SC Ranks 37th

The state of South Carolina showed relatively no change in average personal income growth for the third quarter of 2011 and ranked 37th in growth in the United States, according to estimates released by the U.S. Bureau of Economic Analysis on Monday. However, South Carolina exceeded the national average growth in seven of 24 business sectors that were analyzed. The largest growth was seen in health care and social assistance, where the state realized a 1.6% increase compared with the previous quarter. The national average is 1.4%. The state’s increase represents $158 million above second quarter earnings. Read the entire article from GSA Business.

Published on December 27, 2011 at 3:04 pm | Permalink

4 Lessons from the 1%

I thought the article was interesting. Learn from those who are ahead.

- Take advantage of government programs/assistance

-Take full advantage of the tax code

-Pay for professional advice when it counts.

-Don't let emotion cloud your decisions

Read the article here

Published on December 22, 2011 at 12:46 pm | Permalink

Is it time to move your money into real estate investments?

Is it time to start investing in real estate? In the Greenville area there are over 300 properties that are priced below $50,000.

Investing in real estate does not mean that you have to do all the work, manage the property, etc. There are many ways to be a real estate investor. One way is to simply provide the capital to another who will then work to recoup your money plus pay you interest for that temporay loan.

Some benefits of real estate is that it allows for more control over expenses and income, decisions, and where to invest.

Take a look and see if any properties are near you!

Published on December 20, 2011 at 9:58 am | Permalink

Is this the Direction of Housing for 20 & 30 Year Olds?

From Inman News:

"Student loan debt now totals $865 billion, which is greater than all credit card debt outstanding, as well as all other types of household debt except for mortgages.

College graduates have debt averaging $25,000. Even more troubling is the rise in debts associated with for-profit college and trade schools, whose revenues come primarily from debt available through federal government programs.

The debt load is so high, and the job outlook so bleak, that student loan default rates have almost doubled. With the economy little improved since 2009 (two-year lag on data), default rates are bound to rise further.

Student loans are going to be yet another hurdle for the housing market to overcome. Faced with mounting student loan debt, poor job prospects and stagnant wages, an increasing amount of 25- to 34-year-olds (a prized demographic for the housing sector) have moved back in with their parents. Almost 6 million 25- to 34-year-olds now live with mom and dad, up 26 percent from when the recession started in 2007.

Today's 36.8 percent homeownership rate for 25- to 29-year-olds is at its lowest level since 1999, and homeownership for 30- to 34-year-olds is at its lowest rate in 17 years.

The good news is that this pent-up demand will ultimately provide a much needed boost to the housing sector. The bad news is that the boost will be heavily skewed to the rental market, as it will take longer than ever for young people to qualify for a mortgage, especially if more and more graduates are hit with credit blemishes from unpaid student debt..."

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When it's time to buy or sell real estate in Greenville, SC you need to work with a realtor who is honest, trustworthy, and knows the market. Dave Edwards - Greenville, SC Realtor - makes a strong effort to keep up with Greenville, SC market trends by analyzing market information on a daily basis. Who do you know that needs to sell? Contact us today at 864.275.7250.
Based on sales by GGAR members and CRS data.

Published on December 15, 2011 at 11:31 am | Permalink

Appraisals Killing Deals?

From the Home Builders Association of Greenville:

"One out of three builders are reporting losing signed sales contracts during the preceding six months because appraisals on their homes are less than the contract sales price, according to a recent nationwide survey conducted by the National Association of Home Builders (NAHB).

“The inappropriate use of distressed and foreclosed sales as comparables in determining new home values is needlessly driving down home prices, killing home sales, causing more workers to lose their jobs and delaying a housing and economic recovery,” said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev.

Too often, due to faulty appraisal practices, brand new homes with sparkling appliances and interior upgrades get compared to a distressed property that has been sitting vacant and in disrepair. The result, in many cases has been that the new house winds up getting appraised at less than the cost of construction.

That is precisely what is occurring in today’s marketplace, according to the NAHB survey, where a full 60 percent of respondents reported they were experiencing appraisals coming in below their contract sales price.

Of those reporting that they had encountered this problem, 53 percent said the appraisal amount was actually less than the cost of building the home.

“This is not only unfair and unreasonable, but it perpetuates the cycle of declining home values, drives more home owners underwater, harms local economic activity and acts as an obstacle to the recovery of the housing market,” said Nielsen.

These appraisal practices are a major contributing factor to the current acquisition, development and construction (AD&C) lending crisis that has choked off credit for home builders and threatens to prolong the current housing downturn.

Falling appraised values for land and subdivisions under development have led some financial institutions to stop lending to developers and builders, to demand additional equity and even to call performing loans..."

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When it's time to buy or sell real estate in Greenville, SC you need to work with a realtor who is honest, trustworthy, and knows the market. Dave Edwards - Greenville, SC Realtor - makes a strong effort to keep up with Greenville, SC market trends by analyzing market information on a daily basis. Who do you know that needs to sell? Contact us today at 864.275.7250.
Based on sales by GGAR members and CRS data.

Published on December 13, 2011 at 9:32 am | Permalink

Buy Now for Retirement?

From Money.com:

"Even if you're a decade or more away from quitting time, you may be thinking about buying a retirement home right now.

The prices for condos in popular retirement areas like Napa, Calif., and Naples, Fla., have come down 44% or more since the boom, substantially more than the average 32% that home prices have fallen nationwide, according to the latest data from Fiserv. And mortgage rates recently hit record lows once again.

For baby boomers in particular, "Many realize that they'll never see this scenario again in their lifetimes," says Jim Gillespie, CEO of Coldwell Banker Real Estate.

If you vacation in the same place several times a year and can pay for some or all of a property in cash, owning might not cost much more than hotel stays, especially as you get closer to chucking your briefcase and use the place more frequently.

Still, no matter the price, buying now isn't a no-brainer. The costs of owning two properties can be greater than you'd expect, even if you plan to rent one out most of the time. Before you shop, answer the following questions..."

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When it's time to buy or sell real estate in Greenville, SC you need to work with a realtor who is honest, trustworthy, and knows the market. Dave Edwards - Greenville, SC Realtor - makes a strong effort to keep up with Greenville, SC market trends by analyzing market information on a daily basis. Who do you know that needs to sell? Contact us today at 864.275.7250.
Based on sales by GGAR members and CRS data.

Published on December 12, 2011 at 10:40 am | Permalink

America's 10 Most Expensive Homes

Follow this link for more info and pictures:

http://www.wyff4.com/slideshow/houseandhome/29719490/detail.html

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When it's time to buy or sell real estate in Greenville, SC you need to work with a realtor who is honest, trustworthy, and knows the market. Dave Edwards - Greenville, SC Realtor - makes a strong effort to keep up with Greenville, SC market trends by analyzing market information on a daily basis. Who do you know that needs to sell? Contact us today at 864.275.7250.
Based on sales by GGAR members and CRS data.

Published on December 8, 2011 at 9:39 am | Permalink

Economic Report for Greenville, SC

A economic video report for Greenville, SC from the Homebuilders Association of Greenville:

http://www.hbaofgreenville.com/greenville-sc-economic-report-third-quar.php

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When it's time to buy or sell real estate in Greenville, SC you need to work with a realtor who is honest, trustworthy, and knows the market. Dave Edwards - Greenville, SC Realtor - makes a strong effort to keep up with Greenville, SC market trends by analyzing market information on a daily basis. Who do you know that needs to sell? Contact us today at 864.275.7250.
Based on sales by GGAR members and CRS data.

Published on December 7, 2011 at 9:24 am | Permalink

Fannie & Freddie Halt Foreclosures

From money.com:

"Happy holidays struggling homeowners! Fannie Mae, Freddie Mac and several large mortgage lenders have pledged not to foreclose on delinquent borrowers during the Christmas season.

For homeowners with loans through Fannie Mae (FNMA, Fortune 500) and Freddie Mac (FMCC, Fortune 500), the moratorium will run from Dec. 19 to Jan. 2. During this time, legal and administrative proceedings for evictions may continue, but families will be allowed to stay in their homes, Fannie said in a statement...

A holiday halt on foreclosures by the major mortgage lenders could affect tens of thousands of homeowners. An average of 89,000 foreclosure auctions a month have been scheduled this year, according to RealtyTrac. Once a home has gone through that process, eviction is the next step..."

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When it's time to buy or sell real estate in Greenville, SC you need to work with a realtor who is honest, trustworthy, and knows the market. Dave Edwards - Greenville, SC Realtor - makes a strong effort to keep up with Greenville, SC market trends by analyzing market information on a daily basis. Who do you know that needs to sell? Contact us today at 864.275.7250.
Based on sales by GGAR members and CRS data.

Published on December 5, 2011 at 9:20 am | Permalink

Thornhill Subdivision - Greenville, SC

Thornhills subdivision in Greenville, SC:

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When it's time to buy or sell real estate in Greenville, SC you need to work with a realtor who is honest, trustworthy, and knows the market. Dave Edwards - Greenville, SC Realtor - makes a strong effort to keep up with Greenville, SC market trends by analyzing market information on a daily basis. Who do you know that needs to sell? Contact us today at 864.275.7250.
Based on sales by GGAR members and CRS data.

Published on December 1, 2011 at 10:33 am | Permalink