New home sales are on the rise!

The following is a headline report from Yahoo financial. It seems that new homes have finally reached a bottom. With the combination of prices at all time lows and rising, along with historically low interest rates, it seems that now is the smartest time to buy. Most likely, however, new home sales and prices will continue to bounce along their bottoms for the next few months, but based on this new data, it seems that real estate is not going down any futher!

US new home sales showed a modest 2.7 percent rebound in September, helped by falling prices, government data showed Monday. Sales of new one-family houses rose to an annualized pace of 464,000, above market expectations of 458,000. Despite the monthly gain, new home sales were still down 33.1 percent from a year ago, reflecting the unprecedented meltdown in the US property market after a years-long boom. The median sales price of new houses was 218,400 dollars, compared to 221,900 a month earlier. The inventory of unsold homes fell slightly to 394,000, a supply of 10.4 months at the current sales rate. Because the meltdown in housing has mushroomed into a wide financial crisis, Joel Naroff of Naroff Economic Advisors said the report was positive news. "Despite the fact that builders are moving very few new homes, the slight rise in sales holds out hope that the bottom has been reached," Naroff said. "Eventually, financial institutions will decide that it makes sense to make loans again. Once mortgage money becomes more available and with home prices reasonable, I wouldn't be surprised to see a solid rebound in housing demand." Economist Patrick Newport at IHS Global Insight said the drop in inventories was a "positive detail" in the report, but that the data probably only partly reflected the financial market turmoil since mid-September. "Going forward, sales will continue to drop because of falling house prices for existing homes, tighter credit, and a deteriorating economy," Newport said.
http://news.yahoo.com/s/afp/20081027/ts_alt_afp/useconomypropertysales_081027174852

New John's Island and Mt. Pleasant Development

The most desirable land in any area near water will alway be on Islands. Two incredibly impressive new home developments are currently under way on two of Charleston's most prominant such areas, John's Island and Mt. Pleasant.

The Retreat on John's Island offers a variety of traditional homes with livable floor plans, wrap around porches, custom features, and charming accents, The Retreat is being built to sustainable and energy efficient Earthcraft House standards. Green building is arguably even more important in new homes on an island, or constrained spacial areas.

Carolina Park in Mt. Pleasant is also being constructed entirely with Earthcraft home standards. New homes in Carolina Park will feature a tradional lowcountry design with conveniently modern ammenities and features. High interior ceilings, abundant and luxurious wooden trim, and wrap around porches, these homes will be built to the truest definition of southern charm.

Brentwood Homes is the developer for both of these projects, continuing their legacy of delivering the most eye pleasing, long lasting, and energy efficient new homes in the Carolinas. Visit their extensive inventory of new homes in both North and South Carolina.

What financial crisis?

Everyone these days has heard about what has been happening on Wall Street and in the real estate markets. Many home builders have been following the “crisis” and abandoning their neighborhoods and markets. In the face of these fears and doubts, Brentwood Homes is standing strong. We have always strived to be a cut above everyone else. While others may have been after the quick profits, we have worked hard for lasting quality and personal relationships. This perspective, along with the fact that we own our own mortgage company, has allowed us to not only stand strong in the current economy, but also maintain our incredible growth.

Brentwood homes is about to launch 3 new communities in Charleston and 4 new communities in Charlotte. We have even stepped in to buy the lots that other home builders are abandoning, effectively saving the value for the rest of the surrounding areas. Here at Brentwood Homes, reputation is our focus and quality is our product. The American Dream is alive and well, come make it a reality today!

Charleston Real Estate Outlook

The market in Charleston is progressively improving, even though the national market is currently still in a questionable period. Inventory is reducing, but other factors are still resulting in a powerful buyers market.

In August 2008, There were 1670 new listings, down from July's 1910, which is always good news. There are currently 10,712 active listing in the MLS for an average list price of $514,963, however the median price is $279,000. They have been on the market for an average of 169 days. There were 1366 contingent or pending transaction in August 2008, and there were only 656 sold properties, down from last month's 768. The average sold price was $296,922 with a median price of $200,000 and an average days on market of 104 days. The list to sale ratio was 94%.

There is still more inventory out there than buyers, but for savvy buyers, the prices are amazing! Property prices are more reasonable as they have ever been. It's still a fantastic time to buy with rates historically low. Due to Charleston's fantastic position, I believe the correction cycle will be much shorter than the national trends. Charleston has continued to beat the national numbers regarding real estate and Charleston is still listed on the Top 10 places to move! To find out specific market conditions for your home or neighborhood, contact Michele for a FREE no obligation analysis.Or to find out if you qualify to make a home purchase, contact Michele for a list of lender that are qualified to help you with VA, FHA, state housing and conventional loans.