Do you need to prep your home prior to selling to help maximize your profit?
Home Enhance provides you a line of credit to get your home market-ready. From repairs and upgrades to moving and storage, Home Enhance can help unlock your home’s potential with nothing due until closing.
Unsecured (no lien) personal line of credit up to $50,000
No impact to credit score when applying
Freedom to use any contractor or home vendor
Low interest that only accrues on what is used
Nothing due until closing
Plus: Apply in 90 seconds, Access funds same day as approval, No cost if funds aren’t used, All home prep expenses in one place, Works with estates, trusts, LLC’s, POAs, Use funds beyond home improvements (moving, storage, temp housing, etc.)
What does the seller pay? $499 origination fee +8.99 – 16.99% interest only accrues on funds that are used. – Rate depends on credit.
If you are interested in this program, please contact me.
According to a recent NerdWallet survey, 15% of Americans are planning to purchase a home this year. That’s actually a record high for this survey (see graph below):
The percentage has been hovering between 9-11% since 2020. This recent increase shows buyer demand hasn’t disappeared – if anything, it indicates there’s pent-up demand ready to come back to the market.
That doesn’t mean the floodgates are opening but does indicate that buyers are optimistic. Whether they’re feeling more confident about moving, or saved money, or simply can’t wait any longer – this seems to be the year they’re aiming to take the plunge.
And, according to that same NerdWallet survey, more than half (54%) of those potential buyers have already started looking at homes online.
That’s a good indicator that a number of these buyers will be looking during the peak homebuying season this spring.
South Carolina has officially become the number 1 moved to state in America, surpassing Texas. This significant change reflects a growing trend of people relocating to the number 1 moved to state, driven by various factors such as job opportunities, more affordable housing, and a desirable lifestyle. According to data from U-Haul, South Carolina has knocked Texas out of the number one spot for the first time in history.
The trend of southern states netting larger numbers of one-way U-Haul® continued during 2024, with South Carolina topping the U-Haul Growth Index for the first time.
Texas, North Carolina, Florida and Tennessee round out the five leading growth states.
California experienced the greatest net loss and ranks 50th for the fifth consecutive year.
Growth rankings are configured by each state’s net gain (or loss) of customers utilizing one-way U-Haul equipment in a calendar year. The U-Haul Growth Index is compiled from well over 2.5 million one-way U-Haul truck, trailer and U-Box® moving container transactions that occur annually.
“State-to-state transactions from the past year reaffirm customer tendencies that have been pronounced for some time,” stated John “J.T.” Taylor, U-Haul International president. “Migration to the Southeast and Southwest continues as families gauge their cost of living, job opportunities, quality of life and other factors that go into relocating to a new state. Out-migration remains prevalent for a number of markets across the Northeast, Midwest and West Coast — and particularly California.
“U-Haul continues to expand its network, rental fleet and self-storage footprint so that wherever people move in 2025, we will be there to meet their needs.”
South Carolina climbed three spots in the rankings to unseat Texas, which was the No. 1 growth state for the previous three years (2021-23). Of all the U-Haul movers coming and going from the Palmetto State in 2024, more than 51.7% were arrivals.
Texas has ranked first or second among U-Haul Growth States each year since 2016. Florida has been fourth or higher every year since 2015.
New York, at No. 47 on the list, has its lowest growth ranking in a decade.
Oklahoma (+30), Indiana (+19) and Maine (+18) are the biggest risers year-over-year on the U-Haul Growth Index. Colorado (-31), Nevada (-24), Wyoming (-22) and New Mexico (-21) saw the biggest slides in 2024.
Del Webb is a 55+ gated community within the Nexton community in Summerville-Berkeley County. The community features resort style amenities that include state-of-the-art fitness center, pickle ball courts, full-service restaurant, indoor and outdoor pools, cabanas and firepits. The community hosts a variety of classes, social organizations and events. The beautiful, landscaped grounds offer a serene environment for outdoor activities with picturesque ponds, fountains and parks. The community is centered around creating the ultimate active adult lifestyle
A nearly 200-acre project is coming into 2025 along the Ashley River in the Charleston Neck area — Magnolia Landing — according to Clark Davis, CEO of Highland Resources.
The Houston firm’s long-term plan calls for up to 4,080 multifamily housing units, 1.2 million square feet of commercial space and 1,040 hotel rooms, with about 25 acres set aside for parks.
Decades ago, the tract near the King Street Extension and Milford Street housed businesses that left a toxic mix of contaminants in the soil. A North Carolina firm set out in 2002 to take on what was envisioned as the largest reuse of polluted land in South Carolina, but the effort collapsed into bankruptcy in 2016.
In today’s market, more and more home buyers are getting assistance with their down payment in the form of gift funds from friends and family. According to a recent study, in 2023, 39% of home buyers who financed their home with a mortgage loan used gifted funds as at least one source for their down payment, up nine percentage points from 2018. While it’s great to have help, there are rules around financial gifts that you need to know in order to smoothly navigate the process.
What is a down payment gift?
Down payment money is considered a “gift” when people, usually friends or family, financially contribute money that will help the home buyer pay for a down payment on a home. there is generally no limit on how much a borrower is allowed to receive as a gift
Who is eligible to Gift you down payment money?
Depending on the loan type, gifts can come from the buyer’s relative, employer, or close friend with a “clearly defined and documented” interest in the borrower, or a charitable organization, governmental agency, or a public entity that has a program providing home ownership assistance for low and moderate-income families or first-time home buyers. However, donations for down payments cannot come from people who are directly affiliated with the home buying transaction which includes builders, developers, or real estate agents.
What are the rules for mortgage down payments?
For Fannie Mae backed loans, a minimum borrower contribution from the borrower’s own funds is not required. This means that 100% of the money that is needed to make up the down payment can come from a gift. On the other hand, with FHA loans, the borrower is required to provide a minimum personal cash investment of at least 3.5% for the down payment. regardless of the loan type, gift funds must be a “bona fide gift,” and not a loan that requires repayment.
While there is no limit to how much money you can accept as a gift for a home down payment, when you’re going through the mortgage loan application process, you’ll need to make sure that you have proper documentation of the gift money in the form of a letter, with specific requirements outlined by your lender, from the donor of the funds. this is required to show your letter that you don’t owe someone a large sum of money that you won’t be able to pay back on top of your monthly mortgage payment.
An accessory dwelling unit (ADU), sometimes called a carriage house or in-law suite, is a separate, detached living space with a kitchen, bathroom and sleeping area on the same property as a single-family home.
As the cost of housing continues to rise, local leaders are looking to allow these accessory dwelling units in residential areas to provide more housing options.
Leaders in the local government of North Charleston recently proposed a new ordinance that would allow homeowners to rent the separate unit to a long-term tenant, which would provide additional income to the homeowner and increase housing stock.
North Charleston currently allows ADUs in a few overlay districts, such as the Olde North Charleston Historic District and Neighborhood Conservation District, which covers a strip of Park Circle between Spruill and Virginia avenues. The new ordinance is aimed at areas like Park Circle where larger lot sizes can accommodate additional density, as opposed to already dense areas like Liberty Hill, Chicora-Cherokee and Accabee.
According to the proposed ordinance, an ADU cannot be more than two-thirds the size of the principal dwelling unit or exceed 800 square feet. The lot size must be at least 4,500 square feet. An additional off-street parking spot for the ADU must be provided. All ADUs must be permitted by the city.
It’s intentional that these additional units are small, said Tim Macholl, the city’s director of planning and zoning, during a November committee meeting. He said the space is ideal for a college student who is spending the summer at home or in-laws staying in town. It also provides an opportunity for additional income for homeowners if they choose to rent it out, he added. However, these units are not eligible for short-term rental permits, so they can not be used for vacation rental services, like Airbnb.
The demand for ADU’s is on the rise. They offer some affordable housing solutions, an option for multi-generational living and versatility of home space as they can be used as home offices, living spaces or possibly rentals.
Goose Creek also has previsions in their ordinance for ADU’s and many other municipalities are incorporating guidelines as well to accommodate the ADU trend.
If you are considering an ADU, check with your local municipality and Homeowner Association to make sure they are allowed and to obtain the guidelines, rules and permitting requirements.
Year over Year Review (2023 vs. 2024): Closed sales up 13.7% Median Sales price up 2.3 %
December 2024 stats for the entire Charleston MLS:
NEW SALES – Pending – There were 1106 new written sales in December 2024, a. predictor of future closed sales, which was up 6.3% versus December of 2023. YTD was up 2.4%.
CLOSED SALES – There were 1382 closed sales in December of 2024, up 13.7% from December of 2023 and up a negligible 1.1% YTD, compared to 2024.
SALES PRICE – The Median sales price closed out at $414,296, up 2.30% over December of 2024 and The Year-to-date median sales price was up 4.1% over 2024. The average sales price for December 2024 was $612,457.
INVENTORY – Approximately 1165 new listings came online in December 2024, which is down -6.9% from December 2023 but up YTD 10.8% The market as a whole had approximately 2.6 months of inventory at December’s end with the average Days on Market at 50, up 25% from December of 2023 and up 14% year to date.
Finalized on January 7, a new rule from the Consumer Financial Protection Bureau (CFPB) prohibits credit reporting agencies from including medical debt information in the credit reports and scores they provide to lenders. It’s expected to impact nearly 15 million Americans who have previously been haunted by an estimated $49 billion in medical bills on their credit reports.
The new rule will go into effect 60 days after publication in the Federal Register. It typically takes about three business days for a new document to be added into the Federal Register, which effectively serves as official notice of the rule. So, don’t expect your credit score to improve overnight; it will be several weeks before affected consumers will see the changes.
The credit improvement could help many qualify to buy a home. However, two industry groups filed lawsuits seeking to block the rule
The National Association of Realtor’s economists recently weighed in on home sales, mortgage rates, the economy and changing buyer demographics and its effect on real estate for the year ahead.
Lawrence Yun, chief economist of the National Association of REALTORS®, along with NAR’s Deputy Chief Economist, Jessica Lautz, shared data and forecasts..
Their updated estimates show that the housing market is still dramatically undersupplied, and they estimate that U.S. housing stock is 3.7 million units below what is needed.
High mortgage rates and rising home prices have put a damper on affordability and are directly related to the supply shortage. Building more houses is essential but builders are also contending with high interest rates.
There is no silver bullet to alleviating this ongoing shortage but there are options being considered such as, accessory dwelling units (ADUs), Community Land Trusts, condominium conversions, and manufactured homes. They will continue to study this topic and work to uncover potential solutions.
Yun released a rosier forecast for the housing market for 2025 and 2026, with an outlook for higher home sales and moderating mortgage rates.
Here’s an overview of NAR’s predictions on key housing indicators for the year ahead.
Home Sales to Rise
With improving job numbers and recent gains in the stock market, more Americans may be motivated to act, Yun said.
Here’s Yun’s forecast over the next two years:
2025 sales projection: Existing home sales to rise 9% year-over-year; New home sales to jump by 11%.
2026 sales projection: Existing-home sales to rise 13% year-over-year; new home sales to increase by 8%.
Mortgage Rates to Moderate
The trajectory of mortgage rates will have a major bearing on how the housing market will fare, Yun said.
Mortgage rates may moderate but buyers may not see that anytime soon, Yun said. “Mortgage rates will not decline in tandem”… “With a large budget deficit, there’s less mortgage money available…. A large budget deficit will prevent mortgage rates from going down to 4%”
Nevertheless, the “locked-in” effect of homeowners feeling stuck-in-place with low 2% or 3% mortgage rates from recent years will lessen over time, as personal milestones (births, deaths, marriages, graduations, new jobs,etc.) trigger real estate moves.
Home Prices Increases Slowly After Rapid Rises
While homeowners have enjoyed record-breaking equity gains, home buyers’ have been struggling with affordability. A typical homeowner has accumulated $147,000 in housing wealth just over the last five years, according to NAR’s research. As a result, the spread in median net worth between homeowners and renters continues to grow. It stands at $415,000 for homeowners versus $10,000 for renters, Yun said.
“The strong price increases cannot be sustainable for another five years, or America will be divided … with only a few getting to experience the tremendous housing wealth,” Yun said. “If we bring more supply to the housing market, home price increases will not be as outrageous … and will be more in line with wages.”
Yun’s forecast:
2025 median home price: $410,700; up 2% over 2024.
2026 median home price: $420,000, up 2% over 2025.
A Different Type of Buyer Emerges
The profile of home buyers are changing, Lautz said, presenting data from NAR’s newly released 2024 Profile of Home Buyers and Sellers. Here’s a few of the changes observed in the report:
More buyers are skipping the mortgage. all-cash buyers have surged to record highs, accounting for 26% of home sales over the past year. Thirty-one percent of repeat buyers paid all-cash for their next home purchase.
First-time buyers are getting older. The median age of a first-time home buyer was 38, an all-time high. Twenty-five percent of first-time buyers used a gift or loan from a relative or friend for their home purchase; 20% took money out of financial assets like stocks, 401ks or cryptocurrency to afford homeownership; and 7% used inheritance money for their purchase—a record high, Lautz noted. First-time buyers are coming up with the highest down payments in nearly 30 years—at 9%—in order to afford the higher home prices.
The allure of cities grows. The pandemic may have unleashed a trend of suburban movers, but people are now heading back to city centers—the largest uptick in a decade, Lautz said.
More buyers are pooling their money. The number of multigenerational households surged to an all-time high of 17% over the past year. “The number one reason is for cost savings,” Lautz said. “They’re combining incomes” in order to afford homeownership. They’re also buying a multigenerational home to take care of aging parents or because of young adults are moving back home, Lautz noted.
Single women buyers continue to outpace single men buyers. A drop in marriage rates has triggered more consumers to enter the housing market on their own. Single women held a 24% share of the home-purchase market over the past year. For single men, it was 11%.
Real Estate Matters in Charleston SC - Gena Glaze 