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July 2009 - Posts

Friday, July 31, 2009 8:44 AM

Charleston real estate market report, sales and inventory, July 31, 2009

Right on time to report the best numbers of the year for housing in the Charleston real estate market (and yes, seasonal factors do influence higher sales and as you'll see tomorrow, higher prices). Nonetheless, trends are improving across the board.
Posted by Howard Arnoff | 0 Comments
Thursday, July 30, 2009 7:15 AM

The home ATM caused many homeowners to be underwater

The WSJ has an interesting article that should open up some eyes on why homeowners are underwater on their homes. The conventional wisdom has been that anyone who bought at the top of the market and has now seen price declines is underwater and lost equity
Posted by Howard Arnoff | 1 Comments
Wednesday, July 29, 2009 7:03 AM

Good housing news but

... let's not forget seasonal adjustments. As I pointed out in a recent post, Seasonal trends in Charleston real estate, home sales are stronger and prices are higher during this time of year. So while I certainly am a glass half full, not half empty
Posted by Howard Arnoff | 0 Comments
Tuesday, July 28, 2009 6:59 AM

Foreclosures make more sense

Despite government efforts to stem the growing number of foreclosures by stepping up efforts to modify loans, economists have concluded it is more profitable for banks to foreclose than to modify loans. From the Washington Post, Foreclosures are often
Posted by Howard Arnoff | 0 Comments
Monday, July 27, 2009 7:03 AM

Were lenders stupid, you be the judge

It's always interesting to look at the history of a property a client is considering. Even though it really doesn't matter, buyers always want to know the last sales price of a home. The financing history is also available as part of the public
Posted by Howard Arnoff | 0 Comments
Saturday, July 25, 2009 6:23 AM

[Back to the future] Multiple offers and bidding wars

A foreclosure that just came on the market is getting quite a bit of interest from lots of potential buyers. Apparently, over 40 agents and their clients have already viewed the property and there are already multiple offers submitted. The bank has set
Posted by Howard Arnoff | 2 Comments
Friday, July 24, 2009 6:43 AM

[tweet, tweet] I'm now on twitter

Of course, I might be the very last person on earth to finally sign up for twitter but for the longest time, I couldn't figure out how to add value to the conversation in just 140 characters or less. Those of you who know me through the Charleston
Posted by Howard Arnoff | 2 Comments
Thursday, July 23, 2009 6:01 AM

Pet peeves doubleheader

There aren't that many things that bug me because if there were, I probably shouldn't be a real estate agent. So please pardon the little mini rant ahead but yesterday was the kind of day you just have to comment about and there is a lesson or
Posted by Howard Arnoff | 1 Comments
Tuesday, July 21, 2009 7:27 AM

A curb appeal tip for selling your home, don't hide the front door

Did you ever notice how many homes listed for sale in the Charleston MLS have foliage that has grown to the point where the front door is hidden. With the many choices of homes for sale in Charleston that buyers have today, buyers may be choosing which
Posted by Howard Arnoff | 0 Comments
Monday, July 20, 2009 5:59 AM

Jury duty might be more fun today

... if the deliberations were at The Jury Room. Photo courtesy of Flickr by OZinOH
Posted by Howard Arnoff | 0 Comments
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Saturday, July 18, 2009 5:43 AM

And that's the way it is

Walter Cronkite, at one time the most trusted man in America, passed away. From the Kennedy assassination to the lunar landing, Vietnam War and Presidential election coverage, if you are over 40, you got your news every night from "Uncle Walter".
Posted by Howard Arnoff | 0 Comments
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Friday, July 17, 2009 7:05 AM

Meet your new landlord, Uncle Sam

The Obama administration has been trying all sorts of things to try and stem the foreclosure problem in America and what is generally being called a "trial balloon" was just floated and reported by Reuters . U.S. government officials are weighing
Posted by Howard Arnoff | 0 Comments
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Thursday, July 16, 2009 8:21 AM

Charleston real estate market report, home prices, July 16, 2009

Home prices in the Charleston real estate market improved in May and an early look at June will show even higher prices but before I appear to be disingenuous, seasonal factors must be taken into account and a recent post will confirm that prices are
Posted by Howard Arnoff | 0 Comments
Thursday, July 16, 2009 7:20 AM

Charleston real estate market report, sales and inventory, July 16, 2009

My apologies for being a little late with the Charleston real estate market report this month due to my 4th of July vacation at the beach and (thankfully, being very busy with clients) but at long last, here we go with the charts and graphs in a soothing
Posted by Howard Arnoff | 0 Comments
Wednesday, July 15, 2009 6:59 AM

An appraisal is [only] an opinion of value

... and opinions are often subjective rather than objective. A case in point. My buyers were supposed to buy one condominium and one week before closing, they agreed to purchase a similar unit from the same seller at no additional cost or inconvenience
Posted by Howard Arnoff | 0 Comments
Tuesday, July 14, 2009 6:20 AM

Seasonal demand and Charleston home prices

Yesterday, I wrote about seasonal trends in Charleston real estate and some of you (like me) may be wondering how seasonal demand affects Charleston home prices. The bottom line, in general, when there is more sales activity in the spring and summer months,
Posted by Howard Arnoff | 2 Comments
Monday, July 13, 2009 5:20 AM

Seasonal trends in Charleston real estate

Everyone in the real estate industry has always talked about importance of the spring selling season. Now it might be more important in the Northeast and Midwest where winter weather would certainly keep house hunters from looking at homes until the weather
Posted by Howard Arnoff | 2 Comments
Sunday, July 12, 2009 6:19 AM

When will the monthly real estate update be available

A couple of people sent emails to me wondering when will the monthly real estate update be available. First of all, I'm glad that people are actually interested in reading it and secondly, my apologies for being late. I like to gather the Charleston
Posted by Howard Arnoff | 0 Comments
Friday, July 10, 2009 9:54 AM

Charleston real estate trends in 2009

What have been the most important trends in Charleston real estate thus far in 2009. If the first thought that came to your mind was distressed property, I'd say you know your stuff. Let's face it, buyers today want a deal and buying distressed
Posted by Howard Arnoff | 0 Comments
Thursday, July 09, 2009 7:00 AM

Fannie and Freddie to allow refinancing up to 125% loan to value

Here's some good news for homeowners who want to refinance their homes and are "underwater". The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac are authorized to increase the loan to value ratios in the Home
Posted by Howard Arnoff | 0 Comments
Wednesday, July 08, 2009 12:46 PM

Charleston mortgage report July 8, 2009

Like they say, mortgage rates go up fast and come down slow but the good news is that rates have declined significantly in the last month and a recent quote from one of my preferred lenders indicates a 30 year fixed rate of 4.75%. Basically, lower mortgage
Posted by Howard Arnoff | 4 Comments
Tuesday, July 07, 2009 6:29 PM

Jonathan turns 40 and Jay says it's 117

... degrees, (that is) in Phoenix. Two of my favorite Phoenix real estate guys are having some fun in the summertime. Jonathan Dalton turned 40 today and the original PhoenixRealEstateGuy, Jay Thompson is moaning about 117 degree temperatures in Phoenix
Posted by Howard Arnoff | 0 Comments
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Tuesday, July 07, 2009 6:15 AM

[Buying a home] Planned purchase or impulse shopping

Since buying a home is likely the biggest purchase anyone makes, you might think that everyone plans carefully before buying. Whether it involves searching homes for sale in Charleston online for weeks, months or even a year or more in advance, talking
Posted by Howard Arnoff | 0 Comments
Sunday, July 05, 2009 6:03 AM

Your home's value and Charleston property tax

Let's face it, the value of your home in the Charleston real estate market has declined somewhat in the past few years. Perhaps your home has not declined as sharply as homes elsewhere in the country but almost certainly it is worth less than it was.
Posted by Howard Arnoff | 0 Comments
Saturday, July 04, 2009 6:42 AM

It's the 4th of July

and if you like fireworks, this is probably one of your favorite days of the year. Have a happy and safe holiday.
Posted by Howard Arnoff | 0 Comments
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Thursday, July 02, 2009 7:02 AM

Tenant Nation

There is some talk that many people have given up on the idea of home ownership. Some people don't think that they can ever save enough money for the required downpayment. Others don't think that housing is a good investment and don't want
Posted by Howard Arnoff | 0 Comments