Randall Sandin, 843-209-9667 ~ Search for Charleston SC Real Estate~

Charleston SC - Business News Update

S.C. contractors in Seattle to blueprint Boeing building
The team charged with construction of Boeing's Dreamliner factory in North Charleston is meeting with executives in Seattle today to make decisions about critical subcontractors and to work with Boeing executives on the final design. "This is moving very, very quickly, as you might expect," said Luther Cochran, chairman and CEO of BE&K. A groundbreaking ceremony is set for Friday.

State agencies spend nearly $62 million on travel
The state's three research universities - Clemson, the University of South Carolina and Medical University of South Carolina - topped the list, having spent $9.8 million, $8.9 million and $5.1 million, respectively, in fiscal 2008-09.

Mt. Pleasant firm named state's fastest-growing business
Direct Source Imports LLC was named South Carolina's fastest-growing company for 2009 at last week's S.C. Chamber of Commerce Annual Summit. The awards recognize 25 companies statewide for exceptional performance in revenue and employment growth.

Santee Cooper researching small-scale wind turbines
Santee Cooper is researching the viability of wind energy at new locations in Georgetown County and the city of Georgetown. Crews are installing anemometers that will document wind speed and direction for a few months. The work could lead to installation of small-scale wind turbines with classroom applications.

For information on the Charleston, SC or Folly Beach, SC real estate market, please call Randall Sandin at 843-209-9667 or email rsandin@carolinaone.com

Search for Charleston Homes at CHARLESTON HOME SEARCH

The deadline for buyers to take advantage of the first-time homebuyer tax credit has been extended to April 30, 2010 and new provisions have been added to include a credit for existing homeowners.

An $8,000 tax credit is available to first-time homebuyers. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years prior to purchase to meet first-time homebuyer definition.  A $6,500 credit is available to homebuyers who have owned and lived in a home for 5 consecutive years of the last 8 years.

Any single family residence (including condos, co-ops and townhouses) that will be used as the principal residence and has a purchase price of less than $800,000.

The full amount of credit is available for individuals with adjusted gross income of no more than $125,000 or joint gross income of no more than $225,000.  The credit is phased out to lower amounts for individuals and joint filers with higher gross incomes.

Buyers must have a ratified contract on or before April 30, 2010 and close within 60 days of that deadline.

The previous agreement required that buyers close on their home by November 30 to qualify for the credit.  The expanded agreement gives buyers until April 30, 2010 to ratify a contract and requires that the closing take place within 60 days.

"The Charleston market has maintained a strong momentum coming out of the summer season-due in large part to the tax credit-and we cannot let this momentum lag.  This crucial expansion allows all homebuyers to make an investment in a market that is more affordable than it's been in years" said Ralph Wetherell, President of the Charleston Trident Association of REALTORS®. 

The tax credit, in its original form, helped to establish more than one million families as new homeowners. 

"The homebuyer tax credit has been a critical component to restoring the health of the Charleston real estate market.  We've been showing signs of a recovering market since this summer-inventory is decreasing and prices continue to stabilize.  Extending this credit, not just in timeframe, but to a new group of homeowners will certainly support the continued re-growth of our area" said Wetherell.

For more info or to look at buying a home in Charleston, South Carolina or Folly Beach, South Carolina, please call Randall Sandin at 843-209-9667 or email at rsandin@carolinaone.com. Search for Charleston homes at CHARLESTON SC HOME SEARCH

New Listing on James Island ~~ 825 Harbor View Road - $267,500

5 BD, 3BA, 2300 sq ft, heart-of-pine floors, florida room or 5th bedroom, mother-in-law suite, large backyard & more.

          Front of Home                Large Open Kitchen

     "Man-Cave" Building             Formal Living Room

      Heated Pool w/ Deck               Lakefront Home

For more info on this property, pelase call Randall Sandin at 843-209-9667 or email at rsandin@carolinaone.com. To view all Charleston SC Homes, please go to CHARLESTON SC HOME SEARCH

Last Week's Economic News:  Monday - Industrial Supply Manager's Index came in with a reading of 55.7 in October, up from 52.6 in September and higher than the 53.0 that was expected.  This shows steady growth in the economy.  Also on Monday, Pending Home Sales showed an increase of 6.1%, slightly less than the increase of 6.4% in August and a lot higher than the flat reading (0.0) that was expected.  This is probably a reflection of the rush to get under contract before the expiration of the first time homebuyer tax credit, which as everyone knows by now was extended into next year (See Tax Credit Details below).   The ADP employment report showed a loss of 203,000 jobs in October.  This was less than August's loss of 227,000, but more than the 190,000 loss that the markets were hoping for.  Would this mean that Friday's employment report would also be worse than expected?  The Industrial Supply Manager's Services index also came in worse than expected.  The Federal Reserve's Open Market Committee ended its two day meeting leaving pretty much everything unchanged from their last meeting, signalling that the economy was improving, but the growth was fragile enough NOT to raise interest rates for the foreseeable future.  Productivity at the nation's factories came in quite a bit stronger than expected in the third quarter, but this was probably due to the "Cash for Clunkers" program, which expired during the quarter.  First time unemployment claims came in better than expected, but 512,000 people still filed for unemployment for the first time in the week before last.  Friday brought the most awaited report of every month - the employment report from the U.S. Department of Labor.  The unemployment rate jumped to 10.2% in October - up from 9.8% in September, and higher than the 9.9% that was expected.  This was the highest unemployment rate since 1983.  At the same time, the economy lost 190,000 jobs in October.  Although this was better than Septembers reading of 227,000 jobs lost, it was worse than the 175,000 job losses that the market was anticipating.  The average work week was shorter than expected, but hourly earnings increased more than expected.  All in all, it was a disappointing report, and the interest rate markets rallied on all of the news.

This Week's Economic News:

Thursday - First Time Unemployment Claims
Friday - Balance of Trade
Friday - Consumer Sentiment Index

Tax Credit Details:

Homebuyer Tax Credit Extended and Expanded!

Last week, a new Homebuyers Tax Credit bill was signed into law. The bill extends the tax credit for first-time homebuyers (FTHBs), as well as opens it up to current homeowners who are looking to buy. And even if you aren't looking to purchase - pass on this article to anyone you think might be in the market to do so. This is information that might benefit them greatly, and I'll be happy to be of service to them.

Here is a brief overview of the Homebuyers Tax Credit - and its benefits - based on the new bill.

Tax Credit for First-Time Homebuyers

FTHBs (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Tax Credit for Current Homeowners

The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. Those in the military do have some special extensions on the timelines available.

What's So Great About a "Tax Credit"?

The benefit of a tax credit is that it's a dollar-for-dollar benefit, rather than a "tax deduction", or reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer who qualified for the entire benefit were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little or no income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

Higher Income Caps

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price

Qualifying buyers may purchase a property with a maximum sales price of $800,000.

Call Randall Sandin today at 843-209-9667 for information about the Charleston, SC real estate market. Email Randall at rsandin@carolinaone.com or search the Charleston MLS for FREE at SEARCH CHARLESTON REAL ESTATE

The short sales and foreclosures listings have become more and more difficult and more and more frustrating for some of my clients. I am recommending a different approach when now making offers - do it without an inspection contingency. Yes, I said WITHOUT an inspection contingent. I am recommending that we get the inspection done before we put in an offer on the home. This way we can find out everything and make one offer and justify where our price is coming from on the home. It also shows the bank that they only have to deal with the one offer price, we will not be coming back for a second round of negotiations regarding what we find in the inspection. This also shows if your buyer is serious or not about the property and can take out a lot of long term headaches for just the price of an inspection.

If you are looking to buy or sell a home in the Charleston, SC area, please call Randall Sandin at 843-209-9667 or email him at rsandin@carolinaone.com Search homes for FREE at http://www.Charlestonpierpartners.com