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
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
THANKSGIVING TO-GO
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
- Thanksgiving to-go meals from Poogan’s are now available for pre-order
- Enjoy traditional turkey or prime rib, sides, pies, and biscuits
- Your items will be packed with heat-and-serve instructions
- Pre-order by Sunday, November 20th at 5 pm, then pick up on Wednesday, November 23rd
- Order online from Poogan’s Porch: poogansporch.com
82 QUEEN
- Offering a Thanksgiving Meal for $179
- Serves 5-7
- Pickup at Jalisco on Folly Road in James Island
- Click here for the menu and more info
MARTIN’S BBQ JOINT
- Menus include two options – the Major Feast (serving 12-15 guests) or Small Gatherings (serving 4-6)
- Enjoy options of smoked turkey or ham, mashed potatoes, green beans, and dessert
- The restaurant also donates $5 from every Thanksgiving Meal to local charitable organizations dedicated to fighting hunger
- You can see the menu here
WHY TODAY’S MARKET ISN’T LIKE 2008
With all the headlines and talk in the media about the housing market, you might be thinking that the bubble is bursting. It’s only natural for those thoughts to creep in that make you think it could be a repeat of what took place in 2008. But the good news is, there’s concrete data to show why this is nothing like the last time.
There’s Still a Shortage of Homes on the Market Today, Not a Surplus
For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to fall dramatically. Supply has increased since the start of this year, but there’s still a shortage of inventory available overall, primarily due to almost 15 years of under-building homes.
The graph below uses data from the National Association of Realtors (NAR) to show how the months’ supply of homes available now compares to the crash. Today, unsold inventory sits at just a 3.2-months’ supply at the current sales pace, which is significantly lower than the last time. There just isn’t enough inventory on the market for home prices to come crashing down like they did last time, even though some overheated markets may experience slight declines.
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!
LOCAL EVIDENCE
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!
COASTAL CAROLINA FAIR
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
LOCAL EVENTS
Charleston Scottish Games
Nov 5th Gates Open 8AM
Riverfront Park
1061 Everglades Ave, North Charleston
Symphony Tour of Island Homes
Nov 5th 10AM-3PM
Homes throughout Kiawah Island
Charleston Oyster Week
Nov 6-18th
Various events throughout Charleston
Free Family Friday
Nov 11th
Children’s Museum
25 Ann St, Charleston
Boots, Bluegrass and BBQ
Nov 12th 7PM
Palmetto Carriage Works
8 Guignard St, Charleston
OUR FAVORITE LISTINGS
59 King St, Charleston
$2,950,000
Listing C/O William Means
6 Oakdale Place, Charleston
$699,000
Listing C/O Marshall Walker
820 Bose Ct, Mount Pleasant
$2,095,000
Listing C/O Oakmont
100 Antilles Cir, Wando
$750,000
Listing C/O Charlestowne Realty
5037 France Ave, North Charleston
$499,900
Listing C/O Bluestone Realty
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?
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Are you considering taking advantage of our market? Or, simply curious about your home’s potential value?
THIS MONTHS PREFERRED VENDORS
- Guild Mortgage is a leading independent mortgage lender in the United States, specializing in residential home loans.
- Services offered:
- Mortgage Refinancing
- Mortgage Loans
- Contact Information:
- Email: cmacgillivray@guildmortgage.net
- Contact number: (843) 258-9078 (Office) | (803) 404-0204 (Mobile)
- Address: 950 Houston Northcutt, Ste 105 Mt Pleasant, SC 29464
- Website: https://www.guildmortgage.com/
- Experienced real estate attorneys and paralegals that facilitate home closings, refinances, home equity lines, and other home-related services.
- Services offered:
- Home Purchases
- Refinancing
- Home Equity Lines
- Seller Representation
- Deed Preparation
- Title Insurance
- Contact Information:
- Contact number: (843) 881-8400 (Phone) | 843-881-0588 (Fax)
- Address: 317 Wingo Way, Suite 305 Mt. Pleasant, SC 29464
- Website: https://donaldsonlawfirm.net/
- Whether you need help with retirement planning, advanced tax planning for retirement, estate planning, tactical asset allocation, or overall wealth management in retirement, Coastal Financial Planning Group can help.
- Services offered:
- Tactical Asset Allocation
- Retirement Planning
- Advance Tax Planning
- Estate Planning
- Contact Information:
- Contact number: (843) 735-5065
- Address: 78 Ashley Point Drive, Ste 201 Charleston, SC 29407
- Website: https://www.cfpgroup.biz/
Moon Doggie Exteriors
- Veteran and Woman-Owned Roofing and Exteriors Contracting Company Serving the South Carolina Lowcountry. Licensed, Bonded, and Insured.
- Services offered:
- Asphalt Shingle Roof Repairs and Replacements
- Metal Roof Repairs and Replacements
- Inspections at No Cost
- Contact Information:
- Email: office@moondoggieexteriors.com
- Contact number: (843) 603-1654
- Address: Magnolia Rd, Charleston, SC, United States, South Carolina
- Website: https://moondoggieexteriors.com/
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