Should I Buy a Home Now or Wait Until Next Year?

Infographic Courtesy of Keeping Current Matters / the KCM Blog

Thinking of Selling? You Should Do it TODAY!!

Thinking of Selling? You Should Do It TODAY!!
Article courtesy of Keeping Current Matters / The KCM Blog

That headline might be a little aggressive; however, as August 2017’s housing market data begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME TODAY!
In a recent article by CBS News, they explained that the number of existing home sales is shrinking, and Lawrence Yun, Chief Economist for the National Association of Realtors, said:

“There should be 3 million homes on the market right now…Yet, there are only 1.9 million.”

And this situation will be affected greatly by recent natural disasters. Yun continued by saying:

“Before the hurricanes I would have predicted 1.35 million in new-home construction in 2018…I’ll have to scale that down now.”

NAR, in their August 2017 Realtors® Confidence Index , indicated that:

“Amid sustained job creation and sustained historically low mortgage rates, REALTORS^® reported…that buyer demand is stronger compared to conditions one year ago… and that fifty percent of properties were on the market for less than one month when sold.”

The only challenge to today’s market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is only a 4.2-month supply of inventory, which is down from 4.5 months one year ago.

Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Contact a local real estate professional today to see if that is the case in your neighborhood.

SCCL NUMBER OF CLOSED SALES BY MONTH 2015-PRESENT

This chart can also be found by going to the UP-TO-DATE STATS FOR  SCCL tab above.   There are some great interactive charts at the same location.  Be sure to check them out!

4 REASONS TO SELL NOW

Infographic Courtesy of Keeping Current Matters / The KCM Blog

Remember that all markets are different, 

but much of this is true wherever you live!

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Mortgage Rates Strike New 2017 Low

Article Courtesy of REALTOR® MagazineDaily 
Real Estate News | Friday, September 08, 2017 

For the third consecutive week, the 30-year fixed-rate mortgage averaged a new year-to-date low.

“The 10-year Treasury yield fell 9 basis points this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate followed, dropping 4 basis points to a year-to-date low of 3.78 percent.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 7:

• 30-year fixed-rate mortgages: averaged 3.78 percent, with an average 0.5 point, falling from last week’s previous yearly low of 3.82 percent. Last year at this time, 30-year rates averaged 3.44 percent.
• 15-year fixed-rate mortgages: averaged 3.08 percent, with an average 0.5 point, falling from last week’s 3.12 percent average. A year ago, 15-year rates averaged 2.76 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.15 percent, with an average 0.4 point, rising from last week’s 3.14 percent average. A year ago, 5-year ARMs averaged 2.81 percent.

Source: Freddie Mac

SCCL COMMUNITY OPEN HOUSE

Carolinas HealthCare Merging With UNC To Form One Of The Largest Medical Giants In America

Article courtesy of Charlotte Stories

Carolinas HealthCare System and UNC Health Care have officially announced plans to create one of the leading non-profit healthcare systems in the nation, by merging a high-performing comprehensive healthcare system with a renowned academically-based enterprise, according to a recent press release.
 
Their signed Letter of Intent states that “UNCHCS and CHS will come together to create a new organization that blends the best of a high-performing comprehensive healthcare system with a renowned academically-based healthcare enterprise. The joint enterprise will provide solutions for healthcare’s most pressing challenges, including access and affordability, while offering unparalleled clinical expertise tied to a renowned academic enterprise and contributing to our region’s economic vibrancy.”

To read complete article, click below:
http://www.charlottestories.com/carolinas-healthcare-merging-unc-form-one-largest-medical-giants-america/

IS SOUTH CAROLINA A GOOD PLACE FOR RETIREES?

Map Source:  Kiplinger.com

For folks looking for great locations for retirement, here are some links to articles that you might find of interest regarding taxes.  Some are SC specific, while others make comparisons to other states.  There's lots to consider when making your decision about where it would be financially beneficial to call home in your retirement,  including income taxes, sale, use and motor fuel taxes, estate tax, and gift tax.  As you contemplate this important decision, be sure to consult with your financial advisor. 
 

This report on the 10 best states for retirees was something I posted at my blog in December 2015.
https://pooksscclnews.blogspot.com/2015/12/kiplingers-10-best-states-for-taxes-on.html

This article was published by AARP in June of this year.
http://www.aarp.org/money/taxes/info-2017/states-best-tax-breaks-retirees-fd.html

Here's some info from the SC Bar Association:

https://www.scbar.org/public/get-legal-help/common-legal-topics/south-carolina-property-tax-for-senior-citizens/ 

Here's some information from a group of financial folks at The Balance.  I am not familiar with this group, but their info on the best states for retiring is interesting.

https://www.thebalance.com/best-states-for-retirees-3193239 

No date on this posting, but it has good info regarding SC taxes.  Not familiar with this group, but they've been promoting the Carolinas since 1986.
https://carolinaliving.com/financial-matters/south-carolina-taxes
This source has lots of great information for those considering the Carolinas.  Additional link through this source:  https://carolinaliving.com/search?indexCatalogue=entire-site&wordsMode=AllWords&searchQuery=retirement 

Here's an older article I came across with some interesting information.  Like comps for houses, it should be more current, as a lot has changed since 2013 and they need to do an update.  But the info is interesting, none the less.  Gives an idea of things to consider.
 http://www.postandcourier.com/archives/south-carolina-a-top-state-for-retirees-due-to-tax/article_943d26f4-a483-58c6-8c3c-ffab8821d8a3.html

HURRICANE VICTIMS GRANTED LOAN FORBEARANCE

Article Courtesy of REALTOR® Magazine
Daily Real Estate News | Thursday, August 31, 2017 

Harvey Victims Granted Loan Forbearance

The mortgage-backing government entities announced that they will offer mortgage forbearance for at least 90 days to borrowers in the Houston area affected by Hurricane Harvey. In some cases, this could be extended for up to a year.

Storm victims with Fannie Mae, Freddie Mac, and Federal Housing Administration–backed loans will not have to make their monthly payments. They will face no penalty fees. Interest on their loans, however, would still accrue.

At least $23 billion worth of property has been affected by record-level flooding from Hurricane Harvey in parts of Texas’ Harris and Galveston counties alone, according to a Reuters analysis. 
Freddie Mac announced on Tuesday that it was suspending evictions and foreclosures on homes with mortgages that it owns or guarantees in disaster areas impacted by Hurricane Harvey. Fannie Mae issued a similar statement.

“We’re committed to ensuring that homeowners receive the mortgage assistance they need to overcome the devastating tragedy of Hurricane Harvey,” Yvette Gilmore, Freddie Mac’s vice president of single-family servicer performance management, said in a statement. "Once they’re out of harm’s way, homeowners should contact their servicers—the company to which they send their monthly mortgage payments. They may be eligible for forbearance on mortgage payments for up to one year if their mortgage is owned or guaranteed by Freddie Mac.”

In the Houston area and nearby areas, there are more than twice as many mortgage properties with nearly four times the unpaid principal balance as there were in the Louisiana and Mississippi counties hit by Hurricane Katrina in 2005, Mortgage News Daily reports. Black Knight Financial Services estimates more than 75,000 borrowers in Houston may be unable to make a mortgage payment within the next two months.

“This is an unprecedented crisis in the region as it relates to housing,” says Dave Stevens, CEO of the Mortgage Bankers Association. “We are not even at the point where we can evaluate the total costs, walkaways, insurance coverage, homes uninsured, jobs lost, not being able to make your mortgage payments.”

Source: “Harvey Hits Mortgages: Flood-Stricken Homeowners Less Likely to Pay,” Mortgage News Daily (Aug. 30, 2017)