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