Bryan Crabtree

I just completed some research on the Charleston SC Real Estate Market. The last 30 days have seen a 30% increase in closed sales. The first 15 days of this month almost 40% higher than the first 15 days of February. Now, I know it's seasonal.....but after a few months of pessimism on our radio show and on this blog, there seems to be some teeth in this movement. More buyers online, more phone calls, and more sales - combined with a great week, solid, on the stock market.

I won't hold my breath - but it certainly seems hopeful. I know we have a lot of problems to cleanse out of the system, but it certainly isn't impossible that our sales numbers could be up a net 10-20% for this year.

Two state agencies today announced a joint $20 million initiative that will offer low-interest home loans to South Carolina teachers – and help with their down payments, too. The 2008 Palmetto Hero Program, run jointly by the South Carolina State Housing Authority and the South Carolina Department of Education, will offer the assistance to eligible teachers hoping to purchase their first homes.

“Buying that first home can really be a challenge – especially for teachers, whose salaries are moderate at best,” said State Superintendent of Education Jim Rex (pictured). “We’re hoping that this new program will provide an additional incentive for young people to enter the teaching profession and remain in it.”

The new program is available to teachers who have valid South Carolina teacher certifications, currently reside and teach in the state, or have a contract to begin teaching here within 60 days of closing on a home.

Eligible teachers can get a 5.875 percent interest rate through the First Time Homebuyer Program. In addition, teachers who qualify based on income can take advantage of two down payment assistance loans, one of them forgivable if the teacher stays in the house for five years.

“Homeownership affordability is a growing concern for everyone in our state, especially for our teachers, who have the responsibility of educating our children yet often struggle to make ends meet with their salaries,” said Christopher Fraser, Chairman of the Board of Commissioners for the Authority.

“It is important that we invest in our teachers as they continue to invest in our children. This is just one way the Authority can recognize these dedicated individuals who contribute to South Carolina’s future, and at the same time strengthen recruitment and retention of this valuable resource.”

Mortgage loan terms can be up to 30 years and are available to qualified buyers through any of the Authority’s more than 200 participating lenders or brokers statewide. Maximum income limits, based on median income per county, range from a low of $16,300 to a high of $73,800. Maximum purchase price limits for new construction as well as existing homes range from $180,144 to $284,050, also depending on county. The current rate is subject to change due to market conditions. These loans cannot be used for refinancing.

For more information on this limited offer, contact South Carolina State Housing at 1-800-432-5007 or (803) 896-9508, or visit the Authority’s website (www.schousing.com) for a list of participating lenders. Hearing and/or speech-impaired individuals may use the Authority’s TTY line (803) 896-8831.

The State Housing Finance and Development Authority is a self-supporting agency of state government and operates at no cost to taxpayers.

Is this it? Or just false hope. We seem to have had (in my opinion) our best week in about a year. Lots of showings in our local market here in Charleston and the best week on Wall-Street since November. Let's hope for the sake of all of us, this is the bottom and we're going to bobble around it for a while and then start to recover.

Economists say late 2009 - but Dr. Doom says mid to late 2010. We'll see.

1. Shop Around
   Friends, family, the phone book and the Internet are some of the sources you can use to find homeowners insurers. Get a wide range of prices from several companies. But don't consider price alone. The insurer you select should offer both a fair price and excellent service. Quality service may cost a bit more, but you buy insurance in case you need to make a claim, so it's important to get a company with a good reputation. Talk to a number of insurers to get a feeling for the type of service they give. Ask them what they would do to lower your costs. Check the financial ratings of the companies with AM Best or Standard and Poor's.
2. Raise Your Deductible
   Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay. Deductibles on homeowners policies typically start at $250. Increase your deductible to
   $ 500 -- save up to 12 percent
   $1,000 -- save up to 24 percent
   $2,500 -- save up to 30 percent
   $5,000 -- save up to 37 percent
3. Buy Your Home and Auto Policies from the Same Insurer
   Some companies that sell homeowners, auto and liability coverage will take 5 to 15 percent off your premium if you buy two or more policies from them.
4. When You Buy a Home Consider How Much Insuring It Will Cost
   A new home's electrical, heating and plumbing systems and overall structure are likely to be in better shape than those of an older house. Insurers may offer you a discount of 8 to 15 percent if your house is new. Check the home's construction: In the East brick is better, because of its resistance to wind damage, and in the West frame is better, because of its resistance to earthquake damage. Choosing wisely could cut your premium by 5 to 15 percent. Avoiding areas that are prone to floods can save you about $400 a year for flood insurance. Homeowners insurance does not cover flood-related damage. The closer your house is to firefighters and their equipment, the lower your premium will be.
5. Insure Your House, Not the Land
   The land under your house isn't at risk from theft, windstorm, fire and the other perils covered in your homeowners policy. So don't include its value in deciding how much homeowners insurance to buy. If you do, you'll pay a higher premium than you should.
6. Improve Your Home Security and Safety
   You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm, or dead-bolt locks. Some companies offer to cut your premium by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police station or other monitoring facility. These systems aren't cheap and not every system qualifies for the discount. Before you buy such a system, find out what kind your insurer recommends and how much the device would cost and how much you'd save on premiums.
7. Stop Smoking
   Smoking accounts for more than 23,000 residential fires a year. That's why some insurers offer to reduce premiums if all the residents in a house don't smoke.
8. Seek Out Discounts for Seniors
   Retired people stay at home more and spot fires sooner than working people and have more time for maintaining their homes. If you're at least 55 years old and retired, you may qualify for a discount of up to 10 percent at some companies.
9. See If You Can Get Group Coverage
   Alumni and business associations often work out an insurance package with an insurance company, which includes a discount for association members. Ask your association's director if an insurer is offering a discount on homeowners insurance to you and your fellow graduates or colleagues.
10. Stay With an Insurer
    If you've kept your coverage with a company for several years, you may receive special consideration. Several insurers will reduce their premiums by 5 percent if you stay with them for 3 to 5 years; by 10 percent if you remain a policyholder for 6 years or more.
11. Compare the Limits in Your Policy to the Value of Your Possessions at Least Once a Year
    You want your policy to cover any major purchases or additions to your home. But you don't want to spend money for coverage you don't need.
12. Look For Private Insurance First
    If you live in a high risk area, one that is especially vulnerable to coastal storms, fires, or crime, and have been buying your homeowners insurance through a government plan, you should check with an insurance agent or company representative. You may find that there are steps you can take that would allow you to buy insurance at a lower price in the private market.

1. Shop Around
   Friends, family, the phone book and the Internet are some of the sources you can use to find homeowners insurers. Get a wide range of prices from several companies. But don't consider price alone. The insurer you select should offer both a fair price and excellent service. Quality service may cost a bit more, but you buy insurance in case you need to make a claim, so it's important to get a company with a good reputation. Talk to a number of insurers to get a feeling for the type of service they give. Ask them what they would do to lower your costs. Check the financial ratings of the companies with AM Best or Standard and Poor's.
2. Raise Your Deductible
   Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay. Deductibles on homeowners policies typically start at $250. Increase your deductible to
   $ 500 -- save up to 12 percent
   $1,000 -- save up to 24 percent
   $2,500 -- save up to 30 percent
   $5,000 -- save up to 37 percent
3. Buy Your Home and Auto Policies from the Same Insurer
   Some companies that sell homeowners, auto and liability coverage will take 5 to 15 percent off your premium if you buy two or more policies from them.
4. When You Buy a Home Consider How Much Insuring It Will Cost
   A new home's electrical, heating and plumbing systems and overall structure are likely to be in better shape than those of an older house. Insurers may offer you a discount of 8 to 15 percent if your house is new. Check the home's construction: In the East brick is better, because of its resistance to wind damage, and in the West frame is better, because of its resistance to earthquake damage. Choosing wisely could cut your premium by 5 to 15 percent. Avoiding areas that are prone to floods can save you about $400 a year for flood insurance. Homeowners insurance does not cover flood-related damage. The closer your house is to firefighters and their equipment, the lower your premium will be.
5. Insure Your House, Not the Land
   The land under your house isn't at risk from theft, windstorm, fire and the other perils covered in your homeowners policy. So don't include its value in deciding how much homeowners insurance to buy. If you do, you'll pay a higher premium than you should.
6. Improve Your Home Security and Safety
   You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm, or dead-bolt locks. Some companies offer to cut your premium by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police station or other monitoring facility. These systems aren't cheap and not every system qualifies for the discount. Before you buy such a system, find out what kind your insurer recommends and how much the device would cost and how much you'd save on premiums.
7. Stop Smoking
   Smoking accounts for more than 23,000 residential fires a year. That's why some insurers offer to reduce premiums if all the residents in a house don't smoke.
8. Seek Out Discounts for Seniors
   Retired people stay at home more and spot fires sooner than working people and have more time for maintaining their homes. If you're at least 55 years old and retired, you may qualify for a discount of up to 10 percent at some companies.
9. See If You Can Get Group Coverage
   Alumni and business associations often work out an insurance package with an insurance company, which includes a discount for association members. Ask your association's director if an insurer is offering a discount on homeowners insurance to you and your fellow graduates or colleagues.
10. Stay With an Insurer
    If you've kept your coverage with a company for several years, you may receive special consideration. Several insurers will reduce their premiums by 5 percent if you stay with them for 3 to 5 years; by 10 percent if you remain a policyholder for 6 years or more.
11. Compare the Limits in Your Policy to the Value of Your Possessions at Least Once a Year
    You want your policy to cover any major purchases or additions to your home. But you don't want to spend money for coverage you don't need.
12. Look For Private Insurance First
    If you live in a high risk area, one that is especially vulnerable to coastal storms, fires, or crime, and have been buying your homeowners insurance through a government plan, you should check with an insurance agent or company representative. You may find that there are steps you can take that would allow you to buy insurance at a lower price in the private market.