Check out the latest November Events and Real Estate News in Charleston SC. Our market is undergoing some pretty crazy changes these days and the news you hear on TV doesn’t help! In this news letter we hope we can shed some light on what’s happening locally and give you some entertainment ideas along the way.

NOVEMBER 2022 | ISSUE 7

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Giving Thanks

The month of giving is upon us and we have so much to be thankful for!

Health and family first and foremost, but of course we are incredibly thankful for all of YOU! Thank you for your business, your referrals and choosing our team as your trusted Realtors.

How can we help you?

Please do not hesitate to reach out with information on your business (or anything else) that we can support and assist with.

In this month’s newsletter is packed with a ton of information! Here you’ll find fun events as always, Coastal Carolina Fair info, Real Estate market info and more!

Hope you enjoy and have a great Thanksgiving!

Sincerely,

Bill, Millie, Waverly & Jeff

Byrd Property Group

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THANKSGIVING TO-GO

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As you’re surely aware, Charleston is foodie-central and offers internationally-acclaimed restaurants, so why not have a professional chef  do the Thanksgiving work for you?

Take a look below for our favorite restaurants offering Thanksgiving dinner to-go!

POOGAN’S PORCH

82 QUEEN

MARTIN’S BBQ JOINT

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WHY TODAY’S MARKET ISN’T LIKE 2008

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Mortgage Standards Were Much More Relaxed Back Then

During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. Running up to 2006, banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance their current home.

Back then, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices. Today, things are different, and purchasers face much higher standards from mortgage companies.

The graph below uses Mortgage Credit Availability Index (MCAI) data from the Mortgage Bankers Association (MBA) to help tell this story. In that index, the higher the number, the easier it is to get a mortgage. The lower the number, the harder it is. In the latest report, the index fell by 5.4%, indicating standards are tightening.

This graph also shows just how different things are today compared to the spike in credit availability leading up to the crash. Tighter lending standards over the past 14 years have helped prevent a scenario that would lead to a wave of foreclosures like the last time.

The Foreclosure Volume Is Nothing Like It Was During the Crash

Another difference is the number of homeowners that were facing foreclosure after the housing bubble burst. Foreclosure activity has been lower since the crash, largely because buyers today are more qualified and less likely to default on their loans. The graph below uses data from ATTOM Data Solutions to help paint the picture of how different things are this time:

Not to mention, homeowners today have options they just didn’t have in the housing crisis when so many people owed more on their mortgages than their homes were worth. Today, many homeowners are equity rich. That equity comes, in large part, from the way home prices have appreciated over time. According to CoreLogic:

“The total average equity per borrower has now reached almost $300,000, the highest in the data series.”

Rick Sharga, Executive VP of Market Intelligence at ATTOM Data, explains the impact this has:

“Very few of the properties entering the foreclosure process have reverted to the lender at the end of the foreclosure. . . . We believe that this may be an indication that borrowers are leveraging their equity and selling their homes rather than risking the loss of their equity in a foreclosure auction.”

This goes to show homeowners are in a completely different position this time. For those facing challenges today, many have the option to use their equity to sell their house and avoid the foreclosure process.

Bottom Line

If you’re concerned we’re making the same mistakes that led to the housing crash, the graphs above should help alleviate your fears. Concrete data and expert insights clearly show why this is nothing like the last time. If you have any questions, we’re always here to help!

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LOCAL EVIDENCE

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We Just SOLD our Listing in
Seaside Farms in 1 Day!

Knowing how to sell homes regardless of market dynamics is what separates us from the competition. Since the 80’s we have succeeded in 3 complete, and very different market cycles. The lessons learned during each shift of the market have given us insight that few in our business have today. When experience matters, we are here for you!

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COASTAL CAROLINA FAIR

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A 126-foot-tall Ferris wheel. The creative shows + competitions. The concerts on the Lakefront Stage. All of this could only mean one thing: The Coastal Carolina Fair returns to Exchange Park from October 27 to November 6. 🗓️

The longtime event began as the Charleston County Fair in 1922 at its original location at College Park on Rutledge Avenue.

Between 1924 and 1978, the fair was held at several locations, including the grounds of the Charleston Rifle Club, Marion Square + across from the Johnson Hagood Stadium — where the first Coastal Carolina Fair was held.

In 1979, the Coastal Carolina Fair moved to Ladson where it has grown into an autumn staple — and one of our favorite activities each year.

This year, a new company will be providing amusement rides, food, and games, so we want to prep you with everything you need to know before you go. Ride with us. 🎟️

Hours, tickets, parking

• During its 11-day run, the fair is open from Thurs., Oct. 27 to Sun., Nov. 6, with a seniors day on Wed., Nov. 2. Gates open at 3 p.m. on weekdays, 10 a.m. on Saturdays, and 12 p.m. on Sundays.
• Tickets are available online, with various deals like 2-fer Tuesday and Military and First Responders Appreciation Day. Admission ranges from $6 to $35, depending on when you buy your ticket.
• Parking is available around the fairgrounds, including a designated handicapped parking site.
• Pro tip: Score discounted tickets at your local Circle K.

The concerts

Some big names are headlining the Lakefront Stage.

The lineup includes:

Neal McCoy | Thurs., Oct. 27 | 7:30 p.m.

ERNEST | Fri., Oct. 28 | 8:00 p.m.

J. Howell | Mon., Oct. 31 | 7:30 p.m.

Drake Milligan | Fri., Nov. 4 | 8 p.m.

Yonder Mountain String Band | Sat., Nov. 5 | 8 p.m.

Giving back

More than $10 million in fair proceeds have been donated to the community since 2003. Check out some of the local initiatives + organizations that the fair supports, including the Dee Norton Child Advocacy Center, the Lowcountry Food Bank, and Dorchester Habitat for Humanity.

The fried fair fare

As always, expect a lot of fair food throughout the fairgrounds, including elephant ears, award-winning jalapeno corndogs, and funnel cakes. Playa Bowls will be serving up superfruit + acai bowls, which should cover your nutrients for the day. Via CHS Today

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LOCAL EVENTS

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OUR FAVORITE LISTINGS

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Looking to Buy a Home?

See every Charleston area home for sale

Full MLS search with virtual tours, lots of pictures

tons of detail, interactive maps and more!

Looking to Sell Your Home?

What’s your Charleston area home worth?

Are you considering taking advantage of our market? Or, simply curious about your home’s potential value?

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Copyright © 2022 Keller Williams Realty Charleston / Byrd Property Group, All rights reserved.

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Know more about Charleston on these other great contents

OCTOBER 2022 | ISSUE 6

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October in Charleton is “Spooky Season”!

We hope you and yours faired well with minimal damages during the storm last weekend!

Spooky season is here and with it October in Charleston comes even more to life with so many festivals, fun events for the whole family, and plenty of amazing Halloween events. We’ve got them included right here!

Don’t let the real estate market spook you anymore, after two years of an incredibly competitive market, this October in Charleston may be the best time for you to purchase a home. More details below! 

Hope you enjoy and have a fun Halloween!

Sincerely,

Bill, Millie, Waverly, Jeff, & Chester

Byrd Property Group

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RECENTLY SOLD

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From Mount Pleasant to Moncks Corner, we service the entire Tri-County and congratulate our clients on the closings of these beautiful homes!

CHARLESTON’S MOST HAUNTED PLACES

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OLD CITY JAIL – 21 MAGAZINE STREET

Home of Charleston’s most notorious criminals during the 1800s and early 1900s, the Old Jail is now said to be haunted by the more than 13,000 prisoners who were executed on site. Denmark Vesey, a carpenter, community leader, and enslaved African was accused and convicted of being the leader of “the rising,” a major potential slave revolt planned for the city of Charleston. Local history indicates Vesey spent his final days locked in one of the jail’s towers before his execution in 1822.

Considered the most haunted building in Charleston, it is currently being remodeled, but be on the lookout for it’s re-opening in the future.

OLD EXCHANGE & PROVOST DUNGEON – EAST BAY STREET AT BROAD STREET

Now a National Historic Landmark, the Exchange and Provost served as a British prison during the Revolutionary War. Built in 1767, the underground dungeon housed Revolutionary War POWs, war criminals, and pirates, including Blackbeard and Stede Bonnet. The dungeon’s abominable conditions were well documented, and stories of prisoners suffering terrible deaths while locked in chains have made the building infamous. Local lore says the spirits of the departed remain tethered to the building.

UNITARIAN GRAVEYARD – 8 ARCHDALE STREET

The Unitarian Church dates back to 1772, making it the oldest Unitarian church in the South. It’s one of those places that looks terrifying, even in the daylight. Many claim the ghost of Annabel Lee (The Lady in White), the Charleston woman thought to be the subject of Edgar Allen Poe’s poem, “Annabel Lee,” haunts the historic, terrifying space.

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PROPERTY TAX BILL TIME

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Over the next few weeks, you will receive your property tax bill in the mail from the County. If you purchased your home this year and it was financed, your mortgage company will pay the taxes through your escrow account. You will not need to take any action when you receive that bill!

If you purchased your home with cash, your payment may be made online through your County’s Treasurer’s Office website.

Reminder that South Carolina has two tax ratios and if you purchased your home as your primary residence, you should have applied for the 4% property tax assessment ratio. 

If you did not apply for the above, fear not, it can be rectified, but you need to contact the County’s Assessor’s Office to start the refund process!

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FALL FESTIVALS & EVENTS

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WHY OCTOBER IN CHARLESTON MAY BE A GOOD TIME TO BUY!

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October in Charleston tends to be a good time for buyers, and this year could be especially good for buyers sidelined by fierce competition and a shortage of homes over the past two years.

The double whammy of higher mortgage interest rates and climbing home prices has made buying more expensive. The higher costs of buying have thinned the ranks of home shoppers, which has slightly lowered the prices sellers can command. 

Due to this, we are seeing more options to tour and more time to find the right house with less likelihood of facing a bidding war.

If you’re in the market for a home, here are five reasons why this fall could be a good time to buy for you!

1. The number of homes for sale is expected to keep increasing

Though inventory still remains below what it was in 2019, the number of homes for sale has been rising steadily this year, driven in part by homes lingering on the market. In general, this could mean having more options, and potentially competing with fewer buyers when you find a home you fall in love with. 

Be mindful that competition in general typically dips in the fall season; shoppers with young children tend to want to settle in before school starts up, so by summer, many families have either already moved or paused their shopping if they have that luxury. 

 2. The possibility of price cuts on older listings

Fall is traditionally when home shoppers are more likely to score a deal on a home. Listings that have been sitting on the market for weeks or months typically start to see price cuts.

Heading into this fall, the share of homes with price cuts has risen dramatically: nearly 19% of listings across the U.S. have experienced a price cut.

3. You could have more time to shop

The number of homes sold also is slowing down, mainly because fewer buyers can afford them. The sales slowdown means that buyers have slightly more time to shop, compare and evaluate options. 

4. Home price appreciation is easing

After a year of skyrocketing housing prices, the pace of home price growth is slowing. The slowdown is notable given the white-hot market of 2021.  

Mortgage interest rates, which saw a steep run-up mid-year, coupled with the spike in home prices over the past two years, are the primary driving factors in the slowdown in price growth.

5. Sellers may want to close by year-end

A home is where you live and make memories, but it’s also an investment — one that comes with tax consequences.

A home seller may want to take advantage of a gain or loss during this tax year, so you might find homeowners looking to make deals so they can close before December 31. 

Bonus: end-of-year deals on big-ticket items such as appliances could help cut your move-in costs if the home’s appliances are dated or not included in the sale.

How mortgage interest rates factor in

Interest rates rose sharply in the early part of 2022 and reached 6% by summer. While it’s a sharp jump from pandemic averages, it’s also close to recent historical norms. Rates were closer to 5% as recently as late 2018, and they consistently hovered between 7% and 8% for much of the 1990s. They hit the high teens through much of the 1980s.

Still, the change in interest rates can make a home that was affordable six months ago now fall out of or in the upper range of a shopper’s budget. But higher rates have a somewhat cyclical effect: demand for homes decreases because buying has become more expensive. That reduced demand can, in turn, lead to price cuts on homes, which could potentially put that out-of-budget home back within reach.

To explore how changes in interest rates could affect what you pay each month for the homes you’re looking at, reach out and we’ll connect you with one of our preferred lenders!

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LOCAL EVENTS

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OUR FAVORITE LISTINGS

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NEW ROOFTOP RESTAURANT

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RITUAL Rooftop Restaurant & Lounge, a new Tulum-inspired concept, just opened on September 1st, 2022 and it’s one you should add to your list to check out! 

Wanting to bring an elevated food and service experience from the owners’ visits to Tulum, tropical plants greet you as you walk into RITUAL, which also boasts three large bars. The team says this concept will be Charleston’s largest rooftop space, and guests can enjoy views of Marion Square and the Ravenel Bridge.

RITUAL will offer international-inspired cuisine such as locally-sourced seafood including ceviche, aquachille, and whole fish. The culinary team has created a menu focused on shared plates fit for both small and large groups alike. The beverage program includes twelve artisanal cocktails using exotic spices, herbs, and fruits in addition to a curated wine list and by-the-glass offerings. 

The lounge plans to have live music, events during the day, late night parties, and more.

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Looking to Buy a Home?

See every Charleston area home for sale

Full MLS search with virtual tours, lots of pictures

tons of detail, interactive maps and more!

Looking to Sell Your Home?

What’s your Charleston area home worth?

Are you considering taking advantage of our market? Or, simply curious about your homes potential value?

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Copyright © 2022 Keller Williams Realty Charleston / Byrd Property Group, All rights reserved.

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Know more about Charleston on these other great contents