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March 2008 - Posts

Monday, March 31, 2008 6:38 PM

Is China the next bubble to pop

Courtesy of Calculated Risk , China. Take a look at this chart, bubbles in so many different investments are starting to look familiar and easier to recognize, don't you think?
Posted by Howard Arnoff | 0 Comments
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Monday, March 31, 2008 5:48 PM

First quarter investments, home prices vs stocks, gold, oil

If you thought housing was a bad investment and chose not to buy because you felt home values were declining, check out how your money might have done with these investments during the first quarter of 2008 (certainly the bad news in the housing, mortgage
Posted by Howard Arnoff | 2 Comments
Monday, March 31, 2008 2:43 PM

Charleston real estate market report, Feb 2008, unit sales

Unit sales continue to decline in the Charleston South Carolina real estate market across all sectors with the exception of a continued strong showing in luxury condos and townhomes over the past 2 months. Statistics compiled by Howard Arnoff using the
Posted by Howard Arnoff | 1 Comments
Monday, March 31, 2008 7:38 AM

List (asking) price vs. sales prices

Some interesting statistics showing sellers listing their homes for sale in the Charleston real estate market are asking significantly more than the sales prices buyers are paying for homes. Average Median Single Family Homes under 600k sold prices last
Posted by Howard Arnoff | 0 Comments
Saturday, March 29, 2008 7:55 AM

Earth hour, Saturday March 29, 8PM

Turn out your lights tonight for one hour at 8PM for Earth Hour . Google is doing it and you should too. Hat tip to Jim Duncan at RealCentralVA .
Posted by Howard Arnoff | 0 Comments
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Saturday, March 29, 2008 7:07 AM

Charleston home sales median price February 07 - 08

The median price for all Charleston home sales dropped by 3.91% from February 07 to February 08. Median Sale Feb 07 $204,500 Median Sale Feb 08 $196,500 Change -3.91% Median price is a funny thing, consider this: 1, 2, 5, 10, 1000. 5 is the median, in
Posted by Howard Arnoff | 0 Comments
Friday, March 28, 2008 5:38 AM

Do you want to use an agent

... or do you want to use an agent. There are a lot of do it yourself buyers out there today and some buyers may think with the proliferation of information available on the Internet, they can successfully buy a home without an agent. Of course, they
Posted by Howard Arnoff | 0 Comments
Thursday, March 27, 2008 8:34 AM

Drunken sailors, by contemporary standards they're quite prudent

I've used a trite old phrase repeatedly when talking about government spending ... "like a drunken sailor (adding) with certainly no offense to any sailor, drunken or not." After all, The Navy has a large presence in Charleston and I've
Posted by Howard Arnoff | 0 Comments
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Thursday, March 27, 2008 7:05 AM

Foreclosure, statistics vs reality

I don't think a day goes by when I don't get an inquiry from someone wanting to buy a foreclosure in the Charleston real estate market. Let's forget about short sales, as I've said before, the seller can list the property and even accept
Posted by Howard Arnoff | 2 Comments
Wednesday, March 26, 2008 8:03 AM

It's my home, it's worth more

Claude Daigle, one of my regular readers just sent an email to tip me off to a story in the NY Times. David Leonhardt reports on a seller in the SF Bay area who won't sell unless they get their price (even if it takes years!). I've met similar
Posted by Howard Arnoff | 0 Comments
Wednesday, March 26, 2008 7:34 AM

Should you have a home inspection before listing

... your home for sale. If you want to avoid unpleasant surprises, you may want to do exactly that. I've talked about condition and price when selling a home and usually when I talk about condition, I'm referring to getting rid of clutter, improving
Posted by Howard Arnoff | 0 Comments
Tuesday, March 25, 2008 1:21 PM

Housing headlines

... aren't very pretty today. Home Prices and Consumer Sentiment Slide New York Times, United States - 43 minutes ago By MICHAEL M. GRYNBAUM Home prices across the country continued to fall in January at record rates while one measure of consumer
Posted by Howard Arnoff | 0 Comments
Monday, March 24, 2008 2:16 PM

A house can't sell if it does not get shown

... and this home may not be shown by very many Charleston real estate agents. (These may not be the dogs referred to but I'm not taking any chances.) Showing instructions: 2 DOGS (names omitted) CALL BY NAME & GIVE A TREAT BUT DON'T PET OR
Posted by Howard Arnoff | 0 Comments
Monday, March 24, 2008 7:09 AM

Listing alerts

It's been said that over 80% of all real estate buyers start their search on the Internet today. One of the best ways to learn about the Charleston real estate market for out of town buyers looking to relocate to Charleston is to receive listing alerts
Posted by Howard Arnoff | 0 Comments
Sunday, March 23, 2008 4:58 AM

Happy Easter

Happy Easter. Easter seems to be early this year. But did you know, you would have to be 95 years old to have ever celebrated Easter this early in the year. I hope you and your family enjoy a wonderful day.
Posted by Howard Arnoff | 0 Comments
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Friday, March 21, 2008 5:46 AM

Do you want to list or to sell

Charleston home sellers, take note. There are over 10,000 available homes for sale in the Charleston real estate market. Only one out of ten homes is selling, the others are sitting unloved and unwanted. If you want to sell, you must be priced to market
Posted by Howard Arnoff | 0 Comments
Thursday, March 20, 2008 9:18 AM

Bernanke's "Bank Shot" Bracket

From Kevin Depew at Minyanville, Bernanke's "Bank Shot" Bracket , just too much fun.
Posted by Howard Arnoff | 0 Comments
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Thursday, March 20, 2008 7:06 AM

Mortgage rates, March 20

It's funny how mortgage rates move. A few weeks ago when rates were about a half point less on an adjustable rate loan (ARM), I was asking a client why they were going to finance with a 30 year fixed rate loan when they absolutely, positively were
Posted by Howard Arnoff | 0 Comments
Wednesday, March 19, 2008 4:53 PM

Can't grasp the credit crisis

... don't worry, no one else can either. Whether it's CDO's, derivatives or anything else, it's hard for most people, myself included, to understand. But to the rescue with an explanation in plain english is the NY Times. Read Dave Leonhardt,
Posted by Howard Arnoff | 2 Comments
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Tuesday, March 18, 2008 1:23 PM

Fed cuts rates by 3/4 of a point

... and with short term rates currently so low and forecasts for further additional rate cuts by the Fed, adjustable rate mortgage (ARM) rates may actually decline at reset rather than increase as originally feared. The Fed is obviously using all the
Posted by Howard Arnoff | 0 Comments
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Tuesday, March 18, 2008 9:35 AM

You can't always get what you want

... by the Rolling Stones just might have something to do with selling your home in today's Charleston real estate market. From Wikipedia , I noticed a review by Richie Unterberger. "Much has been made of the lyrics reflecting the end of the
Posted by Howard Arnoff | 2 Comments
Monday, March 17, 2008 7:12 AM

March madness time

March madness is here, no, I'm not talking about the financial markets, how about some basketball. I like North Carolina and UCLA to meet in the final with UNC winning it all. That isn't going very far out on a limb so how about Carolina schools
Posted by Howard Arnoff | 0 Comments
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Sunday, March 16, 2008 8:44 PM

Is Jamie Dimon JP Morgan 100 years later

The Panic of 1907, the ___ of 2008. Sunday evening, JP Morgan Chase headed by Jamie Dimon announces they will buy Bear Stearns for $2 per share. The stock closed at $30 on Friday, $57 the day before with an all time high of $159. Investment banks generally
Posted by Howard Arnoff | 0 Comments
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Saturday, March 15, 2008 7:27 AM

Bear Stearns bailout

For anyone interested in the Bear Stearns bailout story, the WSJ has a great story. Read all about it! I hope this story doesn't become subscription required.
Posted by Howard Arnoff | 4 Comments
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Friday, March 14, 2008 7:16 AM

Are foreclosures readily available, not in South Carolina

I get a number of inquiries from people who are interested in taking advantage of the current housing situation indicating that buying a foreclosure would be a good idea. And it might be, especially if condition doesn't matter to you because generally,
Posted by Howard Arnoff | 4 Comments
Thursday, March 13, 2008 1:31 PM

Commuter rail in Charleston

In a letter to the editor of the Post and Courier, Charleston Mayor Joe Riley talks about commuter rail in Charleston. Anyone who travels our busy roads knows that something needs to be done to reduce congestion and since everyone seems to love their
Posted by Howard Arnoff | 2 Comments
Thursday, March 13, 2008 12:10 PM

Why you should call the listing agent

... to see a property you are interested in buying. Original photo courtesy of Flickr by Nick Sayers You think real estate agents are basically overpaid and worthless. You are not interested in being having your best interests represented. You are not
Posted by Howard Arnoff | 0 Comments
Wednesday, March 12, 2008 2:26 PM

Who is really represented in dual agency

... neither buyer or seller. Jim Duncan, writing at VARbuzz asks, is dual agency in the public's best interests? "One of the primary values a Realtor brings to a transaction is representation - representation of his client’s best interests.
Posted by Howard Arnoff | 0 Comments
Wednesday, March 12, 2008 1:19 PM

Thinking of buying a house without an agent

... is not a great idea. I was just at an agent open house in my neighborhood, I didn't really have to see any houses in my neighborhood to familiarize myself with the floor plans and then try to picture which of the many buyers I am helping to look
Posted by Howard Arnoff | 0 Comments
Wednesday, March 12, 2008 12:45 PM

The best Eliot Spitzer headline

... from MarketWatch, back on top of their game So ends Eliot's mess -- and now ... back to the credit crisis He said, "I am deeply sorry I did not live up to what was expected of me. I'm sure his wife feels the same and / or the shame.
Posted by Howard Arnoff | 0 Comments
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Wednesday, March 12, 2008 7:19 AM

Short sale listings are bogus

I wrote about the difficulty (or practical impossibility) of buying a short sale in this post . My friend, Larry Cragun recently posted a comment from Thomas Johnson , a realtor in Houston TX, relating a story of how the banks do not respond to short
Posted by Howard Arnoff | 2 Comments
Tuesday, March 11, 2008 3:42 PM

rssHugger, a new blog directory

With a hat tip to Jay Thompson , the Phoenix real estate guy who Google just ranked number 5 when searching real estate agents with no life , I found rssHugger , a new blog directory. I was almost afraid to click the search for fear that I made page one
Posted by Howard Arnoff | 0 Comments
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Tuesday, March 11, 2008 1:33 PM

If you are looking for real estate advice

... check your sources. More craziness at MarketWatch as the spring real estate season is beginning (although my wife is on business in the Northeast and tells me that it's cold up there while Charleston is basking in the 60's and 70's this
Posted by Howard Arnoff | 0 Comments
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Tuesday, March 11, 2008 6:24 AM

Understanding buyer agency

It seems to me that many real estate consumers don't understand buyer agency. Sellers will generally interview a number of agents with the goal of hiring the best real estate agent to list and sell their home. Buyers just want to see homes and therefore,
Posted by Howard Arnoff | 3 Comments
Monday, March 10, 2008 1:58 PM

How's the economy in Charleston South Carolina

Pretty good according to Moody's Economy.com in an article in USA Today . The economy in South Carolina and the Charleston metropolitan area is expanding while other states are already in a recession or rated at risk. Click the map for a link to the
Posted by Howard Arnoff | 0 Comments
Monday, March 10, 2008 9:59 AM

Charleston homes, Charleston prices

You have to wonder sometimes about both buyers and sellers when it comes to evaluating prices of Charleston homes for sale. To buy and sell, the buyer and seller have to agree. I met with a seller recently who felt the value of their home was well above
Posted by Howard Arnoff | 0 Comments
Monday, March 10, 2008 6:40 AM

Real estate entertainment

There are real estate bubble blogs where visitors are predicting the end of the world as we know it. There are more mainstream financial sites like MarketWatch and when an article having to do with current real estate trends is posted, many of the comments
Posted by Howard Arnoff | 0 Comments
Saturday, March 08, 2008 5:50 PM

Spring forward

Daylight savings time begins tonight at 2AM. Don't forget to set your clocks forward ... (but stay in bed for an extra hour in the morning).
Posted by Howard Arnoff | 0 Comments
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Saturday, March 08, 2008 8:22 AM

Realistic expectations

... regarding Charleston real estate. For sellers, your home is not worth significantly more than others in your neighborhood even though it's yours and is so much nicer than any of the other homes for sale. If you want to sell, your home must be
Posted by Howard Arnoff | 0 Comments
Friday, March 07, 2008 8:05 AM

New FHA loan limits raised for Charleston

The Department of Housing and Urban Development (HUD) has raised FHA loan limits for the Charleston metro area including Charleston, Dorchester and Berkeley counties to $335,000 for single family homes. The previous limit was $271,050. FHA loans are more
Posted by Howard Arnoff | 0 Comments
Thursday, March 06, 2008 3:53 PM

Good news, Charleston housing inventory declines

Here is a positive headline from the Post and Courier regarding the Charleston real estate market. Number of homes for sale dips by Katy Stech. "Dissect the data, and you could find a small sign that conditions in the local real estate market are
Posted by Howard Arnoff | 0 Comments
Thursday, March 06, 2008 7:00 AM

If it seems too good to be true

... it probably is. When incorrect information is entered into the Charleston MLS, real estate consumers who are searching for Charleston real estate may think that they have finally found something truly fantastic. A couple of quick examples. On back
Posted by Howard Arnoff | 0 Comments
Wednesday, March 05, 2008 3:43 PM

Downpayment assistance program

... gets a favorable ruling which will help first time homebuyers. "AmeriDream is pleased to announce that a second federal judge has ruled that the Department of Housing and Urban Development violated federal law in adopting a regulation prohibiting
Posted by Howard Arnoff | 0 Comments
Wednesday, March 05, 2008 1:01 PM

Time Magazine: Ignore the headlines

The news is bad, worse and worser (not a real word) and the media has been unrelenting in reporting bad news on the housing market and therefore, many buyers are skittish to say the least. But I just noticed an interesting article by Time Magazine and
Posted by Howard Arnoff | 0 Comments
Tuesday, March 04, 2008 8:58 AM

It's great to be home in Charleston

... after spending a long weekend at a family wedding in Orlando. We had a great time, saw family from around the country and took a leisurely drive home stopping in Savannah for lunch. But it's always better to sleep in your own bed back home in
Posted by Howard Arnoff | 0 Comments
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Tuesday, March 04, 2008 6:48 AM

A full time Charleston real estate agent

... is more important than ever for buyers and sellers in today's current difficult market conditions. After taking a long weekend off to attend a family wedding in Orlando, I don't know how any Charleston real estate agent can successfully manage
Posted by Howard Arnoff | 0 Comments
Saturday, March 01, 2008 7:40 AM

Greetings from Orlando, housing in Florida

We're in Orlando for a family wedding and actually drove rather than fly, only 380 miles and a casual 8 hour drive. It's nice to see family for a joyous occasion and since we all live across the country, we don't get together often enough.
Posted by Howard Arnoff | 0 Comments