CTAR Market Update for the MLAGC
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Transcript of CTAR Market Update for the MLAGC
![Page 1: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/1.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
![Page 2: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/2.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
![Page 3: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/3.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
In 2012…•Stable - 1% increase•Traditional sellers increasing•Banks listing less property
Why so flat?•Uncertainty•Greed
![Page 4: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/4.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
In 2012…•13% increase from 2011
•Demand is sky-high
•First time since 2007 more than 10k homes sold
•Distressed sales declining
![Page 5: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/5.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
In 2012…•Healthy, steady increases
•Sustainable 4% growth
•Varies by area, neighborhood
•Prices have fallen JUST 8.6% from the peak in 2007
![Page 6: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/6.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
In 2012…•Major declines in inventory (- 21% since 2011!)
•Sellers have less competition
•Well-priced, good looking listings get avg. 92% of list
•Are we on the brink of a housing shortage?
![Page 7: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/7.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Financing Breakdown
![Page 8: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/8.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
![Page 9: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/9.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Outlook for 2013
• Continued sustainable growth in prices and sales
• Seller confidence should continue improving
• Buyer demand should continue growing
• Inventory may be an issue in some areas
• QM, QRM may have an impact
• Issues in Washington
![Page 10: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/10.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
2013 Sales Forecast
![Page 11: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/11.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
MLAGC CTAR
![Page 12: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/12.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
The battle in Washington
![Page 13: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/13.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Protecting the MortgageInterest Deduction
• Untouched in 'Fiscal Cliff' bill
• Will be debated as a cut in upcoming future budget and deficit talks
• Elimination vs. cap
• Major benefit for current homeowners
• Major incentive for future homeowners
![Page 14: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/14.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Qualified Mortgage (QM)Qualified Residential Mortgage (QRM)
• All FHA, VA, Rural Housing, Fannie Mae and Freddie Mac loans are given safe harbor.
• Loans with no risky feature and debt to income ratio less than 43% are given safe harbor.
• All government backed loans qualify and jumbo loans where the borrower’s debt will be less than 43% of monthly income.
• This will provide certainty and define the mortgage market with clear standards; gives banks 1 year to implement rule
• QRM guidelines are coming
![Page 15: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/15.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Protecting the MortgageInterest Deduction
• Untouched in 'Fiscal Cliff' bill
• Will be debated as a cut in upcoming future budget and deficit talks
• Elimination vs. cap
• Major benefit for current homeowners
• Major incentive for future homeowners
![Page 16: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/16.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
We can accomplish so much moretogether!
A partnership between CTAR and the MLAGC could have a large impact locally
• CTAR has opposed:
• Real estate transfer fees (proposed by City of Charleston in 2010)
• Residential rental restrictions
• Increased taxes on both commercial and residential property ownership
![Page 17: CTAR Market Update for the MLAGC](https://reader036.fdocuments.in/reader036/viewer/2022062616/54b6b4984a7959693c8b45a2/html5/thumbnails/17.jpg)
Charleston Trident Association of REALTORS®The voice of Lowcountry real estate for more than 100 years
Facebook.com/CharlestonRealtors
@ChasRealtors CharlestonRealtors.com
Thank You!
Please contact me about getting involved in local legislative issues or CTAR events and programs.