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  • Steve Smith | Charleston Real Estate Happenings Blog

    Wednesday, December 9, 2020   /   by Steve Smith

    Are Home Prices Heading Toward a Bubble?

    Are Home Prices Headed Toward Bubble Territory?





    Talk of a housing bubble is beginning to crop up as home prices have appreciated at a rapid pace this year. This is understandable since the appreciation of residential real estate is well above historic annual averages. According to the Federal Housing Finance Agency (FHFA), annual appreciation since 1991 has averaged 3.8%. Here are the latest 2020 appreciation numbers from three reliable sources:


    FHFA: 7.8%




    CoreLogic: 7.3%




    Case-Shiller: 7%


    It’s easy to jump to the conclusion that house appreciation is out of control in today’s market. However, we need to put these numbers into context first.
    Inflation and the Comeback from the Housing Crash
    Following the housing crash, home values depreciated dramatically from 2007-2011. Values are still recovering from that unusually long period of falling prices. We must also realize that normal inflation has had an impact.
    Bill ...

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    Wednesday, November 18, 2020   /   by Steve Smith

    Waiting to Get a Deal on a Foreclosure? Experts Say You're Wasting Your Time!

    Chances of Another Foreclosure Crisis? “About Zero Percent.”




    There seems to be some concern that the 2020 economic downturn will lead to another foreclosure crisis like the one we experienced after the housing crash a little over a decade ago. However, there’s one major difference this time: a robust forbearance program.
    During the housing crash of 2006-2008, many felt homeowners should be forced to pay their mortgages despite the economic hardships they were experiencing. There was no empathy for the challenges those households were facing. In a 2009 Wall Street Journal article titled Is Walking Away From Your Mortgage Immoral?, John Courson, Chief Executive of the Mortgage Bankers Association, was asked to comment on those not paying their mortgage. He famously said:


    “What about the message they will send to their family and their kids?”
    Courson suggested that people unable to pay their mortgage wer ...

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    Tuesday, November 3, 2020   /   by Steve Smith

    Rent or Buy? What Factors Should You Consider?

    Rent vs. Buy: How to Decide What’s Best for You




    According to the U.S. Census Bureau, median rent continues to rise. With today’s low mortgage rates, there’s great opportunity for current renters to make a move into homeownership that stretches each dollar a little bit further.
    While the best timeline to buy a home is different for everyone, the question remains: Should I continue renting or is it time for me to buy? The answer depends on your current situation and your future plans, so here are some thoughts to help you decide if you’re ready to own a home of your own.
    1. Rent Will Continue to Increase
    This is one of the top reasons why renters decide to move because in most cases, rent will continue increasing each year. As noted above, the U.S. Census Bureau recently released its quarterly homeownership report, and as the graph below shows, median rent is climbing year after year. When you own ...

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    Monday, November 2, 2020   /   by Steve Smith

    Four Reasons Why the Election Won’t Dampen the Housing Market

    Tomorrow, Americans will decide our President for the next four years. That decision will have a major impact on many aspects of life in this country, but the residential real estate market will not be one of them.
    Analysts will try to measure the impact feasible changes in regulations might have on housing, the effect of a possible first-time buyer program, and any number of other situations based on who wins. The housing market, however, will remain strong for four reasons:
    1. Demand Is Strong among Millennials
    The nation's largest generation began entering the housing market last year as they reached the age to marry and have children - two key drivers of homeownership. As the Wall Street Journal recently reported:


    “Millennials, long viewed as perennial home renters who were reluctant or unable to buy, are now emerging as a driving force in the U.S. housing market’s recent recovery.”

    2. Mortgage Rates Are Historicall ...

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    Thursday, October 29, 2020   /   by Steve Smith

    How Low Housing Inventory IS a Win for Sellers!

    Three Ways Low Inventory Is a Win for Sellers





    The number of houses for sale today is significantly lower than the high buyer activity in the current housing market. According to Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):


    "There is no shortage of hopeful, potential buyers, but inventory is historically low."

    When the demand for homes is higher than what’s available for sale, it’s a great time for homeowners to sell their house. Here are three ways low inventory can help you win if you’re ready to make a move this fall.
    1. Higher Prices
    With so many more buyers in the market than homes available for sale, homebuyers are frequently entering into bidding wars for the houses they want to purchase. This buyer competition drives home prices up. As a seller, this can definitely work to your advantage, potentially netting you more for your house when you close the deal.
    2. Greater ...

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      charleston real estate, charleston sc, charleston, homes for sale, real estate, condos for sale, houses for sale, town homes for sale, property management, rentals, www.charlestonmetrohomes.com