What’s truly happening for buyers and sellers in our real estate market.

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Have you ever been to a holiday meal where two parties are arguing about sports, politics, or just having a family dispute? They might both be talking over each other and not listening to what the other one is saying. Well, that pretty much sums up the state of our current real estate market, which is why I’m calling it “the great disconnect.”

Sellers think that once we put those for-sale signs in the ground, they're going to get multiple offers and that their home will sell in a matter of hours. On the other hand, buyers think the world is coming to an end and there's going to be a flood of homes hitting the market because of the panic. In reality, the truth is somewhere in between.

Today’s homebuyers have gotten much more diligent. They're taking their time negotiating repair addendums. Some are not even qualifying because their mortgages have gone up too high. Then, most homes are selling at 95% to 100% of the asking price once they're priced accordingly.

"Supply has stabilized at a low level."

Buyers are also affected by the changes in inventory levels. In the spring, there were only 27 single-family homes for sale on the Isle of Palms, and they were selling in a matter of seconds. Toward the end of the summer, once the market and economy softened, there were almost 60 homes for sale. When I checked the supply yesterday, there were only 47. Therefore, most people who wanted to sell have already sold, so our inventory has stabilized at a pretty low level.

What do you do if you are a homebuyer? Be prepared to negotiate. Sometimes you can get a low offer accepted if the seller is truly motivated. However, more often than not, be prepared to come to some kind of agreement.

If you would like specific information to help you navigate this market, or if you have any questions, please call or email me. I am always willing to help!

Here’s what you need to know about building your own home in Charleston.

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Do you want to build a new home on Isle of Palms? The good news is you've come to the right place. We’ve helped countless clients find great lots to build their new homes on.

So what are the advantages of building a new home yourself? First, by being the developer, you'll usually end up with a few hundred thousand dollars of equity in your home. You basically have eliminated that development profit that a developer is going to undertake and pass on to you.

Second, you can fast-track the process. You know, it's really hard to find new homes when they come up. Usually, we buy tear-down properties directly from the seller. Sitting down with the designer can take six months or even more. The good news is we can fast-track. Usually, you can sit down with an architect in about a week or two.

"We’ll get your specifics for the interior, exterior, and everything else."

Finally, you can target the area and the type of home to be unique and exactly what works for your family. So the disadvantage, of course, is that it takes about 18 months from beginning to end. However, that's actually a very fast process, starting from scratch.

So how do we find these tear-down homes? The truth is that we've been marketing to these homeowners for years. We usually have about 10 to 20 homes in mind at any given time. We can also, if you're looking at a specific area, send out a targeted marketing campaign. We already know who's not selling, so we avoid those people and find the right home for you.

At this point, you might be wondering, “Where the heck do I start?” We recommend you just drive around an area you’d like to build in and find homes you like. From there, we can find an architect who worked on those homes or can build in a similar style. We’ll get your specifics for the interior, exterior, and everything else.

Building your own home is a great way to make sure you get what you want. If you have questions or need some help, just call or email us. We are always here to help!

The difference that staging can make in the price of your home.

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Do you love before and after TV shows? My wife and I certainly do. We love watching professionals take a person, old car, or home, and transform it into something wonderful and refreshing in 30 minutes of TV magic. Today I’ll take you behind the scenes to one of our listings in Mount Pleasant, which quickly went under contract, and show you the difference between the before and after.

Now, I must say the home was in no way junky, it just needed a little magic to transform it into a premier listing. There was a lot of furniture, and most of it was not positioned in an ideal way. The color schemes were dark, many family photos and diplomas were displayed throughout the home, and some areas needed to be touched up with paint.

On the exterior of the home, the mulch needed to be refreshed, some trees and bushes needed to be trimmed, the house and driveway needed to be power washed, and some exterior areas also needed to be touched up with paint.

This is very common. Some homes are in better or worse condition than others, but we rarely come across a home that doesn’t need attention before we list it.

"Investments in staging and preparation can bring in exponential returns."

When my team and I help you prep your home, you will have access to high-quality videography and photography, which will make a big difference. Also, we will take you through our process where we declutter, depersonalize, and restyle. We will help you fix deferred maintenance items, bring in movers to remove furniture that doesn’t fit, rearrange your existing furniture, and bring in new linens and place settings.

You may be asking: How much did all of this cost? For this house, it was about $4,600 for the stagers and movers, and $4,000 for the landscaping, painters, and contractors. However, I'm estimating that this $9,000 investment added $50,000 to $100,000 of value to the home. Everyone who saw the home loved the presentation and came excited to see it from the photos and videos they saw online. As I tell all of my clients, buyers buy the home twice. The first time is when they see it online and fall in love with it, and the second time is when they see it in person and confirm that it’s as great as the photos.

We work with all of our sellers, meeting them where they are with the resources that they have available. Our goal is always to maximize value and create a wonderful listing presentation. We want to help you get the most money possible at the closing table. If you have any questions about this process or want us to do it for your listing, please call or email us, we would love to hear from you!

Consider these three things when looking at today’s housing market.

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There are many things to consider when looking at our current housing market, and I am going to share three with you today:

1. Don’t compare one local market to another. I have many out-of-state buyers who are asking me when the market is going to crash in Charleston. I always warn them to never equate what's going on in one local market with what's happening in another local market, especially here in Charleston. Many of my out-of-town buyers come from New York, New Jersey, Chicago, Portland, Pittsburgh, Ohio, or Michigan. What are they seeing right now? They're seeing a net outflow of residents. What are we seeing here in Charleston? Well, we're seeing a large influx of people, even during these times of recession.

"Jump back into the market and find a home that truly works for you and your family."

2. Don’t compare this recession to the last one. This recession is very different from the last recession of 2008. That one was caused by real estate and lax lending standards. Right now, most people in homes have a high credit score, and with the increase in property values, they're sitting on maybe $100,000 or $1 million of equity. Plus, we don't have those people that own five or six condos and three or four homes that are found vacant. This is a much different recession, really caused by inflation.

3. This is a great time to buy. Gone are the days when you had to put in an offer quickly. Now you can take your time. Although the properties are moving relatively quickly and inventory is still relatively low, you can take the time to visit the home, inspect it, and ask for repairs to be made. Also, there are more homes to look at. I always remind our clients we have a large inventory of off-market homes on top of what can be seen on the MLS. Values may dip a little bit, but nothing dramatic.

To all of you out-of-town clients, or really to anyone looking to buy a home, my team and I look forward to working with you. We welcome you to jump back into the market and find a home that truly works for you and your family. Call or email us, we are happy to help.

What the four different levels of new-construction homes offer.

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If you’ve seen my past blog posts, you know I'm a big proponent of new construction. It allows you to get what you want, keeps your property energy efficient, and newly built houses cost less to maintain and insure. However, there are a few different levels of new construction you might not know about.

The first level of new-construction homes is tract home communities. These are the large communities where developers build the same model home hundreds of times. They usually have very competitive pricing because the homes are built at scale. However, the finishings tend to be average at best, and we strongly advise our clients to get an inspection. We recommend this for all new construction, but it is essential with tract home communities.

The next level above is a semi-custom home. At first glance, these may seem like higher-end tract communities. Usually, the builder makes a few different types of homes and allows you many more finishes, options, and floor plan adjustments. The craftsmanship will be better, but the price will also be significantly higher while remaining competitive.

"You can walk into a custom home and just get blown away."

The final option is custom homes, and these are what I’m most known for on the Isle of Palms. My team and I will often work with out-of-town buyers, find a lot or a tear-down, and put them in touch with the builder so we can craft a plan to give them a high-quality home that suits what they want. Lots of builders also use us to find these lots for them.

Spec homes are a bit different. In these cases, the builders will buy the house and offer you the finished product. As construction progresses, you have fewer options, but the result is usually a high-end product.

Custom homes, the ones we develop, are incredibly high end. They have inspiring kitchens, wide-plank flooring, boutique lighting, and more. They’re the kind of homes you walk into and are blown away. It’s easy to tell why I love them—it’s so satisfying to see the projects come together.

Whatever level of new construction resonates with you, understand that we’re your advocates, and we know the market. If you have any questions, feel free to call or email us. We’d love to help.

Here’s what you need to know about flood insurance in our area.

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Are you relocating or buying a resort property in the St. Germain area? If so, you should know that flood insurance is extremely important here. I’m sharing the basic know-how about flood insurance so you can make the best decision for your situation.

Let’s start by talking about the different levels of flood zones. The first one is the low-risk zones. They are exactly as the name suggests. They haven't been flooded in at least 100 or 500 years, and you aren’t required to purchase flood insurance if you’re financing.

Next is the most common flood zone you’ll see in our area, which is the AE zone. These areas have flooded in the last 100 years and have a specific height designation. They require flood insurance for financing, but it isn’t expensive if your first-floor living area is above the flood level. Typically, these policies range from $500 to $900.

If you don’t need financing, you won’t need insurance either, although we highly recommend it. When you buy a property with flood insurance, it’s possible to transfer the previous owner's policy to you.

"Only bona fide floods are covered by most policies."

Sometimes you’ll see a B flood zone, and these are flood zones caused by shallow ponds. You may need flood insurance for these areas, but it won’t be expensive.

Finally, there are V flood zones. These are when you’re in the direct path of the storm surge. You’ll definitely need insurance here if you’re financing, and you’d be crazy to skip out on it even if you’re paying in cash. The insurance can get pricier here, but it’s worth it for peace of mind. These typically cost thousands of dollars per year.

Most flood insurance policies pay $250,000 for damages, but they don’t cover things below the floodplain. Also, only bona fide floods are covered. If your sewer backs up but it wasn’t caused by a flood, it will be covered by homeowners insurance, not flood insurance.

If you need to get in touch with a good insurance agent, just call or email us. We have plenty of great people who can help you.

The four levels of staging and how some will earn you top dollar.

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Why is home staging so important? The number of available homes is skyrocketing, so your home needs to stands out when you go sell. Put yourself in the shoes of a tired buyer—they are ready to commit if the house is right, so make yours as inviting as possible.

To fully understand staging, you should know there are four levels. The first is not having the home staged at all, which will turn off prospective buyers. This is when a house is dark, messy, things are broken or missing, etc. Does that sound appealing to you? That’s about 50% of listings in our market!

The next level is restyling, which is what we do for almost all of our occupied homes. We come into your home with a professional stager, and they will give recommendations, which are most commonly things like decluttering, taking down personal items, and rearranging the furniture. We'll make your house look perfect, take professional photos and videos, and try to keep the home looking like that for showings. That’s how you get the wow factor that drives up offers.

"Staging your home can make or break your sale."

The third level is virtual staging, which is what we do for our new-construction and vacant homes. We use the blueprints, get a professional rendering, and add things like decorations to the pictures to give people a feel for the space online.

The last level is complete home staging. That is when a stager would come into what is most likely a vacant home and bring in all new furniture and decorations. This gives buyers a sense of how the home works, which might be easy for you to see but is not clear for most people.

Overall, just know that staging your home can make or break your sale and determine whether or not you get top dollar. If you have any questions, give me a call or send me an email; I’d love to hear from you.

Here’s what you need to know about the recession and home prices.

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Did you know that during most recessions, home prices tend to rise? When the Federal Reserve increases rates, that drives the economy into a recession. The exception is the Great Recession of 2008, which was caused by the housing market. The economy is already showing signs that we’re currently in recession, but this one was caused by the Fed over-printing money and flooding the world market with it.

So what does the recession mean for the housing market? For one, we can expect home prices to level off or even dip within the next couple of years. The Fed will eventually correct interest rates, which will ultimately spur another buying boom when buyers return to the market to take advantage of lower rates.

"The economy is already showing signs that we’re currently in recession."

That said, we’re not heading for a housing crash like many people believe. Current homeowners have anywhere between 30% and 60% equity in their homes, meaning they don’t need to sell. Even if you lose your job, you can always sell your home in 30 to 60 days and use the equity to downsize to a smaller, more affordable home.

We are still in a strong seller’s market, though it is becoming more normalized. If you have any questions about current market conditions or want to buy or sell a home, give me a call or send me an email. I’d love to help you.

Here are three ways buyers can stay competitive in a tough market. 

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A common issue I hear about in our market is that many buyers aren’t confident that their offers will win. They know they’re heading into a multiple-offer situation, but they aren’t sure what it takes to be competitive. I think you should avoid the problem altogether and look at off-market homes. However, if this isn’t an option for you, I want to share some tips to make your offer stand out:

1. Put yourself in the seller’s shoes. Have your agent contact the listing agent and ask what the seller needs other than money. Do they need a quick close? Would they prefer a longer close? Some sellers want to rent their homes back from you after closing. If you can give the seller what they want, you’ll have a better chance of winning the house. 

2. Waive your financing and appraisal contingencies. If you are a luxury buyer, you might have the funds to make an all-cash offer. This makes waiving these contingencies straightforward. However, what can you do if you need financing? If you need a loan but still have substantial funds, you can show your pre-approval letter and waive these contingencies by offering an appraisal gap. Basically, you can offer to cover the difference between the sales price and appraised value out of pocket up to a certain amount. This will help your offer compete with cash. 

"Find out what your seller wants and give it to them."

3. Use a home-buying program. I have several programs available to solve a myriad of buying issues. For example, what if you need to sell your home before you buy? I have a program that lets you make a cash offer on a property. Once you close, you’ll have six months to sell your home and pay the program back for the sales price. There are some small fees involved, but it’s well worth it. 

If you have questions about my home-buying programs or anything else, please call or email me. I am always willing to help!  

Most experts agree that home prices will increase despite rising rates.

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With interest rates on the rise and the stock market in decline, you’d think that home prices would come crashing down, right? Wrong. A quick survey of some of the big players in the industry like Zillow, the National Association of Home Builders, the Mortgage Bankers Association, and Barry Habib will tell you otherwise. 

These experts believe that home prices will continue to rise at a rate of about 8% to 10%, which is tied to the rate of inflation. We won’t see increases of 25% to 30% like last year, but home prices can be expected to go up alongside inflation.

Don’t expect to see a buyer’s market anytime soon. With rising rates, there will be fewer buyers and sales, but you also have to consider the fact that many homeowners have already locked in their low rates. It’s hard to find a home out there, so homeowners don’t have many incentives to pick up and move, especially here in our local market. 

"If you wait for the market to come down, you could be missing out on."

Speaking of the local market, we can expect to see significant increases in the population of Mt. Pleasant, Daniel Island, and all over the Charleston area. Investors are looking to bring their money to markets where they feel they can at least keep pace with inflation, so they’ll continue to buy up properties before values climb any higher.

What can buyers do in this competitive market? Our database is full of people who, a few years back, said that the market was going to crash and decided to wait to buy. By now, properties cost $40,000 or $50,000 more. I don’t have a crystal ball to show me where home prices will go, but I can say that by waiting to buy, you could be missing out on opportunities.

Buyers in need of inventory should also look to new construction. There’s quite a bit of flexibility in this market, and even though you might be several months to a year away from buying, you can often lock in today’s rates and close later on. Additionally, we can always help you find off-market properties, especially those in the luxury category. We have an extensive database of homeowners we could comb to see if they’d be interested in selling their homes outside the traditional market.

If you’re a buyer who is concerned about selling your old home, we have access to a program that allows you to purchase a home and then gives you up to six months to sell your current house stress-free.

If you have any questions about buying a home in today’s market or anything else to do with real estate, give us a call or send us an email. We’d love to hear from you.