Monday, April 30, 2018

Ideal Salary Needed to Own a Home in South Carolina

If you have moved from state to state or even from country to city, you have experienced the fact that depending on where you live the cost of living varies greatly. In the city where people are more concentrated, costs tend to be higher than in the suburbs where people are spread out and the competition for your dollar is higher. 

A study from GOBankingRates.com done for all 50 states gives us the minimum salary you would need to have in order to buy a home in South Carolina. This study looked at the median list prices across the state and the average APR on a 30-year fixed mortgage. They then assumed that you use 30 percent of your monthly income towards housing cost and worked backwards to find the ideal income to afford the average mortgage payment.



In the graphic above you can see that South Carolina falls into the $35,000 to $49,900 range, but the study suggests $44,800. Another interesting fact from the study is they analyzed the number of hours you would need to work each week to afford a home and pay a monthly mortgage. 


For South Carolina, it falls into the 50-59 hours or approximately 53.39 hours. This was factored on an median listing price of $218,900, a 30-year mortgage rate of 3.66 percent, a monthly mortgage amount of #1.152 and a household income of $45,033. Now as the 30-year rates increase you can see where the average hours would also increase. South Carolina workers have to work longer hours because their paychecks are smaller.

Now any of these factors can be amended by having a larger down payment, having a higher than their average paycheck or a great mortgage rate. But these numbers can give you a good feeling about whether you can buy a home in South Carolina. Another point to remember is that living in the Upstate would be a bit more economical that living in Charleston.

In conclusion, now is a better time to buy than tomorrow. The mortgage rates are already climbing and will render this study obsolete by the end of the summer or the end of 2018. And even though you have to work less in North Carolina or Georgia, the commute would be killer. Just be glad we aren’t in Hawaii where you have to work 80+ hours a week.

And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.

Friday, April 20, 2018

Lacking 7.4 Million Homes

lacking 7.4 million homes
Wow, what a number you say. Well it seems that the real estate crisis of 2008 has left home builders with a bad taste in their mouth when it comes to building new homes. The impact is really being felt in in places like California, Arizona and Utah. California built 3.4 million fewer homes since 2008.

If we look at some numbers from Realtor.com, the recently sold homes in Greenville have a median list price of $237,500 at $101 per square foot. The 1,845 active recently sold homes only spent 19 days on the market. Hot neighborhoods include August Street area, North Main area, Pleasant Valley, and the Overbrook Historic District.

Let’s look at the most populated zip code in Greenville (20607 according to unitedstateszipcode.org). Since 2008, the population have gone from 29,276 to 34,640 in 2015. The majority of these houses are owned or have a mortgage on them. Homes in this zip code were primarily built in the 1990s or 2000s. The median household income for Greenville is $41,924 but the median property value is $221,800. Home values have grown 7.05% whereas income growth has only been 1.89%.

Eighty-seven percent of income is from wages, 15% from business, 7% from partnership and 2% unemployment. Household retirement income from pensions and annuities and IRA distributions lead the way over social security. It seems that retirees may have the upper hand where income is concerned and having two sources of retirement income certainly helps.

As I look over the Upstate Business Journal website there are stories about developments being sold, businesses planning expansions, new plants being built and lots of event hosting is going on. One can only hope that with an increase in jobs comes an increase in pay level with more benefits for you.

There are several residential developments in the works for Greenville. Looking at the Upstate Business Journal website there are several projects that have recently been funded for several million dollars to build homes and apartments and multi-family divisions. These will become important if the trend for millennials continues to be toward urban developments and away from the suburbs. We can only infer that with the ever pressing need for immediate gratification that the younger generation shares, the move closer to work, entertainment and shopping only makes sense.

Whatever the motivation, there needs to be places for people to live. Builders need to kick their building back into moderate to high gear and get us some houses!

And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.

Thursday, April 19, 2018

Just Listed - 212 Bruce Meadow Road, Simpsonville, SC 29681

212 Bruce Meadow Rd, Simpsonville, SC 29681
Type: Residential Lot
Subdivision: Bruce Farms
MLS # 1365313
Price: $312,800

This parcel is located in the sought-after desired upscale neighborhood of Bruce Farms Subdivision on a cul-de-sac. Acreage is 8.156 with a spring/pond area, the lower part of the acreage backs up to a creek. Great pasture area for your horses to roam or just to enjoy a peaceful setting. There is a storage building with electricity ready for use. In addition, there is an existing well on the property or public water is available. You will need to have a septic system.

For more photos and details, click the link below.
212 Bruce Meadow Road, Simpsonville, SC 29681

The interactive map below shows 212 Bruce Meadow Road but not necessarily the exact location of the lot itself. Directions: Take Woodruff Road toward Woodruff on Scuffletown Rd. Go approx 1.5 miles. Left on Jonesville, 1st right on Bruce Meadow at the end of the cul-de-sac.


Friday, April 13, 2018

It’s Spring, Get Creative

its spring get creative
Warmer weather is here and it’s that time when families start planning their move. This time of the year is flooded with first-time buyers, relocation buyers and move-up buyers. With low inventory that means lots of competition, higher home prices and multiple bids on homes for sale.

If you have a home in good condition for sale, chances are it will receive multiple bids. Buyers will use many enticements like cash offers, paying over asking price, quick closings, no contingencies and so on. This year potential buyers are appealing to seller’s emotions. Below are some of this year’s home-buying trends that are winning in this tight market.

Letters of Love
A tradition that has given buyers a leg for several buying seasons is writing letters to the sellers to appeal to their emotions attached to the homes. Writing a letter to express your love of the home, any special design features and how you want to raise your children or retire in the home work. Take the time to find out a bit about the sellers so you can appeal to anything you have in common with them. Let your children hand-craft letters in crayon to express their feelings about the home. Tell the seller that you are serious about buying the home and why.

Video Buyer Testimonies
This option is a newer and updated way to present your “letter.” Be careful not to appear too cheesy. Sellers feel you are talking directly to them when you sit down and look directly into the camera. But you can also take this time to be a bit creative. Show off your singing or guitar playing abilities by creating a custom song or jingle. A story in REALTORÃ’ Magazine talked about how a couple won a bid by parodying the song “Our House” in a video not knowing that it was the song the sellers sang to each other after lighting their fireplace in their new home for the first time.

Endless Options
Options for appealing to seller’s emotions about their homes for sale are endless. You are only limited by your creativity. Use any advantage you can gain when bidding on your dream home because sometimes second best is not what you really wanted.

And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.

Friday, April 6, 2018

Does History Repeat Itself?

Your answer to this question may be that we should learn from history or we are doomed to repeat it but what if it is in home building. What if we could take some of the best ideas of homes from the 60’s, 70’s, 80’s and 90’s and incorporate them into a reconstruction or new construction project? Would you do it?

In the photo of this reconstruction, we see a remembrance or a celebration of the 1970’s particularly with the butterfly roofline. This home was built atop a mountain vista, so the roofline was chosen to add protection from the sun but also increase living area by creating an outside living room on one end of the home. Modern additions would be the mechanical sliding doors which open up the inside living room to the outside without hindering the view. Large sliding doors were also used in the master bedroom but are not completely hidden when open.

Other retro home designs that seem to be making their way back is the block style with banks of windows along the side. Or the A-line home with glass sides from the top of the first-floor ceiling all the way up to the A-line roofline. It seems there is a resurgence in home design to open up the walls and let the outside shine in as well as the desire to live in the outdoors. I looked through some “new” home designs recently and the open covered porch is making a strong comeback among designers. Remember when your grandma would have a “garden” party?

does history repeat itself - retro lights
Courtesy of Lowe's website
I am all for adding these open home elements and letting in the view or sun or fresh air. What better way to entertain than to be able to bring your guests to your outside entertainment space and get them out of an enclosed home. Another hot design element is the open bulb string lights for your patio spaces. You can find these at most home improvement stores. They bring back a bit of nostalgia while providing adequate light for your party. What a conversation starter!

Other retro ideas that are coming back is Pergolas and chaise lounge chairs. Often associated with the rich and famous from the past, these elements are now adding a retro touch to your secret garden areas and back yards. Sam’s Club even offers their version of the Pergola for around $1,000 dollars with a bench and a bar. Multi-purpose!

So, it’s kind of funny about how what goes around, comes back around but with modern mechanics so that we get the look but not the headaches from the past.

And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.

Monday, April 2, 2018

Make Your Luxury Dreams Come True

make your luxury dreams come true

Is this the year you make your dreams come true? According to the Institute for Luxury Home Marketing it may be. They recently released their Luxury Market Report that happens to show that in today’s luxury market, buyers steer the ship.

The Institute for Luxury Home Marketing analyzes several metrics which include sales volume, sales price, number of sales, sales-to-list-price rations, days on the market and price-per-square-foot so they can provide a more comprehensive report.

Between December 2017 and January 2018 more single-family luxury home showed up on the market. The luxury single-family (SF) homes market has changed from a “balanced market” to a “buyers’ market” giving buyers more control. The median sold price increased between December and January from $880,000 to $957,500. However, if the inventory of luxury SF homes continues rising this will have an impact on price.

I will note that this report is done for the whole of the U.S. but here are some quick stats on SF luxury homes.
  • Buyers’ Market.
  • Luxury homes are selling for an average of 96.5% of their list price.
  • The median luxury home sale price is $1,382,000.
Attached homes are also be reported in the luxury market as well. Here are some quick stats.
  • Attached homes are selling for an average of 98% of their list price. 
  • The median attached luxury sale price is $957,500. 
The closest SF home luxury market that the Institute reported on was Raleigh-Durham, NC. The median list price was $708,220 and the median sold price was $703,500. Inventory was at 839 homes with 205 new listings and days on the market at 22. It is a buyer’s market. There was no reporting for attached luxury homes.

Taking a quick look at Trulia© stats for South Carolina it looks like the luxury area is in Sunset, SC specifically in zip code 29685. UnitedStatesZipCodes.org reports that the largest number of owner occupied homes have values in the $750,000+ price range with most of homes in Sunset being built in the 2000s. It also shows a huge population between 60-64 which may indicate retirees or second home owners. Another graph shows most of the homes in Sunset are for seasonal recreation or occasional use. It is also interesting that the site shows the household retirement income to be pensions/annuities with Social Security ranking second and IRA distributions third.

Contact me today if you are ready to make the move to your dream home, it could be easier than you think.

And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.