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August 2011 - Posts

Wednesday, August 31, 2011 7:41 AM

Wood and water don't get along

In fact, it could result in wood rot. And I could have written an ugly headline like "If you have wood rot, here's how to repair it" (but I didn't). But anyway, we noticed a little damage at the bottom of a door frame from rain water
Posted by Howard Arnoff | 0 Comments
Monday, August 29, 2011 7:23 AM

More short sales now getting approved

Bloomberg reports on a positive trend for short sales, more short sales are now getting bank approval . Rick Sharga, Senior Vice President at RealtyTrac said, “ This is a glimmer of hope that lenders are getting more realistic. It’s a win
Posted by Howard Arnoff | 0 Comments
Saturday, August 27, 2011 7:22 AM

All flood zones are not created equal

A lot of people are afraid of living in a flood zone. First of all, they're understandably afraid that all their possessions will flood away. Secondly, they are concerned about the cost of flood insurance. And with Hurricane Irene pounding the East
Posted by Howard Arnoff | 0 Comments
Friday, August 26, 2011 6:19 AM

Hurricane Irene

It's ironic that Hurricane Irene is heading to the Northeast since one of the first questions that I get from potential buyers considering relocation to Charleston (and many from the Northeast) has to do with hurricanes. After all, Charleston is rather
Posted by Howard Arnoff | 0 Comments
Thursday, August 25, 2011 7:24 AM

New FTC rule to prohibit misrepresentation when advertising mortgage products [or does it]

A new FTC rule went into effect on August 19 to protect consumers from misrepresentation when advertising mortgage products. It will affect real estate agents who provide a lender's rate sheet to consumers by requiring disclaimers and imposing record
Posted by Howard Arnoff | 0 Comments
Tuesday, August 23, 2011 11:21 AM

What's up [or down] with new home sales

New home sales are down again and actually, that's a good thing because the last thing needed in today's housing market is more inventory. But a lot of home buyers prefer to buy new homes rather than preowned homes and it seems especially so for
Posted by Howard Arnoff | 0 Comments
Monday, August 22, 2011 7:59 AM

[Surprised?] Many online reviews are fake

Today, many people rely on the word of others to make purchasing decisions whether it's a restaurant, a hotel, a book or even choosing a real estate agent. But David Streitfeld writing in the NY Times reports, "an industry of fibbers and promoters
Posted by Howard Arnoff | 1 Comments
Saturday, August 20, 2011 8:37 AM

Charleston mortgage report: Today's mortgage rates set record lows

The combination of lots of negative news in August regarding both the US Economy and the global slowdown and concerns about the sovereign debt problems in Europe has served to bring mortgage rates down to record lows. So whether you are interested in
Posted by Howard Arnoff | 0 Comments
Thursday, August 18, 2011 7:54 AM

Don't mess with Uncle Sam, US inquiry eyes S&P ratings of mortgages

Payback is sometimes a b*tch. The NY Times reports that an investigation into S&P began before the ratings agency cut the United States credit rating earlier this month. But that action isn't likely to make life very comfortable for S&P. “The
Posted by Howard Arnoff | 0 Comments
Wednesday, August 17, 2011 8:24 AM

Bon Appetit names Husk best new restaurant in America

The honors and awards just keep on coming to Charleston and most especially in the food scene. Sean Brock's Husk was just named by Bon Appetit as the best new restaurant in America. Andrew Knowlton at Bon Appetit writes “Talented young Southern
Posted by Howard Arnoff | 0 Comments
Tuesday, August 16, 2011 6:39 AM

Charleston real estate market report, sales, inventory and home prices, July 2011

Hooray! As promised, I can finally stop writing about last year's home buyer tax credit. I'm not saying it was a bad thing and quite a few of my clients took advantage of it, just that it basically pulled a lot of sales forward that would have
Posted by Howard Arnoff | 0 Comments
Sunday, August 14, 2011 9:15 AM

Making a successful offer

Some buyers might have a price in mind when buying a home in Charleston while others might base their offer on what other homes are selling for. But in order to make a successful offer, buyers have to understand that sellers will have access to all of
Posted by Howard Arnoff | 0 Comments
Friday, August 12, 2011 8:51 AM

From estates to fixers to everything in between

... there are foreclosures available for sale throughout the Charleston real estate market. Even though foreclosures have fallen to a 44 month low according to RealtyTrac , in part due to banks no longer able to just have robo signers get their way through
Posted by Howard Arnoff | 0 Comments
Wednesday, August 10, 2011 7:24 AM

[Zillow] Charleston area home value index down 6.6 percent year over year

Zillow reports that the Charleston area home value index is down 6.6 percent year over year . Now, as I've said on a number of occasions, Zillow's zestimates (or S&P Case-Shiller or CoreLogic) is not the same as Moses coming down from the
Posted by Howard Arnoff | 0 Comments
Tuesday, August 09, 2011 7:51 AM

S&P vs. US debt, what will happen to mortgage rates

I'll skip commenting on whether S&P downgraded US debt as payback for being hauled before Congress after giving AAA ratings to the toxic waste otherwise known as CDO's of mortgage backed securities or whether they may or may not have $2 Trillion
Posted by Howard Arnoff | 0 Comments
Monday, August 08, 2011 7:45 AM

Is America's love affair with homeownership waning

Obviously, the homeownership rate has declined over the past few years after rising from the 90's through the credit bubble. As Bill at Calculated Risk points out, "the homeownership rate increased in the 90's and early 00's because of
Posted by Howard Arnoff | 0 Comments
Saturday, August 06, 2011 8:36 AM

If you want to search like an agent, choose the Advanced Search

Even though the default search is set to the Map Search, the very best way to search homes for sale in the Charleston MLS is by using the Advanced Search . It's the next best thing to being a Charleston real estate agent with full access to the Charleston
Posted by Howard Arnoff | 0 Comments
Friday, August 05, 2011 6:09 AM

SC Tax Free weekend, shop til you drop

If you have any money left from yesterday's stock market drubbing, the annual SC Tax Free weekend runs from today through Sunday. Designed to help parents save money on back to school shopping, it's one of the busiest shopping weekends of the
Posted by Howard Arnoff | 0 Comments
Thursday, August 04, 2011 6:46 AM

[Finding a home] Searching for a needle in a haystack

A client I just started working with told me he thought that finding a home was like searching for a needle in a haystack and while that's pretty much true, it really doesn't have to be that hard. They are from out of town and aren't all that
Posted by Howard Arnoff | 0 Comments
Tuesday, August 02, 2011 9:01 AM

Mortgage rates, the debt ceiling and the economy

Mortgage rates declined by a quarter point from Friday not so much do to the agreement on raising the debt ceiling but due to slowing economic growth. Today's "surprise" report that consumer spending declined in June won't do much to
Posted by Howard Arnoff | 0 Comments
Monday, August 01, 2011 8:41 AM

[Sneak peek] July Charleston home sales

There have been 749 home sales recorded in the Charleston MLS as of this morning. As is always the case, members tend to report later rather than sooner and especially because the business month ended Friday, you can look for many more sales to be reported
Posted by Howard Arnoff | 0 Comments