Understanding Foreclosures in the Charleston AFB Market

It seems like every other day, there is a new headline about foreclosures….and they sometimes seem to contradict one another. One headline may say foreclosures are on the rise, while another may say there has been a decrease in foreclosure numbers.

To help clarify this issue, let’s take a look at the different stages in the foreclosures process.

Delinquencies over 90 Days
Once a mortgage becomes 90 days past due, it is generally becomes part of a bank’s foreclosure numbers.  The reason for this is that less than 2% of those who fall 90 days behind are able to catch up on their payments. The remaining 98% will end up as either a short sale or a foreclosure. 

Homes actually in the Foreclosure Process
Once a foreclosure notice is received by the homeowner, the official foreclosure process has begun.   

Real Estate Owned Properties (REO’s)
Charleston AFB homes that have finished the foreclosure process and are now owned by the bank.

REO’s on the Market
Charleston AFB homes that are bank owned and listed for sale.   

REOs Sold
Charleston AFB bank owned properties that actually sell.

In Summary
To better understand the foreclosure situation in the Charleston AFB market and what impact it may have on prices, you should contact a real estate professional.  A Realtor can help explain what’s happening in Charleston and how it impacts you.

About Military Homes of CharlestonMilitary Homes of Charleston is part of the Exit Realty Charleston Group and is a full-service real estate team based in Charleston, SC.  We understand the appeal of living in Charleston and the challenges that come with moving to a new neighborhood or state. So whether you’re looking to buy a dream property or sell one, we can help.

Torri Jacobsen, Military Homes of CharlestonBuying or selling a home doesn’t have to be hard, but choosing the right Realtor DOES make a difference. I specialize in making first-time home buying a great experience for military families moving to the Charleston, SC area. Call (843-475-9313) or email today, and let’s make this your best move yet! You’ll feel right at home with me.   Email Torri or Visit Me On Facebook!

Jodie Hurt, Military Homes of Charleston
I specialize in helping military families enjoy a smooth PCS in and out of Charleston. I have a passion for helping people, and I love what I do. Call me and let me make this the easiest PCS yet!  Email Jodie 

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Charleston AFB - Potential Mortgage Changes Could Increase the COST of Home Buying

We understand that buying a home is a major decision….but we want you to understand the financial aspects of deciding to buy or wait….

Interest Rates Continue to Rise

Just in the last six months, interest rates in the Charleston AFB area have increased almost 3/4 of a point, and many industry experts expect this trend to continue throughout the year.  If interest rates rise – the COST of buying a home goes up.  So you may be spending more if you decide to wait.

Is the 30-Year Mortgage a Thing of the Past?

Many experts believe if Fannie Mae and Freddie Mac’s roles are eliminated, or even limited, it may be the end to the 30-year mortgage.

It May Become Harder to Qualify for a Mortgage

Here are proposed changes:

• Certain mortgage types would be eliminated
• You would need to put a minimum of 20% down
• You would need a minimum 690 FICO score
• The ratios of income to both the mortgage payment and overall debt would become much more conservative (28% and 36%)

Loans would still be available to purchasers who don’t qualify under the new rules, but they will most likely have higher rates and cost more.

Rents Are Expected to Increase

The supply of Charleston AFB rentals is decreasing, while demand continues to increase. That will lead to an increase in rental costs throughout the year.

Bottom Line

If you are still undecided as to when to buy a home, you need to consider the potential mortgage changes in your decision.  If you delay, you may end up spending more.

*Information provided by the KCM Group

About Military Homes of Charleston: Military Homes of Charleston is part of the Exit Realty Charleston Group and is a full-service real estate team based in Charleston, SC.  We understand

the appeal of living in Charleston and the challenges that come with moving to a new neighborhood or state. So whether you’re looking to buy a dream property or sell one, we can help.

Torri Jacobsen, Military Homes of CharlestonBuying or selling a home doesn’t have to be hard, but choosing the right Realtor DOES make a difference. I specialize in making first-time home buying a great experience for military families moving to the Charleston, SC area. Call (843-475-9313) or email today, and let’s make this your best move yet! You’ll feel right at home with me.   Email Torri or Visit Me On Facebook!

Jodie Hurt, Military Homes of Charleston
I specialize in helping military families enjoy a smooth PCS in and out of Charleston. I have a passion for helping people, and I love what I do. Call me and let me make this the easiest PCS yet!  Email Jodie 

Charleston AFB Real Estate, Charleston AFB Real Estate For Sale, Charleston AFB SC, Joint Base Charleston, Joint Base Charleston Real Estate

Charleston AFB – Federal Home Buyer Tax Credit Expires Soon!

Congress acknowledged the unique circumstances affecting members of the military, the Foreign Service and the intelligence community by extending the Home Buyer Tax Credit for qualified service members. 

The extension applies to any individual (or spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

The fed­eral home buyer tax credit ranges up to $8,000 for first-time Charleston AFB home buy­ers and up to $6,500 for exist­ing home­own­ers. Exist­ing home­own­ers must have lived in their “main home” through 5 of the last 8 years to be eligible.

Claim­ing the fed­eral tax credit is a two-step process. First, eli­gi­ble Charleston military must be under con­tract for a new home on or before April 30, 2011.  The home’s clos­ing must then occur on or before June 30, 2011. 

Eli­gi­bil­ity requirements:                                       

• The home may not be pur­chased from a par­ent, spouse, or child
• The home may not be pur­chased from an entity in which the seller is a major­ity owner
• The home may not be acquired by gift or inheritance
• Each buyer must meet tax credit eli­gi­bil­ity standards
• The home sale price may not exceed $800,000
• Buy­ers may not earn more than $125,000 as single-filers; $225,000 as joint-filers

Also, the IRS is giv­ing eli­gi­ble buy­ers a tax credit as opposed to a deduc­tion.  This means that a tax­payer qual­i­fy­ing for the full $8,000, and for whom the “nor­mal” 2011 fed­eral tax lia­bil­ity is $8,000, will have zero fed­eral tax lia­bil­ity in 2011.

The com­plete pro­gram descrip­tion is pub­lished on the IRS web­site.

About Military Homes of CharlestonMilitary Homes of Charleston is part of the Exit Realty Charleston Group and is a full-service real estate team based in Charleston, SC.  We understand the appeal of living in Charleston and the challenges that come with moving to a new neighborhood or state. So whether you’re looking to buy a dream property or sell one, we can help.

Torri Jacobsen, Military Homes of CharlestonBuying or selling a home doesn’t have to be hard, but choosing the right Realtor DOES make a difference. I specialize in making first-time home buying a great experience for military families moving to the Charleston, SC area. Call (843-475-9313) or email today, and let’s make this your best move yet! You’ll feel right at home with me.   Email Torri or Visit Me On Facebook!

Just Listed - 3525 Colonel Vanderhorst Cir, Dunes West, Mt. Pleasant, SC

3525 Colonel Vanderhorst Cir MT. PLEASANT, SC Estate living in Beautiful Dunes West! Golf course lot with InGround pool! Hardwood floors and fireplace 3BR/2+1BA Single Family House $378,900 Year Built 1992 Sq Footage 2,863 Bedrooms 3 Bathrooms 2 full, 1 partial Floors Unspecified Parking 2 Car garage Lot Size 49,222 sqft HOA/Maint $0 per month Description ----BANK APPROVED PRICE----Bring your offers! Want a short sale deal with out the short sale wait? THIS IS IT! Think you know this property? Think again! It's time to take a second look... This is a BANK APPROVED price! In Ground Pool, Hardwood Floors, Over 1 acre lot with golf course views FRONT AND BACK. Split floor plan with large bedrooms and ample closet space. Large laundry ROOM with sink, cabinets, and extra storage room. Private Pool with Fence, Mature Landscaping, Kitchen with Stainless wall Oven and Island, Vaulted Ceilings, Sunroom and MORE.... Easy access to backyard retreat via french doors from master suite, great room, and sunroom. This is not just your new home, this is an ESTATE in the heart of gorgeous Dunes West. Your private oasis with Dunes West amenities. Home needs TLC and is priced accordingly. Check the COMPS! Perfect for investors or those wanting to put their own personal touch on a stately property. If square footage is important - MEASURE!! Property Features Central A/C Central heat Fireplace Walk-in closet Hardwood floor Tile floor Family room Living room Office/Den Dining room Dishwasher Stove/Oven Stainless steel appliances Laundry area - inside Balcony, Deck, or Patio Yard Swimming pool Community Features Golf course Other Special Features Hardwood Floors, Over 1 Acre Wooded Lot, Golf Course, Fireplace Additional Photos Photo 1 Photo 2 Photo 3 Photo 4 Photo 5 Photo 6 Contact Info Torri Jacobsen Military Homes of Charleston, Exit Realty Charleston Group (843) 475-9313 For sale by agent/broker Equal Opportunity Housing

Charleston AFB - To Rent or Buy???

We get asked all the time, is it better to rent or buy?  Well…..that depends in some cases….but with the current Charleston AFB real estate market; it often makes more sense to buy!  Let me explain why.

• While home prices may still continue to drop, the COST of owning a home will most likely increase
• Mortgage rates are slowly on the rise, and experts predict that this trend will continue
• Right now, it is less expensive to own than rent in 72% of major U.S. cities (*information provided by the KCM group)
• Rental costs are continuing to rise

As you know, cost is largely based on supply and demand.  Right now, the demand for rental properties in the Charleston AFB area is huge!  Many homeowners, who were forced to short sale or foreclose, are now unable to buy…..so we have an influx of ‘new’ renters fighting over a rapidly decreasing supply of rental properties. 

Think back to your economics class, and you’ll remember that when supply goes down and demand goes up…..PRICES GO UP!  And this is what is happening with rental prices in the Charleston AFB area.

In Summary……
If you’re able to buy, then now is a GREAT time to do so!  Right now, you can take advantage of tremendously low home prices, PLUS get a mortgage at a historically low interest rate.

On the other hand, the cost to rent is on the rise, and shows no signs of slowing down…..

About Military Homes of CharlestonMilitary Homes of Charleston is part of the Exit Realty Charleston Group and is a full-service real estate team based in Charleston, SC.  We understand the appeal of living in Charleston and the challenges that come with moving to a new neighborhood or state. So whether you’re looking to buy a dream property or sell one, we can help.

Torri Jacobsen, Military Homes of CharlestonBuying or selling a home doesn’t have to be hard, but choosing the right Realtor DOES make a difference. I specialize in making first-time home buying a great experience for military families moving to the Charleston, SC area. Call (843-475-9313) or email today, and let’s make this your best move yet! You’ll feel right at home with me.   Email Torri or Visit Me On Facebook!

Jodie Hurt, Military Homes of Charleston
I specialize in helping military families enjoy a smooth PCS in and out of Charleston. I have a passion for helping people, and I love what I do. Call me and let me make this the easiest PCS yet!  Email Jodie 

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Charleston Military - Buying Foreclosures or Short Sales...Patience is KEY!

All of us love a ‘great deal’….its no different when buying a home.  With the large amount of foreclosed properties and short sale attempts on the Charleston AFB market today – it’s a great time to get a great deal in real estate!

The National Association of Realtors (NAR) last week reported that on average, foreclosures sell at a 22% discount and short sales at a 17% discount.   Sounds like a deal to me!

But – you need to understand that deals like these can have a downside…..Most Charleston foreclosures are not move-in ready, and may need some extensive TLC.  Additionally, understand that title issues may exist which will need to be fixed before the transaction goes through. 

Short sales can take between 2 – 4 months, and in some cases, even longer.  Also, many short sales are sold “AS IS” as lenders are already taking a loss on the property and generally do not agree to requests for repair credits. 

I’m certainly not saying you should stay away from foreclosures or short sales – I just want you to understand that you will need to be patient and know that there may be obstacles along the way.

If you're serious about purchasing a Charleston AFB short-sale or foreclosed property, it's important for you to have expert assistance and LOTS OF PATIENCE!  But remember, your patience will be rewarded….as you will have paid 17-22% less for the home, and will have equity on day one!

About Military Homes of CharlestonMilitary Homes of Charleston is part of the Exit Realty Charleston Group and is a full-service real estate team based in Charleston, SC.  We understand the appeal of living in Charleston and the challenges that come with moving to a new neighborhood or state. So whether you’re looking to buy a dream property or sell one, we can help.

Torri Jacobsen, Military Homes of CharlestonBuying or selling a home doesn’t have to be hard, but choosing the right Realtor DOES make a difference. I specialize in making first-time home buying a great experience for military families moving to the Charleston, SC area. Call (843-475-9313) or email today, and let’s make this your best move yet! You’ll feel right at home with me.   Email Torri or Visit Me On Facebook!

Jodie Hurt, Military Homes of Charleston
I specialize in helping military families enjoy a smooth PCS in and out of Charleston. I have a passion for helping people, and I love what I do. Call me and let me make this the easiest PCS yet!  Email Jodie 

Charleston AFB Real Estate, Charleston AFB Real Estate For Sale, Charleston AFB SC, Joint Base Charleston, Joint Base Charleston Real Estate