Michele Reneau, Realtor, CRS, ABR, GRI ~ Charleston, SC Relocation Experts Team

It's the party of the year.  Music, food, beer, wine, liquor, whatever you want.  It's open bar and you and your friends are invited.  You show up and everyone is having a fantastic time including yourself.  People are dancing, the food is fabulous, and the spirits have everyone in good spirits.  Welcome to the real estate market 2004-2006.  The real estate market was fantastic. Everyone was having a good time, sellers, buyers and agents alike.  Sellers got everything they wanted and more.  Buyers that couldn't have gotten financing before now have achieved the American Dream with 4.75% interest rate. Agents were selling houses like crazy.  Brokerages were popping up everywhere.  Everyone joined in the party. In fact, too many people.  It's getting late in the night. You look around and wish some of these people would go home.  You know who I'm talking about.  At some point, the party ends but you don't remember when. When you wake up and come downstairs, there are people lying on the couch, sleeping on the floor, bottles are everyone, food is still laying out on the table.   The house is a wreck.  If you haven't been to one of these parties, you've at least seen one on TV.  It's 2007 and no one wants to wake up and face the inevitable..the hangover.  Welcome to 2008, the year of the hangover.  The party was great, almost too good and now it's time to face the consequences of party.  We enjoyed extremely high appreciation, easy sales and quick turnovers. Hangovers are never fun for anyone, the person having it or the person cleaning it up. Sometimes you can sleep it off or take some aspirin or maybe even the hair of the dog, but for others there's just nothing you can do to cure it. It takes time to recover.  The real estate hangover is no different, it's going to take time.

How are you medicating your real estate hangover? Stay tuned for the next post on "When the hangover is going to end?"  This is one way to look at the market.  One of our company leaders gave this great analogy today in our company sales meeting and I had to share it.

It's a painful process for those that have to sell, but there are solutions.  For those that can purchase, the time has never been better.  Visit www.CharlestonRelocationExperts.com for your Charleston SC real estate hangover bandaids.

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Contact Michele Reneau, Realtor®, CRS, GRI, ABR, Carolina One Real Estate. Licensed Realtor® in South Carolina at 843-572-0518 to list your property for sale or to purchase a property in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home.  I can also be contacted by email at mreneau@carolinaone.com. To view all Charleston Metro area Homes for Sale Click Here and then click on Search for Homes.  With over 25 years of Lowcountry Living, I know the Charleston Metro area. I will help you get your home sold and/or help you buy your Charleston home or land.

P.S. If you are listing your home and need a quick sale in Charleston or surrounding area, make sure you hire an agent with the knowledge of the market and stats and the experience to get the job done.  I'll provide you with "Questions you should ask ANY agent before hiring" and share my my 100+ point marketing system.  Call me at 843-572-0518 to find out more selling your home in the Charleston SC Real Estate market. You can also view my newsletter by clicking here with the latest market stats updated on the 5th of each month.

There is a growing movement of environmentally conscious and well-informed consumers who are thinking about their finances, managing their money and making choices for their future in a new way. They are making choices based on whether or not products and services are earth-friendly, ethically-produced and made, recyclable and energy-efficient. There are so many "Green" products and services on the market today. It can be tough to figure out where you are going to get the most "Green" payback for your "Green" money.

Carolina Eco Unit evaluated our 3 year old house in July. The first electric bill was hard to gauge on the savings since I wasn't sure when the bill cycle was, plus my AC unit was broken for part of the month and we had a window unit. Well the results are in! Despite the rise in temperature outdoors in July and August, my August bill was $37 less than last year's bill during August (20% reduction) and my September bill was $88 less than last September's bill (35% reduction). At that rate, the services will pay for themselves in about 7 months and I'll continue to reap the savings benefits for as long as I live in the house and be able to pass it on to the next owner. What you like to save 35% on your electric bill? What are you doing to join the Green movement?

We have been so impressed with the savings and the immediate difference it made in our lifestyle we are sharing a Free Evalution coupon with our valued clients and friends. To make an appointment with Eco Unit, go to www.CharlestonRelocationExperts.com and visit the "Time and $$$ saving tips" button and there will be link to set up your appointment online. This is a $199 value offered only to our valued clients! Just tell them that Michele Reneau referred you. In addition, I have added a "Going Green" section to our "Links" page with lots of information and resources for an environmentally-friendly lifestyle. Carolina Eco Unit has several office's in the Carolina's including Charlotte, Raleigh, Columbia and Charleston.

In December of last year, I submitted an offer for a buyer on a 3 BR 2500 sqft home in Goose Creek, SC. The seller was transferred out of the area due to the military. The listing price was $208,000. We offered $200,000 and they countered at $206,000. The buyer wanted to hold their ground at $200,000. Due to the time of year (slower sales) and for the state of the market given the builder was building the same house for $17,000 less, I felt it was a great offer. The agent said the seller couldn't do it because they would be bringing $6000 to the table. I asked the agent to ask the seller to reconsider and view it as 6 more mortgage payments if the house didn't sell. They refused. She felt confident in her pricing. So my buyer walked away and said we'll just keep looking. While she and her husband were qualified for significantly more, they had already predetermined a price that they did not want to go over. We found another great house for my client just one neighborhood over that was 5 BR 2700 sqft and she got it for $200,000. It had a better lot that was wooded and it couldn't have been more perfect! It's now been almost 9 months and the other house is STILL on the market and the price hasn't changed.

No one likes to bring money to the table. I understand, but it's a buyer's market and the reality is that house prices have dropped, there are lots of choices, and a bigger better deal is probably just around the corner if seller doesn't want to play ball. When I consult with sellers that receive an offer that results in a negative net, especially my military clients that have to move or PCS, it's important to look at the big picture of the market. Sales are down by 40% from last year. While there has been a 2 percent increase last month, let's not forget that we are still negative 38%! It makes me cringe for my military clients to bring money to the table because I know their transition is a must and the money is often tight. The last 3 clients that had to bring money to the table were military transferees. One had to pull money out of an IRA, one borrowed money from parents and the other had to go to the bank to borrow money. The pain of being separated from a spouse or family member, the extra mortgage payments and other carrying costs is just worth being done with the house even if it hurts the pocketbook. Unfortunately as a Realtor, I do not create the market. I wish I could! My job is to help sellers respond to it by making good choices on pricing, staging recommendations and any other items that might need to be done to get the house sold to so that the sellers can get where they want to go on time. It's unfortunate to see houses still on the market when I know an offer has been submitted several months ago. I have been in that boat with a seller. There's an old saying in this business that the first offer is usually the best.

If you are in Charleston, SC or thinking of making a visit, you have to stop by the Windjammer, on the Isle of Palms. First, they have the best cheeseburgers and tater tots and that is a must; there are plenty of other great items on the menu too. Stop by any day of the week and hang out on the deck and enjoy the beachfront view from the picnic tables or catch one of the volleyball games from the lower deck. All year round, you can catch great live music in the evening with some big headliners like Sister Hazel, Hootie and the Blowfish, Big Head Todd and Cowboy Mouth and many other up and coming or local artists. This intimate venue is great for music lovers because there's not a bad seat, I mean standing spot, in the house. Get cozy and personal with the band. Be forewarned, this place is packed out in the summer and on weekend nights. Getting a refresher might be tough but no fear, check out the back deck bar anytime for easy access. You can check out their website for the calendar for live music and more. The Windjammer is also famously known for their Sunday afternoon bikini bashes in the summer. A popular radio station hosts the event on the back deck. I spent many a day and nights at this spot in my younger years and I have many fond memories of good times! You can also always check out the view of the surf, the volleyball court, the deck, or the bar at The Jammer Cam.

You may have heard that the housing bill passed two weeks ago will end Downpayment Assistance Programs on September 30th, 2008. However, it's important that you know that recently, many government investors have begun proactively eliminating the program in advance of that deadline, like Chase. As one of the market lenders in the banking industry, they do set many trends which means other banks will follow suit. I have been given information from one of my lenders that the guidelines they have set for their bank is that all FHA loans that use Seller Paid Down Payment Assistance Programs must be closed and funded (disbursed) by Wednesday, September 10, 2008!!! Schedule your closing before this date to ensure funding! This means that if you do not have a ratified contract in hand by the end of next week in order for it to get to underwriting, you will narrow your chances of being able to take advantage of this program! There are some great deals out there and some willing sellers that want to participate in this program before it's too late. Seller participation of this program means you can stil purchase a home with little to no money down.

If you are a buyer, ask me how you can buy a house with little to no money down before this program ends. If you are a seller, ask me how you can take advantage of this to help expedite the sale of your home before this opportunity ends. TIME IS OF THE ESSENCE!

www.CharlestonRelocationExpert.com