Craig's Lexington SC Real Estate

Some Sellers Offer Financing to Get Deals Closed

2011-05-19T08:36:00.000-07:00

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Buyers who have a foreclosure or bankruptcy in their credit past wouldn’t be a likely candidate to secure financing from a bank anytime soon for a home purchase. As a result, some sellers are stepping in to offer seller financing to get a home sold.

Seller financing, once popular in the 1980s when mortgage rates spiked to 18 percent, is making a comeback in areas flooded by foreclosures and where tight lending standards are keeping some buyers on the sidelines, reports Bloomberg News.

“The market is locked up because there’s no financing,” says Gordon Albrecht, executive vice president of FCI Lender Services Inc. “This is moving houses.”

Last year, 52,991 U.S. homes were purchased with various forms of seller financing--a 56 percent jump from 2008, according to the REALTORS® Property Resource LLC. In 2010, such deals made up 1.5 percent of all transactions.

One popular form of seller financing is known as a land contract, which is when a buyer takes possession of the home but the seller holds the title until the debt is completely paid off. The loan’s terms--such as down payments and interest rates--are negotiable. These arrangements usually consist of a balloon payment in five to 10 years, which is when buyers will have to repay the seller or lose the home, along with any money they already put into it.

Source: “Home Sellers Become Lenders to Poor-Credit Buyers,” Bloomberg (May 11, 2011)

In Time for Buying Season, Rates Reach Yearly Lows

2011-05-06T10:30:00.000-07:00

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Daily Real Estate News
May 6, 2011
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In Time for Buying Season, Rates Reach Yearly Lows

The 30-year fixed-rate mortgage, a popular choice among buyers, sank even lower this week, matching its yearly low of 4.71 percent from January, reports Freddie Mac in its weekly mortgage market survey. Last year at this time, the 30-year fixed-rate mortgage averaged 5 percent.

Meanwhile, the 15-year fixed-rate hit a new yearly low of 3.89 percent this week. Last week, the 15-year fixed-rate mortgage averaged 3.97 percent. The 15-year rate averaged 4.36 percent last year at this time. It reached its lowest level on record in November when it averaged 3.57 percent.

The one-year adjustable-rate mortgage averaged 3.14 percent, down from last week’s 3.15 percent. Last year at this time, it averaged 4.07 percent.

"Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week,” says Frank Nothaft, Freddie Mac’s chief economist.

Source: “30-Year Fixed-Rate Mortgage Matches Yearly Low of 4.71 Percent,” Freddie Mac (May 5, 2011)

link to Craigs website

Columbia Ranked Among Top 10 Small Cities of the Future

2011-05-01T09:23:00.000-07:00

Columbia was named third among the Top 10 small cities of the future by fDi Magazine. The capital city was also ranked tenth for its quality of life.

The “American Cities of the Future 2011-12” uses a mix of data and opinion to rank cities which have the best prospects for inward investment, economic development and business expansion, according to a news release from the magazine, a specialist division from the Financial Times.

http://www.cbc.ca/news/pdf/american-cities-of-the-future.pdf

SC Single-Family Median Sales Price Increases 1.1 Percent to $156,661

2011-04-18T14:58:00.000-07:00

http://screnews.blogspot.com/2011/04/sc-single-family-median-sales-price.html

Friday, April 15, 2011
South Carolina REALTORS® (SCR) today released its March 2011 Market Reports. On the housing supply front, the largest gain occurred in the $100,000 and Below rage, with an increase of 8.8 percent to 12,420 units; while Pending Sales in the state were down 7.4 percent from the same period one year prior.

The segment with the largest increase in the market was the $100,001 to $150,000 range. The $100,000 and Below segment tended to sell the quickest at 125 days, while the slowest was the $300,001 and Above range at 186 days. Prices were up 0.3 percent across the board. Single-Family properties saw the largest price gain, where the Median Sales Price increased 1.1 percent to $156,661. Meanwhile, Condo inventory levels have decreased 14.6 percent, and Single-Family inventory levels have decreased 3.6 percent

Apartment Vacancies Decline, Rents Expected to Rise

2011-04-14T09:26:00.000-07:00

By DAWN WOTAPKA
Vacancy in apartment buildings fell to the lowest rate in more than two years in the first quarter, setting the stage for fewer choices and higher rent for tenants.

With the economy adding jobs, and with more people choosing to rent instead of buy homes, the nation's vacancy rate came in at 6.2%, down from 6.6% in the fourth quarter and 8% in the first quarter a year ago, according to data released Wednesday by Reis Inc.

This increasing demand has allowed many landlords to scale back on freebies and increase rent. The average effective rent, or the amount paid after discounting, rose to $991 in the first quarter from 2.5% a year earlier, according to Reis, which collected data from 82 major markets.

."You don't often see occupancy and rents increasing at the same time," says Rich Anderson, a REIT analyst covering the multifamily sector for BMO Capital Markets. "It's a great fundamental picture today."

Thanks to the bullish outlook, apartment buildings are being bid up close to boom levels in some of the hottest markets. Last month, UDR Inc., a Denver-based REIT, said it would pay $260.8 million for its first Manhattan building.

Also, many of the nation's apartment owners have ramped up construction. Home Properties Inc. said Tuesday it started a 314-unit community in Fredericksburg, Va., that should be finished by 2012.

It also aims to break ground on a Maryland development later this year.

"Now is the time to start development," said David Gardner, Home's chief financial officer. "We're expecting to see some great returns."

The CoStar Group expects about 22,500 units to be added this year, followed by 94,600 in 2012 and more than 109,000 in 2013. Of course, that might put downward pressure on rents and occupancy levels.

"Supply will come in and rain on the parade as it always does," Mr. Anderson says. "It's just a matter of when it will happen."

The market improvement also could stall or reverse if employers don't keep adding jobs. But, for now, few industry watchers are worried.

"Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace," Reis wrote in the report.

Rental activity during the winter season is typically slow because consumers prefer to avoid apartment hunting and moving in chilly weather.

But landlords filled 44,000 more units than were vacant in the first quarter, the strongest first quarter in a decade.

Top Ten Facts about Lake Murray SC

2011-04-10T13:02:00.000-07:00

http://www.midlandsbiz.com/news/markettrends/1287/ 10- Each of the Lake Murray towers is 223 feet tall. 9- The 4th of July fireworks on Lake Murray can be seen from 4 counties (Richland, Lexington, Newberry and Saluda Counties). 8- Lake Murray was named after William S. Murray, who was an engineer involved in the design and creation of the dam. 7- The biggest fish ever captured on Lake Murray was a 298 pound sturgeon by four young men on April 28, 1936. It was nine feet tall. 6- In October 2011, the American Fishing Tour/Angler of the Year (AOY) Tournament will be held on Lake Murray and will generate 7,000 + room nights for the region. 5- In 2009, The Forrest Wood Cup event produced 113,670,570 (billion) media impressions and a $46,556,207 economic impact on the region. 4- The 4th of July Celebration on Lake Murray is now in its 23rd year of existence and over 125,000 people view the fireworks each summer. 3- Lake Murray is the #1 home to the Purple Martin Phenomenon. It is on Lunch (Bomb) Island on Lake Murray and is the largest, natural, roosting sanctuary in North America. 2- There are over 390 rooms on Lake Murray available for vacation rental. 1-150+ million people visit Lake Murray each year.

Latest News | MidlandsBiz

2011-03-30T09:50:00.000-07:00

http://www.thestate.com/2011/03/09/1728560/main-street-boost-main-street.html

2011-03-28T18:41:00.000-07:00

http://www.thestate.com/2011/03/09/1728560/main-street-boost-main-street.html

Builders Urge Congress to Restore Flow of Credit to Housing

2011-03-21T07:34:00.000-07:00

http://www.midlandsbiz.com/articles/7538/

Russell & Jeffcoat Lexington Branch Receives Top Awards | MidlandsBiz

2011-03-20T14:41:00.000-07:00

Russell & Jeffcoat Lexington Branch Receives Top Awards MidlandsBiz

State jobless numbers down: Economy improving?

2011-03-15T06:29:00.000-07:00

State jobless numbers down: Economy improving?: "South Carolina's unemployment rate declined to 10.5 percent in January."

http://www.wrdw.com/money/jobs/Over_1200_jobs_coming_to_Lexington_County_111534199.html

2011-03-12T11:45:00.000-08:00

http://www.wrdw.com/money/jobs/Over_1200_jobs_coming_to_Lexington_County_111534199.html

New Homes in Lexington S.C.

2011-02-22T18:13:00.001-08:00

Lexington S.C. has a new community coming in the Spring of 2011. Bonhomme Green is one of Lexington S.C. newest communities with prices starting at $99,900 2-3 bedroom plans with 1-car garages. Located only minutes outside of Lexington S.C. shopping and dining and only 1 mile from interstate I-20. Bonhomme Green offers tons of options for the 1st time home buyer looking for the great deal. This community also qualifies for the USDA rual housing 100% no down payment financing. Contact Craig Connelly at 803.600.7073 for more info or visit

www.clickoncraig.com

112 Plummet Ct, Lexington, SC

2010-11-23T15:05:00.001-08:00

Click here to view the Virtual Tour

This beautiful 1641 square foot home has 3 bedrooms and 2.00 full bathrooms. It is located at 112 Plummet Ct in Lexington, SC.

128 Linville Dr, Lexington, SC

2010-09-09T12:36:00.001-07:00

Click here to view the Virtual Tour

This beautiful 1026 square foot home has 2 bedrooms and 2.00 full bathrooms. It is located at 128 Linville Dr in Lexington, SC.

2010-02-15T12:32:00.001-08:00

Just listed a home in Hunters Mill $134,900
details to follow...............

How the media affects the economy.............

2009-08-21T07:59:00.000-07:00

I see it every day so called economic experts on the T.V. Radio, Internet and Newspaper talking and predicting how the economy is either going upward or downward. Being just a normal guy who works everyday, plays on the weekend and starts over on Monday I wonder if these so called experts in the field of economics really know what they are talking about. I am a pretty positive person I try to look at the glass half full but understand the reality of things but listening to someone on CNN that claims to be a expert who most Americans have never heard of or really even care who they are.Are we headed in the right direction who knows unemployment is dropping as we speak, the housing market is stabilizing yet we are not out of the woods in the overall out look. I saw a lady on Yahoo this morning saying how 48% of Americans are underwater on their mortgages, well I don't know about you but the day I closed on my house and looked at what I owed at 6% interest rate I knew I was underwater for 30 years with a short snorkel line. What bothers me is the headline reads "48% of Americans will be underwater on Mortgages" then as you read the column acutually only 24% may be in that position. All in all I don't put much faith into these talking heads who are usually wrong on their predictions, I put as much faith in them as I do the local sports writer telling me my favorite team will win this weekend by 2 touchdowns. I truly believe we are heading out of this recession by the start of next year from what I am seeing, but that is on a local level in Columbia S.C. listening to these so called experts who group the nation into 3-5 states it is going to be years which I don't believe. Time will tell we are a strong nation and we will prevail time is really the only question.

2009-08-09T07:01:00.001-07:00

Just finished updating my website
http://ping.fm/pn34M

2009-08-05T12:41:00.001-07:00

www.clickoncraig.com

Possible signs Recession may be coming to end in Columbia S.C.

2009-08-05T12:15:00.000-07:00

Published: July 29, 2009

COLUMBIA — After years of bad news, it looks like the recession may be over in South Carolina and nationally.

“We do believe the recession actually has bottomed-out now,” said Dr. Doug Woodward, an economist at the Darla Moore School of Business at the University of South Carolina.

“We see a lot of indications that the economy is not expanding vigorously, but it’s not deteriorating, either,” he said. “Maybe that’s not the best news to hear, but it is in the context of what we’ve been through.”

Woodward said the school keeps track of the economy through a set of indicators, which are combined into a composite index of leading indicators that anticipate where the economy will be in six to eight months. Those indicators include things like home sales, construction permits, unemployment, hours worked and national indicators, like the stock market.

Nationally, the stock market is back above 9,000 and has been rising since March. Home prices went up in May for the first time in three years, based on a 20-city index. Nationally, home sales also went up in June for the third straight month.

In South Carolina, home sales were up 16.5 percent in May from April.

But it’s not a vigorous recovery and there are mixed signals. While home sales were up from April to May, when you compare May 2009 with May 2008, sales were down 21.4 percent.

S.C. Comptroller General Richard Eckstrom said he hopes the recession is over, but he’s not convinced yet that it is. Companies across the state are still cutting back.

DuPont Teijin Films announced Tuesday it will cease polyester film manufacturing operations in Florence by September 2010. All 213 employees will lose their jobs at some point in the shutdown process, which will occur in phases.

Mohawk Industries just announced that its cutting 45 positions from its commercial carpet plant in Landrum.

“Sales taxes, usually, pretty much reflect what’s going on out in the economy and our sales tax collections are terrible,” Eckstrom said. “We saw sales tax collections dip 6, 7 percent last month. It’s not as bad as they had been, but it’s still very bad.”

Eckstrom said income taxes and corporate taxes also are down, but they typically recover later in the process.

Woodward also said those are “lagging indicators,” so it’s no surprise they would still be down if the recovery is just beginning.

And, unfortunately for the thousands of South Carolinians who are out of work or facing layoffs, the unemployment rate is also one of the last things to improve during any recovery.

“Businesses aren’t going to be hiring and bringing on new employees until they see a sure sign of recovery,” Woodward said. “So their business might be expanding, but they’re not going to be hiring. They might add more hours to the existing labor force, so that’s one thing we do look at as an anticipation of where the economy’s headed — hours worked. But actual new jobs being created and the lower unemployment rate, that’s just the last thing to pick up.

“We just think — we hope — the worst is over.”

2009-07-20T11:49:00.000-07:00

S.C. home sales increase 13% in June

Staff Report
Published July 20, 2009

The number of homes sold in South Carolina has risen for the second-straight month. Nearly 4,200 homes were sold in June, an increase of 13% compared with May, according to the latest report from the S.C. Association of Realtors.

In May, home sales totaled 3,704, which was an increase of 16% over sales in April.

June’s figures also represent the best year-over-year showing so far in 2009, with an 11.3% drop compared with June 2008 numbers.

Of the 15 regions reporting home sales for the association, 14 reported an increase in sales compared with May. The only area that reported a loss was the Southern Midlands Association of Realtors. It sold three more homes in May than it did in June, according to the report.

Of the state’s three major metropolitan areas, Charleston posted a 9.4% increase in June sales compared with May, Columbia saw a 10.5% increase and Greenville had a 13.3% increase, the report said.

The median price of homes in South Carolina was $147,000, up from $142,000 in May. The average number of days a home was on the market was 144, down from 155 in May.

New Homes in Lexington S.C.

2009-06-26T06:47:00.000-07:00

I just recently sold a home in the Wellesley subdivision in Lexington S.C., a home built by Hurricane Construction. I have to say they are doing a wonderful job in that area for first time buyers. My clients bought a home in there with many upgrades at a great price. The homes in there are spacious up to 1900 sq ft. The sales staff have been very helpful with my clients needs, they offer many amenities in the community like pool, green areas and much more. If you are looking to buy your first home it is really a good deal for the money, contact me if you want more info at my www.clickoncraig.com

Overpricing your home in a tough market............

2009-06-16T04:53:00.000-07:00

In a market like we have in 2009 where competition is fierce pricing your home to sale is crucial. So many times in the day in and day out business of selling real estate in Lexington S.C. I see many beautiful homes overpriced. When pricing a home it is very important to study your comps know what the market is demanding if you want to sell quickly. So many times I see homes in the Midlands of S.C. priced to high for what the market is demanding. I know that it is tough to swallow the decline of the market value we are experiencing now when selling but if you are wanting to sell think of it this way the amount you are sacrificing on the lower price of your home you will most likely make up for on the purchase of your next home. So many of my sellers have lost a little equity in the sell of their home just to turn around and buy a home that they walked in to much more equity on a bigger purchase.If you are looking to move to a bigger home or purchase the first one contact Craig at www.clickoncraig.com and I will give you a free home anyalizes to show you what the market value of your home is.

2009-06-07T12:29:00.000-07:00

Out and about in Lexington S.C. yesterday and was amazed at the growth our once small community has seen in a few short years. What was once a town with a few shops and 5 stop lights has grown into one of the fastest growing cities in South Carolina. With that growth has come a housing market that has not suffered from a slow down that other areas of the nation have endured, especially in the Midlands of South Carolina. From areas like Shandon to Lexington S.C. have seen home prices down some but still retaining the equity that others are not. If you or someone you know is looking to buy or sell their home contact Craig Connelly for all of your real estate needs at www.clickoncraig.com.

181 Sandlapper Way, Lexington, SC | Powered by Postlets

2009-06-05T08:19:00.001-07:00

181 Sandlapper Way, Lexington, SC | Powered by Postlets

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