Home Buying Still Builds Wealth

Home Buying (still) = Wealth Building!
Read Mel Coker's First Time Homebuyer's Guide:
http://www.columbiasouthcarolina.com/homes/first.html

Call or email MEL COKER to get started with buying a home in Columbia, SC!

Mel Coker
RE/MAX Metro Associates
Internet
email

 

Buying Your First Home in Columbia, SC

STOP PAYING THE RENT MONSTER!
Call Mel Coker to buy your First home.
NOW is the time to buy with lower prices, excellent inventory of homes and LOW mortgage interest rates.

Mel Coker IS your Columbia, SC real estate buyer's agent for first-time home buyers (and relocation, new homes, all homes!)    Mel can assist with homes in Columbia, Lexington, Irmo, Chapin, Lake Murray and Northeast Columbia.

Let Mel Coker Help YOU Slay The Rent Monster!  Buy A Home NOW.

Mel Coker
Realtor - RE/MAX Metro Associates
Professional Designations: CRS, ABR, GRI, SRES, e-PRO
(803) 223-6214 
Columbia, SC Real Estate Website

 

New Home Sales in Columbia, SC

Mel Coker's Analysis of NEW Home Sales in Greater Columbia, SC

I have completed a detailed analysis of NEW home sales over the past (almost) 7 years.    2006 was the high-water mark for home sales in the Greater Columbia area.  The fourth quarter of 2007 saw the beginning of the real estate downturn in the Coumbia area.  The results since then have not been very good (especially to Sellers).

New home in Columbia, SC area

In this analysis, I looked at NEW home sales ONLY.  Furthermore, the review includes only new homes closed at $100,000 or more, but does include all areas in the Greater Columbia Multiple Listing Service.

There were 3439 new home closings in 2007, slightly more than 2006.  But, new home closings have fallen every year since then, ending with only 1585 closings in 2011  - down 53.9% or an average decrease of 13.5% each year.  Prices have been down too, although not as much percentage wise.  Considering the review criteria above, the average price of a new home closing fell from $211,804 in 2007 to $194,897 in 2011 - down 7.98% or an average decrease of 2.0% each year.

Further review of certain areas of Greater Columbia (Northeast Columbia; Irmo/Dutch Fork; Lexington; Lake Murray) for 2007 to 2011 new home closings reveal:
Northeast Columbia - closings down 55.8%
Irmo/Dutch Fork - closings down 40.7%
Lexington - closings down 34.0%
Lake Murray waterfront - closings down 85.7%

Now, some slightly positive news.  Thru September 2012, there have been 1305 new home closings.  My estimate for the final number of 2012 closings is 1690 - more than the 1585 in 2011, but still slightly less than the 1771 closings in 2010.

Call Mel Coker to buy a NEW home.

NOW is the time to buy a NEW HOME!   Prices are still down (compared to pricing  from 2010-2011), builders are offering more as far as construction amenities than just 5-6 years ago, and mortgage rates are at all time lows.   Buy now, before prices start to increase noticeably and mortgage rates increase.

Call Mel Coker to start the process of finding and buying your NEW home.  I can represent you on any NEW home from any new home builder.  Get FREE buyer representation from Mel Coker for any new home.  Call Mel Coker at (803) 223-6214 or email.

Mel Coker
RE/MAX Metro Associates
Columbia Real Estate Website

New Financial Management Tool - CREDIT SESAME

CREDIT SESAME
It's NEW and FREE!

I just read about this new online financial management tool.  I thought it's good enough that I signed up myself.  The goal of Credit Sesame is to help people take control of their credit and possibly save money with better and smarter loans.

The website requests your name, address and a small amount of other personal data on the secure website, but, it provides a one-stop source of valuable information.  You get: a (free) credit score from Experian, credit balances, including mortgage, options for other/better loans, a tracking of your home value and your credit standing compared to peers.  It's cool stuff!

CLICK HERE to sign up!



Mel Coker
Columbia, SC Real Estate

I Need Some Facebook Love

I Need Some Facebook LOVE LIKES!
Please LIKE my Facebook Page.

My COLUMBIA & LAKE MURRAY REAL ESTATE page on Facebook is relatively new, so I need some "LIKES" to get a higher standing with Facebook.  Please consider taking a moment to link over to my page and clicking on LIKE to help me out.  THANK YOU!

Several people will be selected by random drawing among those "LIKING" my page between September 25th and October 31st (2012) to win a Chic-Fil-A gift card.

CLICK: Mel Coker's Real Estate Facebook Page

Mel Coker
Columbia's Technology Realtor!
RE/MAX Metro Associates
Internet

Happy 65th Birthday to The United States Air Force

Today, September 18th, is the 65th Birthday of the United States Air Force.

I salute all who have worn the uniform of the USAF.

CLICK HERE to watch the video "Celebrating 65 Years of Air Force Heritage"


Air Force Bases in South Carolina:

Shaw Air Force Base
McEntire Joint National Guard Base
Joint Base Charleston

ObamaCare Impacts Real Estate

FACTS on the New 3.8% Tax - Read this article!

ObamaCare impact on real estate transactions. (maybe)

THE FALSEHOOD:  I have received a number of emails that are forwarded to me and many others with erroneous information about how ObamaCare is going to place a tax to Sellers on ALL real estate transactions closed after January 1, 2013.  Essentially these ERRONEOUS EMAILS state that, for example, on a $100,000 sales transaction, the SELLER must pay a new tax of 3.8% or $3800 to the federal government.
i.e. - in an email I received today:
"Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?   Under the new health care bill all real estate transactions will be subject to a 3.8% sales tax."    THIS IS FALSE!

In my opinion, ObamaCare is a very bad thing.  It's bad legislation by an out-of-touch President and Congress (especially a currently Democratic controlled Senate).  

THE TRUTH:
Beginning January 1, 2013, a NEW 3.8 percent tax on some investment income will take effect.   This tax WILL NOT be imposed on all real estate transactions, a common misconception. Rather, when the legislation becomes effective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses). The tax will fall only on individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI.   Additionally, the new tax does NOT eliminate the benefits of the $250,000/$500,000 exclusion on the sale of a principal residence. Thus, ONLY that portion of a gain above those thresholds is included in AGI and could be subject to the tax.

LINK:  3.8% Tax on Certain Real Estate Transactions - Brochure by National Association of Realtors

This new tax was passed by Congress in 2010 with the intent of generating an estimated $210 billion to help fund President Barack Obama’s health care.    Of course, there are other wild taxes and even a raid on Medicare to fund Obama's health care. 

Your vote this November is critical to America's future.  Please know the issues and VOTE.

Mel Coker

Columbia, SC Realtor

RE/MAX Metro Associates

Columbia, SC Real Estate Website

Real Estate Frustration? Selling Problems or Value Problems

What is one significant cause of the housing crisis?   Read on...
I deal with many prospects, clients or potential prospects still facing problems with either (or both) selling their home or a significant drop in their home valuation.   The same thing has happened in the Greater Columbia area and even to my home value (fortunately, not as significant home value decrease as in many parts of the country).  While I don't need to sell or want to sell, certainly my home value is down today as compared to the value in 2006-2007.

What was a big cause of the real estate/housing meltdown?   Significantly loosened credit requirements....  so that people getting approved for  loans to buy whereas in the past would never get a loan based on their ability or willingness to repay (i.e. subprime mortgages).   Result?    Dramatically higher foreclosures and short sales.  Another result?   Significantly higher inventory of homes for sale.  Another result?  Lower home prices and much higher average time to sell a home.   (Remember that old economic principle:  Supply and Demand)



Read this: 
Just yesterday, The Daily Caller website revealed some previously unpublished court information about a landmark case that many consider the fuse that set off the subprime mortgage boom and eventually, the economic meltdown. It was a 1995 discrimination lawsuit against Citibank, on behalf of a group of African-Americans who claimed they couldn’t get loans because of their race. It was part of a coordinated effort at the time by progressive groups. The banks didn’t want to be sued or accused of racism, so they loosened requirements for credit history and down payments (they just gave in). What the Daily Caller discovered is that among the original plaintiffs in that case, there was a startling loan failure rate. Out of about 186 homebuyers, roughly half have since gone bankrupt or received one or more foreclosure notices. As few as 19 still own homes with clean credit ratings. Even some of the plaintiffs now say the banks never should’ve made those loans.
And here’s the kicker: the lead attorney on that case that prompted banks to start making home loans to people who couldn’t qualify for them was a young Chicago community activist named Barack Obama.