Check out the latest June Events and Real Estate News in Charleston SC.

JUNE 2024 | ISSUE 26

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Summertime and the living is easy! 

Charleston is still preheating this month which means it’s rooftop season and we’ve included my favorite rooftop restaurants (including a Charleston rooftop map!) in this month’s edition. It’s also the start of Hurricane Season (expecting heightened activity this year), so we’ve got our local hurricane preparedness guide for you with information and tips to keep you, your home and family safe. And rounding out this edition includes celebrating Father’s Day, our May housing market info, and more!

Hope you enjoy this month’s edition and have a fun June!

Sincerely, 

Byrd Property Group
Bill, Waverly, and Chester

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TWO WORTHY CAUSES

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1^st Annual Dan Darling Memorial Games

 On June first, we co-sponsored and Bill played in the 1^st Annual Dan Darling Memorial Games with the proceeds going to Dawg Nation Hockey Foundation. Dan was a friend and teammate, and always entered the locker room with a smile! We all miss him very much.

The event featured 2 Games and an Auction/Party that afternoon. Everyone had a blast, and we raised over $8k for Dawg Nation who was instrumental in providing unsolicited and generous support to Dan in his final days.

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Jazz in the Fort

 The second event on June 5^th was the Friends of the Charleston National Parks “Jazz in the Fort” Concert at Fort Moultrie. Once again, the music of Charlton Singleton echoed in the walls of Ft. Moultrie.
 
As we are quickly approaching the 250th anniversary of the signing of the Declaration of Independence, the Friends of Charleston National Parks needs your help as it will assist the National Parks Service to prepare for this significant day and the upcoming events!

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MARKET UPDATE

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For the 12-month period spanning June 2023 through May 2024, Pending Sales in the Charleston Trident Association of REALTORS® region dropped 0.5 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales were up 23.3 percent.

The overall Median Sales Price were up 2.3 percent to $411,000. The property type with the largest gain was the Condos segment, where prices went up 4.1 percent to $350,000. The price range that tended to sell the quickest was the $750,001 to $1,000,000 range at 30 days. The price range that tended to sell the slowest was the $150,000 and Below range at 40 days.

Market-wide, inventory levels increased 43.8 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale rose 95.8 percent. That amounts to 2.5 months of inventory for Single-Family Homes and 2.7 months of inventory for Condos.

In conclusion, our market is not as hot for sellers as it was 2 years ago and seems to be continuing to slow down. The challenge for buyers is still low inventory. Eventhough our inventory has increased dramatically we are seeing tug of war between buyers and sellers. Sellers holding on to last years prices and buyers hoping to buy for less to offset the cost of higher interest rates.

Homes are still selling and this market is showing us the importance of price, location and condition! A fair price, in a great place, in excellant condition, will always win the day!

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HURRICANE PREPAREDNESS GUIDE

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We’re expecting quite a bit of activity this hurricane season, so it’s incredibly important to be prepared! Click the link below for our local Hurricane Preparedness Guide for all information and tips to keep you, your home and family safe. 

As always, you can reach out to us to see if we’re evacuating during any storms if that will help with your decision!

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LATEST SOCIAL MEDIA POST

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MORE FROM OUR BLOG

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LOCAL EVENTS

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ROOFTOP SEASON

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Citrus Club

The swanky mid-20th century boutique hotel The Dewberry is home to one of Charleston’s most gorgeous and exclusive rooftops, called Citrus Club. Perched on the 8th floor, the rooftop has a chic and sleek interior space, but it is the outdoor terrace that is the true gem. Among olive trees and palms, you can enjoy amazing 360° views over Charleston. The rooftop menu includes a nice selection of fresh small plates, beer and wine, but the the main attraction are the crafted and citrus-inspired cocktails

The Watch

The Watch Rooftop Kitchen & Spirits offers you a chance to taste Charleston while you also look out over the city. Up here you find an industrial-chic interior dining room, complemented with two sleek outdoor terraces, all surrounded by a breathtaking panorama of Charleston’s architectural history. The rooftop restaurant takes a cue from the rich history and coastal location, artfully serving modern American food with low country and global influences, while the rooftop bar offers crafted signature cocktails, plenty of zero proof, and a nice selection of wines.

The Mill Street Tavern

Taking you to Mount Pleasant for this one. Located along the banks of historic Shem Creek in Mt. Pleasant, The Mill Street Tavern offers a picturesque and charmin venue to gather and socialize. And at the modern rustic rooftop deck, you can do so with panoramic views over the local marshes, the Ravenel Bridge, and boaters sailing by on the creek. Open for brunch, dinner and drinks anywhere in between, Mill Street Tavern serves a menu filled with everything from shareable snacks and burgers to sushi and seafood, along with a fine selection of local brewery and distillery offerings.

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Thinking About Buying 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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Check out the latest August Events and Real Estate News in Charleston SC.

AUGUST 2023 | ISSUE 16

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Welcome August!

It is HOT outside, but the dog days of Summer for the kiddos are coming to a close (though we know you parents are ready for that)! In this month’s edition, we’ve included each County’s 2023 School Calendar as well as Back to School events and giveaways throughout the Tri-County.

Curious about our master-planned communities and what they have to offer? We’ve got all the information on our major communities and why they may be a great option for you and your family! Rounding out this edition are some great local events and our favorite listings. 

Have a lovely August!

Sincerely,

Bill, Millie, Waverly, & Chester

Byrd Property Group

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BACK TO SCHOOL

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Back to school is right around the corner and several organizations across the Lowcountry are holding events and giveaways to help parents and students get ready.

Here is a list of events in the area:

Aug. 5 – Charleston County – Back to School Backpack giveaway St. Thomas the Apostle Catholic Church, 6650 Dorchester Rd., North Charleston. 11 a.m. – 1 p.m. Event includes a health fair and giveaway while supplies last. Aug. 5 – Dorchester County – Dorchester School District 4 Back to School Bash Davis-Bailey Park, St. George. 10 a.m. – 1 p.m.

Aug. 6 – Berkeley County – Back to School Kickback 154 Martin Luther King Boulevard, 4 – 6 p.m. The ICAN scholarship organization is hosting a back-to-school bash in St. Stephen. The event will have free food. School supplies for all ages and music, games, and vendors.

Aug. 12 – Charleston County – Pack the Back back to school drive T-Mobile Call Center parking lot. noon – 3 p.m. The free event will feature a backpack giveaway, police and firetruck show, and face painting. Food trucks will be on-site with food for purchase.

Aug. 13 – Charleston County – “Operation Blessing” 1460 Tobias Gadson Boulevard, Suite 100, Charleston. World Overcomers Ministries is distributing 500 backpacks with school supplies, haircuts, toys and food to families in need following its 10:30 a.m. service where vouchers will be distributed Hands of Christ back-to-school program will provide two sets of school clothes and grade-related school supplies for grades 4K-8 at several locations and dates throughout the month- CLICK HERE for more information.

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CHARLESTON MASTER-PLANNED COMMUNITIES

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In the ever-evolving landscape of real estate, master-planned communities have emerged as the epitome of modern living. These meticulously designed neighborhoods offer a wide range of amenities and conveniences, attracting homebuyers seeking a harmonious blend of comfort, community, and connectivity. Charleston, renowned for its rich history and natural beauty, is no stranger to the allure of master-planned communities. As the demand for these developments continues to grow, it is essential to explore the current trends shaping the Charleston area master-planned community scene. Take a look below to delve into the latest developments, amenities, and lifestyle offerings that are redefining the concept of community living in Charleston.

Amenity-Rich Lifestyles: Elevating the Living Experience

One of the defining characteristics of master-planned communities in the Charleston area is their commitment to providing an abundance of amenities. From state-of-the-art fitness centers and swimming pools to walking trails and sports courts, these communities cater to residents of all ages and interests. Residents can enjoy an active and fulfilling lifestyle without ever leaving the comfort of their community. The inclusion of parks, playgrounds, and communal gathering spaces fosters a sense of belonging and encourages social interaction among neighbors, but many master-planned communities go a step further and organize regular social events, clubs, and activities. What kind of community amenities do many master-planned communities in the Lowcountry feature?

• Clubhouse: A large central gathering place that often hosts social events, clubs, and meetings. This facility may feature a catering kitchen, game room, and multi-purpose spaces for various activities.
• Fitness Centers: A well-equipped gym that may include cardio machines, strength training equipment, and group exercise classes to help residents stay fit and healthy.
• Resort-Style Pool Areas: These outdoor pool areas often come with a designated lap pool, sun deck, and lounge chairs for relaxing and socializing.
• Tennis & Pickleball Courts: Multiple courts to accommodate different skill levels, including league play and lessons.
• Walking and Biking Trails: A network of trails for walking, jogging, or biking throughout the community, connecting residents to various amenities and providing opportunities for outdoor exercise and enjoyment.
• Outdoor Patio and Grilling Area: Spaces designed for socializing, relaxing, and dining with friends and neighbors.
• Social Clubs and Activities: A variety of clubs and activities to cater to different interests, such as arts and crafts, cards and games, gardening, sports, and more.

Some 55+ communities, like Del Webb Nexton and Cresswind Charleston, even feature full-time Lifestyle Directors who play a central role in maintaining a full social calendar, a thriving social atmosphere, and a sense of community.

Mixed-Use Developments: Bringing Convenience to Your Doorstep

In response to the growing demand for convenience, master-planned communities in the Charleston area are incorporating mixed-use developments. These communities feature a harmonious blend of residential, commercial, and retail spaces, creating a vibrant and self-sustaining environment. Residents can enjoy the convenience of having shopping centers, restaurants, and entertainment venues just a short walk away from their homes. This integration not only saves time but also fosters a strong sense of community and encourages local economic growth.

Multigenerational Living

Multigenerational living is becoming more popular too, with many master-planned communities offering a range of housing options to accommodate families of all sizes and age groups. This trend supports the desire for close family connections and creates a vibrant and diverse community atmosphere.

Customization and Personalization: Tailoring Homes to Individual Preferences

Charleston’s master-planned communities understand the importance of individuality and personalization. Developers are offering a range of customization options, allowing homeowners to design their dream homes according to their unique preferences. Builders, like Pulte Homes, offer an ultimate design experience in state of the art showrooms. From choosing floor plans and finishes to selecting architectural styles and interior designs, residents have the freedom to create spaces that truly reflect their personalities. This attention to detail ensures that each home within the community is a distinct and personalized sanctuary.

Sustainable Living: Paving the Way for a Greener Future

Sustainability is at the forefront of Charleston’s master-planned community trends. Developers are integrating eco-friendly features such as solar panels, rainwater harvesting systems, and energy-efficient appliances into the community’s infrastructure. These initiatives not only reduce the environmental impact but also help homeowners save on utility bills. The emphasis on sustainable landscaping practices, including native plantings and water conservation measures, further enhances the ecological balance within these communities. Area builders are increasingly adopting environmentally friendly practices and sustainable design elements, such as:

• Energy-efficient home construction
• Natural resource conservation
• Preservation of green spaces
• Incorporation of native plants in landscaping

Carnes Crossroads will be the future home to a thriving Agrihood. In the coming years residents can discover community gardens and a real working farm. Led by a team of professional farmers, homeowners can experience the benefits of fresh produce, herbs, and flowers.

Future of Master-Planned Communities in Charleston

The future of master-planned communities in the Charleston area is bright, with an emphasis on sustainable development, smart growth, and a wide range of amenities to cater to the evolving needs and preferences of residents. As these trends continue to shape the landscape of the Charleston area, we can expect master-planned communities to remain a popular choice for those seeking a high-quality living experience that combines nature, modern conveniences, and a strong sense of community.

• Increased focus on sustainability and environmental stewardship
• Greater adoption of smart home technology and infrastructure
• Continued emphasis on mixed-use development and walkable communities
• Enhanced integration of public transportation options and golf-friendly communities
• Continued emphasis on multigenerational living arrangements

Some of the Charleston Area’s Largest Master-Planned Communities:

Below are some of the largest master-planned communities in the Charleston area that exemplify the latest trends and offer residents an exceptional living experience:

Nexton

CLICK HERE for Nexton Real Estate

The Nexton community isn’t literally a town, but with everything that’s there, it sure does live like one. It’s located in Summerville and is a technologically advanced master-planned community. Nexton offers gigabit-speed internet, smart home technology, and almost half of the entire community is devoted to parks and nature. And these aren’t just your standard-issue parks. Each one has its own character and its own way of encouraging healthy living, creative play, and community spirit.

• Parks and Green Spaces: Nexton features beautifully landscaped parks, green spaces, and nature trails, providing residents with opportunities for outdoor activities, picnics, and leisurely walks.
• Nexton Square: The community has a vibrant town center called Nexton Square, offering a variety of shops, restaurants, and entertainment options within walking distance.
• Greeting House and Swim Club: The Greeting House serves as the community’s social hub, hosting events and activities for residents. The adjacent Swim Club provides a refreshing swimming pool for relaxation and recreation.
• Fitness Facilities: Nexton offers fitness facilities, including a state-of-the-art fitness center and dedicated exercise spaces for yoga, aerobics, and other fitness classes.
• Dog Park: There is a dedicated dog park where residents can bring their furry friends for exercise and socialization.
• Bicycle and Walking Trails: Nexton has an extensive network of trails and paths, perfect for walking, jogging, and cycling, allowing residents to enjoy the outdoors and stay active.
• Community Events: The community regularly hosts events and gatherings, such as concerts, festivals, and farmers’ markets, fostering a sense of community and providing opportunities for socializing.
• Education: Nexton is home to top-rated schools, including Nexton Elementary, which offers convenient access to quality education for families residing in the community.

Cane Bay Plantation

CLICK HERE for Cane Bay Real Estate

Located in Summerville, Cane Bay Plantation offers a range of housing options, from single-family homes to townhomes and age-restricted communities. With its own shopping center and numerous recreational facilities, Cane Bay Plantation is a shining example of mixed-use development. The community offers an expansive lake system for kayaking and fishing and waterfront and wooded homesites are available.

Carnes Crossroads

CLICK HERE for Carnes Crossroads Real Estate

Carnes Crossroads in Goose Creek is a master-planned community that emphasizes mixed-use development. This upscale masterplan community meticulously weaves its beautiful neighborhoods, commercial areas, parks, and lakes together. Located in the heart of Berkeley counties growth corridor, Carnes Crossroads is a vibrant, small-town community built around simple pleasures and a gentle pace of life. Quiet, tree-lined streets flow seamlessly among beautiful parks, lakes, and miles of walking, running and biking trails. Where neighbors smile and wave. Porches double as family rooms. And charming neighborhoods are intertwined with a growing downtown.  It is an established masterplan community with active new construction pockets.

Summers Corner

CLICK HERE for Summers Corner Real Estate

Lennar has brought in the best local and national talent to create a new model for town-building—one that weaves together beautiful new homes, artful parks, natural open spaces and local retail offerings to form a tight-knit community. It all comes together in a place that looks both forward and back—as they celebrate the small-town feel of Summerville and the easy, friendly cadence of life in the Lowcountry. Summers Corner is part of the East Edisto region, a vast area between the Edisto and Ashley rivers, spanning Dorchester and Charleston counties. The land is teeming with Lowcountry history.

Point Hope

CLICK HERE for Point Hope Real Estate

Located within the City of Charleston, Point Hope is an extension of the incredible walkability, history and culture that have earned the city countless accolades. Also steeped in history, Point Hope’s beauty is undeniable. As a treasured family gathering place for generations, the land for Point Hope was annexed into the City of Charleston as part of its overall growth plan more than 20 years ago. Through thoughtful community design and continued stewardship, Point Hope creates a bridge between the land’s legacy and its vibrant future.

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OUR RECENT CLOSINGS

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LOCAL EVENTS

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OUR FAVORITE LISTINGS

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Thinking About 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

Check out the latest April 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.

APRIL 2023 | ISSUE 12

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Happy April!

There’s truly no sweeter time in Charleston than Spring! The weather is mild, flowers in bloom and there are so many festivals and events taking place this month. We’ve got those covered below plus our Spring Housing Market information, our top Spring streets in Charleston, how mortgage rates affect your buying power (don’t miss this!) and more.

Have a sweet April!

Sincerely,

Bill, Millie, Waverly, Jeff, & Chester

Byrd Property Group

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OUR SURPRISING MARKET

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If you’ve been listening to the talking heads on the national news you may not believe what I’m about to tell you! But…I’ve got the stats to prove it below.

For home sellers, the headline should read, “Sell Now, Before The Market Changes”! And for home buyers the headline should read, “Buy Now, before rates and prices go up”!

Impossible you say? I just “read the tea leaves”!

The Numbers from March 31, 2023

First let’s look at the number of single family homes for sale in our MLS. The inventory of homes for sale is up 53% since this time last year!

That’s a good thing for buyers. More homes to choose from. More competition for sellers. Still at 1,200+ homes for sale, our inventory is about 5,000 homes short of a balanced market. So, it’s not so bad for sellers! Still a sellers market and trending down!

Next let’s look at SOLD Prices. Home prices are actually up 5% since the same time last year. The Medium sale price is now $420k, up from $400k last year. Good for sellers and trending higher, not so good for buyers!

So, many folks assume that sellers should be willing to drop their prices and dump their homes in this stressed market? Well, if you listen to CNBC and others, you certainly would think so! Not so fast…home sellers in Charleston on average last month got 98% of their asking price. A 2% reduction is not really giving it away, is it! Good for sellers and trending up, not so good for buyers!

Now it certainly must take longer to sell a home now…right? Not so fast! Last month in Charleston the medium Days on the Market was 13! Good for sellers and trending down, not so good for buyers.

And the last statistic from March I’d like to share, is that the Supply of Homes on the market is decreasing again. We now have slightly less than a 1.5 month supply of homes on the market as of the end of March. As a frame reference, a 4-6 month supply of homes on the market is a more balanced market. Any number under 4 is considered a sellers market.

Now let’s talk about rates! I think this is were we have to get real about the market and inflation and all of the things that go with the current environment.

We’ve been high on government stimulas for so long, many are in denial. In my opinion, we probably won’t see rates in the 3’s or 4’s again in our lifetimes! It took us 40 years to come down off the high rates in 1981 and we have been climbing since this time last year. I believe, as do many experts this is the start of an upward trend that will last many years.

If I’m right, and you buy now, and lock in a great rate, you’ll be glad you did!

If I’m wrong, and rates come down, you refinance, and you’ll be glad you bought before prices get higher.

So you see both senerios are good! “Sell Now, Before The Market Changes”! And, “Buy Now, before rates and prices go up”! Either way you win!

WHY IS CHARESTON DIFFERENT?

Charleston is still one of the most popular desinations for folks that are relocationg in the US and their is plenty of evidence that it will continue.

If you like to know what your home is worth in this changing market let us know. Please reach out we will be happy to help!

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YOUR HOME’S WORTH

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The Spring market has been in full swing with March showing 📉 under 2 months of inventory, 💵 multiple offers in specific areas and 💨 shorter days on market.

If you’re interested in what your home is worth today, click on the link below to request a free valuation report evaluated by US (not an algorithm).

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TOP 3 SPRING STREETS IN CHARLESTON

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LOCAL EVENTS

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OUR FAVORITE LISTINGS

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MORTGAGE RATES AND YOUR BUYING POWER

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The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.

The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment.

You may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is tough. There are ways to decrease your interest rate NOT on your dime. Send us a reply if you’re interested in learning 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 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

Check out the latest March 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.

MARCH 2023 | ISSUE 11

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Happy March!

Spring definitely came early this year! This beautiful weather has brought the Azaleas blooming (plus all the pollen!) AND our housing market has already started heating up. We’ve got the stats on what we saw in February and what we’re seeing today as well as tips on prepping your home for the Spring market. We’ve also got St. Patrick’s Day events throughout town, how to become a true Charlestonian and more.

Wishing you all the luck this month!

Sincerely,

Bill, Millie, Waverly, Jeff, & Chester

Byrd Property Group

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HOW TO BEECOME A CHARLESTONIAN

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The essentials

Voter registration

Make sure you’re eligible and registered to vote, find your polling location, and preview upcoming elections and sample ballots here.

Driver’s licenses and vehicle registration

New residents in need of an SC driver’s license will need to provide their social security number, proof of identity, citizenship, and date of birth, and two documents confirming their current physical SC address.

For dealer-purchased vehicles, titling and registration will be completed for you (generally). If your vehicle was purchased from an individual that holds the title, here’s what you’ll need to register your car in SC:

• A completed Title Application and Statement of Vehicle Operation in South Carolina (if you don’t currently have an SC driver’s license or ID)
• A first assignment completed on the title, including the odometer reading, date of sale, buyer’s name and address, sales price, lienholder information (if necessary), and seller’s and buyer’s signatures
• Note: A bill of sale may need to be presented if the assignment on the title doesn’t have a sales price section

Find out what you need to transfer a plate or request a new one here. Initial registrations may be subject to title and registration fees.

Visit an SCDMV branch to obtain an SC driver’s license or register your vehicle.

Healthcare

Establishing yourself with a primary care provider is one of those things you’ll be glad you did when you need one. Reach out to the professionals at Roper St. Francis Healthcare, MUSC Health, or Palmetto Primary Care Physicians, to name a few. Pro tip: Websites like DocSpot filter physicians by location, patient reviews, insurance, language, and more.

Educational needs

School registration

Prepare your student for the school year by registering them with Charleston County School District (or Berkeley County School District). Here, you’ll find school districts based on your residential area, and elementary, middle, high, and charter schools within each of the eight constituent school districts. Use this map to find school options by zone.

Get details on Charleston County School District registration and enrollment here, including a required documentation list and registration link. For information on Charleston County’s private schools, check out this list.

Library card registration

If you think libraries are only for checking out the occasional book, think again. Register for a library card at your nearest Charleston County Public Library branch or online to take advantage of:

• Curbside services
• Books-by-mail
• Events
• Private meeting spaces for groups
• Learning programs
• One-on-one training
• eBooks, music, and movies
• Computer and Wi-Fi access

To get your card, you’ll need a photo ID and proof of address. Young adults ages 12-17 are eligible for a young adult library card, and those under the age of 12 can get a card with a parent or guardian’s signature.

Home necessities

Recycling

Thanks for thinking green. For everything you need to know about recycling in Charleston, from pickup days to container requests and accepted materials, check out this Charleston County Environmental Management page.

Utilities

Moving is exciting, but no one wants to unpack by candlelight. Establish your services with Dominion Energy by creating an account or updating your address in your existing account. Pro tip: Check out this info to learn how to manage seasonal bills.

Internet providers

No connectivity issues here. Check out some of the internet providers in the 843 below. Note: Service cost and availability may vary by location.

• Xfinity | Internet service starting at $30 per month for 12 months
• AT&T Fiber | Internet service starting at $55 per month
• Home Telecom | Internet service starting at $49.95 per month
• WOW! | Internet service starting at $9.99 per month
• T-Mobile Home Internet | Internet service starting at $50 per month

Article via CHSToday

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CHARLESTON’S HOUSING MARKET

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With these sunny, 70 degree days and continuous low inventory (still below pre-pandemic levels), it’s safe to say the Spring Market has already begun!

This year, Charleston’s market has seen a whiplash in activity starting with a rebalance in January, back to multiple offer situations in February and now still steady buying activity overall. With this most recent rate increase, buyers are being very thoughtful, however, with their budget and buying decisions. As always, it’s incredibly important to be presenting and pricing your home correctly (which is where our guidance and expertise comes in!). 

Take a look below at the market stats for each area and please send us a reply if you’re planning to make a move this Spring.

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ST. PATRICK’S DAY EVENTS

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LOCAL EVENTS

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OUR FAVORITE LISTINGS

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SPRING SELLING CHECKLIST

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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

Check out the latest February 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.

FEBRUARY 2023 | ISSUE 10

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Happy February!

February is such a fleeting month, but it’s one of our favorites for not only celebrating love, but the very beginning of Spring. 

We’ve got a fun (AND informative) edition this month including both Galentine and Valentines events, recent Residential Market Update, where to buy stunning bouquets from local businesses, and more.

Hope you enjoy and if you have any small businesses, restaurants, etc that you’d like for us to highlight, please send a reply!

Sincerely,

Bill, Millie, Waverly, Jeff, & Chester

Byrd Property Group

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JUST LISTED, WHOOPS JUST SOLD

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After a widely successful weekend of Open Houses at our brand new listing in the heart of James Island, we got this fantastic property under contract with MULTIPLE (8) offers!

SOLD in just 2 days on the market and the so-called experts say our market is slowing down!

ANOTHER NEW LISTING!

And we have other new land listing in Reeseville!

This is a great opportunity for you to have your own subdivision! Build on one lot and then sell the others or just keep it as one 8-ac property! When you own land… you have options.

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MOVE OVER VALENTINE

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We all know the big-ticket, romantic restaurants in Charleston (Halls, Oak Steakhouse, Vern’s- newbie you don’t want to miss!), but there are tons of great Galentine events this year to check out, too!

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RESIDENTIAL MARKET UPDATE

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Last week we attended our Association’s Annual Market Update and it was (as always) filled with valuable information about what we saw last year and what to expect this year. Our notes were long and detailed, but we’ve included the top 3 things you need to know here:

1. Theme for this year is readjustment– the last 2 years have been very out of balance with supply and demand and we are seeing a readjustment to pre-pandemic levels.

Is a recession required to readjust? A recession would likely be mild if happens- it is NOT inevitable due to consumer spending growth, retail sales growth, strong labor market, job openings rate (far higher than pre-pandemic). 2. South Carolina has seen a fast and strong employment recovery with employment levels at 2.2% above pre-pandemic peak (Feb 2020); there are more people working today in South Carolina than any point in history.

Charleston has recovered at 105.8%, #1 of all areas in South Carolina (manufacturing and construction are top industries). 3. The housing market in Charleston and South Carolina look incredibly bright and positive. Rates are only projected to rise by another 50 basis points for all of 2023 as most of the hikes have already been implemented. There is a 50/50 chance of a recession of which effects will be mild in SC specifically due to our strong labor market (currently at 3.3%, lowest since 1976).

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LOCAL EVENTS

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OUR FAVORITE LISTINGS

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LOCAL FLOWER SHOPS

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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

Check out the latest January 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.

JANUARY 2023 | ISSUE 9

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Happy New Year!

We love a new year and a fresh start. We also love taking a moment and reflecting on the previous year.

In 2022, we were esteemed to have helped  29 families either buy or sell a home for a total sales volume of $15,651,706.

Thank you to all who have trusted us and for making us part of your home-buying and home-selling journey. Cheers to this new year!

Sincerely,

Bill, Millie, Waverly, Jeff, & Chester

Byrd Property Group

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CHARLESTON TOP 10 MARKET TO WATCH IN 2023

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Even against the backdrop of a national housing slowdown, the South is expected to remain a booming region for home sales in 2023. “The demand for housing continues to outpace supply,” says NAR Chief Economist Lawrence Yun. “The economic conditions in place in the top 10 U.S. markets—all of which are located in the South— provide the support for home prices to climb by at least 5% in 2023.”

NAR identified the following top 10 real estate markets to watch next year:

1. Atlanta-Sandy Springs-Marietta, Ga.
2. Raleigh, N.C.
3. Dallas-Fort Worth-Arlington, Texas
4. Fayetteville-Springdale-Rogers, Ark.-Mo.
5. Greenville-Anderson-Mauldin, S.C.
6. Charleston-North Charleston, S.C.
7. Huntsville, Ala.
8. Jacksonville, Fla.
9. San Antonio-New Braunfels, Texas
10. Knoxville, Tenn.

NAR identified these markets by weighing multiple factors and comparing them to national levels, including:

• Housing affordability
• The number of renters who can afford to buy a median-priced home
• Job growth
• Migration gains and population growth
• An increase in active housing inventory
• Less severe housing shortages

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2023 SEWE WILDLIFE EXPO SPECIAL EVENTS

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Approximately 40,000 people are expected to show up for the 41st edition of the Southeastern Wildlife Exposition, a celebration of art and the outdoors that has drawn crowds from near and far since 1983. Scheduled for Feb. 17 through Feb. 19, SEWE will offer a wide range of events and activities highlighting the passion and expertise of more than 500 artists, exhibitors and wildlife experts. Though much of SEWE is open to everyone with a general admission ticket, there are some events designed to make your visit to SEWE even more special.

These events are very popular and are expected to sell out, so make sure to book your tickets on the SEWE website soon!

Steep Canyon Rangers at the Gaillard Center

The Steep Canyon Rangers will kick off the Exposition Feb. 16 with their own special brand of bluegrass music. The show will run from 7:30 p.m. to 11 p.m. at the Gaillard Center in partnership with SEWE. North Carolina’s Grammy award-winning bluegrass band is sure to rock Gaillard’s main stage all night long. Reserve your seat today!

Birds of a Feather

Slated for Feb. 18 at Union Station in downtown Charleston, the Birds of a Feather Ladies Brunch Benefit offers a diverse mixture of entertainment, unique raffle packages and a live auction with Lowcountry Live star Erin Kienzle. Artist Amy Lay will also be creating a live painting during the occasion. Presented by Norton + Hodges, the event will be held from 10 a.m. to 2 p.m., includes a three-course lunch and adult beverages. Proceeds from Birds of a Feather will benefit local bees and pollinators.

2023 Lowcountry Social

The 2023 Lowcountry Social special event is already sold-out for the 2023 SEWE. Those who were lucky enough to grab a ticket while they were still available will be enjoying an evening of Lowcountry barbecue with an open bar and sweet bluegrass music by the open fire pit from 7:30 p.m. until 10:30 p.m. on Feb. 18.

Cocktails & Conservation with Garden & Gun

You can purchase tickets for one of two sessions, or you can attend both. Either way, you’ll enjoy cocktails, “small bites” and enlightening conversations on important topics in the conservation world. Both programs will be held at Garden & Gun headquarters in the historic Cigar Factory on East Bay Street in Charleston.

Garden & Gun Editor in Chief David DiBenedetto will lead the discussion Feb. 18, along with Durrell Smith, co-founder of the Minority Outdoor Alliance. The conservation conversation will be all about gun dogs and bird hunting, but Smith also will talk about his nonprofit organization, which encourages people from diverse backgrounds and ethnicities to take part in outdoor activities such as fishing and hunting.

On Feb. 19, also from 2 p.m. to 4 p.m., fishing will be at the top of the agenda. Garden & Gun Contributing Editor T. Edward Nickens is to be joined by Dr. Jennifer Rehage, director of the Rehage Laboratory of Coastal Fish Ecology & Fisheries at Florida International University. They’ll talk about how going after bonefish, tarpon, permit, redfish and snook is changing. She’ll also provide insight into what researchers have learned during saltwater fisheries studies in the past 10 years. To purchase tickets to the special events offered by the Southeastern Wildlife Expo, visit sewe.com/special-event-tickets.

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HOLIDAY EVENTS

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OUR FAVORITE LISTINGS

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WINTER HOME CHECKLIST

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Even if you aren’t planning to sell this month, getting your home properly maintained and in order will feel like a great fresh start to the year!

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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

Check out the latest December 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.

DECEMBER 2022 | ISSUE 8

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Happy Holidays!

It’s the season of Joy and this month’s newsletter has you covered with fun holiday events, why you should consider listing during the Holidays AND even a gift guide featuring Charleston small businesses. Also, be sure to scroll the bottom if you’re thinking about adding a furbaby to your family this year!

Hope you enjoy and have a wonderful Holiday Season and Happy New Year!

Sincerely,

Bill, Millie, Waverly, Jeff, & Chester

Byrd Property Group

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5 REASONS TO LIST DURING THE HOLIDAYS

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Each year, homeowners planning to make a move are faced with a decision: sell their house during the holidays or wait. And others who have already listed their homes may think about removing their listings and waiting until the new year to go back on the market.

The truth is many buyers want to purchase a home for the holidays, and your house might be just what they’re looking for. Here are five great reasons you shouldn’t wait to sell your house.

1. While the supply of homes for sale has increased this year, there still aren’t enough homes on the market to keep up with buyer demand. As Nadia Evangelou, Senior Economist & Director of Forecasting at the National Association of Realtors (NAR), explains:

“There’s still this gap between demand and supply because we were underbuilding for many years. . . . So now we see demand is slowing, but it still outpaces supply.”

2. Serious homebuyers are out looking right now. Millennials are driving homebuying demand today, and many are eager to make a purchase. Mark Fleming, Chief Economist at First American, explains:

“While not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.”

3. The desire to own a home doesn’t stop during the holidays. In fact, homes decorated for the holidays appeal to many buyers. Plus, purchasers who look for homes during the holidays are ready to buy.

4. You can restrict the showings in your house to days and times that are most convenient for you. That can help you minimize disruptions, which is especially important this time of year.

5. Rents have skyrocketed in recent years. And, many buyers are looking to escape rising rents and avoid falling into the rental trap for another year. As an article from Zillow says:

“Over the next 12 months, rents are expected to grow more than inflation, the stock market and home values.”

Your home could be their ticket to leaving renting behind for good.

Bottom Line

There are still many reasons it makes sense to list your house during the holiday season. Let’s connect to determine if selling now is your best move!

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CHARLESTON GIFT GUIDE

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Charleston has a little something for everyone! Need another gift recommendation from a local Charleston business? Reach out!

1. Charleston Blood Mary Mix

2. Charleston Shoe Co Handle Bag

3. Old Whaling Co Bath Bomb

4. Hart Custom Charm Necklace

5. Charleston Skyline Ornament

6. Othos Scented Candle

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HOLIDAY FESTIVAL OF LIGHTS

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The Holiday Festival of Lights returns for another year of magic at James Island County Park! This vibrant light show is one of Charleston’s most cherished holiday events, featuring an estimated two million dazzling lights.

The Annual Holiday Festival of Lights is open every evening, rain or shine, from Nov. 11– Dec. 31, 2022. The festival is open at 5:30 p.m. and closes at 10 p.m. nightly.

Millions have toured the Holiday Festival of Lights, which is hosted by the Charleston County Parks at James Island County Park. The holiday hotspot has earned many awards and mentions throughout the country.

Families are invited to warm their hearts as they cruise along the three-mile display of glimmering lights through the park. The festival features over 750 light displays, including the newly refurbished and rebuilt Cooper River Bridge display. In addition to the driving tour, guests can park the car and explore family attractions, shopping, dining and more.

Highlights include:

•Marshmallow Roasting

•Festival Train Rides

•The Amazing Dancing Light Display

•Enchanted Walking Trail

•Old-Fashioned Carousel

•Santa’s Sweet Shoppe and concessions: hamburgers, kettle corn, hot chocolate and more

•Gift Shops

•Daytime photo opportunities to “Mingle with Kringle” (register in advance)

•Climbing Wall

Visit Winter Wonderland, home of the area’s largest holiday sand sculpture, formed from over 50 tons of sand. Roam through festival shops for merry gifts, official 14-kt gold on brass collector series ornaments, toys, personalized items, decorations and stocking stuffers. Take a ride on the train for an up-close view of the festival, and to see even more light displays.

Make a trip to Santa’s Village, where old St. Nick is waiting to take photos, starting Nov. 21 through Dec. 23 6pm-closing. Take a spin on the old-fashioned carousel, toast s’mores at the marshmallow roasting pits and marvel at the outstanding 4-by-8 holiday greeting card designs created by local students for the annual holiday art competition. This is such a uniquely Charleston event and I hope you enjoy it and add it as a yearly tradition!

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HOLIDAY EVENTS

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OUR FAVORITE LISTINGS

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CHARLESTON ANIMAL SOCIETY

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From December 1st to December 11th, all dogs and cats have their adoption fees waived as Charleston Animal Society takes part in their weeklong, Winter Empty the Shelters Event!

Visit the link below to learn more about adding a new member to your family from Charleston’s no-kill animal shelter/hospital!

Amazing fact- Charleston Animal Society has been saving and caring for our beloved pets since 1874!

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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

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