December and CHRISTMAS CALENDAR OF EVENTS and Market update

Merry Christmas! December and the holiday season is upon us and there are some great holiday events. The Sound of Charleston from Gospel to Gershwin will be at the Circular Congregational Church all month.  The Holiday Festival of Lights at the James Island County Park is always a favorite. There will be plays, music, parades, and tree lightings all month.  What a great time of the year in Charleston with temperatures in the mid 60’s. 

Here is your December calendar of events:

1-3: Holy City Messiah, CSO, Various Lowcountry Churches

2: Melissa Etheridge’s Holiday Trio, Chas Music Hall

2-4: 4th Annual Made in the South Weekend, Charlestowne Landing

3: N Charleston Christmas Parade and Festival

3: IOP Holiday Street Festival

3: 26th Annual Reindeer Run, starts at Southend Brewery

3: Holiday Swing w/ Chas Jazz Orchestra, Chas Music Hall

3,4,10: 33rd Annual Spirituals Concert, Drayton Hall

3: Pint of Hope, Hoppy Holiday Market, Freehouse Brewery

4: Charleston Christmas Parade and Tree Lighting

Dec 6: Christmas tree lighting from 5-7:30 in Summerville

8-21: 21st Annual Charleston Christmas Festival

9-11: Nutcracker by Charlotte Ballet, Gaillard

10: Folly Beach Christmas Parade

10: Holiday Parade of Boats

11: Mt Pleasant 21st Annual Christmas Light Parade and Tree Lighting

11: Christmas Parade at 2:00 in downtown Summerville (best to arrive early for parking and a location to sit)

14: Elf, Chas Music Hall

15: Skylark Vocal Ensemble Christmas, Grace Cathedral

15: CSO String Quartet, Historic Library Society

15: The Tenors, Gaillard

17: CSO Holiday Pops, Gaillard

17: Night Before Christmas by Charleston Chamber Music, Sottile Theater

20-21: Christmas in Wales, Circular Congregational Church

21: Christmas Carol Walking Tour with Tim Lowry at either 5:30 p.m. or 7:00 p.m.

21: Special Holiday Extravaganza, Gaillard

21: It’s a Wonderful Life, Chas Music Hall

28: Blue Dogs, Chas Music Hall

30,31: Shakey Graves, Chas Music Hall

31: 4th Annual Charleston Rose Ball, Johnson Hagood Stadium

31: 5th Annual Yorktown Countdown

31: Folly Beach Flip Flop Drop

Jan 1: Bill Murray Look-a-Like Polar Bear Plunge

The Charleston and surrounding area’s real estate market continues to do extremely well and reflects the wonderful state of the economy overall here.  Overall, we are up 10% year to date in the number of transactions and we may sell over 17k home this year.  It will either be the busiest or the second busiest year ever.  And median sales price is up almost 5% to $244k.  40% of the properties currently under contract are new construction.  And this new construction is spread out over the entire tri-county area from Summerville to Johns Island and from Mt Pleasant to rural West Ashley.  The Volvo plant has brought several new subdivisions to the Summerville area and a new interchange on I-26 is being added.  Boeing is continuing to expand and seems very pleased here.  Some people are just beginning to figure out that they call us Silicon Harbor because there are so many software and digital IT companies here.  Of course, new restaurants and breweries continue to open daily and the cruise ships continue to bring new tourists into town.

Sales Pitch Vs Sales Record

Moving to Summerville, or anywhere in the Charleston/Trident region, can be challenging because there are so many real estate agents. I bet you know at least 2-4 agents if you live here, right? This is even more difficult if you are relocating and you don't know anyone so you are literally throwing a dart and choosing whoever you land on. I am a Realtor with Keller Williams and I have had a very successful year. I am in this career for the long haul, good market or bad, which means customer service and satisfaction is my number one priority. 

Recently, my wife and I interviewed companies to provide us a screened-in porch. We narrowed our search down to 2 companies and now we have the challenging job to choose one. I have spoken to each sales representative and I believe we have our decision made. It came down to the record of the company, not the sales pitch. The one salesman told me on the phone yesterday that he will not speak negatively about his competitor but his record speaks enough for him. He said to me, "I'm not a salesman - I'm a builder and we do a great job."  I love that! That's the way I do my business. I can do a great sales pitch but I prefer to be genuine and build a relationship and then partner together to get your home sold. There are born salesman out there that can sell you anything. Have you ever been to a Timeshare sales presentation and walked away with one and the next day you are asking, "How did that happen?"  Great Sales Pitch.  On a side note, if you purchase a timeshare you have 5 days to cancel it under SC law. 

Real Estate is like this

Many real estate agents have fantastic sales presentations but lack the sales record (price, days on market, expired homes, number of homes sold, positive referrals, etc). Real estate is basically the 80/20 rule.  Eighty percent of sales are done by 20% of agents but honestly I think that is more like the 90/10 rule. There are large teams out there that spend a ton of money advertising but their homes sit on the market longer, much longer, than mine. Guess what....the longer a house sits the less money you get. I see pictures on the MLS that are from a cell phone and look awful and you are paying that person the same amount you are paying me to get professional photos done, video, 3-D, fliers, open houses and more.  Anyone can pitch...this does not mean they can sell!

Is this what you want to see? 

I'm going to strongly recommend you interview multiple agents when you decide to list your home and don't fall prey to the sales and marketing gimmicks you hear on the radio, billboards and TV. I am so confident in my sales record and abilities that I am happy to interview against other agents for the job of your Realtor. I think you'll see the difference!

Make sure your loved ones and friends get a strong agent when they are ready to sell.  Call me today and I'll treat your family and friends like my own.

-Jason
843.696.8627

Just how affordable is housing right now?

This article was sent to us from Lucey Mortgage in Mount Pleasant. It's great information on our market and makes a lot of sense. Call one of us if you need help with real estate...

The Truth About Housing Affordability

From a purely economic perspective, this is one of the best times in American history to buy a home. Black Night Financial Services discusses this in their most recent Monthly Mortgage Monitor.

Here are two of the report’s revelations:

1.     The average U.S. home value increased by $13,500 from last year, but low interest rates have kept the monthly principal & interest payment needed to purchase a median-priced home almost equal to one year ago.

2.     Home affordability still remains favorable compared to long-term historic norms.

The report explains:

“Even though the value of the average home in the U.S. increased by about $13,500 over the last year, thanks to declining interest rates it actually costs almost exactly the same in principal and interest each month to purchase as it did this time last year.

Even taking into account the fact that affordability can vary – sometimes significantly – across the country based upon the different rates of home price appreciation we’re seeing, that’s a pretty incredible balancing act between interest rates and home prices at the national level…

Right now, it takes 20 percent of the median monthly income to cover monthly payments on the median-priced home, which is well below historical norms.”

However, the report warns that affordability will be dramatically impacted by an increase in mortgage rates.

“A half-point increase in interest rates would be equivalent to a $17,000 jump in the average home price, and bring that ratio to 21.5 percent. This increase is still below historical norms, but puts more pressure on homebuyers.”

Bottom Line

If you are ready and willing to purchase a home of your own, let's get together to find out if you are able to. Now is a great time to jump in.

Lorcan Lucey
Lucey Mortgage Corporation
861 Coleman Blvd. Mt Pleasant SC 29464
 
Office:  843-884-8133
Mobile: 843-224-3650
Fax:       843-884-6575
NMLS License Per/Corp 185300/185310
lorcan@luceymortgage.net
www.luceymortgage.net

Homeowners Insurance and what it WON'T cover...

We all pay for homeowners insurance with one goal in mind - protect our stuff. I also say insurance is a blessed curse...It's something we all need but rarely use but if we need it we're glad we have it. IT'S EXPENSIVE!  I don't sell insurance so I don't know all the ins and outs but I thought it would be helpful to do a little research on what is not covered.  I think you'll find this information helpful.  As we know, Summerville and our surrounding areas just got hit by Hurricane Matthew so this knowledge may be very useful.

1. Flooding.  When you buy a home you may be required to purchase flood insurance depending on where you are located. It can be as cheap as a few hundred dollars a year  but can easily go up to thousands.  
2.  Earthquakes.  Summerville residents, in my opinion, should have an earthquake policy, since Summerville runs along a fault line and we have multiple quakes every year. 
3. Your deductibles are going up 2-5%/year.  Keep some spare cash around for these.
4. Simultaneous, or co-current events. This means that if 2 bad things happen at once and one of those (such as flooding) is not covered then you are going to be paying out of pocket a lot of money.  
5. Termites - Here in the Low Country I highly recommend having a Termite Bond and renewing it yearly.  Mortgage lenders will require it for a buyer and if there is not one you may have to purchase one and they can cost a thousand dollars. Also, if you get termites the bond will protect you. No bond - no protection.  
6. Jewelry and personal property. Know your policy and ask your salesperson what is covered and not covered.  You may need a separate rider to protect your stuff. 
7. Total rebuild. Many policies have caps that won't cover a rebuild if your home catches fire. Make sure you understand. 
8. Home Businesses - Your probably need a separate insurance policy on your business if you run one out of your home. If you are running a catering business and you get sued for someone getting sick your homeowners does not cover that. If you are running a personal training business and someone breaks an ankle - you are not covered. 
9. Broken/burst pipes.  If there is owner negligence, for example, turning off the heat during winter while you are on vacation, and your pipes freeze you may be at risk of not being covered. 
10. Certain dog breeds - While most dog types are covered there are some that are insurable. Breeds such as Rottweilers, chow chows, Doberman pinschers, pit bull terriers and Akitas are all uninsurable breeds.

These are some things to consider when looking into homeowners insurance. We hope this helps you and feel free to contact us if you have real estate questions.

-Jason
843.696.8627

Who do you know looking to buy, sell or invest in real estate. Please call Jason at 843.696.8627 or email at Jason.Gregg@kw.com for more information.

The All-Knowing Zillow and their Zestimate

I post this with a tongue-in-cheek observation of Zillow because most times when I meet with a potential seller it usually comes up in conversation. So, I decided to put this all to rest and do my own research and here is what I found. 

 In a nutshell - Zillow is good and a place to begin your journey but it stops there. It cannot and should not replace a good agent's pricing of your home.  

The following statement comes directly from Zillow.  "As a real estate professional one thing you are always doing is educating your clients on all things real estate. The Zestimate is no different. Armed with an understanding of how the Zestimate is calculated and the Zestimate Data Accuracy table, you can explain - and show Zillow's own accuracy numbers and talk about why the Zestimate is a good starting point as well as a historical reference, but it should not be used for pricing a home".  Click the link to read the entire article. 
http://www.zillow.com/zestimate/#pros

Let me repeat the last sentence..."It should not be used for pricing a home." Zillow uses a very complex algorithm from data such as bedrooms, baths, square footage, acreage, tax records, tax assessments, current sales, past sales and much more to calculate the zestimate.  So you ask, with all this data why is it not accurate? Zillow admits their numbers are not accurate and gives themselves some grace in their calculations. Zillow says they are within 10% of the actual price in almost 70% of cases (http://www.zillow.com/zestimate/#faq-6).  So, if we take a $250,000 home and use this model our home may only sell for $225,000. As a seller are you going to be upset?  I gotta tell my listings sell between 95-98% of list price.  When you use the local data, know the condition of the home, understand the market and the comps there are less surprises and often times more money. What if your home is listed for the Zestimate at $200K but the experience agents says it'll sell at $220,000 which would you rather have?  Zillow does not, and really cannot, investigate all the intricacies of the local market, the condition of the home, repairs needed. the staging of the home, etc.  Only an experienced Realtor can do this and it takes a lot of time to come up with a good CMA (Comparative Market Analysis). If you list too high you don't get any buyers, if you list too low you risk your clients losing money, if you don't pay attention to the comps (which I do by looking at the last 90-180 days of sales of similar typed homes that are geographically close to yours), you mis-price altogether and not do a great job representing your sellers. As a buyer's agent I also make sure I check comps so my buyer does not overpay.  You want someone that is looking out for your best interests. 

I am always looking out for my clients!

I find myself having this conversation too frequently:
Me: So, how much do you think we should list your home for?
Seller: I think we should list for $225,000.
Me: Why
Seller: Because 2 of my neighbors just sold for $185,000 and my home is much nicer. 
Me: Well, that's not exactly how it works so let's take a look at those homes and talk about how to price a home.

Hire a good agent and listen to what they have to say. I encourage sellers and buyers to interview multiple agents (and include me because I know I am confident and very good at what I do) because trust me not all agents are good. Ask them about their experiences, problems they have faced, sales numbers, days on market, etc.  If they can't answer these don't hire them. Also, when I present my listing presentation to you please don't blow me off just because I say something you don't like to hear. Would you rather have a truthful agent or one that tells you what you want to hear and your house sits on the market for months? I think we both know the answer to that.

Call me, Jason Gregg, and I'd be happy to come speak to you about selling your home and/or helping you buy a home. Heck, we'll even take a look at the Zestimate.

-Jason

Who do you know looking to buy or sell real estate. Please call me at 843.696.8627 or email me at Jason.Gregg@kw.com

Autumn in Summerville- jeans, fires, cider, and good beer!

Happy October!  From now until the end of December is my favorite Low Country season. The air starts to chill a bit, I can finally wear my old comfy jeans and flip flops, I can start to enjoy those wonderful dark craft brews (stouts and porters) now that the chilly weather is on the way, I can open my windows and not sweat and I can start to enjoy my fire pit out in the backyard. I took my kayak out the other day in the early morning (we went out from the Pitt St. Bridge in Mt. P) and it was so relaxing and just chill. There's just something healthy for the soul to be out on the water in the quiet of the morning.  Another great reason for fall is that we are finally closing into the Holiday Seasons of Thanksgiving (pumpkin pies) and Christmas (my wife has an unhealthy attachment to Christmas carols).  There are pumpkin patches, corn mazes, scarecrows, pumpkins, Jack O' Lanterns, trick or treating, turkey and stuff  and cider.  Seriously, you gotta love Summerville in the fall. We have the scarecrows on the Square right now, outood activities, Third Thursdays, great food, Christmas parade, lighting of the tree and so much more.  You need to check out the LiveinSummerville calendar for up to date events.

Please share this site with your friends, family, neighbors, co-workers, pastors, teachers, friends of friends... really - just share with everyone. You can also learn more about real estate, homes for sale, ways to stage your home and more... Just make sure you come back often to read the new posts and check our our Facebook page too.

Thanks.

-Jason
If you know anyone looking to sell their home or buy a home call me. You'll have peace of mind knowing you, or your friends/family, are in the hands of a great Realtor.

Here's a great video of our neighbors in another "ville - Asheville and how they enjoy the fall season. 

First Time Buyers....

Moving out of mom and dad's house or decided to move out of your rental? Or, maybe you have not bought a home in 10 years or more and you are out of the loop in home-buying.  Here are 5 tips that Realtor.com suggests and I tend to agree. This of course comes along with my own zany touches and experiences.  http://www.realtor.com/advice/buy/what-every-first-time-home-buyer-needs-to-know/?is_wp_site=1

1. Figure out how much you can afford.  This is why pre-approval is so important.  Before you even think about buying a home or start your search I urge you to speak to a lender (Lucey Mortgage is a great lender based right here in Charleston and does a great job.  Click on the link for more information - http://www.luceymortgage.net/home.html)  Experts (whoever that may be) say your house payment should not exceed 28% of your gross income. For example if you make $4,000/month take that and multiply by 0.28. Your monthly payment should not exceed $1,120/month.  Always let your lender tell you what you can afford and don't exceed that.

2. Pick the right real estate agent.  That's an easy one - Pick me, Jason Gregg. I explain the process of home purchasing thoroughly from our very first meeting and explain to you what to expect. There's a lot of steps to buying a home and you need someone with experience and local knowledge to make sure you get to the closing table and you get the best deal.

3. Understand there is no such thing as a perfect home. This one drives me mad sometimes!  I see buyer's walk into 30 year old homes and expect it to be new construction (which is never perfect either).  I blame the buyer's agents for not clearly explaining clear expectations to their clients. I just emailed a buyer's agent yesterday and I told her if your client wanted new construction he should have bought it - we are not going to make a 15 year old home brand new.  Let the price, location and size drive your decisions...not the color of the carpet or the condition of the garage.

4. Do your homework.  This one can be quite extensive but a good agent will do all the stressful work for you.  See number 2 and choose Jason Gregg as your Realtor.  There is a lot that can go wrong in a real estate transaction and it all starts with the contract.  A good agent will build in contingencies to the contract that will allow the buyer to walk away if the deal is not going in their favor.  Some of these contingencies are financing, home inspection, CL100, buyer contingency that they have to sell their home first, appraisal and more. Here in SC we have the option of a Repair Procedure or Due Diligence (most agents don't even realize there is a difference but it's a big one).  This is too long and complicated for this blog but I'll explain it in a future post.)

5. Realtor.com says to know your tax credits. This is why we have accountants and attorneys that we work with.  Here in SC we are required to close with an attorney.  I am not an accountant or attorney and don't wish to be one. So, on this one I refer out to the professionals.  It is my suggestion to find a good local accountant that you work with so that he/she can advise you and get you the most out of your taxes.

There you have it folks.  

Looking to buy or sell a home. Call me at 

843.696.8627 or email me at Jason.Gregg@kw.com

-Jason

Using an Agent to sell your home...compliments of Lucey Mortgage

This article is compliments of Lucey Mortgage.  

When a homeowner decides to sell their house, they obviously want the best possible price with the least amount of hassles. However, for the vast majority of sellers, the most important result is to actually get the home sold.

In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s behavior during the home buying process. For the past three years, 92% of all buyers have used the internet in their home search according to the National Association of Realtors’ most recent Profile of Home Buyers & Sellers.

However, the report also revealed that 95% percent of buyers that used the internet when searching for a home purchased their home through either a real estate agent/broker or from a builder or builder’s agent. Only 2% purchased their home directly from a seller whom the buyer didn’t know.

Buyers search for a home online, but then depend on an agent to find the actual home they will buy (53%), to negotiate the terms of the sale & price (48%), or to help understand the process (60%).

The plethora of information now available has resulted in an increase in the percentage of buyers that reach out to real estate professionals to “connect the dots.” This is obvious, as the percentage of overall buyers who used an agent to buy their home has steadily increased from 69% in 2001.

Bottom Line

If you are thinking of selling your home, don’t underestimate the role a real estate professional can play in the process.

 Thanks Lorcan for a great article and I whole-heatedly agree. See below for contact information on Lucey Mortgage.   

Lorcan Lucey
Lucey Mortgage Corporation
861 Coleman Blvd. Mt Pleasant SC 29464
 
Office:  843-884-8133
Mobile: 843-224-3650
Fax:       843-884-6575
NMLS License Per/Corp 185300/185310
lorcan@luceymortgage.net
www.luceymortgage.net

Should I rent...or Should I Own?

I get asked this a lot as a local Realtor here in the Tri-County and especially of those transplants from the Northeast (which I am one of).  Just a side note - how long must one live here  before the term Transplant is no longer used? I've been here 10 years - is that long enough?  OK -back on track!  When I get asked rent or own my initial question is the same, "What is your long term goal."  Even despite my loss of a pay check there are times I recommend renting because it's better for the client. So, what are some of the reasons to rent and not own?

1. If you are only here short-term for a job

2. I think it's a great idea to rent for 6-12 months before investing in a home to learn the area.  Some locations or more family oriented and some are more single oriented.  

3. It definitely depends on the market. With interest rates so low right now you can save a ton of money over the next 15-30 years in payments.  Interest rates are going to go up after the election (My prediction) so it would be a financial advantage to purchase now rather than rent. Also, our rental markets are really hot right now so rent prices are some of the highest they have ever been. 

4. If you just don't want any maintenance or lawn care then maybe renting is a good option. Of course you could also buy and pay someone but many complexes now have pools, gyms, tennis, etc and some people find value in those.  

Here is a great short video link about renting vs buying.  

http://www.realtor.com/videos/is-renting-or-buying-the-smarter-choice-/60370d0c-6dd0-4397-a297-b698e70bd8c0

Call me if you have questions on buying or renting...or about any real estate question.

Who do you know looking to buy a home, sell a home or invest in real estate?  I love referrals!

Jason

843.696.86278

Jason,Gregg@kw.com

www.palmettodreamhomes.com