I heard it again, "Now it the cheapest time to buy real estate in over 40 years!". But it won't last forever. Yesterday interest rates on a 15 & 30 year mortgage crept up again. Buy now, or you may regret it in years to come!
http://www.callnancylamar.com/ for all your real estate needs!
Thursday, October 28, 2010
Thursday, October 21, 2010
To Refinance, or Not to Refinance...That is the Question!
If have the inclination to pull your house off the market to do a refinance on your mortgage or mortgages, please be careful. If you are trying to go conventional on the refi then you will have to wait 6 months before you can do the refi. That’s the bad news! The good news is that you can do the refi with FHA right now as they have put this 6 month waiting period on hold for now. The max loan that FHA will do in Anderson County is $271,500. If you have a higher balance than the $271,500 then you will have to wait the full 6 months before refinancing.
http://www.callnancylamar.com/ for all your real estate needs.
http://www.callnancylamar.com/ for all your real estate needs.
Tuesday, October 19, 2010
Lake Hartwell is Close to Full Pool
According to the US Corps of Engineers yesterday, Lake Hartwell had a lake level of 655.39'. With 660' being full pool, that means its down 4.61'.
http://www.callnancylamar.com/ for all your real estate needs.
http://www.callnancylamar.com/ for all your real estate needs.
Wednesday, October 13, 2010
Southwest Airlines is coming to GSP
Great News! Southwest Airlines is supposed to be coming to the Greenville Spartanburg International Airport (GSP). The low-fare airline’s arrival will mean an economic boom to the area. The airport manageer said the airline’s arrival at GSP would have a $150 million positive economic effect on the Upstate. The airport is anticipating Southwest’s ticket prices would be about $100 lower than what current carriers charge. The lower Southwest fares, he said, would cause other carriers to lower their ticket prices as well.
Why is this good news to our area? Lower prices would mean more travelers. And more travelers would mean more money spent at and around the airport, as well as more jobs at and around the airport.
Along with the addition of Southwest will come a nearly $100 million renovation to the airport to accommodate more traffic, as well as update the 50-year-old building.
The design phase of the renovation is expected to start in 2011, with the groundbreaking happening in 2012.
Edwards said the design would tear the core terminal down and rebuild it, connecting the two terminals and updating both airport for its environmental impact and customer appeal.
http://www.callnancylamar.com/
Why is this good news to our area? Lower prices would mean more travelers. And more travelers would mean more money spent at and around the airport, as well as more jobs at and around the airport.
Along with the addition of Southwest will come a nearly $100 million renovation to the airport to accommodate more traffic, as well as update the 50-year-old building.
The design phase of the renovation is expected to start in 2011, with the groundbreaking happening in 2012.
Edwards said the design would tear the core terminal down and rebuild it, connecting the two terminals and updating both airport for its environmental impact and customer appeal.
http://www.callnancylamar.com/
Monday, October 11, 2010
3rd Qtr Home Sale Stats in the Western Upstate of South Carolina
Western Upstate Home Sales Statistics through 3rd Qtr 2010
There are currently 4234 residential homes currently listed here in the Western Upstate MLS. These numbers reflect all single family homes, condos, and townhouses, but do not include mobile homes. There are 824 waterfront homes listed and 7.5% of all the homes currently listed in the Western Upstate MLS are bank owned homes. The Western Upstate MLS is made up of Anderson , Pickens, & Oconee Counties Anderson County
Year | Homes Sold through September 30 | Percent change vs previous year | Average Sold Price | Percent change vs. previous year in sold price | Average Days on Market |
All Western Upstate Homes ‘10 | 1961 | +6.3% | $172,671 | +1.8% | 160 |
All Western Upstate Homes ‘09 | 1845 | -20.4% | $169,632 | -8.5% | 163 |
Anderson Co Homes YTD | 979 | +9.6% | $140,039 | +.06% | 150 |
All Western Upstate Waterfront Homes ‘10 | 206 | +42.1% | $453,624 | -5.5% | 189 |
All Western Upstate Waterfront Homes ‘09 | 145 | -21.2% | $480,081 | -6.1% | 190 |
Anderson Co WF Homes through Sept ‘10 | 67 | +52.3% | $283,723 | -1.7% | 178 |
Here is the percent of homes selling in each price range in the tri-county area:
Percent of Homes Sold | |
Up to $200,000 | 76.1% |
$201,000-$275,000 | 10.5% |
$276,000-$350,000 | 4.8% |
$351,000-$500,000 | 4.4% |
$501,000-$850,000 | 3.3% |
More than $851,000 | .9% |
Of the 18 homes that sold year to date in the “more than $851,000 price range”, all were in Oconee Co. except four homes in Pickens Co. and one in Anderson Co. I was encouraged to find that the < $200,000 price range declined from 78.9% to 76.1%, and all the higher price ranges grew in market share this year to date.
Wednesday, October 6, 2010
South Carolina Ranks High for a State to Bring your Business!
Earlier this week, the South Carolina Department of Commerce announced that South Carolina has been named among the top 10 states for key site selection criteria, according to Area Development magazine's recent survey of highly respected site consultants who work with a nationwide client base. South Carolina ranked #3 overall meeting key location requirements, according to the magazine's survey.
"Over the past eight years we've worked to improve South Carolina's business climate with reforms that allow companies to be competitive, and that means keeping regulatory burdens limited and taxes low. Today's recognition, along with a string of positive announcements on the economic development front, demonstrates that these efforts are indeed paying dividends - even during this difficult economic time. I'd thank those small business owners and constituents from across the state who've made their voices heard and helped keep the state's soil conditions attractive for business investment, and ask that they continue these efforts going forward," said Gov. Mark Sanford.
South Carolina was the consultants' top choice in the lowest business costs (#1) category, and among their top-five picks in the most business friendly (#3), corporate tax environment (#3), overall labor climate (#3), workforce development programs (#3), fast-track permitting (#3) and shovel-ready sites (#5) categories.
So bring your business to South Carolina because its a great state to increase its success rate!
http://www.callnancylamar.com/ for all your commercial or residential real estate needs!
"Over the past eight years we've worked to improve South Carolina's business climate with reforms that allow companies to be competitive, and that means keeping regulatory burdens limited and taxes low. Today's recognition, along with a string of positive announcements on the economic development front, demonstrates that these efforts are indeed paying dividends - even during this difficult economic time. I'd thank those small business owners and constituents from across the state who've made their voices heard and helped keep the state's soil conditions attractive for business investment, and ask that they continue these efforts going forward," said Gov. Mark Sanford.
South Carolina was the consultants' top choice in the lowest business costs (#1) category, and among their top-five picks in the most business friendly (#3), corporate tax environment (#3), overall labor climate (#3), workforce development programs (#3), fast-track permitting (#3) and shovel-ready sites (#5) categories.
So bring your business to South Carolina because its a great state to increase its success rate!
http://www.callnancylamar.com/ for all your commercial or residential real estate needs!
Tuesday, October 5, 2010
FREE Light Bulbs Available from Duke Energy
Duke Energy has setup a giveaway of free CFL Light Bulbs to qualified customers. The number is 1-800-943-7585 and press option 1, then just follow the system commands to get your 15 FREE CFL Light Bulbs!
http://www.callnancylamar.com/ for all your real estate needs.
http://www.callnancylamar.com/ for all your real estate needs.
Monday, October 4, 2010
Current Market Update & Real Estate News
Last week's housing market data centered on Standard & Poor's S&P/Case-Shiller Home Price Index. This showed home prices were UP in July for the fourth month in a row, but the pace of their gain had slowed from previous months. With the expiration of the government's home buyer tax incentives, some observers wonder if the S&P/Case-Shiller will keep moving up. The composite 20-city index, a broad measure of U.S. home prices, showed a 3.2% increase year over year, the sixth month in a row it posted an annual gain.
Nonetheless, home price gains did slow in the waning days of the tax credits. In July, only 12 of the 20 cities surveyed showed price gains, compared to 17 cities reporting rising prices in June. Analysts pointed out that these results underscore the fact that the spring/early summer months are the best for home sales. Most experts feel the next few months should give us a better idea of the true strength of the housing market.
Nonetheless, home price gains did slow in the waning days of the tax credits. In July, only 12 of the 20 cities surveyed showed price gains, compared to 17 cities reporting rising prices in June. Analysts pointed out that these results underscore the fact that the spring/early summer months are the best for home sales. Most experts feel the next few months should give us a better idea of the true strength of the housing market.
>> Review of Last Week
A BIT OF A BREATHER... Investors on Wall Street took a rest last week from bidding stock prices up the way they had earlier in the month. Performance of the major market indexes was not exciting, though slippages were all less than a half a percent. But performance for the month was impressive. The broad-based S&P 500 index, favored by professional investors, shot up 8.8% for September, its best monthly gain since April 2009 and its best September reading in over 70 years.
Perhaps investors took the week off because they remain cautious about the near-term economic recovery. Consumers seem to agree, as the week began with a surprise drop in September's Consumer Confidence Index, which hit a seven-month low, falling far short of consensus expectations. The ISM Manufacturing Index also slid a bit from August to September, missing estimates, but remaining in expansion territory.
Upside economic data included better than forecast weekly initial jobless claims, although 453,000 is still not a good number. Continuing claims dropped by 83,000 for the week, but that number remains well above 4 million. Personal income and spending (PCE) for August were up better than expected and Core PCE was up just 0.1%, so inflation is still in check.
For the week, the Dow ended down 0.3%, to 10829.68; the S&P 500 was down 0.2%, to 1146.24; and the Nasdaq was off 0.4%, to 2370.75.
The bond market ended the week with investor interest helping prices in some areas. One was the FNMA 30-year 4.0% bond we watch, which ended UP 10 basis points for the week, closing at $102.27. According to Freddie Mac's weekly survey, national average mortgage rates for fixed-rate mortgages dropped a tad, remaining at historically low levels.
Perhaps investors took the week off because they remain cautious about the near-term economic recovery. Consumers seem to agree, as the week began with a surprise drop in September's Consumer Confidence Index, which hit a seven-month low, falling far short of consensus expectations. The ISM Manufacturing Index also slid a bit from August to September, missing estimates, but remaining in expansion territory.
Upside economic data included better than forecast weekly initial jobless claims, although 453,000 is still not a good number. Continuing claims dropped by 83,000 for the week, but that number remains well above 4 million. Personal income and spending (PCE) for August were up better than expected and Core PCE was up just 0.1%, so inflation is still in check.
For the week, the Dow ended down 0.3%, to 10829.68; the S&P 500 was down 0.2%, to 1146.24; and the Nasdaq was off 0.4%, to 2370.75.
The bond market ended the week with investor interest helping prices in some areas. One was the FNMA 30-year 4.0% bond we watch, which ended UP 10 basis points for the week, closing at $102.27. According to Freddie Mac's weekly survey, national average mortgage rates for fixed-rate mortgages dropped a tad, remaining at historically low levels.
>> This Week’s Forecast
WHERE WE'RE GOING WITH HOMES AND JOBS... The week begins with August Pending Home Sales, which count signed contracts and therefore tell us what will be happening with closings a few months out. Unfortunately, the consensus expects the August reading to be down a bit from July. But September ISM Services is expected to show the non-manufacturing sector still indicating expansion, with a reading just over 50.
The week ends with the September Employment Report and the forecast is for no increase in payrolls overall, although 70,000 jobs are expected to be added to the private sector. However, population growth outpaces this rate of job creation, so unemployment is predicted to increase up to 9.7%.
The week ends with the September Employment Report and the forecast is for no increase in payrolls overall, although 70,000 jobs are expected to be added to the private sector. However, population growth outpaces this rate of job creation, so unemployment is predicted to increase up to 9.7%.
>> The Week’s Economic Indicator Calendar
Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.
http://www.callnancylamar.com/ for all your real estate needs.
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