I never thought I’d be saying this again! Lake Hartwell is full! Full pool is 660′, and after last year’s all time low point last fall, I never expected that just 13 months later, our lake would be above full pool. According to the Army Corps of Engineers website, today the lake is at 660.11′.
Thanks to Hurricane Ida, we had 1.43″ of rain today, and 4.46″ of rain so far this month! That’s OK! We’ll take it! After 3 years of drought conditions, we’re happy for it!
By the Associated Press
WASHINGTON — Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes.
The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it today.
Buyers who have owned their homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
“This is probably the last extension,” said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.
The homebuyer tax credit is one of two tax breaks totaling more than $21 billion that was included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies losing money recoup taxes they paid on profits earned in the previous five years.
“We are still in a world of economic hurt, and Congress must continue to act boldly and creatively,” said Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee. “With the right mix of tax breaks and investments, we will get through this recession and get folks working again.”
The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.
Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes. While the measure passed the Senate by a 98-0 vote, Sen. Kit Bond, R-Mo., questioned its efficiency in stimulating home sales.
“For the vast majority of cases, the homebuyer tax credit amounted to a free gift since it did not affect their decision to purchase a home,” Bond said. “And for the small minority of buyers whose decision was directly caused by the credit, this raises the question of whether we are subsidizing buyers who may not have been able to afford buying a home in the first place.”
The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.
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The buzz around Anderson County is that our lake is all most full pool, and is projected to be full pool by the beginning of the new year. The reason we water lovers are all excited about this is because last October 2008, the lake level average was 639.01 which meant is was down 20.99′ from the 660 full pool level. Today, October 21, 2009, our lake level is 657.67, which is only down 2.33′. We’ve had 4.84″ of rain so far this month, with more rain in the forecast for tomorrow! We thought the lake would never come back, and no one dreamed it would rebound 18.66′ all in one year! Thank you Lord!
Western Upstate Home Sales Statistics through Third Qtr 2009
Here in the Western Upstate MLS there are currently 4222 residential homes listed in the MLS. The Western Upstate MLS is made up of Anderson, Pickens, and Oconee Counties.
Year to date through 9/30/09, only 1951 residential homes sold. That is down 22% verses the same period last year. The average “sold price” of homes is also down -9% verses the same period last year. The waterfront home sale units are down -24% verses year ago through September, and their home prices are down -5%. The days on market has increased to 160 days on market, which has increased verses the average number of days on market through last Sept 30th. The chart below shows the actual numbers with the statistics for the waterfront homes shown separately.
| Quarter | Homes Sold through September(Units) | Percent change vs previous year | Average Sold Price | Percent change vs. year ago “sold price” | Average Days on Market |
| All Homes Jan – Sept 2009 | 1951 | -22% | $159,416 | -9% | 160 |
| All Homes Jan-Sept 2008 | 2504 | -24% | $175,403 | -3% | 136 |
| All WF Homes Jan-Sept 2009 | 149 | -24% | $465,082 | -6% | 189 |
| All WF Homes Jan-Sept 2008 | 195 | -31% | $491,487 | -1 % | 137 |
Below is a table that shows the percent of homes selling in each price range. You will see that the “first time home buyer” price range is what is mainly selling this year so far:
|
Price Range |
Number of Units Sold |
Percent of Homes |
|
$1 – $100,000 |
765 |
39.2% |
|
$100,001 – $150,000 |
494 |
25.3% |
|
$150,001 – $200,000 |
267 |
13.7% |
|
$200,001- $275,000 |
195 |
10% |
|
$275,001 – $350,000 |
94 |
4.8% |
|
$350,001 – $500,000 |
71 |
3.6% |
|
$500,001 – $1,000,000 |
51 |
2.6% |
|
More than $1,000,000 |
13 |
.7% |
For the thirteen homes that sold for more than one million dollars so far this year, 12 of them were waterfront homes on Lake Keowee and one was a commercial home in Greenville.
I can’t believe what is happening here in the Upstate of South Carolina. We’ve been in a drought for several years, and now unbelievably, we have flooding going on. I can’t imagine we’re hearing “rain, rain, go away, come back again another day”! It was just last September, our beautiful Lake Hartwell, was at an all time low level and down 24 feet. Over this past week-end there were lots of roads closed due to flooding in our adjacent Oconee County. We’ve had 6.95″ of rain month to date so far according to the Army Corps of Engineers, with .63″ so far today, and it’s still raining! Full pool for Lake Hartwell is 660′, and today its at 655.09. I bet by the end of the week, and with all the run off we’ll be full pool in another week or so! Stay tuned!
www.CallNancyLamar.com 864-844-4896
Here in the Western Upstate MLS there are currently 4408 homes listed in the MLS. This is a 6% increase verses the number of homes that were listed through the first quarter of this year. The Western Upstate MLS is made up of Anderson, Pickens, and Oconee Counties.
Year to date through 6/30/09, only 1154 residential homes sold. That is down 30% verses the same period last year. The average “sold price” of homes is also down -11% verses the same period last year. The waterfront home sale units are also down -44% verses year ago through June, and their home prices are down -2o%. The days on market has remained constant at 155 days on market, which was the same as it was through the first quarter of this year. The chart below shows the actual numbers with the statistics for the waterfront homes shown separately.
| Quarter | Homes Sold through June (Units) | Percent change vs previous year | Average Sold Price | Percent change vs. year ago “sold price” | Average Days on Market |
| All Homes Jan – Jun 2009 | 1154 | -30% | $158,508 | -11% | 155 |
| All Homes Jan-Jun 2008 | 1640 | -22% | $179,105 | +2% | 137 |
| All WF Homes Jan-Jun 2009 | 75 | -44% | $415,000 | -18% | 207 |
| All WF Homes Jan-Jun 2008 | 134 | -20% | $505,028 | +8 % | 128 |
Below is a table that shows the percent of homes selling in each price range. You will see that the “first time home buyer” price range is what is mainly selling this year so far:
|
Price Range |
Number of Units Sold |
Percent of Homes |
|
$1 – $100,000 |
474 |
41% |
|
$100,001 – $150,000 |
283 |
24.5% |
|
$150,001 – $200,000 |
158 |
13.7% |
|
$200,001- $275,000 |
110 |
9.5% |
|
$275,001 – $350,000 |
55 |
4.8% |
|
$350,001 – $500,000 |
41 |
3.5% |
|
$500,001 – $1,000,000 |
25 |
2.2% |
|
More than $1,000,000 |
11 |
1.0% |
For the eleven homes that sold for more than one million dollars so far this year, 10 of them were waterfront homes on Lake Keowee and one was a commercial home in Greenville.
Western Upstate Home Sales Statistics through First Qtr 2009
Here in the Western Upstate MLS there are currently 4164 homes listed in the MLS. The Western Upstate MLS is made up of Anderson, Pickens, and Oconee Counties.
Year to date through 3/31/09, only 475 residential homes sold. That is down 35% verses the same period last year. The average “sold price” of homes is also down, but not nearly as much as lots of other areas of the country. You can see those details on the chart below. The waterfront home sale units are also down nearly 35%, however the good news is that the average sold price is up 19.3% verses the average home sale price from year ago. The days on market is also increasing. Year to date the average days on market is 155 days, which is a 7% increase verses the same period last year. The chart below shows the actual numbers with the statistics for the waterfront homes shown separately.
|
Quarter |
Homes Sold through March (Units) |
Percent change vs previous year |
Average Sold Price |
Percent change vs. year ago “sold price” |
Average Days on Market |
|
All Homes Jan – Mar 2009 |
475 |
-35% |
$168,470 |
-3% |
155 |
|
All Homes Jan-Mar 2008 |
856 |
-14% |
$173,375 |
+5% |
145 |
|
All WF Homes Jan-Mar 2009 |
40 |
-34.5% |
$548,598 |
+19.3% |
221 |
|
All WF Homes Jan-Mar 2008 |
63 |
+3.3% |
$463,475 |
-.08% |
205 |
Below is a table that shows the percent of homes selling in each price range. You will see that the “first time home buyer” price range is what is mainly selling this year so far:
|
Price Range |
Number of Units Sold |
Percent of Homes |
|
$1 – $100,000 |
197 |
41% |
|
$100,001 – $150,000 |
110 |
23.2% |
|
$150,001 – $200,000 |
64 |
13.5% |
|
$200,001- $275,000 |
43 |
9.1% |
|
$275,001 – $350,000 |
17 |
3.6% |
|
$350,001 – $500,000 |
25 |
5.3% |
|
$500,001 – $1,000,000 |
13 |
2.5% |
|
More than $1,000,000 |
5 |
1.2% |
For the five homes that sold for more than one million dollars so far this year, they were all waterfront homes on Lake Keowee.
Hip, Hip, HOORAY! After several years of being in a severe drought in the Upstate of SC, Lake Hartwell continues to rise. It was just back in September of 2008, that Lake Hartwell hit its all time low since it was originally filled, and was down as much as 23′. Today the lake is 649′ above sea level. Full pool is 660′, which means we are down 11′ verses full pool. Considering it has come up 12′ since last September, the local people feel very positive about the lake levels. And we should. The Army Corps of Engineers spoke to the Realtors at our meeting last week, and said that for the next two months, they will not be letting any more water out of our lake. That combined with the recent rain we’ve had are making a big difference. We’ve had 3.21″ of rain so far this month. Now if you’re wondering how just a little over 3″ of rain can make such a difference, it’s because of “run off”. The lake can rise as much as 1′ per 1″ of rain we get, if it covers the entire area. The Corps also shared that we could be at full pool by May of this year. That will make lots of Waterfront Homeowners, Boaters, and Fishermen happy!
Here in Anderson County, we are continuing to experience positive population even though it has slowed down verses previous years. We saw the purchase of single family home permits decline in 2008, however the purchase of multi-family housing permits has increased 32% in 2008. Additionally, 117 dilapidated homes that were left unoccupied for several years were demolished in 2008.
750 new dwellings were built in Anderson County in 2008. Historically, 2.26 persons live in a household, which means that we had over 1600 new residents living in Anderson County last year.
For the last decade, we saw our population grow 2% annually. This past year, we saw an increase of only .8%. Due to the economy, it is projected that we will see a similiar growth rate in 2009, but for 2010 and beyond, it is expected that we will resume the average growth rate of around 2% per year.
The Anderson County Planning Division expects that the county population will be nearly 195,000 residents by the next Census in the year 2010.
www.CallNancyLamar.com 864-844-4896
A $787 Billion Stimulus Plan has just been signed & sealed made up of tax cuts and spending programs aims at reviving the US economy. Although the package was scaled down from nearly $1 Trillion, it still stands as the largest anti-recession effort since World War II. Home owners and potential homebuyers stand to gain from key provisions in this stimulus plan. Here is what we know as of today… 1. There will be a Tax Credit for Homebuyers. First-time home buyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. A tax credit is very different than a tax deduction. A tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income. The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years. 2. There will be additional Housing-Related Provisions Tax Incentives to spur Energy Savings and Green Jobs. This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation. Landmark Energy Savings. This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills. Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing. This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs.Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 
to increase energy efficiency, including new insulation, windows, and frames. Expanding Housing Assistance. This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties. 3. We are also supposed to see help for struggling borrowers before they are faced with a default on their mortgage. Relief is projected to be almost instantaneous, and the rules are going to be published on March 4, 2009. According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster. While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That’s because, assisting struggling borrowers before they default should help stop the wave of foreclosures. That, in turn, will help stabilize home prices. The Economic Stimulus Plan is huge, and impacts a number of industries beyond real estate. I’ve highlighted some of the major provisions that may impact you now and in the future.
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