borrower default. Advantage: This program allows you to make a down payment as low as 3.5% of the purchase price. Disadvantage: You'll have to pay for mortgage insurance, which will increase the size of your monthly payments.
• VA Loan: The U.S. Department of Veterans Affairs (VA) offers a loan program to military service members and their families. Similar to the FHA program, these types of mortgages are guaranteed by the federal government. This means the VA will reimburse the lender for any losses that may result from borrower default. The primary advantage of this program (and it's a big one) is that borrowers can receive 100% financing for the purchase of a home. That means no down payment whatsoever.
• USDA Loan: The United States Department of Agriculture (USDA) offers a loan program for rural borrowers who meet certain income requirements. The program is managed by the Rural Housing Service (RHS), which is part of the Department of Agriculture. This type of mortgage loan is offered to "rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing." Income must be no higher than 115% of the adjusted area median income [AMI]. The AMI varies by county.

Fixed vs Adjustable:

Fixed-rate mortgage loans have the same interest rate for the entire repayment term. Because of this, the size of your monthly payment will stay the same, month after month, and year after year. It will never change. This is true even for long-term financing options, such as the 30-year fixed-rate loan. It has the same interest rate, and the same monthly payment, for the entire term.

Adjustable-rate mortgage loans (ARMs) have an interest rate that will change or "adjust" from time to time. Typically, the rate on an ARM will change every year after an initial period of remaining fixed. It is therefore referred to as a "hybrid" product. A hybrid ARM loan is one that starts off with a fixed or unchanging interest rate, before switching over to an adjustable rate. For instance, the 5/1 ARM Loan carries a fixed rate of interest for the first five years, after which it begins to adjust every one year, or annually. That's what the 5 and the 1 signify in the name.

Questions? Need a lender?  Call us today at 843.696.8627 or go to www.Palmettodreamhomes.com. 

We do Real Estate Differently.

Jason

Do Realtors Really Work?

 As I was walking through the grocery aisle the other day a familiar face rounded the corner and I said Hi.  This woman used to work in the schools with me and was a fellow school counselor in one of the neighboring schools so I asked how her year had gone and how her summer was. As we were talking in the aisle she casually says to me, "it must be nice to not work."

This is how I felt

The conversation went like this:
Her: must be nice to not work
Me: I'm sorry, what do you mean?
Her: Well, you don't work anymore, right?
Me: You know I do real estate full time, right?
Her: Well Yes, but you don't really work.
Me: Ohhhh, you must mean that I only work 7 days/week, answer my phones 7 days/week most after hours, schedule and host open houses, write and negotiate contracts for my clients, show homes to my buyers, give financial advice regarding buying and selling, work with lenders and attorneys, walk clients through the mortgage process, do final walk-throughs, problem solve all the time, do social media, write a blog, review the market on a daily basis, work with professional photographers, be on call 24/7, schedule home inspections and other necessary inspections, go to conferences to make sure I am the best I can be, take continuing education classes, work with new agents, market and advertise my business and I'm sure a few hundred other things.
Her: Have a good day
Me: You too

This got me thinking - I understand the public is relatively uneducated in the world of real estate which is why I do what I do - to ensure you get a good deal and close on your home. Is that what people think of real estate agents?  Do you think we don't do anything and then get overpaid. Guess What - The real world is not HGTV or Bravo channel.  I had a conversation with a young man one time who wanted me to drop my commission. I asked him if he walked into work one day and his boss said to him, "Good morning - we think you make too much money and we're going to drop your salary just because" how would that make him feel. He ended up going with another agent to list that property (someone who was willing to get less which probably meant less service) and lo and behold that property did not sell. We don't walk into your places of employment and tell you you get paid too much and that I can do it better.  If people can sell houses better than agents why do over 90% of For Sale By Owners list with an agent?  We are not perfect and most of us in this business to help you.

Do you realize at the end of the day we get paid a LOT less than you think.  Just because you may see a large number on the closing documents does not mean we get paid that.  I do not charge you for any advertising or marketing fees, open house supplies, Facebook ads, copies and brochures, signs, etc.  That all comes out of the commission and I also then have to pay my brokerage a substantial percentage of my commission.  By the end I may be making 1.5% commission on the sale price. Do the math - on a $200,000 I will probably walk away with $3k.  That amount comes after 30-60 days of me working on your behalf. The average agent does less than 3 deals/year in the US.  I'm grateful I am way above average!

Palmetto dream homes does a lot for you

Contact us today to see how we Do Real Estate Differently.

We represent buyer's and sellers in and around SC.  We also love what we do so let us help you buy or sell.

-Jason Gregg, Realtor

843.696.8627

www.Palmettodreamhomes.com

www.Holycityluxuryhomes.com

What's up in August - besides the Temperature

The dog days of August are here and that means Tax Free Weekend on Aug 4-6. Charleston is getting national attention for the total Solar Eclipse on Aug 21.  Solar Eclipse events include Eclipse Baseball Game at Joe Riley Park, an all day program at the Children’s Museum, Citadel Mall is an official NASA viewing location, Total Eclipse of the Art at the Gibbes Museum, a view party at MUSC Health Stadium on Daniel Island, and an eclipse party at the Charleston Harbor Resort and Marina. August also means that schools will be starting back and there are some events with free school supplies.  

Here is your August calendar of events:

2: Broken Flowers Film Screening, Music Hall

4-6: SC Tax Free Weekend

4: Reggae Concert Series, James Island County Park

9-13: Cirque du Soleil OVO, N Chas Coliseum

9: Mary Chapin Carpenter, Music Hall

10: David Feherty, Music Hall

11-12: Hootie and the Blowfish Homegrown Tour, Volvo Car Stadium

12: Berkeley Goes Back to School Festival, 418 Main St Moncks Corner

12: Shaggin’ on the Cooper, Mt Pleasant Pier

13: City of Charleston First Day Festival, Liberty Square

13: Sprint Triathlon, James Island County Park

18: Moonlight Mixer, Folly Pier

18: Summerville movie in the park -Rogue 1

20: Life Aquatic Film Screening, Music Hall

20: Summerville CommUNITY Back to School Bash 2-6:00

21: Solar Eclipse - GET YOUR GLASSES ON

22: Tony Bennett, Gaillard

26: 18th Annual Race for the ARK, Summerville

30: The Second City Cure for the Common Comedy, Music Hall

Sept 1-3: Low Country Jazz Festival, N Chas PAC

Travel and Leisure Magazine named Charleston as the best city in the US for the fifth consecutive year and they also named us the 2nd best city in the World.  Southern Living magazine named Charleston the #1 Best City in the South. Food and Wine magazine included Charleston in their list of the Top 10 Most Exciting Food Cities in the World.

In business news Volvo and Mercedes plants moving in have begun to have a ripple effect here. IFA, a German Automotive supplier, plans to expand by adding a new 234,000 square foot plant in Berkeley County(+120 jobs.) The company presently makes about 2 million drive shafts a year at its Ladson facility. Knapheide is building a 75,000 square foot facility (+63 jobs) in Charleston County to provide and install van interiors and bodies for the Mercedes plant located down the road.  T-Mobile will renovate the abandoned Rivers Ave Kmart store in N Chas to create the largest call center for the carrier adding 400 new jobs.

Of course, with all this going on, the real estate market continues to move forward nicely.  Year to date, transactions are up 7.7% over the same time period from 2016.  2017 will likely be the busiest year in Charleston history.  We may sell over 18k units.  Median sales price is up a modest and sustainable 3.9%.  Median sales price is at an all time high of $253k.   However, according to my regression analysis of prices back to 1991, we are still undervalued.  We should have a median price of about $270k right now. Mt Pleasant continues to be a very attractive area with median prices in the $225/sqft range.  However, Park Circle in N Charleston and Hanahan and Daniel Island have become hot spots for Boeing employees.  And now Summerville and Goose Creek are seeing a boom with the coming of Volvo.

Homes are still selling quickly and I'd love to sell yours. Call us today to find out how we DO REAL ESTATE DIFFERENTLY!

Jason

843.696.8627

Palmettodreamhomes.com