What's Up With the Blog?

Greetings All,

You have been such an encouragement to me during this time of remarkable transition from an unbelievable real estate “BOOM” to a more moderate “Balancing” of conditions here in The Lowcountry.

Indeed, it is in response to these changing times that I am prompted to reassess how and where my time is invested each working day. On occasion and with purposed regularity, we would be wise to examine the economics of our time and how we spend what is so precious.

Do our actions reflect our hearts’ desire? Do we tell others what we value only to devote time and energy to unrelated endeavors?

Does our speech communicate one thing and our actions reveal something quite different? May it not be so!

Consistency is beneficial – Consistency is respectable – Consistency is valuable

Therefore, in recognition of this challenging environment where even basic issues can delay or even prevent the sale from closing, I am suspending the blog to exemplify my commitment to what is most important: Helping my buyers – BUY & Helping my sellers – SELL!

Nonetheless, as the original purpose was to keep the public informed, I will leave the blog up in order to serve as an ongoing resource.

Until next time, remember: It is a Gift to be at Home in the Lowcountry™ and, if you know of anyone who is thinking of or planning to move, I’d Love to Help!™

Economic Development Clusters

In addition to quality of life issues like greenbelts, I'm glad to see Charleston County intentionally creating an environment to attract business . . . the sort of business that can in turn provide the revenue to support the programs that contribute to a desirable quality of life! For a long while we sort of coasted on our natural charms, and I'm glad to see such thoughtful, inclusive planning for the future instead of just taking what comes. It's great to know this place that I love is going to be a a place my children can love, too!

"In Charleston County, like other places, economic development often centers on feeding the small fish, rather than trying to catch the big one. That’s why the county sees its small business enterprise program as an economic engine. It’s limited to companies with revenues under $7.5 million, but the idea is that they’ll grow and attract other companies.

The program, which helps business locate bid opportunities on government contracts, launched after a report showing disparities in the county’s hiring of minority- and women-owned businesses to provide goods and services. But the county is now emphasizing it as 'race and gender neutral' in an effort to ensure the entire small business community can benefit.

Not only will those companies grow themselves, they’ll add the groundwork to attract more business, he said.

'When big companies come here, you have to have these small feeder companies that are going to need to supply support to these firms,' Tolbert said. 'When you can tell a large corporation we already have the firms here to give you the technical support that you need, that’s a recruitment tool.'

To date, 268 businesses have registered in the program, which started in Dec. 2007.
Another 50 have pending applications, Tolbert said.

The program stems beyond identifying ways to secure government contracts. It also helps companies gain enterprise certification that will help them connect with other contractors as well. In addition, the county sponsors numerous workshops for businesses registered in the program, which essentially provides a professional network for companies seeking information and work, Tolbert said.

'Our concern is helping them grow so they can hire more people. We’re forming a resource network of information and technical assistance,' he said. "

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/current/14_16/news/12520-1.html

Charleston Greenbelt Project

It's encouraging to see Charleston County take such a proactive stance toward acquiring public green space, helping to ensure that the Lowcountry will be just as beautiful for my grandchildren! Careful planning to preserve areas of natural beauty throughout the area maintains the integrity of our whole community, rather than allowing strip mall corridors leading into perfectly preserved historic pockets.

"The goal of the greenbelt is to protect 40,000 acres from suburban sprawl as area population continues to grow. Projections by the S.C. State Budget and Control Board and the U.S. Census Bureau show that the region will have an estimated 200,000 more residents by the year 2030. In the past, those estimates have been conservative.

In the first year and a half that funds have been available, the county has preserved more than 7,400 acres of undeveloped land by providing $30.37 million in grants to nonprofit agencies and municipalities. Rather than becoming high-rises, gas stations or residential subdivisions, the land will be parks, playgrounds and nature preserves.

The other was a small, yet expensive, piece of land, and the applicant was unable to generate matching funds. Matching funds are not required but are preferred, Ruff said. To date, projects have generated matching funds of $50.5 million, or 166% of what the county has spent.

Approved projects include $1.41 million for a 232-acre Charleston park that will abut Long Savannah, a 1,300-acre mixed-use development in West Ashley and $4 million for the 900-acre Tibwin Project in the Francis Marion National Forest.

Greenbelt funds are split into two pots of money: one for rural projects outside of the county’s Urban Suburban Growth Boundary and one for urban projects within it.

Rural project areas include the West St. Andrews area in West Ashley, Wadmalaw Island, Edisto Island, the St. Paul’s area, Hollywood, Meggett, Ravenel, Rockville, Awendaw,
McClellanville and portions of Johns Island, West Ashley and East Cooper.

Urban project areas include the cities of Charleston, Folly Beach, Isle of Palms and North Charleston; the towns of Mount Pleasant, James Island, Kiawah Island, Seabrook Island, Sullivan’s Island and Lincolnville; and other unincorporated parts of Johns Island, West Ashley and East Cooper."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/current/14_16/news/12518-1.html

For a pdf list of existing Greenbelt purchases: http://www.charlestonbusiness.com/issues/pdfs/Greenbelt_Proejcts.pdf

The Green House

The Green House is a wonderful resource right here in Charleston – an up and coming, revitalizing neighborhood in North Charleston to be precise! It's exciting to have these sorts of resources available at just the time and place we in the Lowcountry are ready to use them!

"The GreenHouse [on Montague Avenue] is usually a beehive of activity, though the full-time staff of four hardly qualifies as a swarm on their own. Bryan and his team rely on a volunteer network of more than 100 activists from across the state, not to mention supporters and partners throughout the business and education communities.

Day to day, The Sustainability Institute performs energy audits of area homes and businesses; conducts workshops and events to educate the public; and advises businesses, homeowners, and builders on sustainable design and space management. While enthusiasm and popular awareness of these issues are clearly on the rise, much work remains to be done. With that in mind, the team splits its time between outreach (coalition-building and partnerships with business, government, and education groups), training (workshops and seminars on everything from water conservation to home energy-saving), and services (execution of community projects and initiatives).

It doesn’t hurt that The Sustainability Institute’s environmental aims align with energy-saving practices that can impact builders’ and homeowners’ pocketbooks. More than 2,000 South Carolina residents have been trained to make their homes more durable and healthier through the organization’s free monthly workshops, and they have more to show for it than just an easy eco-conscience. Since 2003, workshop attendees have collectively reported saving more than $500,000 on their energy bills. According to Cordell, the dual attraction of financial savings and environmental responsibility has been the driving factor behind their success."

For the full Charleston magazine article: http://charlestonmag.com/chashome.html

For the Sustainability Institute: http://www.sustainabilityinstitutesc.org/

For Troy's site devoted to the area: http://parkcircleonline.com/

Housetrology: What's Your Sign?

I'm enjoying a lot of things about Coldwell Banker, including fun tools like the Housetrology quiz, and I really love their concept of the dreaming phase in the home buying process. Some professionals would suggest that you more or less "get that out of your system" before you start considering particular properties with the idea that your actual decision should be based on cold, hard facts alone. I appreciate an approach that helps you incorporate your tastes and emotional responses as a critical component for a satisfying long-term decision.

"Encouraging consumers to think beyond such standard home buying variables as square footage or school districts, 'Housetrology' examines how emotional instincts can factor into the type of house a person might want to live in. Answers to such questions as, 'Which TV show’s house would best suit you?' or 'What would you see out of your dream home window?' include images and descriptions. At the conclusion of the quiz, consumers learn their ideal home style. The Coldwell Banker 'Housetrology' quiz is now also available on the ColdwellBanker.com Web site, giving everyone who participates a fun and unique way to uncover their inner 'house signs' and better understand the various factors influencing their home style preferences.

'As a clinical psychologist with over 30 years of experience, and through my partnership with Coldwell Banker, I’ve seen how emotions can influence major life decisions such as finding a home,' said Dr. Peters [a family psychologist and special correspondent on NBC’s Today show]. 'And while validating our emotions and trusting instincts are important, it’s essential to look past emotional triggers like perfect white picket fences, and consider practical factors as well to make the most informed decision for your family.'
'Before visiting an open house or reaching out to speak with a sales associate, consumers research and collaborate online in what we call the ‘dreaming phase’ of the home buying process,' says Michael Fischer, senior vice president, marketing, Coldwell Banker Real Estate LLC. 'By delivering this fun and informative ‘Housetrology’ quiz, we’re helping future homeowners dream and identify the kinds of homes they like most, and through innovative, interactive channels.'"

For the Housetrology quiz: http://www.coldwellbanker.com/home/learn/housetrology/housetrology_landing.jsp

$15,000 Makeover Money Sweepstakes!

One more reason it's great to be affiliated with a large, national company like Coldwell Banker – fun perks to pass along!

"It could be a sauna in the backyard, a movie theater in the basement, or that kitchen with the new appliances you've always wanted. Whatever it is, it's your dream project, and here's your chance to get it going with $15,000 from the Coldwell Banker Network!"

To enter: http://www.hgtv.com/hgtv/pac_ctnt_988/text/0,,HGTV_22056_69186,00.html

We All Live On the Edge of America

While the bulk of the article is about the attempt to regulate – or at least refine – the atmosphere of the town, the paragraphs below describe in microcosm what is happening throughout the Lowcountry. Just zoom out a step or two in Google maps, and today's blog title is clearly illustrated. From Folly to Summerville we all live on the edge of America, and while the coast isn't growing, the population is. Putting aside all social and sentimental questions and implications, I'll tell you one thing for sure: Right now is an incredible time to own property in Charleston!

"A decade ago, the total assessed value of Folly Beach properties was $11.2 million. This year: $64 million. Before 1997, America’s edge included not a single condominium complex. Today, there are 18 developments with roughly 400 units total.

In that same time frame, the city has revitalized the Center Street business district and grown it an extra block wide, where businesses such as the Lost Dog Cafe and the Surf Bar now reside, plus a brand-new City Hall.

In recent years, Folly Beach also has seen the addition of a Design and Review Board, several new parks and a revitalized pier. In 2005, Folly Beach fattened up by 30 acres and extended its reach toward James Island, annexing the property where Piggly Wiggly and the Treasure Island beach store now sit. It also picked up both Bowen’s and Peas islands.

At the same time, living on Folly Beach has become a much more expensive venture. Median home prices on the island have more than doubled, from about $200,000 during the first six months of 1998 to $413,000 during the same period this year. Five years ago, the median home price on Folly Beach was $330,900, meaning home prices have jumped almost 25% in the past five years."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/current/14_16/news/12512-1.html

Biotech Incubator Planned Downtown

I love this! What an exciting time to live and work in the Lowcountry, seeing the city I love revitalized in so many really interesting and positive directions! And as a realtor I truly get to be part of it all! Better and better!

"A research incubator in downtown Charleston should not only create high-tech jobs but also improve the neighborhood around the Cooper River bridge, said Charleston Mayor Joe Riley.

The S.C. Research Authority plans to spend up to $5 million to refurbish a downtown Charleston building into an incubator for biotech research and business development. In partnership with the Medical University of South Carolina, the incubator will focus on biomedical and biopharmaceutical research that could spawn commercial ventures.

The city negotiated a lease with the SCRA for a 28,000-square-foot building at 645 Meeting St., near the Arthur Ravenel Jr. Bridge. Charleston City Council still must approve the lease, which is $1 per year for 30 years.

'It’s really hard to overstate the importance of this,' Riley said. 'That part of town has a terrific future, and obviously to have a biotech incubator right in the heart of it is great for that area.' Riley called the former mattress factory that will house the incubator 'creative space.'

'One thing about old buildings is you adaptively use them, and there’s a very creative accomplishment just in that,' he said. If the lease is approved, Mahoney hopes to open the incubator in fall 2009."

For the full Charleston Regional Business Journal article: http://www.charlestonbusiness.com/current/14_15/news/12429-1.html

New Housing Bill!

This is fantastic news for a lot of people! I have already begun calling all of my first-time home buyers from earlier this year and am excited to work with more over the next year! It's nice to have such a warm reminder of why I love my job!

"President George W. Bush signed into law a bipartisan housing stimulus bill Wednesday that is expected to bring greater stability to housing markets nationwide. The bill, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, will help some 400,000 home owners refinance into affordable, government backed loans and offer a temporary first-time home buyer tax credit, which is expected to serve as an attractive incentive to buyers and help reduce high inventories of unsold homes.

The temporary first-time home buyer tax credit would offer $7,500 for the purchase of any home and can be used for purchases between April 9, 2008, and July 1, 2009. The bill — H.R. 3221, the Housing and Economic Recovery Act of 2008 — also includes reform of Fannie Mae and Freddie Mac, FHA modernization, and permanent increases in conforming and FHA loan limits.

'These are all designed to help the housing and mortgage industries and boost the U.S. economy,' NAR President Dick Gaylord said in a statement. We are pleased that the president and Congress worked together to enact meaningful legislation that protects and enables families in this country to continue to strive for and enjoy the dream of homeownership.'”

For the full Realtor magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008073001?OpenDocument

Dreaming of Building?

If you're thinking of buying property to build on, now is a great time to get a good deal on the land and construction. Just think, by this time next year you could be living in your dream home – maybe it's time to get those sketches back out . . .

"More builders are getting into the custom home business because there is more profit and less risk that units will go unsold. The custom share of the market tends to go up during down times, while production building peaks during boom times, according to Steve Melman, an economist with the National Association of Home Builders.

Toll Brothers, K. Hovnanian and many other large builders are rolling out 'build on your own lot' programs in select markets, something few of them have ever done before. Because large builders can provide both custom and semi-custom homes at relatively low prices, they are putting pressure on small custom builders.

Some small builders are responding by joining co-op buying groups. These groups can reduce the costs of building a home by an estimated 4 percent to 8 percent."

For the full Realtor Magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008072803?OpenDocument

Good Credit Is Step One for Buyers

I've blogged about credit before, but it's such a significant issue for home buyers that the topic certainly bears repeating. If you are not absolutely clear on the meaning and content of a credit score, this article will shed a nice, clear light on the subject and help you aim for the score you need!

"Potential home buyers inevitably must confront their credit scores. Here’s a primer for those who have never faced this issue before:

A credit score, commonly known as a FICO score, is derived from a history of taking on debt and paying it off. FICO scores range between 300 and 850, with the highest reflecting the best credit risk. The median FICO score nationally is around 720-723, according to Fair Isaac, the company for which FICO scores are named.

Except for a first-time buyers or those who have a large down payment, lenders will want to see a FICO score of 680 or higher, says Robert Satnick, chairman of the California Mortgage Bankers Association.

To get their FICO score, potential home buyers can go to Myfico.com, a unit of Fair Isaac. Obtaining a FICO score and a credit report from one of the three credit bureaus that collect this history costs $15.95; the combination of all three scores and the FICO report costs $47.85.

The credit factors that determine the score are: a person's payment history (35 percent of the score), how much they owe (30 percent), the mix of credit and installment loans they have (10 percent), the length of their credit history (15 percent), and whether they have applied for new credit recently (10 percent)."

For the Realtor Magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008072205?OpenDocument

Buyers Snap Up Smaller Homes

This trend is not exclusive to the building market, and in a place like Charleston with fabulous smaller properties in styles from classic carriage to clever Craftsman, many people inspired to make more out of less choose to remodel an existing home.

"Ross Chapin and Jim Soules, think small in a way that is practically un-American. They build tract houses that are half the size of the average U.S. home and cost a lot more per square foot. What is surprising is how quickly they sell them. The men are building their fortunes with buyers willing to pay more for less. Mr. Chapin, an architect, and Mr. Soules, a developer, met by chance in 1996, when nearly everyone else in the housing market was thinking big. Now, as the surplus of unsold McMansions increases, other developers are starting to lean their way.

In the past decade, the two men have built about four dozen Craftsman-style cottages that range in size from 800- to 1,500-square-feet. The houses are squeezed into five boutique-sized tracts, all within a two-hour drive of Seattle. Some were melded into more spacious suburbs under zoning laws modified to ease density restrictions for small houses. Most were built around a grass commons shared by a dozen or so like-minded residents who boast of their tract's smallish carbon footprint.

Developers in Milwaukee, Boston, Indianapolis and elsewhere are looking to spread the idea beyond the Puget Sound, and for good reason. While falling home prices and sluggish sales have slashed new housing starts by a quarter in the past year, Messrs. Chapin and Soules say they field a dozen calls a week asking, 'When's your next project?' They have one house left for sale, a two-bedroom, two-bath cottage of 1,000 square feet in nearby Redmond, the home of Microsoft. At $599,950, it isn't cheap. The median price last month for a single-family home in the neighborhood was $542,500. Residents of the tiny tracts say they don't mind paying a premium for such touches are hardwood floors and custom cabinets because the two men develop more than just housing.

'We walk into each others houses and borrow sugar and do all the kinds of things you did in the 1950s,' says Pat Hundhausen, a retired special education teacher.

Mr. Chapin, the architect, uses clever design tricks to give the houses the illusion of more space. Corner windows add light and better views. Large skylights in the upstairs loft keep sloped ceilings from feeling cramped. Hollowed-out interior walls provide built-in bookshelves and cubbies for pictures and knickknacks. Every crawlspace is used for storage. He worked with Mr. Soules to give the houses their signature retro look.

In Indianapolis, developer Casey Land learned of the small home developments in an industry magazine and hired Mr. Chapin for a 21-cottage project. The houses will range in size from 875 to 1,600 square feet. At first, Mr. Land says, his bankers were skeptical, especially those living in 3,000-square-foot homes. 'We're all downsizing,' he says. 'It's tough to do, but we're all getting there.' He predicts the social life will be a stronger draw than square footage. 'These days, we drive to the house, open the garage door, go in,' he says. 'But it's important to get to know your neighbors. I think people miss that.'"

For Sara Lin's full Wall Street Journal article: http://online.wsj.com/public/article/SB121633957931763985.html?mod=2_1578_leftbox

Cash Is King

I've said it before, and I'll say it again: here and now more than ever reasonable real estate is always a good investment! And if you have cash to invest right now, so much the better!

"Some are calling this the best market for investors since real estate tanked in the early 1980s. Investors, alone and in groups, are negotiating volume deals as they purchase whole subdivisions and bundles of 10 to 50 defaulted loans for pennies on the dollar.

'What we're seeing today dwarfs [the 1980s] by five or 10 times,' says Bob Leonetti, president of SMI Funding, an Austin, Texas, company that originates and acquires private and conventional mortgages. 'There are huge opportunities for investors.'

'People who have cash positions now are going to do very well,' says Central Florida real estate practitioner Mike Norvell of Developers Capital Realty in Leesburg, Fla. 'It's just crazy the prices you can buy for right now for cash.'"

For the full Realtor Magazine / Investor's Business Daily article: http://www.realtor.org/RMODaily.nsf/pages/News2008071801?OpenDocument

Sullivan's Island Dream Home

O.k. I have to admit this article is not of particular value or relevance to those interested in the general Lowcountry real esate market, but in these long days I figure that all who appreciate the charms of the area will enjoy flipping through images of a Sullivan's Island dream home. Besides who wouldn't be drawn in by an opening phrase like "Once when we were sailing around Italy . . ." I promise we'll be back to more practical things next week, but for now let's surrender to a little lazy summer dreaming!
"'Once, when we were sailing around Italy, it seemed like ever­y-one lived in a tow­er,' recalls Su­s­­an He­r­long. 'Then after we returned home, we’d go sailing and notice lighthouses and think, ‘Wouldn’t it be great to live in one?’

Such musings formed the nucleus of a design two years ago when she and her husband, Steve, decided to build their dream home on the marshfront lot they had bought on Sullivan’s Island. The dwelling would be based on a shared vision that was a culmination of their travels, their South Carolina upbringing, and the island life they had come to love over 15 years of residing on Sullivan’s Island. But besides lofty towers, other considerations dictated the design as well: “The focus on Sullivan’s over the last few years has been to retain the architectural heritage of the island and the scale of the original cottages,” explains Steve, founder and principal of Herlong & Associates, a local architecture and interior design firm. 'We hoped to create something that people would walk into 20 years after the house was finished and not be able to date it,' Susan adds.

Toward this purpose, Steve took cues from existing dwellings on the island . . ."

For the full Charleston magazine article and especially the slideshow: http://charlestonmag.com/chashome.html

Builders Are Buying

In business and investing following the lead of the "big boys" is a popular strategy. Right now the big boys of building are all setting the same example: BUY! BUY! BUY! Is there a bull on the housing market horizon?

"Builders, including Lennar Corp, KB Home, Hovnanian Enterprises Inc, Meritage Homes Corp., are back buying and developing land again. Lennar spent $162 million on new land in the second quarter and will spend at least $200 million more by the end of the fourth quarter, JP Morgan analyst Michael Rehaut wrote in a note to clients.

KB expects to spend $300 million on land and $400 million on land development this year, Rehaut said.Hovnanian is working on a land development joint venture, company spokesman Jeffrey O'Keefe says. And Meritage is 'beginning to shift from defense to offense,' looking to buy land in the second half of the year, wrote Wachovia analyst Carl Reichardt after meeting with Meritage management.

In theory, buying land now is a smart move, said Todd Lowenstein of HighMark Value Momentum Fund, which owns 187,000 shares of Pulte Homes Inc.'You have to be a predator in these down markets to position yourself for the upturn,' he said."

For the full Realtor Magazine story: http://www.realtor.org/RMODaily.nsf/pages/News2008071102?OpenDocument

Do You Underestimate the Importance of Credit Scores?

Even if you are not in the market to buy or refinance right now, it's important to look out for your credit score, since it can take months to fix mistakes. The good news is that it is not as mysterious as you may have thought! Check out the links below for a concise explanation and specific steps to improve your score!

"While the nation's credit-scoring program is a critical factor in determining what individual borrowers pay in interest on credit cards and mortgages — and even how much they pay for insurance — new research suggests that most Americans still do not understand how the system works.

Respondents to a recent Consumer Federation of America/Washington Mutual Inc. survey largely did not know that credit scores are derived from payment histories, with many participants mistakenly believing that the number is influenced by such factors as income, age, education, and marital standing.

According to Anthony Vuoto of Washington Mutual Card Services, if all consumers took steps to boost their credit scores by at least 30 points, they together would realize as much as $28 billion annually in savings."

For the full Boston Globe / Realtor magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008071104?OpenDocument

For information about how to improve your credit rating: http://www.realtor.org/rmosales_and_marketing/handoutsforcustomers/handouts/buyer27

For information about how credit ratings are calculated: http://www.realtor.org/rmosales_and_marketing/handoutsforcustomers/handouts/buyer28

Today's Active Adult Communities

Yesterday's retirement homes have changed with the changing population to become today's active adult communities equipped for the industrious, silver-haired set. If that sounds good to you – or perhaps like the perfect way to lure your parents to the area – check out Del Webb Charleston, which is actually located in Summerville and has recently opened their model park.

"Active adult communities, aimed at residents older than 55, have to work hard at keeping up with their customers.

Developers of these communities are now offering features like home offices, state-of-the art, distance-learning centers and athletic facilities for the most physically fit user. Pulte Homes Inc.'s Del Webb brand is a U.S. leader, with 60 communities in 20 states. About 288,000 people were living in Del Webb communities across the country at the end of 2007.

Caryn Klebba, spokeswoman for Del Webb, says the company's research shows that half the residents of each Del Webb community are still working in some capacity, and three-fourths still exercise at least three times a week.

Stephan and Lisa LaCount, who operate ActiveAdultLiving.com, a Web site that lists more than 3,000 active adult communities, say that no matter where the homes are located, the key to their success is offering an attractive lifestyle and a wealth of amenities."

For the full Realtor Magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008070706?OpenDocument

National Market Predictions

How to sum up the latest National Association of Realtors predictions? Things are calming down with adjectives like "modest," "moderate" and "slight" peppering the latest forecast of things to come. Following times of wild ups and downs people sometimes get conditioned to look for superlatives like ROCK BOTTOM and LOWEST EVER or on the selling side ALL TIME HIGHS screaming from the headlines, but remember in all investing and especially in real estate slow and steady wins the race! Don't be misled by quieter times, here and now more than ever reasonable real estate is always a good investment!

"Modest near-term movement is expected in existing-home sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by NAR.

Based on current indicators, the 30-year fixed-rate mortgage is forecast to rise gradually to 6.5 percent by the end of this year, and then hold at that level for most of 2009. NAR’s housing affordability index is improving this year and is likely to rise 15 percentage points to 127.0 for all of 2008.

Existing-home sales are expected to grow from an annual pace of 5.01 million in the second quarter to 5.75 million in the fourth quarter. For all of 2008, existing-home sales should total 5.31 million, and then increase 5.0 percent next year to 5.58 million.

The median new-home price is expected to decline 3.2 percent to $239,300 this year, and then rise 5.3 percent in 2009 to $251,900. Growth in the U.S. gross domestic product (GDP) is seen at 1.6 percent in 2008 and 1.4 percent next year. The unemployment rate should average 5.4 percent this year and 5.8 percent in 2009. Inflation, as measured by the Consumer Price Index, is forecast at 3.7 percent this year and 2.4 percent in 2009. Inflation-adjusted disposable personal income is projected to grow 1.5 percent in both 2008 and 2009."

For the full Realtor magazine report: http://www.realtor.org/RMODaily.nsf/pages/News2008070801?OpenDocument

Quick Sales Still Possible

I always remind people that we can sell a house in five minutes, if we list it for $5 – a bit of hyperbole to drive home the point that the market is not as unpredictable as it sometimes seems. The question is what in your situation is fixed and what can function as a variable. For instance, how much time on the market could you trade for a higher price? How much of the inconvenience of staging your home could you trade for a shorter time on the market? And so it goes.

My role as a real estate professional is to help you identify the variables in your particular equation and come up with a solution that works!

"While most homes are staying parked on the for-sale market for a longer time these days, occasionally a residential property turns over in 24 to 48 hours. Such transactions elevate the mood of the professional real estate community and its clients, while offering a snapshot of ideal conditions that contributed to the near-immediate sale and that could possibly help move other listings faster, as well.

According to real estate professionals, the key components of a quick turnaround on a home for sale include realistic pricing, a polished and well-staged appearance, the right location, and the interest of a prospective buyer who is compatible with the property."

For the full Realtor magazine article: http://www.realtor.org/RMODaily.nsf/pages/News2008070703?OpenDocument

Celebrate Freedom!

With so many events to choose from, I'm sure that you and yours will find a great way to celebrate this most wonderfully American of holidays! Happy Fourth of July, and God bless America!

For the Patriots Point celebration: http://patriotspoint.org/news_events/event.html?id=17
For the SC Aquarium celebration: http://www.scaquarium.org/pdfs/july42008_Flier.pdf
For Summerville's "Red, White & Blue on the Green": http://www.summervilledream.org/events.php
For North Charleston's Riverfront celebration: http://www.northcharleston.org/
For I'On's celebration: http://www.ioncommunity.com/outside_home.asp

For a comprehensive list of fireworks viewing locations all over the Lowcountry, check out the Post & Courier's guide: