The $8000 "FIRST TIME" Home Buyer Tax Credit in not just for your traditional first time homebuyer. 
Anyone who has not had any ownership interest in a home in the last 3 years qualifies! If you previously owned a home but have not owned a home in the past 3 years, you can take advantage of this opportunity!
You must close on the home between January 1-November 30, 2009.
It has to be an owner occupied residence.
The tax credit is $8000 or 10% of the purchase price, whichever is less.
Tax credit on 2008, 2008 amended, or 2009 return.
IRS will issue a refund check if the tax credit exceeds your tax liability.
There are income restrictions: $75,000 adjusted gross income for a single tax payer or $150,000 adjusted gross income for married couples filing a joint return (and partial credit for those with incomes up to $95,000/single and $170,000/couple).
It only applies to single family detached homes, condos and townhouses.
The home may not be sold within 3 years or the tax credit must be repaid.
Inventory selection is high. Interest rates are low. There couldn't be a more perfect time to investigate the option of owning your own piece of the Lowcountry.
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Michele Reneau - Military Relocation Specialist with Carolina One Real Estate in Charleston, SC.
Contact Michele Reneau, Top Real Estate Agent, North Charleston, SC Relocation Expert, CRS, GRI, ABR. Licensed Realtor® in South Carolina at 843-572-0518 to list your property for sale or to purchase real estate in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. Featured on HGTV's House Hunters. Publisher/Author for Charleston Real Estate Update including featured listings and sold properties, and monthly statistics on Charleston Real Estate Market. The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market. I can also be contacted by email at mreneau@carolinaone.com. To view all Charleston Metro area houses 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.
2008 was a challenging year for the overall economy and for the real estate market in particular. Our fearless company leader, Patty Scarafile put it best: "We 
added new buzz words to our everyday language like, "financial meltdown", "subprime mortgage crisis" and "mortgage backed securities" and listened to the news media explain how foreclosures have risen to historic highs and real estate values fell month after month." In Metro Charleston, MLS closings were off over 30% from 2007 and the average sales price declined by approximately 2 %. The number of sales in 2008 were similar to 2001 - 2002 levels, but with double the listing inventory.
Looking forward to 2009, many economists predict a year similar to 2008 and, while we are prepared to continue to weather the storm, there are some hopeful signs on the horizon. Regardless of your political position, a new president and new administration provides the chance for a fresh start and a sense of renewed optimism. Washington understands that a stronger housing market is key to an economic recovery and they have already taken steps that have positively affected interest rates and are likely to take further action in the future. There is considerable pent up demand and, with interest rates at historic and unprecedented lows, selection high, and prices more affordable, we are already starting to see greater activity in our local market with January showings at a peak since the summer of 2008.
2007 brought a different reality to the Charleston SC real estate market. It was probably the first year that the hangover sank in. I'm referring to the real estate hangover from the party we had in 2003-2005 with soaring appreciation and easy lending. Long gone are the days of short term days on the market and 15-20% appreciation rates in 12-24 months. 2007 closed out with 12,998 sales with an average sold price of $298,605 with an average days on market of 79 days. Houses that sold enjoyed a 96% list to sale ratio. 2007 also saw a soaring increase of inventory for a total of 27,770 new listings with an average list price of $385,212. The average days on market for the active inventory was 142 days.
The good news of 2008 was that inventory totals did decrease down to 22,082 properties (a 20% decrease). The average list price was $389,132 down slightly just under 2%. Average 109 days on the market was extended from last year's average at 79 days. The not so good news is that active listings have currently been on the market for an average of 198 days. Sellers that are successful are getting serious on price and offering major incentives such as closing costs, interest rate buy downs and even other big ticket items like boats, flat screen TVs and cars.
Sellers that want/need to sell may have to consider making improvements to attract buyers (possibilities
include: neutral paint, hardwoods floors, updated kitchen and baths), offering incentives or reducing the price as their biggest competitor is new construction homes. With average showings only 2-3 per month per house, only the best looking AND best priced homes will show. Almost half of closed sales in Berkeley County were new construction.
While depreciation set in for the 1st time since in almost 20 years, it is not as bad as one might think. Many places in the nation have decreased by double digit numbers. For Charleston to only suffer a 1.99% decline still speaks volumes about the strength of our market. This is simply a correction of the over inflated prices we have seen in the past as well as a response to current supply and demand. The tightening of finance guidelines have also changed the number of available buyers but that doesn't mean that banks aren't lending. Real estate is still a great long term investment!
See below for a breakdown of numbers from 2003-2008. Appreciation rates reflect realized appreciation for those properties that sold in the given year. Historically, healthy appreciation rates hovered between 2-5%.
Year New listings # Sold Avg Sold $ Avg DOM %SP/LP % +- app
2003 16,486 11,720 $225,545 140 97.08% 4.83%
2004 18,834 14,277 $252,997 80 97.47% 10.85%
2005 24,023 18,074 $277,875 61 98.13% 8.95%
2006 28,782 16,760 $290,687 68 97.26% 4.4%
2007 27,476 12,653 $298,545 96 96.46% 2.63%
2008 22,082 8,811 $292,594 104 95% -1.99%
For 2009, my prediction is that it will still be a good year for real estate in the Charleston market as buyers take advantage of LOW interest rates and some amazing deals being offered. I think we will maintain the same number of closed sales this year and buyers looking to make a long term investment will be achieving their goal to get a home at historical low prices combined with a low interest rate. I believe that as inventory stabilizes over 2009 and possibly 2010, it will position 2011 as an up year. Real Estate is still a good long term investment. Ask me about the rate of return on real estate or the stock market in the last 10 years. If you or someone you know would like a breakdown of a particularly area or neighborhood, please email me at info@CharlestonRelocationExperts.com.
Although difficult, we ended 2008 stronger than we started. Carolina One Real Estate increased our market share to 30% gaining 4% over 2007 and outpaced the competition with the next competitor with 7% market share. Carolina One Real Estate continues to be the clear market leader in Metro Charleston with highly productive and dedicated agents working in 1 of 12 strategically positioned offices that service every market area. We continue to be the market leader because we are cutting edge in our technology and continue to always keep foremost in our minds what our clients want and need. Our core values remain the same and we are progressive, energetic, committed and strong.
The Charleston Relocation Experts Team was blessed to have a phenomenal 2008 along with many accolades. Thank you for your business, your support and the referrals of your family, friends, colleagues and neighbors. In the face of a changing market, we sustained our level of activity and Michele Reneau was recognized as a Carolina One Top Producer for 2008 and the company's Most Closed Units in 2008! She was also recognized as a Realtor of Distinction by the Charleston Trident Board of Realtors. These huge accomplishments continue to place Michele Reneau in the Top 1/2% of Charleston's 4700 realtors. Michele was also nominated by RESA as 2009 Staging Realtor of the Year and was selected to be featured on the February cover of Real Estate Executive Magazine. Experience does count. Let it work for you or someone you know that is thinking about buying or selling real estate. Please call us for a FREE no obligation consultation. Wishing you a blessed 2009!
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Michele Reneau - Military Relocation Specialist with Carolina One Real Estate in Charleston, SC.
Contact Michele Reneau, Top Real Estate Agent, North Charleston, SC Relocation Expert, CRS, GRI, ABR. Licensed Realtor® in South Carolina at 843-572-0518 to list your property for sale or to purchase real estate in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. Featured on HGTV's House Hunters. Publisher/Author for Charleston Real Estate Update including featured listings and sold properties, and monthly statistics on Charleston Real Estate Market. RESA 2009 Staging Realtor of the Year Nominee. The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market. I can also be contacted by email at mreneau@carolinaone.com. To view all Charleston Metro area houses 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.
Copyright © 2009 Michele Reneau, CharlestonRelocationExperts.com.
And guess whose among them? My beloved, Charleston, SC!! Charleston, SC is #8 among America's 25 Strongest Housing Markets!
The Forbes article stated that it "requested Moody's Economy.com to compile a list of the country's real estate markets that are on the road to recovery. Moody's used the country's Census-defined metro areas--including metropolitan and micropolitan statistical areas--with populations over 500,000, and prepared forecasts through 2011. They then compared them to prices in the second quarter of 2008, which are the latest figures available, to calculate how far prices will likely fall before reaching bottom."
Charleston Metro, SC area is esimated to have a popular of 666,900. Moody's predicts the bottom of the market to be expected in 4th quarter of 2009. The forecast for the bottom is only a -1.1% change from 2nd quarter 2008 prices. Can you say, "WOWOWOW!?" It's time to go ahead and get an additional 1.1% of the price now to match the bottom and take advantage of the low interest rates.
Michele Reneau - Military Relocation Specialist with Carolina One Real Estate in Charleston, SC.
Contact Michele Reneau, Top Real Estate Agent, North Charleston, SC Relocation Expert, CRS, GRI, ABR. Licensed Realtor® in South Carolina at 843-572-0518 to list your property for sale or to purchase real estate in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. Featured on HGTV's House Hunters. Publisher/Author for Charleston Real Estate Update including featured listings and sold properties, and monthly statistics on Charleston Real Estate Market. RESA 2009 Staging Realtor of the Year Nominee. The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market. I can also be contacted by email at mreneau@carolinaone.com. To view all Charleston Metro area houses 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.
I'd proud to be affliated with the Real Estate Staging Assocation (RESA) 2009 Professional Stager of the 
Year, Melissa Marro. This coveted national award recognizes the industry's best in their field.
When I met Melissa, I had no idea how much staging would become such an integral role in my business. The first time I called her for help was for a vacant property. It was in 2006 and my client built a gorgeous house in the Old Village of Mt Pleasant listed at $599,000. After being listed for 3 months after completed construction, it became clear that the problem was some multiple spaces that were hard for buyers to envision. After staging the formal living and dining combo, family room, breakfast area and the sitting area in the master bedroom, I updated the MLS photos. In less than 21 days, showing activity increase and we had an offer. We closed at 99% of list price. It was then that I became a believer. Time and time again, Melissa's consultations with my sellers help clients understand the importance of a home's first impression. Her work is exemplary uniquely combining a homes' style with the look needed to attract buyers. Please join me in congratulating Melissa for this outstanding achievement!
Michele Reneau - Military Relocation Specialist with Carolina One Real Estate in Charleston, SC.
Contact Michele Reneau, Top Real Estate Agent, North Charleston, SC Relocation Expert, CRS, GRI, ABR. Licensed Realtor® in South Carolina at 843-572-0518 to list your property for sale or to purchase real estate in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. Featured on HGTV's House Hunters. Publisher/Author for Charleston Real Estate Update including featured listings and sold properties, and monthly statistics on Charleston Real Estate Market. RESA 2009 Staging Realtor of the Year Nominee. The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market. I can also be contacted by email at mreneau@carolinaone.com. To view all Charleston Metro area houses for Sale Click Here and then click on Search for Homes.
While there is always speculation on when the market will turn around, I will admit that I am not a prophet. I thought this chart presented an interesting picture and I added the years which is my take on the real estate market in Charleston, SC (and probably in a lot of other places also). Real estate has always been a cycle. Some cycles are shorter, some are longer. And you can't really say when what stage begins or ends until it is over. I purchased my current primary residence in 2005 so I can honestly say that I have personally gone through these emotions as a buyer as well. We also purchased an investment property in 2006 and yes I was in denial. Since I understand the real estate cycle, I have not been paralyzed by fear or panic because I realize that the best opportunities are coming. I hope that by sharing this chart, you also will feel the same. Well, I admit, I might be panicked if I had to sell a piece of property but I would weather the storm if possible and rent the property out. Nevertheless, I believe the type of market we are in and will be in this year will present the maximum point of opportunity. Isn't that what we look for when we purchase investments? I do not know when it will end but there is an air of hope and optimism with the new administration whether they were your pick or not. I believe if the hope can be maintained, it will be the mark of coming out of the real estate valley. As a buyer, this means that it's time to act while prices and interest rates are low. As the real estate market recovers, I believe interest rates will rise. If prices rise as well as the interest rates, you'll be paying more for your real estate on the ticket as well as monthly in the price. You won't know we have come out of the valley until the prices are on the rise and by then, it will be too late to pick up your "deal." Look for your opportunity and seize it in 2009! Where do you think we are on the emotional roller coaster as it relates to the real estate market?
Michele Reneau - Military Relocation Specialist with Carolina One Real Estate in Charleston, SC.
Contact Michele Reneau, Top Real Estate Agent, North Charleston, SC Relocation Expert, CRS, GRI, ABR. Licensed Realtor® in South Carolina at 843-572-0518 to list your property for sale or to purchase real estate in Charleston, Goose Creek, Summerville, North Charleston, Hanahan, Mount Pleasant and the surrounding areas in Charleston County, Berkeley County or Dorchester County, South Carolina. Featured on HGTV's House Hunters. Publisher/Author for Charleston Real Estate Update including featured listings and sold properties, and monthly statistics on Charleston Real Estate Market. RESA 2009 Staging Realtor of the Year Nominee. The Charleston Relocation Expert specializes in military relocation, first time homebuyers and creating marketing exposure to sell your home in the Charleston SC Real Estate market. I can also be contacted by email at mreneau@carolinaone.com. To view all Charleston Metro area houses 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.
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Charleston SC Top Relocation Team of Realtors serving military familes at Charleston AFB, Naval Weapons Station (NNPTC) & Coast Guard. Call or email to get started on your American Dream!
Michele is a CSP Elite instructor who focuses on helping sellers and realtors understand the importance of home staging in today's market. Michele teaches "Protecting Your Clients Equity through Home Staging." Realtors can earn their CSP Elite designation and learn how to sell listings faster and for more money through the use of this marketing tool. Call or email to schedule your office's class to increase the bottom line for both you and the seller.
Experience counts! In this tough market, you'll want to work with an agent that has experience. In the last 4 years, Michele Reneau and the CRE Team has helped over over 190 families achieve their American Dream. You want this kind of experience working for YOU!!! The CRE team does not view themselves as a salespersons, but as Real Estate Advisors. "Our job as a seller's agent is to help find a marketing solution to get your home sold by bringing you the most buyers. As a buyer's agent, our job is find a home that suit your needs." Even though it is a buyer's market, this may not always be easy to do. Michele Reneau is a Certified Residential Specialist. She ranks in the TOP 4% of the nation's top real estate agents and in the top 1% of her local market based on her experience. Her extensive knowledge of the field is your advantage. All CRE team members are Accredited Buyer's Representatives. We work with buyers to identify needs and can help you avoid the pitfalls of buying and even with new construction. Our knowledge and experience is coupled with a savvy investor's nose. Michele and Laura are have been part of military families and proudly supports the local service men and women and their families. Visit www.CharlestonRelocationExperts.com to start searching for your home.
The CRE team specialize in residential real estate in the Greater Charleston area, military relocations, and corporate relocations. This includes Charleston County, Dorchester County, and Berkeley County. We work with buyers and sellers to help them achieve their homeownership goals. The CRE Team specializes in working with military buyers and sellers transferring in and out of the Charleston Air Force Base, Charleston Naval Weapons Station and Coast Guard base.
"We love to work with first time home buyers, move up buyers, retirement homes and investors." Michele Reneau bought her first home at the age of 24. She remembers the highs and lows of being a first time homebuyer and loves making this dream come true for others. In less than 10 years, since her first home, Michele now owns 5 investment properties including single family homes and a multi family dwelling. She has a knack for seeing value in older homes or homes that need a little TLC. Since Michele has lived in the area for over 25 years, she knows the area very well. Buyers unfamiliar with the area simply share what is most imporant (interstate access, shopping, things to do) and she can put you in the right direction.
The Charleston Relocation Experts TEAM not only specializes in helping buyers, but Michele also has a unique marketing plan that helps sellers. Michele's average list to sale ratio is 98.7% with an average days on market of 70 days. Sellers that take the CRE Team's suggestions to prepare their property and price it right have enormous success even in the changing market. Call Michele to get started on your real estate dream.
CRE Team's Accomplishments
Designations
Other info
Michele,
I want to personally thank you for your stellar professionalism and never ending work ethic. From the first moment that we sat down at our dining room table to discuss the sale of our home, Bill and I knew that we were in the BEST hands with you. If our home was to sell in this tough market, we were confident that you would be the one that could make that happen. We were very eager to get the house sold and move on to our next chapter. We had an agent prior to hiring you and the differences are astounding to say the least. Unlike our first agent, you did everything imaginable to prepare for our meeting and the sale, you were armed with amazing facts, figures and statistics. We had everything possible that we would need to make educated decisions and come up with strategic plans that would make our home stand out to all the potential buyers and realtors. You were always there with updates, advice, feedback, ideas and the list could go on and on. We slept very well at night knowing that everything that could be done was being done. We truly think of you as a "God-send". We will be forever grateful. Our future is so BRIGHT and you have played a HUGE role in that. I wished everyone would be as blessed as us in finding you.
Best to you always,
Shara and Bill Pisowicz
Indigo on the Ashley
July 2008
Michele was the best real estate agent ever! I would recommend her to anyone I know. Thank you Michele for all of your hard work and dedication. It's very obvious that you love your work!!
Laura, US Coast Guard, Goose Creek, SC
Michele did a terrific job! She sold our property in what I'm sure is record time for that rural area and she did it all via phone/fax. I will strongly recommend her to any of my friends and family in the Charleston area.
Art, Ohio
Thank you Michelle for the work you did so very well to sell my parent's home in Summerville, SC. We couldn't have found anyone better for this job!!
You handled everything so excellently and did such a great job taking care of things locally with my parents while working with me out of state.
We are so happy that the home was sold in such a relatively short time for this market and at a price and terms that was a win-win for everyone.
You stayed on top of everything for us and gave THE BEST customer service. Your knowledge, experience, organization and flare for getting everything
to come together made this effortless and painless for us....just what we needed!! Thanks!
Ellen T
Apex, NC
June 2008
Michele was God sent. We had been looking for a house for so long and had dealth with so many agencies and no one would help us and within a month's time, Michele had found my family a home and we love it!
Chris & Monica, Hanahan, SC
We would like to say Thank You for all of your help with our homebuying process. You made things simple and not as stressful as we believe it could have been. You were a great help! Once again, Thank you very much.
Kim and Richard, Ladson, SC
"Michele Reneau made my first home buying experience much smoother than I expected. I couldn't believe how helpful she was."
Jimmy, US Navy, Charleston
Michele Reneau was outstanding! When I came to Charleston, I interviewed several agents and I instantly knew that Michele was knowledgeable, professional, and detailed. This was important because I knew I was going to be out of state in military training for 8 weeks. From the time we found the perfect house, Michele took care of all the issues that came up while I was out of the state in training, including handling the home inspection and repairs that were necessary. She made it easy and stress free. She really works for you and I will definitely use her again.
Justin, US Coast Guard, Goose Creek
"Michele Reneau is excellent! She did a great job of keeping us informed, and providing leads for additional properties. She's top-notch and I'll continue to seek her advice and representation on real estate transactions."
Charles, Real Estate Investor, Charlotte, NC
"We couldn't have asked for a better agent than Michele Reneau. She was great! She kept us updated with email messages and phone calls and was patient in helping us find the perfect home. Closing was a breeze!"
Nancy and Tom, Goose Creek
We have to admit that we didn't have a great experience with our first real estate agent. This was going to be our first home and we really needed someone to be patient with us and explain all the details. Michele Reneau was wonderful. From the beginning, she explained everything in detail and we always knew what to expect. She really cared about what we wanted and needed and gave great, trustworthy service. We couldn't have done it without her and are so grateful to have met her.
Nathan & Liz , North Charleston, SC
We were given Michele Reneau's name by a friend that raved about her. We knew we were interested in buying a new construction home. We thought, what's the big deal and why do we need an agent to buy a brand new home. Well, this was out first home purchase and our friend recommended we have a buyer's agent. We visited several new home neighborhoods and when we finally settled on one, we had no idea what we were in for. We had decided on buying new construction not knowing all of the unnecessary hassles that can come with it. Michele informed us every step on the way on what to expect. She explained the importance of an inspection even on new homes. She was right! While the builder corrected the items, we might now have found out about them until it was too late. We are so thankful we had her on OUR team!
Kevin and Grace, Summerville, SC
When my wife and I put our house up for sale, never would we have imagined it to be stress free. Michele Reneau and her staff were the best we ever dealt with (this being our 3rd move.) She was more professional and personable than any other realtor we ever met. Anything we needed she provided. Moving can be a lot of stress, and in our case, two children under the age of 3 and a puppy isn't expected to be the pleasant experience that it was. When you can rely on a person as much as we relied on her it makes selling (and I assume buying) a pleasure. My wife and I moved to Charlotte and if we could have used her to purchase our home there we would have. If you need a realtor, and you want the best, someone you don't have to second guess, call Michele Reneau.
Barry & Clarisse, Goose Creek, SC
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