Dr. Lawrence Yun, chief economist and senior vice president of research for the National Association of Realtors, delivered the keynote address and discussed the Charleston real estate market last Wednesday for area members of Charleston Trident Association of Realtors. He had lots of good things to say about the Charleston market in general. Read the whole story and watch the videos HERE.
Now what does all this mean to you as a homeowner, Buyer, or Seller? Be sure to talk to your agent, they are there for you whenever you have a question about home ownership and the market in general, not just if you are interested in buying or selling right now. You can speak pressure and commitment free to a dunes properties agent any time by calling 800.476.8444 or stopping by one of our four offices at 214 King St. downtown, 31 Center St. on Folly, 1400 Palm Blvd. on the Isle of Palms, or at Bohicket Marina near Seabrook/Kiawah Islands.
A lot of communities in the Charleston area fall under the umbrella of HOAs. At first if you are not used to them, seeing the fees that are due- monthly, quarterly or annually, can be daunting but take a moment to learn about the HOA and what it means to you as a homeowner in that community.
About 59.5 Americans (according to the Communities Association Institute) are members of HOAs. The HOAs enforce the community’s rules. And there’s value in the fee. A 2005 study, which appeared in the Cato Institute’s Regulation magazine, compared a group of Washington, D.C., area HOA properties with similar homes without community benefits—a total of about 12,000 homes. The HOA house values were found to be 5.4% higher. That’s $1,067 on the average U.S. home value of $197,600!
Before you purchase a property with an HOA, make sure you have read and familiarized yourself with the documents, covenants and restrictions. If you become a homeowner in the community, make your voice heard. Put the HOA meetings on your calendar and attend (they usually are just once or twice a year), and vote on issues. If you have the time, consider volunteering your professional skills or even volunteer to be elected to the board.
Robert Freedman of Realtor Magazine recently sat down with Linda Goold, The National Association of Realtors’ director of tax policy, and Samuel Whitfield, an NAR legislative representative to discuss the possibility of an extension. The tax credit has been, in Freedman’s words, “the economic recovery’s workhorse.” To date, over 1.4 million households have used the credit. Goold and Whitfield both point out that there is bi-partisan support for extending the credit, but the current Dec 1 deadline is quickly approaching. To watch Freedman, Goold, and Whitfield further discuss of this issue, click HERE.