04/15/2014 · 9:49 am

Freddie Mac: Doubtful Rates Will Return to Recent Lows

by The KCM Crew on March 26, 2014 

“One thing seems certain: we aren’t likely to see average 30-year fixed mortgage rates return to the historic lows experienced in 2012.”

– Freddie Mac,  March 24, 2014

There are those that hope that 30-year mortgage interest rates will head back under 4%. Obviously, for any prospective home purchaser that would be great news. However, there is probably a greater chance that interest rates will return to the greater than 6% rate of the last decade before they would return to theless than 3.5% rate of 2012.

Freddie Mac, in one of four original posts on their new blog, explained that current rates are still extremely low compared to historic averages:

“The all-time record low – since Freddie Mac began tracking mortgage rates in 1971 – was 3.31% in November 2012. Conversely, the all-time record high occurred in October of 1981, hitting 18.63%. That’s more than four times higher than today’s average 30-year fixed rate of 4.32% as of March 20…rates hovering around 4.5% may be high relative to last year, but something to celebrate compared to almost any year since 1971.”

Rates over decades

If you are thinking of buying a home, waiting for a dramatic decrease in mortgage rates might not make sense.

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04/15/2014 · 9:44 am

Money Magazine: Buy Now Not Later

From; KCM Crew 3/24/14

We have often suggested that potential home buyers consider rising interest rates when thinking about the true cost of a home. Remember, cost is not determined by price alone but by price and mortgage rate. The longer a buyer waits, the higher the mortgage payment will be if rates continue to increase (as is projected by Fannie Mae, Freddie Mac, the National Association of Realtors and the Mortgage Bankers Association).

Money Magazine, in its latest issue, agreed with our analysis as they also warned their readership of the same ramification if they waited to buy a home.

Here is what they said:

“BE MINDFUL OF RATES. The average interest rate on a 30-year fixed loan is predicted to climb from the current 4.4% to 5.3% by the 2015 spring buying season, according to Freddie Mac. For a $250,000 loan, that means that a borrower who waits would pay $136 more per month and an additional $49,090 in interest over the life of the loan. Will you need a big loan? Better to act soon before rates tick up.”

And the monthly increase Money mentioned did not take into consideration that prices are also projected to increase over the next year. Here is what the additional cost would be if prices rise by the 4.5% projected by the latest Home Price Expectation Surveyand interest rates go to 5.3%.

3.24-Blog-Visual2

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10/19/2013 · 10:16 am

Beautiful Waterfront Property on Lake Moultrie – Charleston Area Real Estate

Looking for a waterfront property in The North Area?  Check out this beautiful property on Lake Moultrie!

This Stately All-Brick Low-Country style home is situated on a beautiful 1.87 acre waterfront lot on lake Moultrie! This one-of-kind property with it’s Majestic Oaks, expansive Water views, wild-life and private dock captures the true essence of Low Country living!  MLS# 1315558  – Listed at $1,089,983

1728 Pinopolis Rd, Moncks Corner, SC, 29461

VIEW DETAILS ON REALTOR.COM

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10/19/2013 · 10:06 am

6 Reasons to Buy A Home NOW! – 10/2013

If you’ve been pondering a home purchase, there are some good reasons why now might be a great time to proceed.

1. Home prices have turned the corner. Home price trends vary by market; however, nationally, on average, home prices are rebounding. Although no one can predict the future, homes prices appear to be heading up.

2. Homes are very affordable. Homes are still very affordable relative to household incomes. This means you can buy more house for the money now, than you could in less affordable times.

3. Mortgage rates are near historical lows. Mortgage rates inched up recently, but they’re still near historical lows.

4. Buying remains cheaper than renting. A 2012 study found buying a home is 44% cheaper than renting in the 100 largest metros. Even with this year’s mortgage rates and home prices, there is still a significant cost advantage to buying versus renting.

5. Fewer house flippers to compete with. As home prices recover, house flippers leave the market. These are investors looking to buy a house at a rock bottom price and then quickly sell, or flip, it. They’re tough to compete with because they often offer sellers cash deals.

6. More inventory to choose from. Fewer house flippers can mean there’s more inventory to choose from and less pressure to close a deal because of other pending offers. Again, the situation varies from market to market, but you may find there are more homes to see and less pressure to buy in the neighborhoods where you’re looking.

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10/19/2013 · 10:01 am

Charleston SC Real Estate – Predicted to Finish 2013 Strong!

As of 10/10/2013 Charleston Real Estate transactions (tri-county area) were up 25% from 2012 with an 8% increase in median sales price!

We will most likely see over 12,000 homes sold this year which would be the first time since 2007!

The median sales price in Charleston peaked in 2007 at $210,000.  At year end, we expect that our 2013 median sales price to be back around $210,000.

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10/01/2013 · 3:18 pm

CANE BAY PLANTATION – Summerville SC

 Cane Bay is a Master-planned development in Metropolitan Charleston , Located on US Hwy. 176 between Goose Creek, Summerville and Moncks Corner.

Quick Facts; Source;  http://cane-bay.comCane Bay
• Total acreage: approximately 4,500 acres
• Total # of homes at build-out: approximately 10,000
• Expected population: 25,000-30,000
• Commercial acreage: 195 acres
• Interconnecting trail system: in excess of 25 miles
• Preserved green space
• State-of-the art public schools in the Berkeley County School
District:
o Cane Bay High: opened 2008
o Cane Bay Elementary: opened 2009
o Cane Bay Middle: opened 2012
• Participating Homebuilders:
o Centex
o Crescent Homes
o Dan Ryan Builders
o Del Webb
o Hurricane Builders
o Landmark 24 Homes
o Lennar
o Sabal Homes
• Retail:
o Publix-anchored shopping center with restaurant and
multiple retail spaces– opened October 2011
• Sports and Recreation:
o Proposed YMCA of Greater Charleston – 68-acre site will
be the largest non-camp YMCA in the country

• Accolades:
o Charleston’s #1 selling community 2008 – 2012 with
the most homes sold in the tri-county – Real Estate
Information Services
o South Carolina’s #1 selling master-planned community
2012 – John Burns Real Estate Consulting
o Nationally ranked #50 top-selling master-planned
community 2012 – John Burns Real Estate Consulting
o 50 hottest selling communities in America 2011-2012 –
Builder Magazine

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Image

Positive Housing Predictions Through 2014 – Real Estate on The Rise!

2014 Housing Prediction

Positive Predictions from The National Association of Realtors – KCM visual

 

 

 

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09/29/2013 · 10:30 am
09/23/2013 · 10:16 pm

Borrowers Dodge Higher Mortgage Rates!

The Fed’s actions resulted in NO mortgage rate hike.  Rates are still at historic lows…at least for now!

Borrowers dodged higher rates for now; The Fed could have caused rates to shoot up this week if it had announced the tapering off  its bond-purchasing program Wednesday, when the Federal Open Market Committee wrapped up its two-day meeting.  Instead, the committee “decided to await more evidence that progress will be sustained before adjusting the pace of its purchases,” the Fed’s statement reads.  The Fed will continue to print $40 billion per month to purchase mortgage bonds and $45 billion per month to buy longer-term Treasury securities. These purchases have long kept mortgage rates artificially low. But once the Fed cuts that stimulus, mortgage rates will likely rise rapidly.

The benchmark 30-year fixed-rate mortgage fell to 4.66 percent from 4.71 percent last week, according to the Bankrate.com national survey of large lenders.
Bankrate.com

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09/21/2013 · 1:30 pm

BERKELEY COUNTY GROWTH – NEXTON – SC

A major contributor to the  Growth of Berkeley County in South Carolina is MeadWestVaco Corporation’s Nexton Project;   Nexton is 4,500 acres strategically located in the path of growth at the intersection of I-26 and Highway 17A , Summerville.  Nexton will be a Live-work-play environment featuring businesses, shops, homes, restaurants, parks, schools and interconnecting trails. For more information;  View The NEXTON BROCHURE or visit nextonsc.com

nexton -sc-EDT

NEXTON – South Carolina 

RECENT NEWS LINKS;    

Nexton development to break ground on new Marriott hotel near Summerville Monday; Post and Courier; 9-20-2013  http://www.postandcourier.com/article/20130920/PC05/130929956                                                                                                     

LOW COUNTRY PROUD; Berkeley County sees major growth into future along I-26  Post and Courier; 9-19-2013  http://www.counton2.com/story/23481366/lowcountry-proud-berkeley-county-sees-major-growth-along-i-26

South Carolina Research Authority buys Nexton site for new Charleston-area HQ; Post and Courier; 8-23-2013  http://www.postandcourier.com/article/20130821/PC05/130829880/south-carolina-research-authority-buys-nexton-site-for-new-charleston-area-hq

Nexton Announces First Restaurant;  Nexton SC;  8/5/2013   http://nextonsc.com/nexton-announces-first-restaurant/ 

Berkeley County School Board names new school Nexton Elementary; Post and Courier; 4-23-2013  http://www.postandcourier.com/article/20130423/PC16/130429704/berkeley-names-new-elementary-school

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09/15/2013 · 10:24 am

Charleston Real Estate- YTD 24% Increase In Sales compared to 2012

(9/2013) According to preliminary data released by the Charleston Trident Association of REALTORS®, 1,278 homes sold at a median price of $217,462 in August. Last August, 1,034 homes sold at a median price of $199,414 in the region.

2013 Year-to-date– 8,706 homes have sold —-median price of $205,417—-average of 87 days on market.

Compared to this point in 2012—– sales have increased by 24% —– median price increased by 7.6%—- Days on market have declined by an average of 27 days —–homes are selling nearly a month faster than  a year ago!  In August 2012, year-to-date figures showed 7,030 sales at a median price of $190,907.

Berkeley County
257 homes sold at a median price of $180,000 in Berkeley County in August. The most active area in the county was the area bordered by Jedburg Road, Highway 17A and College Park, with 66 sales at a median price of $175,045.

Charleston County
Charleston County sales and median price increased in August, with 731 sales at a median price of $270,000. Homes in the county are spending an average of 77 days on market, the lowest average recorded this year. Outside of Mount Pleasant, where 250 homes sold at a median price of $381,125, the county’s most active area was James Island, with 83 sales at a median price of $245,000.

Dorchester County                                                                                      253 homes sold at a median price of $165,000 in August in Dorchester County. The most active area of the county was Summerville/Ridgeville, where 101 homes sold at a median price of $184,990.

Read Full Report By Charleston – Trident Association of Realtors;  http://www.charlestonrealtors.com/marketreports/

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