Community
Fort Mill Christmas Parade
December 7, 2009 by admin · 3 Comments
The Carolina Realty Team participated in the Annual Fort Mill Christmas Parade on Saturday morning. it was a chilly and overcast day, but it was so much fun!
I am including some photos from the parade…
If you are looking for a Realtor this holiday season, look no further…the Carolina Realty Team can help. We have a team of agents ready to assist you. Please call 803-802-0640 to schedule an appointment today!
Countdown to Lake Wylie Boat Parade
December 6, 2009 by Becky Smith · Leave a Comment
Lake Wylie boat parade is only 6 days away! Make your plans to enjoy the Christmas lights on the lake at this years event!
Looking for property in the Lake Wylie area? Call Becky Smith of RE/MAX Metro and Carolina Realty Team at 803-804-3375 or e-mail Becky@CarolinaRealtyTeam.com.
Lake Wylie Boat Parade
November 16, 2009 by Becky Smith · Leave a Comment
Lake Wylie Chamber of Commerce
21st Annual “Lights on the Lake”
Holiday Boat Parade
presented by
Wendy’s,
T-Bones on the Lake, Light-N-Up Houseboat
and
Bi-Lo - Lake Wylie
Parade Begins Saturday at 6:30 p.m. December 12, 2009
Buster Boyd Bridge at T-Bones – Lake Wylie
For a list of Waterfront Properties for sale on Lake Wylie, call Becky Smith of RE/MAX Metro and Carolina Realty Team at 803-804-3375 or e-mail Becky@CarolinaRealtyTeam.com.
Lake Wylie, SC
November 14, 2009 by Becky Smith · 1 Comment
| Lake Wylie, South Carolina is a vibrant and thriving community where geography, people and economic vitality have fashioned a distinctive Southern lifestyle.The leisure and excitement of lakeside living, our comfortable, small town atmosphere and convenient proximity to regional commercial and cultural centers make Lake Wylie the perfect setting to live and do business. |
| For enterprising individuals, growing families and active retirees, Lake Wylie is indeed the perfect setting for home and business. Nestled on the northwest shore of 12,455-acre Lake Wylie in York County, our community is ideally situated for both work and play. Lake Wylie is 17 miles from Charlotte, one of the nation’s fastest growing commercial and financial centers and site of Charlotte Douglas International Airport; 15 miles from Rock Hill, strongly emerging as an economic hub in piedmont South Carolina; and less than 75 miles from Columbia, the capital of the Palmetto State. |
 Residents of Lake Wylie also enjoy the advantage of living little more than a three-hour drive from the celebrated Carolina beaches and the beautiful Blue Ridge Mountains. Easy access to all points beyond the engaging surroundings of Lake Wylie, if desired, is provided by SC Highway 49, I-77 and I-85. |
| Our location, quality of life and the productive involvement of our residents have helped establish a dynamic business environment. Carefully planned infrastructure improvements and close attention to preserving the area’s natural beauty assure continued quality growth. The Lake Wylie community offers a wide range of housing options. Elegant lakeside living, cozy wooded neighborhoods and spacious, convenient condominiums add to the feeling that you are enjoying life in a year-round resort. |
| The Lake Wylie community has the additional advantage of an excellent educational system. The schools our children attend are among the best in the state, employing highly qualified and dedicated teachers, building outstanding learning facilities and providing students with effective resources and advanced equipment. |
| Recreation is an integral part of the Lake Wylie lifestyle. With 325 miles of shoreline, the Lake is ideal for boating, fishing, water skiing and sailing. The temperate, yet wonderfully distinct, seasonal changes not only enhance the area’s beauty, but also afford year-round enjoyment of such outdoor pastimes as golf, tennis and bicycling. For sports lovers, the NFL Carolina Panthers, the NBA Charlotte Bobcats play their home games in Charlotte and the Charlotte Knights play professional baseball at Knights Stadium a few minutes away in Fort Mill.
Article from: http://www.lakewyliesc.com/Community/AboutLakeWylie/tabid/53/Default.aspx
Looking for waterfront property? Make your dream come true! Call for details about a boat tour! Becky Smith 803-804-3375 or e-mail Becky@CarolinaRealtyTeam.com.
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The Basics: Extended Home Buyer Tax Credit 2009/2010
November 9, 2009 by Becky Smith · Leave a Comment
Bringing the Dream of Homeownership Within Reach
From NAR Website: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
- Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
- Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Latest news:
Tax Credit Extension a Positive Step Toward Real Estate Recovery (Nov.5)
President’s Podcast: Tax Credit Extended (Nov. 5)
Who Qualifies for the Extended Credit?
- First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
- Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer’s Credit Amount Determined?
Each home buyer’s tax credit is determined by tow additional factors:
- The price of the home.
- The buyer’s income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income
Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
We can help you find your home of choice. Contact Carolina Realty Team at RE/MAX Metro. Call 803-804-3375 or e-mail Becky@CarolinaRealtyTeam.com
Baxter Village Fall Festival November 7, 2009
November 2, 2009 by admin · Leave a Comment
Please Join Us This Saturday for some fun!
The Carolina Realty Team will have a booth at the Fall Festival this Saturday from 12-6. The festival is located on Market Street in the Baxter Village Community.
We will be having 2 story book sessions for the kids and we will also be having a free gift card drawing. Details to follow…
CELL PHONES FOR SOLDIERS…
Also, we will be a drop off location for the Cell Phones for Soldiers program. Please bring your unused cell phones that you are no longer using. The proceeds from donating the phones will be used to purchase calling cards for our troops so they can stay connected with their families.
We look forward to seeing you there. For more information, please call 803-802-0640.
NAR: Sales Up 9.4%; Tax Credit News
October 28, 2009 by Becky Smith · Leave a Comment
NAR Chief Economist Lawrence Yun said, “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing up many sellers to make a trade and buy another home.” Affordability conditions this year are the highest since the data was first recorded in 1970.
The U.S. Senate will soon be voting on two amendments that may extend the first-time homebuyer tax credit. Of the amendments that will be proposed, NAR is supporting only the bipartisan Dodd-Lieberman-Isakson Amendment. This amendment allows an $8,000 credit to ALL homebuyers with income limits of $150,000-$300,000 and would expire on June 30, 2010.
September National Sales
Existing Home Sales: Up 9.4% from August at an annualized rate of 5.57 million units, and 9.2% higher than September 2008
Inventory: Down 7.5 % to 3.63 million units, an 7.8 month supply, 15.0% lower inventory than September 2008
Median Price: $174,900 down 8.5% from September 2008 (All residential types)
Regional Sales
West: Up 13.0% from last month and up 5.7% from last year. Median price = $219,000, down 15.0% from September 2008
Midwest: Up 9.6% from last month and up 7.8% from last year. Median price = $147,600, down 1.0% from September 2008
South: Up 9.0% from last month and up 10.8% from last year. Median price = $153,500, down 7.6% from September 2008
Northeast: Up 4.4% from last month and up 11.8% from last year. Median price = $234,700, down 7.0% from September 2008
September Practitioner Survey of NAR Members
- Distressed properties make up 29% of all sales.
- First-time home buyers constitute 45% of all transactions so far this year.
Posted 10/23/09
If you are contemplating buying or selling, we can provide up to date market information in your neighborhood. Call Becky Smith of RE/MAX Metro/Carolina Realty Team at 803-804-3375 or e-mail Becky@CarolinaRealtyTeam.com.
Home Prices Continue Rebound
October 27, 2009 by Becky Smith · Leave a Comment
Home prices continue rebound
Case-Shiller index shows fourth straight month-over-month increase. Year-over-year decline moderates more than expected.
Home prices continue rebound Case-Shiller index shows fourth straight month-over-month increase. Year-over-year decline moderates more than expected. feed://rss.cnn.com/rss/money_realestate.rss Paste this link into your favorite RSS desktop reader See all CNNMoney.com RSS FEEDS (close) By Ben Rooney, CNNMoney.com staff reporter Last Updated: October 27, 2009: 10:06 AM ET Home prices on the mend Nineteen of the 20 metro areas showed improvement in the annual rate of decline during August. Atlanta 2.3% -10.6% Boston 1.2% -4.2% Charlotte 0.6% -8.6% Chicago 2.7% -12.7% Cleveland 1.5% -2.8% Dallas 1.2% -1.2% Denver 1.5% -1.9% Detroit 1.1% -22.6% Las Vegas -1.1% -29.9% Los Angeles 1.8% -12.0% Miami 1.3% -18.8% Minneapolis 4.8% -13.7% New York 0.9% -9.6% Phoenix 1.8% -25.1% Portland 1.1% -12.5% San Diego 2.5% -8.9% San Francisco 3.3% -12.5% Seattle -0.1% -14.7% Tampa 1.4% -17.7% Washington 1.9% -7.9% Source:S&P/Case-Shiller Home Price index Latest home prices The national median home price fell a record 15.6% during the second quarter of 2009. Check how prices fared in your hometown. More Mortgage Rates 30 yr fixed mtg 5.25% 15 yr fixed mtg 4.72% 30 yr fixed jumbo mtg 6.08% 5/1 ARM 4.30% 5/1 jumbo ARM 4.70% Find personalized rates: Rates provided by Bankrate.com. NEW YORK (CNNMoney.com) — Home prices rose for the fourth month in a row during August and suffered a smaller-than-expected annual drop, according to a report issued Tuesday. Prices in the S&P Case-Shiller Home Price index of 20 cities rose a non-seasonally adjusted 1.2% in August. It was the fourth consecutive monthly increase and followed a 1.6% gain in July. Prices were down 11.3% versus August 2008, but that drop was less severe than expected. Analysts surveyed by Briefing.com had forecast an 11.9% year-over-year drop. “Broadly speaking, the rate of annual decline in home price values continues to improve” said David Blitzer, chairman of at Standard & Poor’s index committee. While many U.S. markets remain down versus this time last year, the relative rate of decline “has shown some real improvement,” Blitzer added. Home prices improved on an annual basis in 19 of the 20 major metropolitan markets in the survey. State by state. In California, home prices have recovered notably from depressed levels in recent months, according to the report. Home prices rose 2.8% in San Francisco during August, while San Diego and Los Angeles also recorded price increases of more than 1%. But prices continued to slide in areas that have been hit hard by foreclosures. Prices dropped 0.5% in Cleveland and 0.3% in Las Vegas during August. Overall, the housing market has been stabilizing recently, as low home prices and low mortgage rates, as well as government tax credits, have revived anemic home sales. However, the market remains hampered by unemployment, which rose to a 26-year high last month. And real estate analysts warn that the expiration of a popular new homebuyer tax credit next month could stifle the rebound in home sales. The rebound in home prices could also be hindered by a “wall of supply” coming to market this spring from private sellers and foreclosures, warned Ian Shepherdson, chief U.S. economist at High Frequency Economics. “Still, for now, these are welcome numbers.” Given the challenges facing the housing market, the long-term outlook for home prices remains grim. Home values are predicted to drop in 342 out of 381 markets during the next year, according to a recent study by financial information and analysis firm Fiserv. Fiserv expects the national median home price to drop 11.3% by June 30, 2010. First Published: October 27, 2009: 9:01 AM ET
For prices in your neighborhood, Call Becky Smith of RE/MAX Metro/Carolina Realty Team at 803-804-3375 or e-mail Becky@CarolinaRealtyTeam.com.
Push on to expand $8,000 tax credit
October 17, 2009 by Becky Smith · Leave a Comment
Some want to expand the tax credit for homebuyers. Supporters say it could stem price declines. Critics say it would just be a costly, temporary fix.
NEW YORK (CNNMoney.com) — Congress is considering proposals to greatly expand a soon-to-expire $8,000 tax credit for first-time homebuyers — potentially applying it to all but the wealthiest homebuyers.
Supporters say doing so would further boost home sales, stabilize housing prices and generate jobs. Opponents say extending and expanding the credit would be a waste of money and only temporarily stave off further price declines.
The credit now can be claimed by anyone buying a home who has not owned one for three years and who closes the deal by Nov. 30.
Beyond extending that deadline, some lawmakers want to make the credit available to all homebuyers who meet income eligibility requirements. And some want to increase the amount of the credit from $8,000 to $15,000.
Currently the first-time home buyer credit is available in full to those buying their primary residence who make $75,000 or less ($150,000 for joint filers). A partial credit is available to those making between $75,000 and $95,000 ($150,000 to $170,000 for joint filers).
Through mid-September, 1.4 million tax returns had qualified for the credit, according to the IRS.
Some portion of those returns, which the IRS couldn’t specify, represents buyers who took advantage of an earlier version of the tax credit, which was only worth $7,500 and has to be repaid over time.
By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors.
Mark Zandi, chief economist of MoodysEconomy.com, favors extending the current credit until June 1, 2010, and making it available to all home buyers regardless of income or at least to everyone except those at the highest end of the income scale. He estimates the cost of doing so wouldn’t exceed $30 billion over 10 years.
Zandi’s reasoning: Foreclosures are expected to rise next year because of rising unemployment, and that will drag home prices down further. Extending and expanding the credit will help mute that decline. And by June, there’s a chance the job market will have stabilized.
“The most fundamental argument for the credit is that nothing works in the economy if housing is falling — it hurts household wealth and credit becomes tight,” Zandi said. “[The credit] is a good insurance policy. It’s vital to stem the housing price declines.”
To kick start economic activity, Zandi believes lawmakers should set aside an amount of money for an extended credit and tell potential home buyers “first come first served.”
The National Association of Home Builders would like the credit extended for all of 2010.
“We estimate that this would increase home purchases by 383,000 in the next year and help mitigate the foreclosure crisis by whittling down inventory,” NAHB Chairman Joe Robson said in a statement. “This stimulus alone would create nearly 350,000 jobs over the coming year, which is exactly what the economy needs right now.”
A study funded by the industry-supported Fix Housing First Coalition found that the current credit helped stimulate demand for homes at the lower end of the price spectrum.
“An expansion of the tax credit would spur an increase similar to what occurred in the lower end of the market, by motivating buyers in the ‘trade-up market’ to purchase a higher priced primary home,” said Kenneth Rosen in testimony before Congress. Rosen runs the consulting group that conducted the study and is chairman of the Fisher Center for Real Estate and Urban Economics at the University of California in Berkeley.
Opponents of extending and expanding the credit worry that such moves offer poor bang for the buck and won’t stem housing declines.
“Everything spent on this program will ultimately have to be paid for later through higher, economically harmful taxes,” Ted Gayer, co-director of economic studies at the Brookings Institution, wrote in a Brookings blog.
Assuming there are 5.5 million home sales in 2010, Gayer said, expanding the credit to all homeowners “is poorly targeted because it would give a credit to 5.5 million homebuyers who would have bought a home anyway.”
The current credit was estimated to cost federal coffers $6.64 billion over 10 years. But Gayer notes that the cost is likely to be much higher since more people than expected took advantage of it but only about 15% of people wouldn’t have bought a house otherwise.
It would cost an estimated $16.7 billion if the credit is extended until the end of June 2010 and made available to single filers making up to $150,000 and joint filers making up to $300,000. Those are the parameters that Sen. Johnny Isakson, R-Ga., and Sen. Chris Dodd, D-Conn., are proposing in an amendment they introduced to a bill the Senate is expected to take up this week. (Please see correction.)
Another argument against an extension: It would only temporarily boost home prices and potentially set up those using it for a fall. That’s because home prices are likely to decline once the credit expires and interest rates ultimately trek north, according to Dean Baker, codirector of the Center for Economic and Policy Research.
“Temporarily propping up house prices, so that a new set of homebuyers can incur losses, is a policy of questionable merit,” Baker said in a CEPR column.
The sooner the market adjusts the better, Baker said. He did offer one caveat: “We may want to step in to prevent prices from overshooting on the downside in a select group of markets where this is a real possibility.”
Zandi said that’s already happened in a number of markets, and that an extended credit might help turn around the deflationary psychology in those markets where buyers are worried about catching a falling knife.
- CNNMoney.com’s Les Christie contributed to this report.
Correction:This article originally misstated Sen. Isakson’s home state. 
Real Estate Prices
October 7, 2009 by Becky Smith · Leave a Comment
Economists’ Commentary: Moving in the Right Direction – Price Stability October 5, 2009
Ken Fears, Manager of Regional Economics
Falling prices have been one of the biggest problems for the housing market over the last three years. Without price stability, it can be difficult to get a loan or mortgage insurance to buy a home, regardless of the strength of a buyer’s credit or the quality of the property. The newly-finished second quarter Metro Price Reports have been released. These reports include data on metro area prices, which suggest that price stability and even modest growth is emerging. Prices on a quarter to quarter basis have increased in 109 of the 151 markets (72.2%), a trend that could help more buyers attain financing.
Although prices may be down relative to a year ago in most of these 109 markets, the year-over-year decline in the second quarter is smaller than the same measure taken in the first quarter. This pattern of improved year-over-year performance suggests that prices, corrected for seasonal fluctuations, are on the rise. For example, the median price for the Providence, Rhode Island metro area was down 19.9% from a year earlier as of the second quarter. However, this decline is an improvement over the 4-quarter drop of 23.0% measured in the first quarter. Graphically, one can see the year-over-year price change trend improving as the red line moves up on the far right of the graph pictured below
NAR Housing Data (Data provided by NAR at www.realtor.org) August
Existing Home Sales (Seasonally Adjusted)
US NE MidWest South West
vs. last month: -2.7% -2.2% -6.6% -3.1% 2.7%
vs. last year: 3.4% 5.8% 0.0% 1.6% 7.4%
Sales Price of Existing Homes August
US NE MidWest South West
Median $177,700 $241,100 $149,400 $157,400 $220,500
vs. last year: -12.5% -10.5% -10.4% -11.0% -12.2%
Average $222,800 $279,700 $175,300 $199,100 $266,200
vs. last year: -9.3% -6.5% -10.3% -9.9% -9.5%
Thinking of buying or selling? Contact Becky Smith of RE/MAX Metro/Carolina Realty Team at 803-804-3375 or e-mail becky@CarolianRealtyTeam.com.
