With two military bases within the Charleston area, it's pretty fair to say we are a military community. Many active duty service men and woman are stationed at either the Charleston Air Force Base or the Naval Weapons Station. Plus with our fabulous climate, our many conveniences and the natural beauty of the Lowcountry, lots of retirees call this area home as well.
I just wanted to take a moment to honor all the men and women, past and present, who have served this great country of ours. I would like to also acknowledge my favorite veteran, my husband Mike, who served 20 years in the United States Navy! You guys have a tough job that we can never say "thank you" enough for!
God Bless America and all of you who have served!
Maria Pettis
Realtor, e-Pro
843-860-3901
mpettis@century21properties.com
http://www.summervillerealestateonline.com/
Wednesday, November 11, 2009
Thursday, November 5, 2009
Extention and Expansion of Home Buyer Tax Credit Passes!
Great news for both home buyers and sellers! The House and Senate have now both passed the extension and expansion of the home buyer tax credit. All that remains is for President Obama to sign it.
The previous tax credit for first time buyers remains intact. These buyers will still receive up to $8000. A first time buyer is defined as anyone who has not owned a home for the last three years.
The new bill has expanded the tax credit to include current home owners, who can receive up to $6500. To qualify, current home owners have to have used the home being sold as their primary residence for 5 consecutive years out of the last 8.
In either case, the income limits have been raised to $125,000 for single folks and $225,000 for married couples. A binding contract must be in effect by April 30, 2010 and you will have until July 1, 2010 to actually close on the property.
The extension is great for home buyers for obvious reasons, but home sellers will also reap benefits. The previous tax credit definitely seemed to help give a boost to the Charleston area real estate market over the last several months with many first time buyers looking for entry level, affordably priced homes. The new extension/expansion will hopefully help the mid to upper level price range as well now that current home owners needing more space or looking to trade up are able to take advantage of the tax credit as well. It could also help soften the blow for some folks who may have to sell at a slight loss in order to trade up.
For more information about the tax credit or the Charleston/Summerville Real Estate Market, please feel free to contact me. You can also read more at www.realtor.org/RMODaily.nsf/pages/News2009110501?OpenDocument&WT.cg_n=RMO&WT.cg_s=RSSDaily
Maria Pettis
Realtor, e-Pro
mpettis@century21properties.com
(843) 860-3901
http://www.summervillerealestateonline.com/
The previous tax credit for first time buyers remains intact. These buyers will still receive up to $8000. A first time buyer is defined as anyone who has not owned a home for the last three years.
The new bill has expanded the tax credit to include current home owners, who can receive up to $6500. To qualify, current home owners have to have used the home being sold as their primary residence for 5 consecutive years out of the last 8.
In either case, the income limits have been raised to $125,000 for single folks and $225,000 for married couples. A binding contract must be in effect by April 30, 2010 and you will have until July 1, 2010 to actually close on the property.
The extension is great for home buyers for obvious reasons, but home sellers will also reap benefits. The previous tax credit definitely seemed to help give a boost to the Charleston area real estate market over the last several months with many first time buyers looking for entry level, affordably priced homes. The new extension/expansion will hopefully help the mid to upper level price range as well now that current home owners needing more space or looking to trade up are able to take advantage of the tax credit as well. It could also help soften the blow for some folks who may have to sell at a slight loss in order to trade up.
For more information about the tax credit or the Charleston/Summerville Real Estate Market, please feel free to contact me. You can also read more at www.realtor.org/RMODaily.nsf/pages/News2009110501?OpenDocument&WT.cg_n=RMO&WT.cg_s=RSSDaily
Maria Pettis
Realtor, e-Pro
mpettis@century21properties.com
(843) 860-3901
http://www.summervillerealestateonline.com/
Saturday, October 31, 2009
Charleston Welcomes More Boeing Workers!
Boeing announced this week that it has selected North Charleston for it's line of 787 Dreamliner jets. Without a union presence and offering grants for start up costs as well as tax breaks, South Carolina beat out Washington State for the plant. The Boeing board voted unanimously to build the operation in Charleston.
According to Boeing, this means about 3800 more jobs in the lowcountry. But thousands of other jobs are anticipated as well from all the support companies that are needed to provide materials for the Boeing Dreamliners. South Carolina unemployment is currently about 10% and it's hoped that Boeing will hire many local people, but there are sure to be those relocating here from out of state as well.
Either way, this could also give a boost to the local real estate market as people move into the area or make the decision to finally buy after landing what should be a good, steady job. The first time buyer tax credit has helped spur some movement in the Greater Charleston market so this may be an additional shot in the arm to keep the momentum going. There are still a lot of great homes on the market and rates remain relatively low which is also good news.
For more information about the Boeing operation coming to North Charleston you can visit the wall street journal link: http://online.wsj.com/article/BT-CO-20091029-723919.html
Maria Pettis
REALTOR, e-PRO
mpettis@century21properties.com
(843) 860-3901
http://www.charlestoncarolinahomes.com/
Friday, October 23, 2009
Coastal Carolina Fair Comes to Town!
Speaking of fairs, one of the biggest is coming to Ladson beginning October 29th and lasting through November 7th. After 53 years of doing this, you know they have it down pat, making it one of the best fairs around.
Of course there's the midway, with tons of rides and games. But the fair has so much more to offer...
For instance, every night there is some sort of entertainment with names like comedian, James Gregory and country music group, Lady Antebellum among others.
You could also check out the different equestrian events. The list includes, bull riding, roping, jumping and barrel racing.
Or you could enter one of the many competitions like the art shows, baking contests or the Star Search. (Check the website for a complete list of competitions and information on how to enter.) My family and I like just wandering through the different exhibits, looking at peoples handiwork. We also check out the many vendors...so many interesting items...it's a great way to start your Christmas shopping or find a unique gift for someone.
For my kids, being five year olds, one of their favorite things besides the rides is the petting zoo. In the past there haven't just been the usual pony rides, but how about riding an elephant as well!
I have to admit though my favorite part has to be the food...so many choices! Gyros, funnel cakes, burgers, candy apples...so much more to satisfy your taste buds.
The Coastal Carolina Fair is something we look forward to every year. There's something for the whole family no matter what your age. If you've been before, you know exactly what I'm talking about! If not, you have to go check it out!
Buy your tickets in advance to get a discount! Visit http://www.coastalcarolinafair.org/ for schedules, ticket prices and info.
Maybe we'll see you there!
Maria Pettis
Realtor, e-PRO
http://www.summervillerealestateonline.com/
mpettis@century21properties.com
843-860-3901
Wednesday, October 21, 2009
Hope for Homes in Summerville and Charleston, SC!
There is HOPE FOR HOMES in Summerville and Charleston, SC! If you are a home owner in the area and are falling behind on your mortgage payments or feel unable to keep up, then you will want to attend this special event THIS SATURDAY, October 24th at the North Charleston Convention Center.
Maybe you've lost your job or had some other reduction in income. Or perhaps you've been hit with unexpected medical bills making it more difficult to keep up with your mortgage payments. Whatever the reason, financial issues always cause a great deal of stress especially if the possibility of losing your home exists.
Come to this FREE event on Saturday and meet with certified HUD specialists who can offer budget and credit counseling, explain foreclosure prevention options and explain legal issues related to foreclosure. These specialists can review your situation and help guide you in the right direction so that you can get back on track again.
Don't expect any quick fixes though. You'll need to listen closely to what the specialists are telling you and follow up with what is sometimes hard work. But it could be the first step toward saving your home and getting you financially healthy again.
Visit http://www.hopeforhomescharleston.com/ to get a list of things you should bring with you and to get more details about the event.
Monday, October 12, 2009
Don't Let The Holiday Cost You Your Tax Credit!
As an agent working the Summerville Real Estate scene, I can tell you that I have worked with a lot of folks interested in that First Time Buyer Tax Credit. Even as of this writing (on October 11, 2009), I am being contacted by people interested in starting the search for their first home and wanting to close in time to qualify for the credit.
In order to receive the credit, a first time buyer needs to CLOSE on their home by November 30th! Time is short, but it can still be done if you move fast, are motivated and have an agent who is on the ball.
Here in South Carolina, it typically takes 30-45 days to close from date of contract. This is mostly to allow time to get your financing in order, but also to get your home inspections done. (If you're doing a cash deal, you can typically close much faster.) And closings are done by an attorney.
I just wanted to take a moment to remind people that November 30th falls on a Monday. And the Thursday prior is Thanksgiving! If you really want that credit, schedule your closing PRIOR to Thanksgiving which is November 26th.
Closing attorneys may find themselves busier than usual in November simply because of people trying to beat the tax credit deadline. Their offices may also be more lightly staffed much of Thanksgiving week. And of course, don't expect anything to happen the day of the holiday itself! Banks will be busy too and you need to know that the funds can be transferred on time to close the deal.
Sometimes things can come up at the last minute as well, pushing your closing back a day or more. Hopefully, this won't happen, but best not to wait til the last "hour" so try to schedule your closing as far in advance of the November 30th deadline as you can.
Better to be giving thanks for your new home and some extra cash then to be disappointed! Check with your agent, lender and lawyer to make sure you're on track to close in time!
Maria Pettis
REALTOR, e-PRO
mpettis@century21properties.com
843-860-3901
www.SummervilleRealEstateOnline.com
In order to receive the credit, a first time buyer needs to CLOSE on their home by November 30th! Time is short, but it can still be done if you move fast, are motivated and have an agent who is on the ball.
Here in South Carolina, it typically takes 30-45 days to close from date of contract. This is mostly to allow time to get your financing in order, but also to get your home inspections done. (If you're doing a cash deal, you can typically close much faster.) And closings are done by an attorney.
I just wanted to take a moment to remind people that November 30th falls on a Monday. And the Thursday prior is Thanksgiving! If you really want that credit, schedule your closing PRIOR to Thanksgiving which is November 26th.
Closing attorneys may find themselves busier than usual in November simply because of people trying to beat the tax credit deadline. Their offices may also be more lightly staffed much of Thanksgiving week. And of course, don't expect anything to happen the day of the holiday itself! Banks will be busy too and you need to know that the funds can be transferred on time to close the deal.
Sometimes things can come up at the last minute as well, pushing your closing back a day or more. Hopefully, this won't happen, but best not to wait til the last "hour" so try to schedule your closing as far in advance of the November 30th deadline as you can.
Better to be giving thanks for your new home and some extra cash then to be disappointed! Check with your agent, lender and lawyer to make sure you're on track to close in time!
Maria Pettis
REALTOR, e-PRO
mpettis@century21properties.com
843-860-3901
www.SummervilleRealEstateOnline.com
Sunday, October 11, 2009
To Be Or Not To Be? - Extension of the Tax Credit?
Summerville, SC real estate has been moving. At our office sales have been up significantly over the last several months and even the National Association of Realtors has reported that pending home sales are up for seven straight months now.
Many of the consumers that I have talked with are first time buyers who want to purchase before the November 30th deadline to qualify for the current $8000 tax credit. So it's no wonder that many of our government leaders including South Carolina Senator, Lindsey Graham, are pushing to not only extend the tax credit, but increase the monetary amount and open it to all buyers.
While I personally don't believe it's necessary to really raise the amount of the tax credit, I do think it would be important to open it up to all home buyers as long as the home was going to be their primary residence. It would make a huge difference to folks who have to move due to military or job transfers or have other life issues where they just need to sell and buy elsewhere. Or to those families who are looking to trade up for more space or to provide a better quality of life for their families.
It's no secret that the current tax credit has made a difference in getting first time buyers off the fence and into new homes of their own. Further proof of that is the fact that what's been selling around here in Summerville is mainly lower end affordable homes perfect for first timer's. So how is it that I read an article recently which suggested that the tax credit was a waste and should just be left to expire and die?
The article argued that no one buys a house just to get back an $8000 tax credit. I would actually agree with that, but that thinking is really missing the mark. People still buy houses to have a home, to put down roots, and if they plan on staying a while, as an investment. With the economy being so shaky, it's caused many to hold off on their home purchase. What the tax credit has done is give an extra INCENTIVE to move forward with the home purchase. And there is no doubt in my mind after seeing statistics, speaking with other agents as well as many, many consumers that the lure of that extra cash is a powerful thing.
There are no easy answers for our current economic situation and I don't envy the folks in government trying to fix this mess. The deficit is huge and growing still, but stabilizing the housing industry is vital to helping stabilize our economy. So for once, let's let the government put something back in the pockets of the American People as opposed to big businesses.
Many of the consumers that I have talked with are first time buyers who want to purchase before the November 30th deadline to qualify for the current $8000 tax credit. So it's no wonder that many of our government leaders including South Carolina Senator, Lindsey Graham, are pushing to not only extend the tax credit, but increase the monetary amount and open it to all buyers.
While I personally don't believe it's necessary to really raise the amount of the tax credit, I do think it would be important to open it up to all home buyers as long as the home was going to be their primary residence. It would make a huge difference to folks who have to move due to military or job transfers or have other life issues where they just need to sell and buy elsewhere. Or to those families who are looking to trade up for more space or to provide a better quality of life for their families.
It's no secret that the current tax credit has made a difference in getting first time buyers off the fence and into new homes of their own. Further proof of that is the fact that what's been selling around here in Summerville is mainly lower end affordable homes perfect for first timer's. So how is it that I read an article recently which suggested that the tax credit was a waste and should just be left to expire and die?
The article argued that no one buys a house just to get back an $8000 tax credit. I would actually agree with that, but that thinking is really missing the mark. People still buy houses to have a home, to put down roots, and if they plan on staying a while, as an investment. With the economy being so shaky, it's caused many to hold off on their home purchase. What the tax credit has done is give an extra INCENTIVE to move forward with the home purchase. And there is no doubt in my mind after seeing statistics, speaking with other agents as well as many, many consumers that the lure of that extra cash is a powerful thing.
There are no easy answers for our current economic situation and I don't envy the folks in government trying to fix this mess. The deficit is huge and growing still, but stabilizing the housing industry is vital to helping stabilize our economy. So for once, let's let the government put something back in the pockets of the American People as opposed to big businesses.
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