Fort Mill, Tega Cay, Lake Wylie Real Estate

Maybe, but if you aren’t ready for it you might miss out!

The Fed just cut their rate by 1/2 point but mortgage rates are still rising. The stock market is getting it’s teeth kicked in, but mortgage rates are still rising. Inflation has moderated and even energy prices have started to decline, but mortgage rates are still rising. WHAT IS GOING ON???

Mortgage rates are controlled by mortgage bond prices and even though all the stars are aligned for fearful investors to gobble up mortgage bonds, many investors are not confident in any type of mortgage paper right now. Mortgage has become a four letter word to investors, and if mortgage bonds aren’t doing well… Mortgage rates will rise.

The Good News: At some point in the near future, if confidence in mortgage bonds is revived and market conditions remain the same, mortgage rates should drop like a rock! Read the rest of this entry →

It’s time for another home sales report for Tega Cay SC. I pulled numbers together for home sales August 1 through October 1, 2007 and the same time period 2008 to make the year to year comparison.

I decided to use data from the two MLS systems representing our area. I pulled data from the Charlotte and Piedmont MLS (both have properties listed that are unique to only their system so to get true numbers I had to combine them).

Tega Cay Home Sales Report Oct 1 2008

Tega Cay Market Snapshot (text version)

Aug 1^st to Oct. 1 2007

# of homes sold 37

Average Original List Price 328K

Average Sold Price 315K

% List to Sold Ratio 96%

Days On Market 87

Home sold price categories

Under 350K— 26

350-400— 4

401-500— 1

500+– 6 Three water front, one anchorage water view, two lake shore regular lots.

Aug 1^st to Oct. 1 2008

#of homes sold 25

Average Original List Price $337K

Average Sold Price $308K

% List to Sold 91.5%

Days On Market 139

Home sold price categories

Under 350K — 20

350- 400 —- 2

401- 500 —- 0

500+— 3 One custom new construction, others water front

Observation- Read the rest of this entry →

On September 18th I wrote a post contemplating whether cities within York County like Rock Hill, Fort Mill, Tega Cay will ease water restrictions with the recent rain activity (Will Recent Rains Lift Tega Cay and Fort Mill SC Water Restrictions?). Although the Catawba-Wateree Drought Management Advisory Group has not posted online a news release easing the water restriction, the Rock Hill Herald reported today the advisory group did give the ok. This is good news to landscapers and those of us seeding our lawns for the fall.

Tuesday the Rock Hill city council passed a temporary amendment to the current restrictions allowing landscape watering to occur twice a week until November 30th 2008. Rock Hill water customers with odd numbered addresses can water on Tuesdays and Saturdays. Even numbered addresses can water on Thursdays and Sundays. The change applies to lawn watering, car washing, and pool/fountain filling. Rock Hill has not yet updated their website information.

If you live in non incorporated areas of York County, your water restrictions are similar to Rock Hill’s temporary plan. Here is a link to York County’s website water restriction info.  New water restrictions York County

Fort Mill’s website Read the rest of this entry →

If you don’t know, the Tega Cay sign ordinance bans many types of directional signs in the city limits. Real estate signs are allowed on the seller’s property with limitations but directional signs like open houses or branded company signs pointing the way to homes for sale in a neighborhood are not allowed at any time. So why are some real estate companies or agents not following the ordinance or the city enforcing the sign ordinance?

The picture above was taken on Saturday September 27, 2008 is an example of a non-compliant real estate directional sign. The sign has been up every weekend at the corner of Beachwood Cove and Shoreline Parkway pointing traffic on Shoreline Parkway to a home for sale on Beachwood Cove. The sign is up as I write this post Sunday morning. By the way, this was not the only directional sign up this weekend.

So why am I writing this post? First of all this is a personal commentary from me and not solicited or approved commentary from Carmen or Century 21 First Choice. I am frustrated with the lack of compliance and cooperation from the city, real estate agents, and their brokerage firms. Here is a little background to my story.

At one point in the past Carmen called the city admin office and was told it was ok to put signs up on the weekends. Trying to perform her best for her clients, Carmen purchased and put out directional signs every weekend for marketing open houses and her listings in Tega Cay. Directional signs are a standard effective practice in the industry. She never thought it was not allowed because of what she was told and you can see several other directional signs in Tega Cay most weekends.

At some point a complaint must have been voiced and Pete with Century 21 First Choice asked Carmen and all his agents to comply with the sign ordinance. Carmen being good business citizen and resident is complying.

So why do we continue to see signs up every weekend from other companies? Are these agents or companies not being asked by the city to comply? Is there an unfair standard on who is allowed to put up directional signs or simply a lack of communication and ordinance knowledge? Read the rest of this entry →

There are plenty of mortgage lenders in Charlotte still making new loans!

The sky is falling. I just got hit in the head with a piece a few minutes ago! Just kidding but based on the public reaction lately its hard not to think I fell asleep a couple weeks ago and can’t wake up from the nightmare. I have clients calling daily now asking, “Are we still closing next week? Do you still have money to lend??” WOW, people are scared and rightfully so, because if you have a television set you can’t help but hear how awful the credit markets are and how banks aren’t lending money.

>>>>>>>>>ENTER REALITY

Mortgage lenders are lending money left and right in Charlotte, NC! I am not saying we don’t need the Bail-Out. I am Pro-Paulson Plan. I think things are tight and our banking system is in tatters, but there are still plenty of lenders that have money to lend for mortgage loans. Fannie and Freddie are still doing there thing, and there really haven’t been any huge changes to getting a mortgage in the last few weeks.

Right now you can still get…. Read the rest of this entry →

I see many inquiries coming into Carmen’s blog asking for the distance between Charlotte North Carolina and Fort Mill South Carolina. As you may have read in Carmen’s market research posts (Fort Mill SC Rank 6 Out Of Ten Fastest Growing Metros), the Fort Mill and Tega Cay area is part of the Charlotte NC MSA (metropolitan statistical area) for census and other analysis basis. I guess you could say Fort Mill and Tega Cay are close enough to be considered suburbs of Charlotte. So here are the distance and drive time facts related to the distance between Charlotte and Fort Mill.

Fort Mill is located south of Charlotte of interstate 77. The North Carolina and South Carolina northern border on interstate 77 is 7.8 miles or 15 minutes drive time from downtown Fort Mill. The western NC/SC border on Highway 160 is 6 miles or 8 minutes drive time to downtown Fort Mill. The eastern NC/SC border to highway 521 is 6.6 miles or 11 minutes drive time to downtown Fort Mill.

Tega Cay is located 6.2 miles or 11 minutes drive time from downtown Fort Mill. Downtown Charlotte to Tega Cay or Fort Mill is approx 18.9 miles or 23 minutes drive time. If you live in Tega Cay or Fort Mill and work in south Charlotte near Westinghouse and Interstate 77 the distance is 8 miles and 11 minutes Drive time. Read the rest of this entry →