Date post: | 15-Jan-2015 |
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Real Estate |
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Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
In 2012…•Stable - 1% increase•Traditional sellers increasing•Banks listing less property
Why so flat?•Uncertainty•Greed
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
In 2012…•13% increase from 2011
•Demand is sky-high
•First time since 2007 more than 10k homes sold
•Distressed sales declining
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
In 2012…•Healthy, steady increases
•Sustainable 4% growth
•Varies by area, neighborhood
•Prices have fallen JUST 8.6% from the peak in 2007
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
In 2012…•Major declines in inventory (- 21% since 2011!)
•Sellers have less competition
•Well-priced, good looking listings get avg. 92% of list
•Are we on the brink of a housing shortage?
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Financing Breakdown
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Outlook for 2013
• Continued sustainable growth in prices and sales
• Seller confidence should continue improving
• Buyer demand should continue growing
• Inventory may be an issue in some areas
• QM, QRM may have an impact
• Issues in Washington
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
2013 Sales Forecast
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
MLAGC CTAR
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
The battle in Washington
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Protecting the MortgageInterest Deduction
• Untouched in 'Fiscal Cliff' bill
• Will be debated as a cut in upcoming future budget and deficit talks
• Elimination vs. cap
• Major benefit for current homeowners
• Major incentive for future homeowners
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Qualified Mortgage (QM)Qualified Residential Mortgage (QRM)
• All FHA, VA, Rural Housing, Fannie Mae and Freddie Mac loans are given safe harbor.
• Loans with no risky feature and debt to income ratio less than 43% are given safe harbor.
• All government backed loans qualify and jumbo loans where the borrower’s debt will be less than 43% of monthly income.
• This will provide certainty and define the mortgage market with clear standards; gives banks 1 year to implement rule
• QRM guidelines are coming
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Protecting the MortgageInterest Deduction
• Untouched in 'Fiscal Cliff' bill
• Will be debated as a cut in upcoming future budget and deficit talks
• Elimination vs. cap
• Major benefit for current homeowners
• Major incentive for future homeowners
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
We can accomplish so much moretogether!
A partnership between CTAR and the MLAGC could have a large impact locally
• CTAR has opposed:
• Real estate transfer fees (proposed by City of Charleston in 2010)
• Residential rental restrictions
• Increased taxes on both commercial and residential property ownership
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Thank You!
Please contact me about getting involved in local legislative issues or CTAR events and programs.