South Carolina Market: 2016 vs 2017

What happened in the South Carolina real estate market? How did 2017 compare to 2016? I’ll explain today.

How did the 2017 real estate market compare to the 2016 market here in South Carolina? 

The market is continuing to move up. 

In 2016, there were 16,158 properties listed for sale on the market in the Midlands. Out of those, 11,200 actually sold, which is 69%. In 2017, there were 16,452 properties listed for sale and out of that, 11,757 actually sold. That is a 5% increase over 2016. 

That means that about 73% of inventory sold in 2017, which means the market is going in the right direction. 

Now might be a good time to put your home on the market.

In 2016, the average sold price was $192,754. In 2017, the average price was $194,820, which is about a 1% increase. 

That isn’t necessarily the total appreciation rate of properties in the Midlands. Appreciation rates vary from area to area. For example, homes near Lake Murray may appreciate at a more rapid pace than properties in other areas of town.

The good news is that sales are up and prices are up. If you are thinking about selling your house, now might be a good time to do so. 

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon

Announcing Our 2017 Giveaway Winners

We’re excited to announce our 2017 vacation giveaway winners. Without further ado, here they are.

Today we are excited to be joined by the winners of our 2017 vacation giveaway, Jerry and Brenda. They were a joy to work with and we were so happy to be able to help them find the home of their dreams

Now that we’ve drawn the winner for 2017, it’s time to look ahead to 2018. We’re hosting the same contest this year and you can get entered for the drawing anytime. All you have to do is send us an email with the contact information of somebody who is looking to buy a home, sell a home, invest in a home, or hire a property management company. Let us know this person’s name, phone number, and email address (if you have it) in an email and you will automatically be entered. Each time you repeat this, you’ll be entered again, so each referral gives you a better chance of winning

You can get entered for our 2018 drawing now.

If you have any questions for us in the meantime or want to learn more about our vacation getaway, don’t hesitate to reach out and give me a call or send me an email. I would love to hear from you soon.

Things to Consider When Expanding a Single-Family Property

Today I’m going to be addressing a question about expanding a single-family home into a multi-family property.

Recently, a past client of mine told me they were thinking of expanding their single-family home into a multi-family home. They essentially wanted to add an in-law suite. Their question was, “Is this possible on a lot that is zoned for a single-family property?”

The answer is, yes, you can. However, different counties and neighborhoods will have different regulations pertaining to this.

It is possible to convert a single-family home to a multi-family property even on a single-family lot, but there will be some things to think about.

One thing that is largely the same across the board, though, is multi-family properties on a single-family lot must share one meter. This goes for the water meter, the electrical meter, the gas meter, etc. The point is, you aren’t going to have dual meters.

So, the main thing you need to consider when thinking about this kind of expansion is how you will handle splitting up expenses.

Let’s say the property you added on is a 1,000 square foot space while the main property is a 3,000 square foot space. If there are two people living in each space, how will you divide the bills? The water usage for each space may be similar, but it’s likely that the electricity usage won’t be.

Of course, if the lot is zoned as multi-family, then you can have multiple units and separate meters for each property.

There are certainly other, more in-depth factors to consider, but hopefully this gives you some insight into the question.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.