Summer 2016 Market Update

Volume7charta.jpg
This spring brought with it a very active time for real estate in the Bulls Bay area. For the first half of the year, MCVL Realty, once again, held the top position claiming over one quarter of the sales in McClellanville and Awendaw. In fact, at the half way point in 2016, we have surpassed the total number of sold properties for the entire year of 2015!
When we compare sales in the area for the first two quarters (Q1 and Q2) to historical data, we see that the real estate market continues to rally. As a whole, the market is only slightly behind pace of the stellar performance put up last year. While Awendaw has been producing a larger and larger portion of the sales in the area the past few years spurred by people escaping the growth of Mount Pleasant, a dip in Awendaw’s inventory of low- to mid-priced homes and land led to fewer sales so far in 2016. We are expecting this to change as more properties come to market and more and more people take an interest in the area. The luxury end of the market is also starting to pick up pace, which will mean lots of waterfront sales along the Intracoastal Waterway and Awendaw Creek.
McClellanville, on the other hand, is seeing its strongest sales numbers ever. When we break sales in McClellanville down into homes vs. vacant land sales, we can see that while the number of homes sold in the area during the first half of the last 3 years has remained approximately the same, vacant land sales nearly doubled over the last year. MCVL Realty was especially busy in this part of the mar- ket, involved in over half of the McClellanville land sales in Q1 and Q2.
Although the number of sales has returned to pre-recession levels, we are still not seeing sale prices of properties back at their 2006 heights. I attribute this largely to the backlog of inventory of properties which grew for most of the last decade and can’t be expected to disappear over- night. This spring, we did however begin to see a decline in new listings. When coupled with these high sales rates, we should start to see the inventory of properties for sale finally begin to diminish. It is only after this decline that we will start to see a transition from the buyer’s market that we are still in and the seller’s market that many other parts of the country are experiencing. That being said, some segments of the local market, such as interior (non-waterfront) land in Awendaw and homes under $300K in Awendaw and Mc- Clellanville are experiencing scarcity causing a high demand for such properties. Volume7chartb.jpg
We are also beginning to see an increase in investors looking in the area for opportunities, especially long-term rental properties, for which the prices have simply exploded in the past years under extremely high demand and nearly non-existent supply. With fewer options of existing housing and great land prices, I am expecting to see more investors turn toward building new rental properties in the area, which would be a completely new movement for this area, but one that seems to have a lot of great potential. This would also have a positive effect on home sales in the long run, because there is a segment of home buyers who like to rent in an area before buying who have not been able to do so. There are also a lot of people purchasing land in the area with the goal of building a home, however with no rentals, some find it is more difficult to transition from a home owned outside of the area to a finished new construc- tion home in this area without renting locally during the construction period.
Whether you are looking to buy, sell, or rent, you can trust the agents of MCVL Realty to listen to your concerns and issues and de- velop a plan that is custom tailored to your needs. Call us today for a free, no-pressure consultation to discuss your situation and how we can best help you navigate the real estate world.
 

North of “East of the Cooper”

Volume6-articlea.jpegWhen I began my real estate career a decade ago, I would estimate that only 5% of buyers in the Bulls Bay area were moving from Mt. Pleasant. In recent times, people leaving Mt. Pleasant are making up roughly half of our buyer activity. The explosive growth of that area has people looking to escape the hustle and bustle of Mt. Pleasant. We speak with people every day and whether they moved to the city 5 years ago or 25 years ago, they are saying that it just isn’t the same place anymore. The common theme in their request is peace and quiet that comes with more land, lower home density, and less commercialization and the Bulls Bay area delivers exactly that.
Based on this growing demographic, I thought it would be good to address some of the frequently asked questions we hear from people looking at homes and land in the area and these are certainly not specific to only those moving from Mt. Pleasant.
Future Growth – If your reason for moving is to escape overdevelopment, the first question you may ask is whether or not the Bulls Bay area will suffer the same fate in a few years if everyone moves here next. While I can’t predict the future, I can discuss some of the factors protecting the area and guiding future development. The protected lands of the Francis Marion National Forest and Cape Romain Wildlife Refuge bring with them groups fighting for preservation of the area such as the Coastal Conservation League. Unincorporated Charleston County and the Towns of Awendaw and McClellanville share a common goal in preserving the existing way of life through conservation and zoning. Awendaw has some large tracts of land which may be developed and increase the population and services, however home density plans to remain rural. The Town of McClellanville has passed numerous rules to protect its rural nature including maximum home size limits of 3500 sq.ft., 1 acre lot minimums, and commercial and sign restrictions to protect the highway corridor from becoming over-commercialized.
Well and Septic Systems – With few exceptions, the Bulls Bay area is served by well and septic systems which also serve to protect our rural nature. Paradise Island has public water and sewer and the Town of Awendaw has begun extending public waterlines from their Town Hall to residents on parts of Doar and Seewee Roads and is seeking funds to continue this project, but there is currently no public sewer system. Wells in the area are typically dug to a depth of around 60 feet (costing around $3,000) and produce clean drinking water. Traces of sulfur are common in Awendaw and iron is common in McClellanville, however both can be treated and removed with on-premise water treatment. There are several types of septic systems that can be approved depending on the soil condition and their costs can vary from $3,500 to as high as $20,000 in some rare cases. Volume6-articleb.jpg
Commuting – Many people moving here will continue to commute to Mt. Pleasant or Charleston for work and they fear moving farther away and increasing their drive. I put together the picture on the right to illustrate how long it takes to drive from different locations into or out of Mt. Pleasant and although the distance is much greater to McClellanville and Awendaw, the actual commute time isn’t so bad because you are driving on open roads with no traffic or stop lights. The most common thing that I hear echoed from commuters from Awendaw and McClellanville is that the drive is worth it when they get to come home to a place that is truly relaxing.
Modern Conveniences – Those used to the conveniences of city life may find moving out of the range of pizza delivery a scary thought. McClellanville is nearly a half hour drive to the closest grocery store, fast food, bank, etc. Many residents become more self-sufficient and group their errands together rather than making lots of trips; an extra fridge, chest freezer, or large pantry doesn’t hurt either. It’s not uncommon to hear, “I’m going to town, do you need anything?” in McClellanville and it is implied in the statement that Mt. Pleasant is said “town”. McClellanville and Awendaw also each have a local Dollar General, which probably won’t suit all of your shopping needs, but is great at supplementing the basics like bread, milk and toilet paper between trips when you just need a few things to pull dinner together.
Also on the note of modern conveniences are household services. Most of the area is serviced by TDS Telecom who offers home phone and hi-speed internet, which is fast enough to stream Netflix. There is not a cable company, so Dish Network and DirecTV are common providers of cable television channels. Residents of McClellanville enjoy free trash collection as part of their taxes, but the rest of the area takes their waste and recycling to Charles- ton County convenience centers.
Schools – Mt. Pleasant schools are known for their exceptional test scores and scholastic opportunities and if you have children enrolled there, moving out of the district is an understandable concern. McClellanville and most of Awendaw make up Charleston County School District 1 and are served by St. James Santee Elementary and Lincoln Middle-High School. There is also top-ranked Cape Romain Environmental Education Charter School (or CREECS for short) in McClellanville which serves K-8th grades. Future plans for the district are currently under discussion, however historically, trans- fers by District 1 residents to attend schools in District 2 have been approved.
Final Word – MCVL Realty was founded on serving this rural niche and we are experts in all aspects of sales in the area from homes to land, residential to commercial, waterfront, acreage and more. We live and breathe it every day and make our livings helping newcomers to the area find their dream property. Agents not knowledgeable about construction, septic systems, wells, wetlands, docks, local zoning, restrictions, etc. can unintentionally do a lot of harm to their clients through their inexperience. We have seen first-hand these mistakes cost buyers thousands and also make them miss out on the property of their dreams. Before signing anything with an agent you should always explore how many properties (especially land if you are buying land) they have sold in the specific area you are looking in and determine their local knowledge of that area. We’re always happy to meet for a cup of coffee and discuss your goals with no commitment needed.

Spring 2016 Market Update

Volume6charta.jpg
2015 was another fantastic year for real estate in the Bulls Bay area and also for MCVL Realty! We led the area in sales volume, selling 25 sides worth over $5 Million. A majority of these sales came from within McClellanville, where we dominated the market with a 40% share of the dollar volume of sold properties. Daniel Bates was again #1 sales agent in the area by sales volume.
All signs point toward a healthy recover as we climb back to pre- recession sales levels. The chart on the left indicates yearly sales in the region in the last decade and how they are split between McClellan- ville and Awendaw. You will see that Awendaw continues to become a larger part of the market, which I attribute to two major factors. First, Awendaw has grown in size through annexation of more land and has had more growth, so there are simply more listings being logged as “Awendaw”. In fact, the numbers could be even higher depending on whether you were to define Awendaw by zip code, town limits, or rural vs. urban (meaning that many agents will list a property with an Awendaw zip code within the Mt. Pleasant MLS region). The second factor is the growing demographic of buyers that work in Mt. Pleasant and Charleston moving to the area to escape the overdevelopment. These buyers continue to represent the largest driving force in the Bulls Bay real estate market leading me to write the North of “East of the Cooper” article on the following page.
Volume6chartb.jpg
Prices are still below 2005-06 highs, but it is not something that I can indicate on a graph, because the sample size is too small and property prices too varied to produce accurate data. If there were just a few more waterfront or large acreage sales in one year the data would be com- pletely skewed. “Days on market” (or DOM for short), which tracks the number of days between a property being listed for sale and the date that it goes under contract, is also an unreliable measure of the health of the market, because as listings which have been on the market for a long time through the recession finally sell, they register as high DOM’s even though the average new listing is selling faster than in previous years.
As the market has become more stable and sales have increased, one of the factors that I have been watching closely is the amount of inventory for sale in the region. The laws of supply and demand dictate that as the supply of properties decreases and demand increases, the price of properties will also rise. What is interesting in our market is that the number of sales of homes and land in the last 5 years has steadily climbed, however the number of active listings of each has remained very stable (compare graphs to the right). I believe this reflects pent up supply in which sellers were waiting to list their home until the market reached a point at which they were able to recooperate the money they had invested in it. In other words, every time we sell a property and the market values creep up, there is a seller who is ready, willing, and able to fill that empty listing’s place.
When we step back from our market and look at other markets across the nation we may get a glimpse at the future of what’s to come. Most real estate market trends start on the West Coast and in the Northeast and
Volume6chartc.jpg
work toward the Southeast. In some of these markets, they are experiencing a crippling lack of inventory leading to multiple offers over asking price on every new listing that hits the market. Are we there yet? Far from it, but we have started to see certain segments of our mar-ket with very low inventory increase in price rapidly. Acre sized lots in Awendaw and small 2 and 3 bedroom homes come at a premium now. One local builder has capitalized on this by building several spec homes (meaning they are built on speculation, without a buyer at the time construction begins) and had all four under contract before they were finished being built.
The scales are not strongly tipped for buyers or sellers now and it’s a healthy market with a lot of positive signs that it will continue to climb throughout the year. If you are considering buying or selling, give us a call to discuss your specific situation and how we can help you. I’ve talked to a lot of people who sat on the fence too long and let the market pass them by. Don’t let the same happen to you.
 

Summer-Fall 2015 Market Update

Volume5chartb.jpg
Having just passsed the halfway mark in the year, I thought it would be helpful to compare the number of properties sold in the McClellanville / Awendaw area in previous Q1 and Q2 periods to see how this year is stacking up. As you can see in the graph, we are off to a great start, even exceeding sales numbers from 2005 and 2006 when the market was red hot. This May accounted for 21 of the 65 total proper- ties sold, the single highest month of sales ever for the area. By mid-June we had already sur- passed the year-end sales numbers in 2007-2013. The phones are ringing off the hook at MCVL Realty and we’re staying very busy showing land and homes across all price ranges. At the time of publishing, MCVL Realty had 5 properties under contract. Daniel Bates wrapped up Q1/Q2 period leading all other agents in terms of sales volume for properties sold in McClellanville / Awendaw region and represented nearly a third (32.6%) of the total sales volume of properties sold in McClellanville alone.
Factors attributing to the growth include a rallying stock market, low interest rates, and recovering economy and jobs market. We are also starting to see Generation Y (people born from the early 1980’s through early 2000’s) buyers start to set their sites on the area for the first time. The largest driving force however has been the incredible growth of neighboring Mt. Pleasant. What we are finding is not so much the people who are moving to the area now, but those who moved to Mt. Pleasant previously are escaping this ongoing growth and looking to get into a more rural market where they can enjoy less traffic, larger lots for gardening and pets, get more for their money, and be closer to outdoor activities on the water or in the forest all within an easy commuting distance to work in the “city”.
Volume5chart.jpg
Sellers – Whether you are ready to list or still getting things ready, give us a call to discuss your property and how we can market it best for a sale that meets your needs. A lot of buyers are looking for turn-key homes right now, but we have had success moving fixer-uppers with sound strategies and excellent marketing. Interest in land has risen sharply in the past year, if you’ve been sitting back waiting for your property values to rebound, now may be the time.
Buyers – Create a list of “must-haves” and a list of “want-to-haves” and a budget. We can show you the properties which match that description and keep you updated on new arrivals the instant they come on the market so you don’t miss an opportunity. Buyers who have gotten accustomed to moving at their own pace to see properties are finding that some are selling before they have a chance to take a look. Land prices have been stable for the past year, but as supply of attractive properties declines and buyer activity builds, I definitely see those prices starting to move upward. Decisive buyers are making fair offers and getting the properties they want before the best deals are gone.
Renters – With the same inventory of homes for rent and a 10 fold increase in demand over the last few years, finding a rental in the area is becoming nearly impossible. I keep a waiting list of of active renters, but pets or a small budget puts you at the back of the list for land- lords looking for a tenant willing to pay top dollar (often putting 2 months rent up front as a deposit) and keep their home in top notch condition. Talk with a lender candidly about your finances and see if there are any programs which will allow home ownership instead of renting.
 
 

MCVL Realty Expands to 3 MLS’s

Volume4-article.jpg
MCVL Realty has built a niche serving the rural area between the Charleston/Mount Pleasant and Georgetown/Myrtle Beach metropolitan areas. Geographically, this is a huge niche extending 40 miles from end to end, but because of it’s rural nature, the number of active properties is only in the hundreds. By focusing exclusively on this niche, we are truly able to follow a radar-like observation of the daily activities of the market to provide expert service to our clients. As part of our promise to deliver top notch service to our buyer and seller clients, MCVL Realty has expanded our access to include new Multiple Listing Services (MLS’s). In addition to being able to access sold comparables and list properties for sale in the Charleston-Trident MLS (which includes residential properties in Charleston, Berkeley, and Dorchester counties) we are now able to do the same for commercial properties in Charleston, Berkeley and Dorchester and the Coastal Carolina MLS which includes both residential and commercial properties in Georgetown, Pawley’s Island, Murrell’s Inlet, and Myrtle Beach.
MCVL Realty is still very much devoted toward the idea of serving the rural area between Mount Pleasant and Georgetown and east of Hwy 41 to include McClellanville, Awendaw, Huger, Honey Hill, and Shulerville, but the Santee Rivers have always been a very abstract border with some great rural properties just beyond them that we can now more easily represent. More than anything, this new MLS access gives us the ability to list our listings in both region’s MLS for much greater exposure. One of our listings for sale in McClellanville can now be seen by agents in the Grand Strand and listings that we pick up just north of the Santee river can be seen by agents in Charleston. Our growth in the commercial division completes our desire to be a truly full-service brokerage able to help the needs of every client in our area no matter the property or transaction type. We want people to know whether they want to buy, sell, or lease long- or short-term and whether they have or need land or a home, residential or commercial, that we are here to help.
Did You Know? The general public thinks of the MLS as a database of properties. In actuality, it is a contractual agreement that brokers make with each other to agree to cooperate with each other and provide compensation when due. When you list your property with MCVL Realty you sign a listing agreement with us promising to pay our brokerage a commission upon sale of your property. We in turn make a promise to other brokerages that we will share a specific portion of that commission with them if they bring the buyer when we enter that listing into the MLS. By having these agreements in place ahead of time, agents do not need to be concerned with their compensation and can put their clients’ best interest first.

Spring 2015 Market Update

November through February are traditionally very slow real estate months. Between the holidays, the cold weather, and the upcom-ing tax season, there is typically just not a lot of buyer activity. It’s normally served as a time for me to check off a long list of tasks that have been stacking up on my to-do list throughout the year, but I can tell you that I haven’t had time to glance at the list this winter. Buyer activity is at levels not seen since before the downturn in the market nearly a decade ago and if it’s like this in the winter, I can only say “hold on” when spring and summer arrive!
The passing of another year gives us a great time to look back at the past decade of sold property data for the McClellanville and Awendaw area. In the chart to the left, we can see that 2014 brought us nearly back up to the number of sales that we saw before the downturn in the real estate market. Interestingly, today more of those sales are coming from homes than they were a decade ago. I attribute this to two fac- tors. First, there was an undeniable rally on land going on at the time and financing of land much more plentiful. The second factor is that a much higher percentage of homes were foreclosed and sold for cheap than land over the past few years. With those foreclosures mostly drying up and lending on land loosening up, we are starting to see more land buyers to even out these numbers a bit.
 
Volume4Chartb.jpg
 
Breaking that same data down a bit further into the McClellanville and Awendaw regions a few more patterns also begin to emerge. First and most important, you can see that the number of properties sold in all 4 sectors are on an increase, but Awendaw homes which once represented the lowest number of sales now accounts for the highest. A pattern that we are certainly observing in our office is an increase in the number of buyers coming from Charleston and Mt. Pleasant. It’s not a number I track, but I would say 5+ years ago, prospective buyers from Mt. Pleasant may have made up a whopping 5% of our client pool, recently however, that number has climbed to 15 or 20%. The reason we are hearing time after time is that they want to get out of the city. Too much traffic, too much noise, and not enough breathing room. As most of these buyers still work in the Metro area, Awendaw offers shorter drive which most find attractive and is therefore feeling the brunt of this wave. You can see on the graph that Awendaw land sales are also not far behind as a result of this same trend. Mc- Clellanville homes displays the most stable timeline of them all, which certainly dipped and is rising again, but it goes to prove one of my favorite sayings: “Nobody HAS to move to McClellanville, BUT there are a whole lot of people that WANT to move here”. What I mean by this is that McClellanville offers no Boeing manufacturing plant or booming job surplus, but it offers a simple attractive life that many say they are unable to find anywhere else in the world.
Volume4chart.jpg
 
MCVL Realty proved to continue to gain a larger share of the market in 2014 and we are proud to say that we ended the year as the #1 real estate office in terms of sales volume in McClellanville and Awendaw. This is quite a feat for a two-person office, but our two agents finished the year neck and neck in the top two positions for individual agents in the area as well.
Furthermore, MCVL Realty represented one third of those buying and selling properties valued over $200,000 and 5 of the 6 sides buying and selling waterfront in McClellanville. We started 2015 off with the first two sales of the area and also lead all offices in the number of listings in the area and sales volume for McClellanville. We are continually thankful for the support of our community and the trust of our clients.

Fall 2014 Market Update

Volume3chart.jpg
Summer in the lowcountry brings sweltering heat and high humidity, but it also brings great real estate market activity. This summer was no different with 29 properties selling in McClellanville and Awendaw in the months of June, July and August. Eight of those properties (5 lots and 3 homes) came from McClellanville’s small but desirable Historic District. The cooler Fall air doesn’t show any sign of slowing down the real estate market as interest in the area remains high.
In the previous issue I spoke of an increased interest in home building and am happy to report that it has blossomed into what I am now going to call an all out “building boom”. Some might not think six new homes breaking ground in the next few months a “boom”, how- ever for a small area like McClellanville these are monumental numbers given only five new homes were built in the previous four and a half years. New construction is not only a boost to the local economy, but also a boost to consumer confidence. With such significance placed on new home construction, I thought it would be valuable to spend this issue explaining some historical data.
Land sales generally represent around half of the sales in our area. This is much higher than many more urban areas, but look around, we’ve got lots of land that remains vacant. What is important to first understand about the McClellanville / Awendaw markets when it comes to building is that very few homes are built “on spec”, that is to say that the builder starts construction and then speculates for a buyer. We have no tract homes where a whole street of homes is built at the same time, and local construction is almost exclusively high quality single family homes. Building companies are typically small consisting of a general contractor with a framing crew of 3-6 people. They focus their attention on only one or two projects at a time and hire subcontractors to conduct tasks such as electrical, plumbing, sheetrock, etc. Buyers use a real estate agent to help them identify and acquire the vacant lot, doing all of their due diligence to deter- mine it will suit their needs and then contract with a builder (who we are happy to recommend) who handles the construction. Require- ments to build in a certain time frame are rare on land and it’s quite common that people buy land as an investment only or purchase many years out from the point that they intend to build, though some do break ground more immediately.
2005 experienced a high point in land sales and what was interesting, was back then you could buy a vacant lot and build a new house for cheaper than you could buy a comparable home in the same area which may have been 10 or more years older because existing home prices were rallying and the cost of construction materials and labor were relatively low. 2006 and 2007 were record years for construc- tion with a total of 20 homes built in McClellanville. Still you will note that is considerably lower than the 68 lots that were purchased in the single year before that.
The downturn in the market around 2007-08 had fewer and fewer people purchasing land because foreclosures and short sales began to drive the price of homes down much more rapidly than land sales fell. During the next few years, you could not build a new home for anywhere close to the prices that people were able to buy foreclosed and depressed homes.
This current market has a year of stability under its belt and the option to buy an existing home or build is split pretty evenly. If you can find something on the market that meets your needs and taste then you will come out a little cheaper than you would pay to build that home new on a similar lot. That extra amount you are paying when building gets you exactly what you want as well as the idea that you will not likely have to make any major repairs for those first 5-10 years of the home.

Summer 2014 Market Update

Volume2chart.JPGAs we reach the halfway mark for the year we are finally able to make some year-over-year comparisons and across the board we are seeing marked improve- ments. The market is moving from warm to hot quite quickly with a definite shift from a buyer’s market toward a seller’s market. The first half of 2014 compared to the first half of 2013 shows us that home sales in McClellanville are up 75% while homes sales in Awendaw are up 29%. When we look at land sales, we can see how that section of the market is finally breaking loose as well; up 60% in Awendaw and a whopping 130% increase in McClellanville compared to last years numbers. My opinion is that Awendaw sales have only slowed due to a lull in inventory, because there are plenty of buyers anxious for a little more peace and quiet while still in close proximity to the amenities that Mount Pleas- ant and Charleston offer.
It’s important to note that as is always the case in McClellanville and Awendaw, these small sample sizes can easily be skewed, but trends are clear to see – this market is on the move! Homes are going under contract within days and weeks instead of months and years.
Just as I predicted, we have seen a flurry of real estate activity caused by several “piggy-back” deals; that is, the chain reaction like effect of a seller finally being able to purchase a home because someone is purchasing their home, which then in turn allows another seller to buy and so on. While a natural real estate phenomenon, the impact of a handful of sales on a small niche can’t be overlooked in how quickly it can turn around an entire community.
Probably the most hopeful information that I am seeing is that people are looking at building again. The land market has been so sluggish over the past few years because foreclosures and short sales had driven down the cost of existing homes, while building materials and construction costs remained relatively high. It just didn’t make any sense to build until recently.
With home prices back on the rise and inventory of desirable homes shrinking, we are now seeing people not just buying land as a long-term hold or investment, but for immediate housing consideration. In an area where we haven’t seen 4 houses built in many years, I now know 4 people with contracts pending on land with plans to break ground in the next 6 months. It’s for the real estate market, but also for the job market, with carpenters and contractors instantly becoming a commodity.
As I see it, growth in the market right now is slowed by one major factor. A complete and utter lack of long-term rental inven- tory is preventing many people from moving to the area. Many people like to rent for 6-12 months to get to know an area before deciding to purchase. Some also look to rent because they either need to repair their credit before they can purchase or are wait- ing to sell the home they still own where they are moving from before they are able to afford to buy. There is no easy solution in an area like this, but the huge demand presents a great opportunity for investors looking to purchase homes and turn them into income producing properties.
Buying?
You may be used to seeing houses sit- ting on the market for months and even years, but the best deals are now selling in days…with multiple offers. Some properties are even selling before they hit the market. Buyers are recommend- ed to have their financial ducks in a row at all times so they are ready to make an offer when the right property comes on the market. Your MCVL Realty agent will work diligently to find the perfect property and guide you through the purchase process. Savvy buyers are tak- ing advantage of interest rates and home prices while they are still low.
Selling?
If you have a property for sale, it may be time to consider a new marketing approach. If you’ve been waiting for the market to pick back up to sell your Mc- Clellanville or Awendaw property, now may be the time. MCVL Realty is best able to provide keen insight on the par- ticulars of your property and help you get the best price in this ever changing market. Contact Daniel or Oliver today for a free, no-pressure consultation to discuss all of your options.
If you have a property for sale, it may be time to consider a new marketing approach. If you’ve been waiting for the market to pick back up to sell your Mc- Clellanville or Awendaw property, now may be the time. MCVL Realty is best able to provide keen insight on the par- ticulars of your property and help you get the best price in this ever changing market. Contact Daniel or Oliver today for a free, no-pressure consultation to discuss all of your options.
Renting?
McClellanville and Awendaw rentals remain extremely scarce due in part to high demand, but also to generally low inventory and lack of multi-family buildings. If you are not in a position to buy, we can notify you when a rental meeting your needs comes available. In a competitive rental market, you need to make yourself be the most appealing rental prospect by improving finances and building up enough savings for the security deposit and first month’s rent. MCVL Realty also manages vacation rentals which can be seen at the end of this magazine.

Spring 2014 Market Update

Volume 1chart.jpgThe first quarter of 2014 has proven that the local real estate market is emerging from its slump! Home sales are up and inventory is shrinking indicating that we should soon see a changing of the tide from a “buyer’s market” to a “seller’s market”. Land inventory remains high, making it a great time to shop for a deal! Most importantly, foreclosures and short- sales are all but a thing of the past, leading prices to stabilize.
March finished with 10 property sales in this small area, a number which had not been reached in a single month since 2007
As home scarcity rises and prices appreciate, look for land prices to finally begin to rise as buyers purchase to build. Key to all of this is the absorption rate, which reflects how long it woud take to sell off the current inventory of homes based on the rate at which homes are currently selling. A strong buyers’ market commonly has less than 6 months of inventory. Current absorption rate in the McClellanville / Awendaw area is 18 months for homes, though it is much lower in popular areas like McClellanvilles Historic District and Silver Hill community. Land is currently hovering around a 6 year supply, but this is steadily improving from the 10-20 year absorption rates seen in recent years. It will take a little time to sell off this inventory, but in a market this small statistics can change quite quickly.

Buying?

You may be used to seeing houses sit- ting on the market for months and even years, but the best deals are now selling in days…with multiple offers. Some properties are even selling before they hit the market. Buyers are recommend- ed to have their financial ducks in a row at all times so they are ready to make an offer when the right property comes on the market. Your MCVL Realty agent will work diligently to find the perfect property and guide you through the purchase process. Savvy buyers are tak- ing advantage of interest rates and home prices while they are still low.

Selling?

If you have a property for sale, it may be time to consider a new marketing approach. If you’ve been waiting for the market to pick back up to sell your Mc- Clellanville or Awendaw property, now may be the time. MCVL Realty is best able to provide keen insight on the par- ticulars of your property and help you get the best price in this ever changing market. Contact Daniel or Oliver today for a free, no-pressure consultation to discuss all of your options.

Renting?

McClellanville and Awendaw rentals remain extremely scarce due in part to high demand, but also to generally low inventory and lack of multi-family buildings. If you are not in a position to buy, we can notify you when a rental meeting your needs comes available. In a competitive rental market, you need to make yourself be the most appealing rental prospect by improving finances and building up enough savings for the security deposit and first month’s rent. MCVL Realty also manages vacation rentals which can be seen on page 10.

3 Ways You Can Help Toms River New Jersey

What do the people of Toms River, New Jersey have in common with the people of McClellanville? Well not a lot, other than generous caring hearts.   23 years ago, in the darkest hours of McClellanville following Hurricane Hugo, footage of the shrimp boats leaning on houses, trees through homes, and an entire town covered in mud, destruction, and chaos streamed  across the news of the nation.   The plight of our tiny village registered with the residents of Toms River and within hours they had begun planning relief efforts to help our ravaged town.  Word spread through out their community on a local morning talk radio show and an outpouring of human generosity filled 38 trucks with donated goods accompanied by countless volunteers giving more of themselves than we can imagine for a town full of strangers.  It’s hard to imagine getting through that time without their, and many other, generous donations.
Toms River, New JerseyFast forward 23 years and Toms River is the one in need, having recently been struck by Superstorm Sandy.  Several people formed relationships with some of those volunteers through all the years and have been reaching out to them to see what we can do to help out our mismatched sister-city.

Read more3 Ways You Can Help Toms River New Jersey