CTAR Market Update for the MLAGC

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This presentation was given by 2013 Charleston Trident Association of Realtors president, Owen Tyler at the January 2013 Mortgage Lenders Association of Greater Charleston luncheon.

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CTAR Market Update for the MLAGC

  1. 1. Charleston Trident Association of Facebook.com/CharlestonRealtorsREALTORS® @ChasRealtors CharlestonRealtors.com
  2. 2. Charleston Trident Association of Facebook.com/CharlestonRealtorsREALTORS® @ChasRealtors CharlestonRealtors.com
  3. 3. In 2012… •Stable - 1% increase •Traditional sellers increasing •Banks listing less property Why so flat? •Uncertainty •GreedCharleston Trident Association of Facebook.com/CharlestonRealtorsREALTORS® @ChasRealtors CharlestonRealtors.com
  4. 4. In 2012… •13% increase from 2011 •Demand is sky-high •First time since 2007 more than 10k homes sold •Distressed sales decliningCharleston Trident Association of Facebook.com/CharlestonRealtorsREALTORS® @ChasRealtors CharlestonRealtors.com
  5. 5. In 2012… •Healthy, steady increases •Sustainable 4% growth •Varies by area, neighborhood •Prices have fallen JUST 8.6% from the peak in 2007Charleston Trident Association of Facebook.com/CharlestonRealtorsREALTORS® @ChasRealtors CharlestonRealtors.com
  6. 6. In 2012… •Major declines in inventory (- 21% since 2011!) •Sellers have less competition •Well-priced, good looking listings get avg. 92% of list •Are we on the brink of a housing shortage?Charleston Trident Association of Facebook.com/CharlestonRealtorsREALTORS® @ChasRealtors CharlestonRealtors.com
  7. 7. Financing BreakdownCharleston Trident Association of Facebook.com/CharlestonRealtorsREALTORS® @ChasRealtors CharlestonRealtors.com
  8. 8. Charleston Trident Association of Facebook.com/CharlestonRealtorsREALTORS® @ChasRealtors CharlestonRealtors.com
  9. 9. Outlook for 2013 • Continued sustainable growth in prices and sales • Seller confidence should continue improving • Buyer demand should continue growing • Inventory may be an issue in some areas • QM, QRM may have an impact • Issues in WashingtonCharleston Trident Association of Facebook.com/CharlestonRealtorsREALTORS® @ChasRealtors CharlestonRealtors.com
  10. 10. 2013 Sales ForecastCharleston Trident Association of Facebook.com/CharlestonRealtorsREALTORS® @ChasRealtors CharlestonRealtors.com
  11. 11. CTAR MLAGC Charleston Trident Association of Facebook.com/CharlestonRealtors REALTORS® @ChasRealtors CharlestonRealtors.com
  12. 12. The battle in WashingtonCharleston Trident Association of Facebook.com/CharlestonRealtorsREALTORS® @ChasRealtors CharlestonRealtors.com
  13. 13. Protecting the Mortgage Interest Deduction • Untouched in Fiscal Cliff bill • Will be debated as a cut in upcoming future budget and deficit talks • Elimination vs. cap • Major benefit for current homeowners • Major incentive for future homeownersCharleston Trident Association of Facebook.com/CharlestonRealtorsREALTORS® @ChasRealtors CharlestonRealtors.com
  14. 14. Qualified Mortgage (QM)Qualified Residential Mortgage (QRM) • All FHA, VA, Rural Housing, Fannie Mae and Freddie Mac loans are given safe harbor. • Loans with no risky feature and debt to income ratio less than 43% are given safe harbor. • All government backed loans qualify and jumbo loans where the borrower’s debt will be less than 43% of monthly income. • This will provide certainty and define the mortgage market with clear standards; gives banks 1 year to implement rule • QRM guidelines are coming Charleston Trident Association of Facebook.com/CharlestonRealtors REALTORS® @ChasRealtors CharlestonRealtors.com
  15. 15. Protecting the Mortgage Interest Deduction • Untouched in Fiscal Cliff bill • Will be debated as a cut in upcoming future budget and deficit talks • Elimination vs. cap • Major benefit for current homeowners • Major incentive for future homeownersCharleston Trident Association of Facebook.com/CharlestonRealtorsREALTORS® @ChasRealtors CharlestonRealtors.com
  16. 16. We can accomplish so much more together! A partnership between CTAR and the MLAGC could have a large impact locally • CTAR has opposed: • Real estate transfer fees (proposed by City of Charleston in 2010) • Residential rental restrictions • Increased taxes on both commercial and residential property ownershipCharleston Trident Association of Facebook.com/CharlestonRealtorsREALTORS® @ChasRealtors CharlestonRealtors.com
  17. 17. Thank You!Please contact me about getting involved in local legislative issues or CTAR events and programs. Owen@OwenTyler.com Charleston Trident Association of Facebook.com/CharlestonRealtors REALTORS® @ChasRealtors CharlestonRealtors.com

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