First-time home buyers not only account for the largest share of home sales in many markets, but represent the fastest-growing segment of home sales in nearly half of those markets, brokers surveyed by Inman News report.

Second homes and move-up homes, on the other hand, are the most rapidly shrinking segment of their business, brokers responding to the survey said.

Homes sold to first-time buyers made up the largest share of home sales for 37% of brokers.  

- Great place to raise a family!

Charleston is a relatively small and very friendly Southern city. Many good private and public schools. Many home buyers looking for new schools move to Mt. Plesant. Other areas of Charleston also offer great schools such as the Charleston School of Arts in North Charleston. Local college options would be the College of Charleston in historic downtown Charleston and MUSC - Medical University of South Carolina.

Charleston Beaches.....

Charleston offers a great selection of beaches, such as, Sullivans Island, Isle of Palms, Folly Beach, Kiawah Island, and Seabrook Island. 

Excellent year-around weather....

Charleston enjoys a semitropical climate with four seasons! Summers are warm and humid and winters are short and mild. Spring & fall are my favorite seasons with low-humidity and temps in the low 70s.

Real estate prices are low for all you get....

Even during the top of the market boom, sales prices have never greatly exceeded the actual home values. The home values have adjusted down approx. 20%. Single family homes start in the mid $100,000, condos, and town homes.

Stable and growing economy....

Charleston's economy is created from many privately owned businesses and some new large corporations. Boeing Commercial Aircraft is now building a new 787 plant which will be completed in 2011. The Boeing plant is expecting to hire 3,700 new employees. This should bring in additional Boeing subcontractors.

Charleston is a culinary and art destination.....

Charleston is well-known for it's many great restaurants offering Lowcountry cuisine. Historic downtown boasts many art galleries, antiques, and museums.

City of history....

From the battery, Fort Multrie, Fort Sumter, and the many plantations around the city. 

Boating.... 

If you do not have a boat you make sure a friend has one! Boating and fishing/shrimping are two activities that draw so many to live in the southeast coast. Charleston is a boating city with many rivers, creeks, and of course the harbor and Atlantic. Come visit soon!  

Charleston home sales are at a much more positive place thanks to the expanded government tax break for homebuyers. The median home prices rose about 2 percent to $195,534, reaching a high point for 2009.

Sales activity increased in the $200,000 to $250,000 range during December, helping push the median home price up. In all, the Charleston Trident Association of Realtors recorded a total of 618 local home sales last month, a 30% increase from December 2008.

Inventory listed for sale with Charleston Trident Multiple Listing Service dropped 5% to 8,940 compared to November.For most of last year, much of the region's sales activity was driven by first-time homeowners, which put  downward pressure on prices. The number of homes that sold for $160,000 or less increased 18% from 2008-2009, according to association data. 

Many local, regional, and national builders are wondering whether new homes require 4,800 square feet of living space. Or media rooms and theaters with 100+ inch screens or six bathrooms. I'm now living in a custom home on Daniel Island that is just over 2,300 square feet with four bathrooms. My next house will be more like 2,600 square feet with three bathrooms. 

With the American hosuing market decline and new home purchase loans at a nine-year low new buyers want smaller and simpler new homes. The smaller designed homes also mean less energy spent, less water usage, and lower maintenance cost overall. The ego-driven markets of having a two story foyer when you enter the home are gone! Many builders see a more conservative approach to their newhome designs. There's no formal living room or grand staircase. Today's buyers want open floor plans with the kitchen, family room, and breakfast area all in one open-space.   

Homebuyer Tac Credit has not only been extended, but it has been expanded to include current homeowners!!!!

Deadline for new and improved credit is April 30, 2010 - $8000 for first-time buyers - Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight. 

*Home valued at more than $800,000 are not eligible.  

Boeing -Welcome to Charleston, SC.

The Charleston media is saying that Boeing's 787 Dreamliner assembly plant has the potential to pump billions into the Lowcountry's economy. Attract many new suppliers to the area and trigger a ripple effect that could impact home sales, schools, ahd more. 

National Association of Realtors®

February 19, 2009

 

Overview

•In 2008 Congress created a $7,500 First-Time Homebuyer Tax Credit.

•It went into effect April 8, 2008 and was set to expire July 1, 2009.

•The big problem: It had to be repaid over 15 years. People viewed it as a debt and not a benefit.

 

NAR Proposes Changes
In 2008 NAR began advocating to:

•Remove the repayment feature of the credit

•Extend the credit to the end of 2009

•Make the credit available to every home buyer

 

The 2009 Tax Credit
Working with Realtors® across the country:

üWe succeeded in removing the repayment  requirement for 2009.

üThe credit has been extended to on or before November 30, 2009 and can be claimed by those who closed on homes on or after January 1, 2009.  It is still repayable for 2008 purchases.

üThe credit has been expanded to $8,000.

§But, it is still only for first time homebuyers

 

Credit Details
•The new Credit is an $8,000 REFUNDABLETax Credit (or up to 10% of the purchase price).

–So if the property is $75,000, the credit is only $7,500. (Assume a property over $80,000 for the rest of the discussion).

 

•Refundable means that if your total tax liability in the given year is less than $8,000, the IRS will send a refund for the balance.

 

Refundability –Why it’s Important
•Many taxpayers do not have tax liability that exceeds $8,000.

–For example, according to the 2008 IRS Tax Tables:

•A single filer would need $46,600 in taxable income to have $8,000 in tax liability.

•A couple would need $58,600 in taxable income to have $8,000 in tax liability.

•Those with less tax liability will in most cases get a refund meaning they get the full value of the credit.

 

 

Who cannot take the credit?
If any of the following:

–Your income exceeds the phase-out range. This means joint filers with Modified Adjusted Gross Income (MAGI) of $170,000 and above and other taxpayers with MAGI of $95,000 and above.

–You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.

–You stop using your home as your main home.

–You sell your home before the end of three years.

–You are a nonresident alien.

First-Time Homebuyer Definition
•Defined as someone who did not own another main home at any time during the three years prior to the date of purchase.

–For example, if you bought a home on January 15, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another home at any time from January 15, 2006 through January 15, 2009.

–So if the last time you owned a home was 2005, you are eligible for the credit even though it is really not your “first” home.

–For married joint filers, both must meet the 1sttime homebuyer test to take the credit on a joint return.  

 

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