Episode Transcript
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Speaker 1 (00:00):
The following is a paid commercial program on ninety four
to three WSC. The views expressed by the host of
this program do not necessarily reflect the views of iHeartMedia
ninety four to three WSC it's advertisers, sponsors, or management.
This is The Real Estate Show with Rick Willis, a
show about home sales, mortgage issues, investing in everything about
the American dream and that means a lot someone who
(00:23):
enjoys radio and really enjoys your program. And now The
Real Estate Show with Rick Willis on ninety four to
three in WSC.
Speaker 2 (00:32):
Hello Charleston, Welcome to the Rick Willis Real Estate Show.
We're here every Saturday and Sunday talking about real estate.
Saturday we're on from nine excuse me. Saturday we're on
from noon until one, and Sunday we air from nine
am until ten am. So welcome to the show. I
(00:58):
started this show over twenty years ago here in the
Greater Charleston area. This is a local show. People from
time to time think that what I do for a
living is host radio shows. Nope, I'm a full time
practicing real estate broker here in the Greater Charleston area.
And what I do full time is I help people buy, sell,
(01:21):
and invest in real estate. When I relocated here in
the late nineteen nineties, I was still traveling the United
States doing training seminars for real estate agents, teaching them
how to list and sell property. And I got tired
after doing that for ten years, so I decided I
(01:44):
was going to go into the local real estate business
here in Charleston. I got started in the real estate
business in my state that I grew up in, which
was Maryland. I grew up about five miles outside of Washington,
d C.
Speaker 3 (02:00):
In a little town.
Speaker 2 (02:01):
Called Hyattsville, Maryland. I went to Northwestern High School and
then I attended the University of Maryland. I always had
an interest in real estate ever since I was a kid,
and when I was a kid, before I ever even
(02:22):
got into high school, I love to just ride around
with my parents and look at neighborhoods and houses. When
I got into the adult world or semi adult world,
and I was at the University of Maryland, and by
the way, I was there for five years and never
(02:43):
graduated from the University of Maryland one hundred and twenty
six academic credits when I only needed one hundred and
twenty But I had a statistics course that wouldn't let
me get through it, and because I knew I was
getting into the real state business, I never went back
and finished my degree, although I've been told that I
(03:06):
probably have enough work history and they would just grant
me a waiver for that particular course. But that being said,
when I was at the University of Maryland, for a
couple of summers, I worked in a place called Ocean City,
Maryland at the beach. Maryland has only one town on
(03:27):
the ocean, and it's Ocean City, Maryland, ten miles of
ocean front. I was a lifeguard on the beach called
the Beach Patrol there for two summers, and I also
my second year there opened up a couple of beach
stands where I was able to rent umbrellas, mats, and chairs.
(03:48):
And while I was down there, I would pick up
the real estate publications looking at properties that were for sale.
I just had this innate interest in real estate. And
once I finished school, I had my friend of mine
say to me, will what are you going to do
(04:10):
when you graduate? And I said, I don't know, I
have no idea. I was an undeclared major at the
University of Maryland for my first several years, and then
in the spirit of getting out of school, the only
thing that I knew that I liked to do was
collect Indian artifacts, and so I became an anthropology major.
(04:34):
I asked me, what do you do with that to
make a living? Well, anyway, the person that asked me
the question said, I have a friend of mine who's
hiring I said, well, what does he do and what's
he looking for? He said, well, he's looking to hire
people for the real estate business. So, like a lot
of people, by accident, I got into this particular business.
(04:57):
And I started by selling resort at a place called
Ocean Pines, which was a large recreational development behind Ocean City, Maryland,
and then transitioned to Ocean City Proper, where I learned
about selling condominiums and vacant land on the beach that
(05:17):
got me started in real estate. I transitioned back to
the metropolitan area of Washington, d C. Where I was
one of the first people that started selling what are
called condominium conversions. And it was a rental apartment complex
in Northern Virginia Arlington called Frederick COURTZ that was converted
(05:43):
from rental units to for sale units. This is Rick Willis.
I assume you've been listening to the Rick Willis Real
Estate Show. If so, are you considering buying, selling, or
investing in real estate? If so, you want to make
sure you request a copy and read my special reports
(06:06):
designed especially for those people looking to buy, or sell
or invest in real estate. Special Report number one is
about buying real estate, and you'll discover how to get
your best buy and avoid the ten biggest mistakes home
buyers make. Special Report number two is for those people
(06:26):
thinking of selling their property. You'll discover how to get
your home sold quickly and net the most money. And
if you're thinking of investing in real estate, you'll discover
why you want to own income producing property and what
to buy for the safest place to put your money.
(06:47):
You'll also discover how to use your retirement account for
a one K and ira without having to pay a
penalty to buy and own income producing property. Please note
I'm saying income producer property, I'm not simply saying investment property.
To get a free copy of any of the special
reports I just mentioned about buying, selling, or investing in
(07:10):
real estate, please text me at eight four three three
two seven three oh one seven or email me at
Rickatrickwilis dot com. Additionally, please visit my website at Rickwillis
dot com. You'll learn about my background as well as
(07:32):
accessing multiple listing. Again, I repeat, please, don't buy, sell,
or invest in real estate without requesting and reading your
special report on buying, selling, or investing in real estate.
Text eight four three three two seven three zero one
seven or email Rick Atriquilis dot com. When you text
(07:55):
or email me, please make sure you request a very
specific special report on buying, selling, or investing and I
will turn around and email you the special report. Thank you.
(08:27):
Welcome back, Welcome back to Charleston. Welcome back to the
second segment of today's Rick Willis Real Estate Show. Well, folks,
I got a little long winded telling you about my
background in the first segment. You're probably waiting for me
to finish and say we'll start talking about real estate. Well,
that's where we are at this moment. We're going to
(08:48):
start talking about real estate. As of this morning when
we're recording this show, there's four thousand, two hundred and
eighty oneive residential listings for sale, and it's my habit
on every show to start off talking about the amount
of active listings, and you might say, well, what's the
(09:11):
significance of that. Well, maybe it doesn't mean anything if
you just listen to one week, But if you tune
in over a period of time, you'll see there's a trend.
And the trend is there's either getting to be more
listings or less listings, which tells you the direction that
the real estate market is going. Now, it wasn't very
(09:34):
long ago, going back to the downturn of the economy
in two thousand and eight, nine, ten eleven, that housing
values dropped, stock market dropped, almost everything that was economic
went south. Real estate prices declined for a number of
(09:55):
years before they rebounded, and during that time the economic
picture was pretty bleak. There were over ten thousand active
residential listings here in the Greater Charleston area. And we're
talking about that period between two thousand and nine, ten
and eleven during the pandemic when all the properties were
(10:19):
flying off the shelves and people were buying sight unseen,
and they were buying without getting a home inspection, and
people were bidding up the prices of properties. The amount
of inventory in the Greater Charleston MLS fell to under
one thousand, and since the pandemic ended, gradually the number
(10:41):
of active listings has increased, particularly when the interest rates
started rising. And now that we're in the sixes and
in some cases low sevens of interest rates, we have
more active listings right now than we've had for years,
which is a good thing. If you're a buyer of property,
(11:04):
you have more to choose from now. If you're a
seller of property, it used to be that the tradition
was that spring and summer was the ideal time to
put your property on the market. I would tell you
that even though November and December are the slower months
(11:26):
of the year, the trend, particularly probably this spring, is
going to be more people putting their properties on the
market for sale. So you're better off right now during
the slow time to put your property on the market
if you're going to do so, only because there will
be a whole lot more people waiting till after the
(11:47):
first of the year believing that will be a better time.
So if you're thinking of selling, folks again, I do
this radio show one hour every week, and when I'm
not doing this show, I'm happy to come over to
your place of business, to your home, to your vacant
land or your commercial building. Take a look at it
(12:09):
and give you an idea of what I think it
will sell for, how long it'll be on the market,
and what might need to be done to enhance the
saleability or price that you could get for your property.
So feel free to call me. Now, I read an
article this week that might shock you. How many of
you have ever heard the name Warren Buffett Well. He
(12:34):
is one of the founders of a company called Berkshire Hathaway,
and he happens to be a multi, multi, multi billionaire.
I mean, he is not your ordinary billionaire. He is
a billionaire with over sixty billion dollars of net worth.
(12:55):
He's from the Midwest. I believe he still lives in
the same home that he's been living in for over
thirty years. He could live anywhere and he could buy anything,
but he's chosen to live in the same property that
he's had for over thirty years. I believe it's in Omaha, Nebraska. Now,
I saw an article come across my phone. What that
(13:20):
really means is come across my computer that had an
article that he authored and said in his talk to stockholders.
He said, if I was a young person today, he said,
I would buy a house before I would a stock
(13:40):
And he was specifically talking about the advantages and benefits
of a thirty year fixed rate mortgage. Now, Warren Buffett
is a guy that knows how to make money, and
he says, anytime you can get a fixed expense of
principal and interest for thirty years and pay for it
(14:02):
with inflationary dollars going forward, he said, that's a good
deal because you're paying back the property with dollars that
are cheaper anyway. I thought it was an interesting observation
on the part of Warren Buffett. Now as it relates
to people buying property. There's people out there today that
(14:24):
are been waiting for these interest rates to drop. What's
important for you to know is the property values have
been going up consistently even though interest rates are up.
I'm going to read to you after this next break.
I'm going to go through with you different areas of
Charleston and how much the appreciation rate has been during
(14:47):
the last twelve months. And you'll see that in some
places it's as little as two percent, and other places
it's averaging over ten percent. So depending upon where you
want to you can't win by waiting for the interest
rates to drop. You should be buying something now paying
(15:07):
an interest rate that you don't like and you don't want,
and assuming your thoughts are that the rates will drop,
and I believe they will this year, then you refinance
your property after the rates go down. But you don't
wait and think that the property prices are going to
go down. We live in the low Country, and you
know what, people are relocating here. They're coming here for jobs,
(15:33):
they're coming here to retire. And the more people that
keep coming here, guess what happens. It's called supply and demand.
More people are coming than they are leaving, and it
keeps driving the prices up. And what you'll see is
this past year, on average, keyword average prices have increased
(15:54):
between three and four percent on average for the whole
metropolitan area when we average everything together. And I want
to just show you what that looks like. So if
you're a buyer, the median price in the Greater Charleston
area is in the low four hundreds. Let's make an
(16:16):
assumption for a minute that you had a four hundred
thousand dollars mortgage forget what you paid for the property.
Speaker 3 (16:23):
For a moment.
Speaker 2 (16:24):
You got a four hundred thousand dollars mortgage, what is
your principal, interest, taxes, and insurance going to look like?
I'm going to estimate maybe as high as twenty eight
hundred dollars two eight hundred dollars per month. Now you
might be listening to me say that and say, well,
I'm not going to pay that much. Well, you know what,
(16:45):
You're going to be paying that much, and you're going
to be paying more if you're renting. You see, when
you're renting, you're building no equity in the property. But
if I have a four hundred thousand dollars mortgage at
today's interest rates, guess what four hundred dollars of my
mortgage payment is reducing my principal amount every month by
(17:07):
about four hundred dollars. And when you have a thirty
year loan, every month you have that mortgage, the amount
of money that reduces your principle increase is very small,
but it increases every month for thirty years. So that's
that's your money. You can't include that when you're analyzing
renting versus owning. Now, if you look and said Okay,
(17:33):
my principal reduction is going to be you know, four
hundred dollars every month, and I'm times twelve months. What
is that in terms of a year. Well, that's almost
five thousand dollars a year just in principal reduction that
you're gaining. And if you said the appreciation is going
(17:56):
to be three percent a year, well three percent of
a property in the low fours, let's just call it
one thousand dollars a month increase in the property value.
So the combination of your principal reduction of four hundred
a month and the appreciation of one thousand dollars a month.
(18:19):
Remember I can't promise appreciation, but it's been there and
it is still happening, so it'll probably be there next
year and a year after that. Also, the combination of
that is your effective monthly payment is not twenty eight
hundred dollars a month, but it would be about thirteen
hundred dollars per month for your effective payment, and you're
(18:42):
probably paying more than that in rent. You see, if
you're renting, you're really making a mortgage payment. It's just
not your mortgage you're paying. So you want to make
sure you give me a call, email me, text me
and say, Rick, let's talk about buying a house. And
I'd like to thank you to consider being my buyer's agent.
(19:02):
If there's no charge, I'd like to tap into your experience.
Call me directly, folks, whether you're looking to buy or
sell any kind of property. My phone number is eight
four three three two seven three zero one seven, or
email me Rickatrickwillis dot com.
Speaker 3 (19:23):
Folks.
Speaker 2 (19:23):
I look forward to talking with you and we'll be
right back after this break. Hello, this is Rick Willis.
I assume you've been listening to the Rick Willis Real
Estate Show. If so, are you considering buying, selling, or
investing in real estate? If so, you want to make
(19:45):
sure you request a copy and read my special reports
designed especially for those people looking to buy, or sell
or invest in real estate. Special Report number one is
about buying real estate, and you'll discover how to get
your best buy and avoid the ten biggest mistakes home
buyers make. Special Report number two is for those people
(20:10):
thinking of selling their property. You'll discover how to get
your home sold quickly and net the most money. And
if you're thinking of investing in real estate, you'll discover
why you want to own income producing property and what
to buy for the safest place to put your money.
(20:31):
You'll also discover how to use your retirement account for
a one k and ira without having to pay a
penalty to buy and own income producing property. Please note
I'm saying income producing property, I'm not simply saying investment property.
To get a free copy of any of the special
reports I just mentioned about buying, selling, or investing in
(20:54):
real estate, please text me at eight four three three
seven three oh one seven or email me at Rickatrickwilis
dot com. Additionally, please visit my website at Rickwillis dot com.
You'll learn about my background as well as accessing multiple listing. Again,
(21:19):
I repeat, please, don't buy, sell, or invest in real
estate without requesting and reading your special report on buying, selling,
or investing in real estate. Text eight four three three
two seven three zero one seven or email Rick Atriquilis
dot com. When you text or email me, please make
(21:40):
sure you request a very specific special report on buying, selling,
or investing, and I will turn around and email you
the special report. Thank you. Welcome back, Welcome back to Charleston.
(22:12):
Welcome back to the third segment of today's Rick Willis
Real Estate Show. Well, folks, we've been talking about the market.
We said that you better still try to buy now
rather than waiting because prices keep going up. Do not
wait for the prices to fall. It's not going to happen.
(22:34):
We've been averaging three to four percent on average this
year in appreciation, and in just a few minutes, I'm
going to break that down by parts of the Greater
Charleston area to tell you how much property values on average,
or shall I say the median, have increased this past year,
(22:54):
the past year to date from twenty twenty three to
twenty twenty four. So you're going to find that property
values are still increasing. How why more people are buying
than are selling still, So if you're going to be buying,
do it sooner than later. You'll save money. Well, I
(23:18):
had a call this past week from somebody who was
a listener of my show, and Lorraine called me and said,
I'm going to be relocating from the Greater Charleston area
to Arizona and i'd like your advice.
Speaker 1 (23:35):
Now.
Speaker 2 (23:35):
She had a home still has a home in the
greater Walterboro area and I'm going to be going out
there tomorrow to take a look at her property. She
bought the land about ten years ago and in twenty
nineteen she built a.
Speaker 3 (23:54):
Home on the house, a home in the house.
Speaker 2 (23:58):
A house on the property. And some of you might
be interested in this property because it's very unusual. It's
a total of almost ten acres of land outside of Walterboro.
And she has a home that she built just for herself,
a two bedroom, two bath home, elevated, you know, parking
(24:22):
underneath the house, and she said it's really upscale. And
in addition to that, across the street from her, which
she owns, she's got a hook up for a camper. Now,
I don't know how many of you are interested in
additional income, but you know what these camping spots get
(24:43):
for just to hook up for a camper. People are
running those things anywhere from five to seven hundred dollars
per month just and the only thing that the owner
supplies is the electricity and access to sewer and water.
And of course when you're out in the country, you
(25:03):
don't have public sewer, you have a septic system. So
you could buy this house and have amortized get as
income five to seven hundred dollars a month if you
wanted to lease out a portion of your almost ten
acres just for a camper. Now, for some of you,
(25:27):
you might want to take some more of that land
and put another spot out there for a camper. What
you'll discover is that it's possible to actually own a
property out in the country.
Speaker 3 (25:39):
Have.
Speaker 2 (25:41):
Multiple wells and sewers, put in septic systems, excuse me,
and actually make a profit on your land. I know
when I drive from Somerville out to Walterboro, on the
right hand side of the road on Highway seventeen A,
there's somebody out there that probably has thirty of these
(26:02):
campers on the property. And every time I drive by,
I look in there, and occasionally I drive through there
just to see what it looks like up close. And
they've got a whole bunch of people paying five hundred
plus dollars per month for the right to have their
camper on the land and have access to electricity, sewer
(26:27):
and water. Now, that started during the pandemic and it's continued.
So anyway, long story short, I'm going out there to
help her determine the value of her property and how
long it might take and what's needed to get her
property sold. But if you have an interest in your
listening to a property that has a very nice home
(26:50):
on it, two bedroom, two bath, already one spot for
a camper hookup, and the ability to have additional ones,
you might want to file all up with me and
take a look at this property. But I bring it
up because the story has more to it. She talked
to me about moving to Arizona and wanting to buy
(27:11):
a house in Arizona and asked her, I said, by
the way, what is your age?
Speaker 3 (27:18):
Answer?
Speaker 2 (27:19):
Age sixty two. I said, it's not to be nosy.
I said, but because you are sixty two and you
sell your property here, you have the ability to buy
in Arizona on a reverse mortgage. And I had to
explain to her how that worked. The most of you
(27:42):
have seen commercials on television about a reverse mortgage, and
generally speaking, all the commercials and all the printed literature
talks about using the equity in your existing home that
you can borrow against and receive an annuity or so
much money each month over a certain number of years,
(28:04):
or you can get a lump sum out of your house.
What most people are the percent down payment and have
no monthly payments for the rest of her life with
a reverse mortgage. Now, regardless of whether you're local and
want to stay local and stay in your house, or
(28:25):
you want to buy a property with a reverse mortgage,
you really ought to look into something like that now.
The people that do not like reverse mortgages are either
people that don't understand money or they don't understand the
reverse mortgage. You see a reverse mortgage, you put down
anywhere from sixty percent backwards to fifty percent or even
(28:51):
forty percent, depending upon your age. The older you are,
the less amount of money you put as a down payment,
and again, no monthly payments for the rest of your
life are required. You can make a payment if you
want to, but you're not required. So people oftentimes say
to me, well, what happens when you pass away? Does
(29:13):
the bank get your house? The answer is no, you
own the house. You simply have a mortgage that, instead
of getting paid down each month, the loan balance increases
each month because you're not making a monthly payment. So
if you have a six percent mortgage on the property
(29:38):
and the property has a four hundred thousand dollars loan
on it, that's a twenty four thousand a year or
two thousand a month that your loan balance is increasing. Correct? Correct?
So why would anybody want such a thing? Answer somebody
who understands money. If you have a choice between paying
(30:01):
cash for a property and having no monthly payments, or
putting sixty percent down payment and having no monthly payments,
which would you prefer? You See, you have some cash leftover,
don't you, And that amount of money that you have
left over you can reinvest into another property that brings
(30:22):
you income. And if you don't know how to create
income from your cash, you need to see me because
I'm a specialist at helping people that have assets create
income from dormant assets that are not bringing in money,
which could be equity in your house, or it could
(30:43):
be money that you have in a savings account that
you're not getting enough return on, could be money that
you have in a brokerage account. The long story short
is you want to always convert non income producing assets
to income. Well, to make a long story short, she's
(31:05):
going to look into this idea of the reverse mortgage,
and people say, well, aren't you spending the kid's inheritance
if they have kids. The answer is no, because if
you're not making a mortgage payment, you still have that
excess cash for your lifestyle. Go out to dinner more,
take more vacations, see the grandkids in another state, do
(31:30):
something with your money. But it's not gone, so you
still have the additional cash. You're just not making a
mortgage payment with it. Now, your property that you're going
to buy is also going to be appreciating. So whatever
you think you're losing by way of not paying the
interest the house is probably going to appreciate the same
(31:53):
amount as what you think you're losing by not making
a mortgage payment. It's one a lie better deals. How
do you beat having an asset that's appreciating and you
don't have to make a payment on it. Of course,
you have to pay your taxes and your insurance on that. Okay,
(32:14):
so much for that. And by the way, those of
you that have any interest in a reverse mortgage or
knowing more about it, call me so I can educate
you further. I didn't have time here to go into
all the intricacies and details of a reverse mortgage, but
I know the right people to talk to about it
that are specialists, and your average bank and your average
(32:37):
lender can't help you with it, but I can help
you get in touch with the right person and answer
your questions about it. Okay, folks, let's make a transition
now and start talking about the greater Charleston area. I'm
going to go through different areas of Charleston and we're
going to talk about what the medians sell price is
(33:00):
for different parts of Charleston and what the percent change
in value has been for sales over the last year
from nine twenty twenty three to twenty twenty four. Now,
I only have a short time before my break, so
I'm actually going to delay this till we come back
(33:22):
from our next break. But let me fill in this
time between now and when I take a break by
saying this that every one of you should be astute investors. Now,
I recently read an article. It said poor people focus
(33:43):
on spending their money. People that don't know what they're
doing with money spend it. The uninformed people that have
money save it, and your average middle class individual it
has some money with their money, and the person who's
(34:08):
smart about money invests in things that provide them income.
So my question is, are you thinking like a poor
person and spending money the uninformed individual who saves money,
or the average middle class person who speculates with their money,
(34:30):
or a wealthy person who understands money and puts their
money where it brings them income cash flow. Folks will
be right back after this break. Please reach out to
me eight four three three two seven three zero one seven.
Let's have a private conversation about your situation. Email me
(34:51):
Rickatrickwillis dot com. We'll be right back after this break. Hello,
this is Rick Willis. I assume you've been listened to
the Rick Willis Real Estate Show. If so, are you
considering buying, selling, or investing in real estate? If so,
you want to make sure you request a copy and
(35:12):
read my special reports designed especially for those people looking
to buy or sell or invest in real estate. Special
Report number one is about buying real estate, and you'll
discover how to get your best buy and avoid the
ten biggest mistakes home buyers make. Special Report number two
(35:34):
is for those people thinking of selling their property. You'll
discover how to get your home sold quickly and net
the most money. And if you're thinking of investing in
real estate, you'll discover why you want to own income
producing property and what to buy for the safest place
to put your money. You'll also discover how to use
(35:57):
your retirement account for a one ca ira without having
to pay a penalty. To buy and own income producing property.
Please note I'm saying income producing property, I'm not simply
saying investment property. To get a free copy of any
of the special reports I just mentioned about buying, selling,
(36:19):
or investing in real estate, please text me at eight
four three three two seven three oh one seven or
email me at Rick Atrickwillis dot com. Additionally, please visit
my website at Rickwillis dot com. You'll learn about my
(36:40):
background as well as accessing multiple listing. Again, I repeat, please,
don't buy, sell, or invest in real estate without requesting
and reading your special report on buying, selling, or investing
in real estate. Text eight four three three two seven
three zero one seven or email Rick Atrickwillis dot com.
(37:03):
When you text or email me, please make sure you
request a very specific special report on buying, selling, or investing,
and I will turn around and email you the special report.
Thank you. Welcome back, Welcome back to Charleston.
Speaker 3 (37:35):
Welcome back for the.
Speaker 2 (37:36):
Final segment of today's Rick Willis Real Estate Show. Well folks,
I've been doing this show now for over twenty years,
and some of you I know tune in each and
every week, and I appreciate that, and I hope it's
worth your while for those of you that have not
been consistent listeners. Again, this show airs on Saturday from
(37:58):
noon to one, and it replays on Sunday from nine
until ten am. So if you're listening on Saturday and
you want to hear it again, or you think somebody
else could benefit, let them know to tune in on Sunday. Well,
I've been threatening this whole show to talk to you
(38:18):
about what's happening in terms of property values here in Charleston,
and we're going to close out today's show by going
through the Charleston area. What I'm going to be giving
you now are the median prices for twenty twenty four,
and then I'm going to tell you what percent increase
that is over last year twenty twenty three, and we
(38:42):
have it broken down by MLS areas, so stay tuned
west of the Ashley River inside the five twenty six.
The median sales price for twenty twenty four five hundred
and forty five thousand dollars, which represents an increase of
(39:04):
twelve point seven percent west of the Ashley outside of
the five twenty six median sales price twenty twenty four
four hundred and sixty thousand, which represents a two point
two percent change in price increase. Interesting, isn't it closer
(39:30):
you get to downtown Charleston the percent change increases. James
Island median sales price this year twenty twenty four six
hundred and twenty five thousand dollars, which when compared to
twenty twenty three median price, is a seventeen point nine
(39:52):
percent increase year over year. Interesting John's Island at median
price twenty twenty four for John's Island six hundred and
seven thousand compared to the year before, a point eight
(40:12):
percent increase, just almost one percent increase. A lot of
new construction on John's Island, so it isn't really what
you would call seasoned, yet still a high percentage of
sales on John's Island are new construction. How about Kiowa,
(40:32):
Kiowa median price twenty twenty four one million, seven hundred thousand,
which represents a nineteen point three percent increase over two
thousand and twenty three median price North Charleston Somerville Ladson
(40:56):
median price three hundred and fifteen thousand. That represents a
five percent increase over the previous year. How about Mount Pleasant,
You know what's happening there right Mount Pleasant north of
the Alopam Connector median price eight hundred and fifty five thousand.
(41:19):
That's eleven percent increase over the previous year. Mount Pleasant
south of the Alopam Connector median price eight hundred ninety
five thousand, And that's a fourteen point seven percent price
change going up that much. And again, what you're seeing
(41:42):
is a pattern. The closer that you are to downtown Charleston,
you're seeing that the price change is greater than farther
away from downtown Charleston, Sullivan's Island. Would you believe it
if I told you the median price on Sullivan's Island
four million, one hundred and fifty thousand dollars, and that
(42:05):
represents a three point one percent increase over the previous year. Now,
on the Alopalms, you have two different categories. You have
the alopoms in general, and then you have a place
on the very end of the island, a planned community
called Wild Dunes for the island itself, not counting Wild
(42:29):
Dunes median price one million, nine hundred and twenty thousand,
and that represents a decline of fifteen point one percent. Now, folks,
that can be something as simple as a whole lot
more condominiums being sold than single family houses, or more
(42:49):
properties sold that are not on the ocean front. So
don't think that property values are declining on the Alopoms
when you hear a figure like that. Wild Dunes, the
planned resort on the end of the island where there's
a higher percentage of condominiums than other places on Alapam's
(43:10):
median price on Wild Dunes million, two hundred and forty thousand,
and that's a decline of four point six percent. How
about Alwandaw. You go up north of Mount Pleasant, you
get to a semi rural area of Awendaw. The median
(43:32):
sales price in aarwandals seven hundred forty seven thousand, three
seventy three. That represents an eighteen point eight percent increase
over the previous year. And by the way, when it
comes to Alwandaw, you have spillover from the town of
(43:52):
Mount Pleasant with homes and subdivisions being built on the
very southern end of Arwendaw, just over the northern edge
of Mount Pleasant. That is helping drive up that price.
A median price in Arlandal. How about downtown Charleston when
you go inside the crosstown crosstown is that road that
(44:15):
when you go from Mount Pleasant over the bridge and
you go into West Ashley or James Island, is that
double lane road that cuts right in half the area
of Charleston. So the Charleston Peninsula inside the crosstown, which
would be the area down towards the Battery one million,
(44:36):
two hundred and fifteen thousand median price. That represents an
increase of twenty four point six percent price change over
last year. The Charleston Peninsula outside of the crosstown, meaning
up King Street and you know more towards North Charleston
(45:00):
median price eight hundred sixty thousand. That represents a fifteen
point four percent increase in the median price. How about
North Charleston, Somerville Ledson in Dorchester County, Now this is
just for Dorchester County median price three hundred and forty
(45:21):
nine thousand. That represents an increase of two point six percent.
How about Somerville Ladson Revenel down towards one sixty five
median price three point fifty increase of point six percent
over the previous year. One of the smallest communities in
(45:42):
the Greater Charleston Area that most people don't the kine
Hoi Wando Peninsula going down Clements Ferry Road median price
six hundred thousand, represents a decline of eight point eight
percent over last year. You take all single family homes
(46:06):
twenty twenty three versus twenty twenty four for the whole
Greater Charleston area percent increase of four point six percent. Well,
there you have it, folks, I hope you heard something
that was of interest to you. What you should have
heard is that overall prices are increasing. So if you're
(46:29):
in the market to buy at any price point, jump
in sooner than later. And if you're looking to buy
on Daniel Island or Sullivan's Island or Mount Pleasant or
close in James Island or West Ashley, the prices are
rising much faster the closer you are to downtown Charleston,
(46:50):
and the farther you go out and the farther you
get away from the beaches, in downtown. You'll find much
more affordable for some of you. You better be you
want to be dry having farther instead of being closer
for some of you. In any event, I do this
radio show one hour per week. My time is about up.
(47:12):
I can help anybody that's listening, buy, sell or invest
anywhere in the greater Charleston area, and I've been known
to go outside of the Charleston area. If I'm licensed,
where you want to be in the state of South Carolina,
call me, text me, email me. Please visit my website
(47:32):
Rickwillis dot com, read my detailed biography, and you can
access directly into multiple listing from my website Rickwillis dot com. Folks,
I want you to call me, email me, and text me.
Let's have a private conversation to see how I can
help you. There's no cost or obligation. Pick my brain.
(47:55):
I probably know as much or more about real estate
as anybody else in the city. So when you're going
to be buying or selling something as valuable as real estate,
don't hold back. You want the absolute most experienced person
you can find, and that person might just be me. Folks,
have a great weekend, and I look forward to meeting
(48:17):
with you or talking with you.
Speaker 3 (48:18):
On the phone.
Speaker 1 (49:04):
Not tot passssssssssssssssssssssssssssss
The following is a paid commercial program on ninety four
to three WSC. The views expressed by the host of
this program do not necessarily reflect the views of iHeartMedia
ninety four to three WSC it's advertisers, sponsors, or management.
This is The Real Estate Show with Rick Willis, a
show about home sales, mortgage issues, investing in everything about
the American dream and that means a lot someone who
(00:23):
enjoys radio and really enjoys your program. And now The
Real Estate Show with Rick Willis on ninety four to
three in WSC.
Speaker 2 (00:32):
Hello Charleston, Welcome to the Rick Willis Real Estate Show.
We're here every Saturday and Sunday talking about real estate.
Saturday we're on from nine excuse me. Saturday we're on
from noon until one, and Sunday we air from nine
am until ten am. So welcome to the show. I
(00:58):
started this show over twenty years ago here in the
Greater Charleston area. This is a local show. People from
time to time think that what I do for a
living is host radio shows. Nope, I'm a full time
practicing real estate broker here in the Greater Charleston area.
And what I do full time is I help people buy, sell,
(01:21):
and invest in real estate. When I relocated here in
the late nineteen nineties, I was still traveling the United
States doing training seminars for real estate agents, teaching them
how to list and sell property. And I got tired
after doing that for ten years, so I decided I
(01:44):
was going to go into the local real estate business
here in Charleston. I got started in the real estate
business in my state that I grew up in, which
was Maryland. I grew up about five miles outside of Washington,
d C.
Speaker 3 (02:00):
In a little town.
Speaker 2 (02:01):
Called Hyattsville, Maryland. I went to Northwestern High School and
then I attended the University of Maryland. I always had
an interest in real estate ever since I was a kid,
and when I was a kid, before I ever even
(02:22):
got into high school, I love to just ride around
with my parents and look at neighborhoods and houses. When
I got into the adult world or semi adult world,
and I was at the University of Maryland, and by
the way, I was there for five years and never
(02:43):
graduated from the University of Maryland one hundred and twenty
six academic credits when I only needed one hundred and
twenty But I had a statistics course that wouldn't let
me get through it, and because I knew I was
getting into the real state business, I never went back
and finished my degree, although I've been told that I
(03:06):
probably have enough work history and they would just grant
me a waiver for that particular course. But that being said,
when I was at the University of Maryland, for a
couple of summers, I worked in a place called Ocean City,
Maryland at the beach. Maryland has only one town on
(03:27):
the ocean, and it's Ocean City, Maryland, ten miles of
ocean front. I was a lifeguard on the beach called
the Beach Patrol there for two summers, and I also
my second year there opened up a couple of beach
stands where I was able to rent umbrellas, mats, and chairs.
(03:48):
And while I was down there, I would pick up
the real estate publications looking at properties that were for sale.
I just had this innate interest in real estate. And
once I finished school, I had my friend of mine
say to me, will what are you going to do
(04:10):
when you graduate? And I said, I don't know, I
have no idea. I was an undeclared major at the
University of Maryland for my first several years, and then
in the spirit of getting out of school, the only
thing that I knew that I liked to do was
collect Indian artifacts, and so I became an anthropology major.
(04:34):
I asked me, what do you do with that to
make a living? Well, anyway, the person that asked me
the question said, I have a friend of mine who's
hiring I said, well, what does he do and what's
he looking for? He said, well, he's looking to hire
people for the real estate business. So, like a lot
of people, by accident, I got into this particular business.
(04:57):
And I started by selling resort at a place called
Ocean Pines, which was a large recreational development behind Ocean City, Maryland,
and then transitioned to Ocean City Proper, where I learned
about selling condominiums and vacant land on the beach that
(05:17):
got me started in real estate. I transitioned back to
the metropolitan area of Washington, d C. Where I was
one of the first people that started selling what are
called condominium conversions. And it was a rental apartment complex
in Northern Virginia Arlington called Frederick COURTZ that was converted
(05:43):
from rental units to for sale units. This is Rick Willis.
I assume you've been listening to the Rick Willis Real
Estate Show. If so, are you considering buying, selling, or
investing in real estate? If so, you want to make
sure you request a copy and read my special reports
(06:06):
designed especially for those people looking to buy, or sell
or invest in real estate. Special Report number one is
about buying real estate, and you'll discover how to get
your best buy and avoid the ten biggest mistakes home
buyers make. Special Report number two is for those people
(06:26):
thinking of selling their property. You'll discover how to get
your home sold quickly and net the most money. And
if you're thinking of investing in real estate, you'll discover
why you want to own income producing property and what
to buy for the safest place to put your money.
(06:47):
You'll also discover how to use your retirement account for
a one K and ira without having to pay a
penalty to buy and own income producing property. Please note
I'm saying income producer property, I'm not simply saying investment property.
To get a free copy of any of the special
reports I just mentioned about buying, selling, or investing in
(07:10):
real estate, please text me at eight four three three
two seven three oh one seven or email me at
Rickatrickwilis dot com. Additionally, please visit my website at Rickwillis
dot com. You'll learn about my background as well as
(07:32):
accessing multiple listing. Again, I repeat, please, don't buy, sell,
or invest in real estate without requesting and reading your
special report on buying, selling, or investing in real estate.
Text eight four three three two seven three zero one
seven or email Rick Atriquilis dot com. When you text
(07:55):
or email me, please make sure you request a very
specific special report on buying, selling, or investing and I
will turn around and email you the special report. Thank you.
(08:27):
Welcome back, Welcome back to Charleston. Welcome back to the
second segment of today's Rick Willis Real Estate Show. Well, folks,
I got a little long winded telling you about my
background in the first segment. You're probably waiting for me
to finish and say we'll start talking about real estate. Well,
that's where we are at this moment. We're going to
(08:48):
start talking about real estate. As of this morning when
we're recording this show, there's four thousand, two hundred and
eighty oneive residential listings for sale, and it's my habit
on every show to start off talking about the amount
of active listings, and you might say, well, what's the
(09:11):
significance of that. Well, maybe it doesn't mean anything if
you just listen to one week, But if you tune
in over a period of time, you'll see there's a trend.
And the trend is there's either getting to be more
listings or less listings, which tells you the direction that
the real estate market is going. Now, it wasn't very
(09:34):
long ago, going back to the downturn of the economy
in two thousand and eight, nine, ten eleven, that housing
values dropped, stock market dropped, almost everything that was economic
went south. Real estate prices declined for a number of
(09:55):
years before they rebounded, and during that time the economic
picture was pretty bleak. There were over ten thousand active
residential listings here in the Greater Charleston area. And we're
talking about that period between two thousand and nine, ten
and eleven during the pandemic when all the properties were
(10:19):
flying off the shelves and people were buying sight unseen,
and they were buying without getting a home inspection, and
people were bidding up the prices of properties. The amount
of inventory in the Greater Charleston MLS fell to under
one thousand, and since the pandemic ended, gradually the number
(10:41):
of active listings has increased, particularly when the interest rates
started rising. And now that we're in the sixes and
in some cases low sevens of interest rates, we have
more active listings right now than we've had for years,
which is a good thing. If you're a buyer of property,
(11:04):
you have more to choose from now. If you're a
seller of property, it used to be that the tradition
was that spring and summer was the ideal time to
put your property on the market. I would tell you
that even though November and December are the slower months
(11:26):
of the year, the trend, particularly probably this spring, is
going to be more people putting their properties on the
market for sale. So you're better off right now during
the slow time to put your property on the market
if you're going to do so, only because there will
be a whole lot more people waiting till after the
(11:47):
first of the year believing that will be a better time.
So if you're thinking of selling, folks again, I do
this radio show one hour every week, and when I'm
not doing this show, I'm happy to come over to
your place of business, to your home, to your vacant
land or your commercial building. Take a look at it
(12:09):
and give you an idea of what I think it
will sell for, how long it'll be on the market,
and what might need to be done to enhance the
saleability or price that you could get for your property.
So feel free to call me. Now, I read an
article this week that might shock you. How many of
you have ever heard the name Warren Buffett Well. He
(12:34):
is one of the founders of a company called Berkshire Hathaway,
and he happens to be a multi, multi, multi billionaire.
I mean, he is not your ordinary billionaire. He is
a billionaire with over sixty billion dollars of net worth.
(12:55):
He's from the Midwest. I believe he still lives in
the same home that he's been living in for over
thirty years. He could live anywhere and he could buy anything,
but he's chosen to live in the same property that
he's had for over thirty years. I believe it's in Omaha, Nebraska. Now,
I saw an article come across my phone. What that
(13:20):
really means is come across my computer that had an
article that he authored and said in his talk to stockholders.
He said, if I was a young person today, he said,
I would buy a house before I would a stock
(13:40):
And he was specifically talking about the advantages and benefits
of a thirty year fixed rate mortgage. Now, Warren Buffett
is a guy that knows how to make money, and
he says, anytime you can get a fixed expense of
principal and interest for thirty years and pay for it
(14:02):
with inflationary dollars going forward, he said, that's a good
deal because you're paying back the property with dollars that
are cheaper anyway. I thought it was an interesting observation
on the part of Warren Buffett. Now as it relates
to people buying property. There's people out there today that
(14:24):
are been waiting for these interest rates to drop. What's
important for you to know is the property values have
been going up consistently even though interest rates are up.
I'm going to read to you after this next break.
I'm going to go through with you different areas of
Charleston and how much the appreciation rate has been during
(14:47):
the last twelve months. And you'll see that in some
places it's as little as two percent, and other places
it's averaging over ten percent. So depending upon where you
want to you can't win by waiting for the interest
rates to drop. You should be buying something now paying
(15:07):
an interest rate that you don't like and you don't want,
and assuming your thoughts are that the rates will drop,
and I believe they will this year, then you refinance
your property after the rates go down. But you don't
wait and think that the property prices are going to
go down. We live in the low Country, and you
know what, people are relocating here. They're coming here for jobs,
(15:33):
they're coming here to retire. And the more people that
keep coming here, guess what happens. It's called supply and demand.
More people are coming than they are leaving, and it
keeps driving the prices up. And what you'll see is
this past year, on average, keyword average prices have increased
(15:54):
between three and four percent on average for the whole
metropolitan area when we average everything together. And I want
to just show you what that looks like. So if
you're a buyer, the median price in the Greater Charleston
area is in the low four hundreds. Let's make an
(16:16):
assumption for a minute that you had a four hundred
thousand dollars mortgage forget what you paid for the property.
Speaker 3 (16:23):
For a moment.
Speaker 2 (16:24):
You got a four hundred thousand dollars mortgage, what is
your principal, interest, taxes, and insurance going to look like?
I'm going to estimate maybe as high as twenty eight
hundred dollars two eight hundred dollars per month. Now you
might be listening to me say that and say, well,
I'm not going to pay that much. Well, you know what,
(16:45):
You're going to be paying that much, and you're going
to be paying more if you're renting. You see, when
you're renting, you're building no equity in the property. But
if I have a four hundred thousand dollars mortgage at
today's interest rates, guess what four hundred dollars of my
mortgage payment is reducing my principal amount every month by
(17:07):
about four hundred dollars. And when you have a thirty
year loan, every month you have that mortgage, the amount
of money that reduces your principle increase is very small,
but it increases every month for thirty years. So that's
that's your money. You can't include that when you're analyzing
renting versus owning. Now, if you look and said Okay,
(17:33):
my principal reduction is going to be you know, four
hundred dollars every month, and I'm times twelve months. What
is that in terms of a year. Well, that's almost
five thousand dollars a year just in principal reduction that
you're gaining. And if you said the appreciation is going
(17:56):
to be three percent a year, well three percent of
a property in the low fours, let's just call it
one thousand dollars a month increase in the property value.
So the combination of your principal reduction of four hundred
a month and the appreciation of one thousand dollars a month.
(18:19):
Remember I can't promise appreciation, but it's been there and
it is still happening, so it'll probably be there next
year and a year after that. Also, the combination of
that is your effective monthly payment is not twenty eight
hundred dollars a month, but it would be about thirteen
hundred dollars per month for your effective payment, and you're
(18:42):
probably paying more than that in rent. You see, if
you're renting, you're really making a mortgage payment. It's just
not your mortgage you're paying. So you want to make
sure you give me a call, email me, text me
and say, Rick, let's talk about buying a house. And
I'd like to thank you to consider being my buyer's agent.
(19:02):
If there's no charge, I'd like to tap into your experience.
Call me directly, folks, whether you're looking to buy or
sell any kind of property. My phone number is eight
four three three two seven three zero one seven, or
email me Rickatrickwillis dot com.
Speaker 3 (19:23):
Folks.
Speaker 2 (19:23):
I look forward to talking with you and we'll be
right back after this break. Hello, this is Rick Willis.
I assume you've been listening to the Rick Willis Real
Estate Show. If so, are you considering buying, selling, or
investing in real estate? If so, you want to make
(19:45):
sure you request a copy and read my special reports
designed especially for those people looking to buy, or sell
or invest in real estate. Special Report number one is
about buying real estate, and you'll discover how to get
your best buy and avoid the ten biggest mistakes home
buyers make. Special Report number two is for those people
(20:10):
thinking of selling their property. You'll discover how to get
your home sold quickly and net the most money. And
if you're thinking of investing in real estate, you'll discover
why you want to own income producing property and what
to buy for the safest place to put your money.
(20:31):
You'll also discover how to use your retirement account for
a one k and ira without having to pay a
penalty to buy and own income producing property. Please note
I'm saying income producing property, I'm not simply saying investment property.
To get a free copy of any of the special
reports I just mentioned about buying, selling, or investing in
(20:54):
real estate, please text me at eight four three three
seven three oh one seven or email me at Rickatrickwilis
dot com. Additionally, please visit my website at Rickwillis dot com.
You'll learn about my background as well as accessing multiple listing. Again,
(21:19):
I repeat, please, don't buy, sell, or invest in real
estate without requesting and reading your special report on buying, selling,
or investing in real estate. Text eight four three three
two seven three zero one seven or email Rick Atriquilis
dot com. When you text or email me, please make
(21:40):
sure you request a very specific special report on buying, selling,
or investing, and I will turn around and email you
the special report. Thank you. Welcome back, Welcome back to Charleston.
(22:12):
Welcome back to the third segment of today's Rick Willis
Real Estate Show. Well, folks, we've been talking about the market.
We said that you better still try to buy now
rather than waiting because prices keep going up. Do not
wait for the prices to fall. It's not going to happen.
(22:34):
We've been averaging three to four percent on average this
year in appreciation, and in just a few minutes, I'm
going to break that down by parts of the Greater
Charleston area to tell you how much property values on average,
or shall I say the median, have increased this past year,
(22:54):
the past year to date from twenty twenty three to
twenty twenty four. So you're going to find that property
values are still increasing. How why more people are buying
than are selling still, So if you're going to be buying,
do it sooner than later. You'll save money. Well, I
(23:18):
had a call this past week from somebody who was
a listener of my show, and Lorraine called me and said,
I'm going to be relocating from the Greater Charleston area
to Arizona and i'd like your advice.
Speaker 1 (23:35):
Now.
Speaker 2 (23:35):
She had a home still has a home in the
greater Walterboro area and I'm going to be going out
there tomorrow to take a look at her property. She
bought the land about ten years ago and in twenty
nineteen she built a.
Speaker 3 (23:54):
Home on the house, a home in the house.
Speaker 2 (23:58):
A house on the property. And some of you might
be interested in this property because it's very unusual. It's
a total of almost ten acres of land outside of Walterboro.
And she has a home that she built just for herself,
a two bedroom, two bath home, elevated, you know, parking
(24:22):
underneath the house, and she said it's really upscale. And
in addition to that, across the street from her, which
she owns, she's got a hook up for a camper. Now,
I don't know how many of you are interested in
additional income, but you know what these camping spots get
(24:43):
for just to hook up for a camper. People are
running those things anywhere from five to seven hundred dollars
per month just and the only thing that the owner
supplies is the electricity and access to sewer and water.
And of course when you're out in the country, you
(25:03):
don't have public sewer, you have a septic system. So
you could buy this house and have amortized get as
income five to seven hundred dollars a month if you
wanted to lease out a portion of your almost ten
acres just for a camper. Now, for some of you,
(25:27):
you might want to take some more of that land
and put another spot out there for a camper. What
you'll discover is that it's possible to actually own a
property out in the country.
Speaker 3 (25:39):
Have.
Speaker 2 (25:41):
Multiple wells and sewers, put in septic systems, excuse me,
and actually make a profit on your land. I know
when I drive from Somerville out to Walterboro, on the
right hand side of the road on Highway seventeen A,
there's somebody out there that probably has thirty of these
(26:02):
campers on the property. And every time I drive by,
I look in there, and occasionally I drive through there
just to see what it looks like up close. And
they've got a whole bunch of people paying five hundred
plus dollars per month for the right to have their
camper on the land and have access to electricity, sewer
(26:27):
and water. Now, that started during the pandemic and it's continued.
So anyway, long story short, I'm going out there to
help her determine the value of her property and how
long it might take and what's needed to get her
property sold. But if you have an interest in your
listening to a property that has a very nice home
(26:50):
on it, two bedroom, two bath, already one spot for
a camper hookup, and the ability to have additional ones,
you might want to file all up with me and
take a look at this property. But I bring it
up because the story has more to it. She talked
to me about moving to Arizona and wanting to buy
(27:11):
a house in Arizona and asked her, I said, by
the way, what is your age?
Speaker 3 (27:18):
Answer?
Speaker 2 (27:19):
Age sixty two. I said, it's not to be nosy.
I said, but because you are sixty two and you
sell your property here, you have the ability to buy
in Arizona on a reverse mortgage. And I had to
explain to her how that worked. The most of you
(27:42):
have seen commercials on television about a reverse mortgage, and
generally speaking, all the commercials and all the printed literature
talks about using the equity in your existing home that
you can borrow against and receive an annuity or so
much money each month over a certain number of years,
(28:04):
or you can get a lump sum out of your house.
What most people are the percent down payment and have
no monthly payments for the rest of her life with
a reverse mortgage. Now, regardless of whether you're local and
want to stay local and stay in your house, or
(28:25):
you want to buy a property with a reverse mortgage,
you really ought to look into something like that now.
The people that do not like reverse mortgages are either
people that don't understand money or they don't understand the
reverse mortgage. You see a reverse mortgage, you put down
anywhere from sixty percent backwards to fifty percent or even
(28:51):
forty percent, depending upon your age. The older you are,
the less amount of money you put as a down payment,
and again, no monthly payments for the rest of your
life are required. You can make a payment if you
want to, but you're not required. So people oftentimes say
to me, well, what happens when you pass away? Does
(29:13):
the bank get your house? The answer is no, you
own the house. You simply have a mortgage that, instead
of getting paid down each month, the loan balance increases
each month because you're not making a monthly payment. So
if you have a six percent mortgage on the property
(29:38):
and the property has a four hundred thousand dollars loan
on it, that's a twenty four thousand a year or
two thousand a month that your loan balance is increasing. Correct? Correct?
So why would anybody want such a thing? Answer somebody
who understands money. If you have a choice between paying
(30:01):
cash for a property and having no monthly payments, or
putting sixty percent down payment and having no monthly payments,
which would you prefer? You See, you have some cash leftover,
don't you, And that amount of money that you have
left over you can reinvest into another property that brings
(30:22):
you income. And if you don't know how to create
income from your cash, you need to see me because
I'm a specialist at helping people that have assets create
income from dormant assets that are not bringing in money,
which could be equity in your house, or it could
(30:43):
be money that you have in a savings account that
you're not getting enough return on, could be money that
you have in a brokerage account. The long story short
is you want to always convert non income producing assets
to income. Well, to make a long story short, she's
(31:05):
going to look into this idea of the reverse mortgage,
and people say, well, aren't you spending the kid's inheritance
if they have kids. The answer is no, because if
you're not making a mortgage payment, you still have that
excess cash for your lifestyle. Go out to dinner more,
take more vacations, see the grandkids in another state, do
(31:30):
something with your money. But it's not gone, so you
still have the additional cash. You're just not making a
mortgage payment with it. Now, your property that you're going
to buy is also going to be appreciating. So whatever
you think you're losing by way of not paying the
interest the house is probably going to appreciate the same
(31:53):
amount as what you think you're losing by not making
a mortgage payment. It's one a lie better deals. How
do you beat having an asset that's appreciating and you
don't have to make a payment on it. Of course,
you have to pay your taxes and your insurance on that. Okay,
(32:14):
so much for that. And by the way, those of
you that have any interest in a reverse mortgage or
knowing more about it, call me so I can educate
you further. I didn't have time here to go into
all the intricacies and details of a reverse mortgage, but
I know the right people to talk to about it
that are specialists, and your average bank and your average
(32:37):
lender can't help you with it, but I can help
you get in touch with the right person and answer
your questions about it. Okay, folks, let's make a transition
now and start talking about the greater Charleston area. I'm
going to go through different areas of Charleston and we're
going to talk about what the medians sell price is
(33:00):
for different parts of Charleston and what the percent change
in value has been for sales over the last year
from nine twenty twenty three to twenty twenty four. Now,
I only have a short time before my break, so
I'm actually going to delay this till we come back
(33:22):
from our next break. But let me fill in this
time between now and when I take a break by
saying this that every one of you should be astute investors. Now,
I recently read an article. It said poor people focus
(33:43):
on spending their money. People that don't know what they're
doing with money spend it. The uninformed people that have
money save it, and your average middle class individual it
has some money with their money, and the person who's
(34:08):
smart about money invests in things that provide them income.
So my question is, are you thinking like a poor
person and spending money the uninformed individual who saves money,
or the average middle class person who speculates with their money,
(34:30):
or a wealthy person who understands money and puts their
money where it brings them income cash flow. Folks will
be right back after this break. Please reach out to
me eight four three three two seven three zero one seven.
Let's have a private conversation about your situation. Email me
(34:51):
Rickatrickwillis dot com. We'll be right back after this break. Hello,
this is Rick Willis. I assume you've been listened to
the Rick Willis Real Estate Show. If so, are you
considering buying, selling, or investing in real estate? If so,
you want to make sure you request a copy and
(35:12):
read my special reports designed especially for those people looking
to buy or sell or invest in real estate. Special
Report number one is about buying real estate, and you'll
discover how to get your best buy and avoid the
ten biggest mistakes home buyers make. Special Report number two
(35:34):
is for those people thinking of selling their property. You'll
discover how to get your home sold quickly and net
the most money. And if you're thinking of investing in
real estate, you'll discover why you want to own income
producing property and what to buy for the safest place
to put your money. You'll also discover how to use
(35:57):
your retirement account for a one ca ira without having
to pay a penalty. To buy and own income producing property.
Please note I'm saying income producing property, I'm not simply
saying investment property. To get a free copy of any
of the special reports I just mentioned about buying, selling,
(36:19):
or investing in real estate, please text me at eight
four three three two seven three oh one seven or
email me at Rick Atrickwillis dot com. Additionally, please visit
my website at Rickwillis dot com. You'll learn about my
(36:40):
background as well as accessing multiple listing. Again, I repeat, please,
don't buy, sell, or invest in real estate without requesting
and reading your special report on buying, selling, or investing
in real estate. Text eight four three three two seven
three zero one seven or email Rick Atrickwillis dot com.
(37:03):
When you text or email me, please make sure you
request a very specific special report on buying, selling, or investing,
and I will turn around and email you the special report.
Thank you. Welcome back, Welcome back to Charleston.
Speaker 3 (37:35):
Welcome back for the.
Speaker 2 (37:36):
Final segment of today's Rick Willis Real Estate Show. Well folks,
I've been doing this show now for over twenty years,
and some of you I know tune in each and
every week, and I appreciate that, and I hope it's
worth your while for those of you that have not
been consistent listeners. Again, this show airs on Saturday from
(37:58):
noon to one, and it replays on Sunday from nine
until ten am. So if you're listening on Saturday and
you want to hear it again, or you think somebody
else could benefit, let them know to tune in on Sunday. Well,
I've been threatening this whole show to talk to you
(38:18):
about what's happening in terms of property values here in Charleston,
and we're going to close out today's show by going
through the Charleston area. What I'm going to be giving
you now are the median prices for twenty twenty four,
and then I'm going to tell you what percent increase
that is over last year twenty twenty three, and we
(38:42):
have it broken down by MLS areas, so stay tuned
west of the Ashley River inside the five twenty six.
The median sales price for twenty twenty four five hundred
and forty five thousand dollars, which represents an increase of
(39:04):
twelve point seven percent west of the Ashley outside of
the five twenty six median sales price twenty twenty four
four hundred and sixty thousand, which represents a two point
two percent change in price increase. Interesting, isn't it closer
(39:30):
you get to downtown Charleston the percent change increases. James
Island median sales price this year twenty twenty four six
hundred and twenty five thousand dollars, which when compared to
twenty twenty three median price, is a seventeen point nine
(39:52):
percent increase year over year. Interesting John's Island at median
price twenty twenty four for John's Island six hundred and
seven thousand compared to the year before, a point eight
(40:12):
percent increase, just almost one percent increase. A lot of
new construction on John's Island, so it isn't really what
you would call seasoned, yet still a high percentage of
sales on John's Island are new construction. How about Kiowa,
(40:32):
Kiowa median price twenty twenty four one million, seven hundred thousand,
which represents a nineteen point three percent increase over two
thousand and twenty three median price North Charleston Somerville Ladson
(40:56):
median price three hundred and fifteen thousand. That represents a
five percent increase over the previous year. How about Mount Pleasant,
You know what's happening there right Mount Pleasant north of
the Alopam Connector median price eight hundred and fifty five thousand.
(41:19):
That's eleven percent increase over the previous year. Mount Pleasant
south of the Alopam Connector median price eight hundred ninety
five thousand, And that's a fourteen point seven percent price
change going up that much. And again, what you're seeing
(41:42):
is a pattern. The closer that you are to downtown Charleston,
you're seeing that the price change is greater than farther
away from downtown Charleston, Sullivan's Island. Would you believe it
if I told you the median price on Sullivan's Island
four million, one hundred and fifty thousand dollars, and that
(42:05):
represents a three point one percent increase over the previous year. Now,
on the Alopalms, you have two different categories. You have
the alopoms in general, and then you have a place
on the very end of the island, a planned community
called Wild Dunes for the island itself, not counting Wild
(42:29):
Dunes median price one million, nine hundred and twenty thousand,
and that represents a decline of fifteen point one percent. Now, folks,
that can be something as simple as a whole lot
more condominiums being sold than single family houses, or more
(42:49):
properties sold that are not on the ocean front. So
don't think that property values are declining on the Alopoms
when you hear a figure like that. Wild Dunes, the
planned resort on the end of the island where there's
a higher percentage of condominiums than other places on Alapam's
(43:10):
median price on Wild Dunes million, two hundred and forty thousand,
and that's a decline of four point six percent. How
about Alwandaw. You go up north of Mount Pleasant, you
get to a semi rural area of Awendaw. The median
(43:32):
sales price in aarwandals seven hundred forty seven thousand, three
seventy three. That represents an eighteen point eight percent increase
over the previous year. And by the way, when it
comes to Alwandaw, you have spillover from the town of
(43:52):
Mount Pleasant with homes and subdivisions being built on the
very southern end of Arwendaw, just over the northern edge
of Mount Pleasant. That is helping drive up that price.
A median price in Arlandal. How about downtown Charleston when
you go inside the crosstown crosstown is that road that
(44:15):
when you go from Mount Pleasant over the bridge and
you go into West Ashley or James Island, is that
double lane road that cuts right in half the area
of Charleston. So the Charleston Peninsula inside the crosstown, which
would be the area down towards the Battery one million,
(44:36):
two hundred and fifteen thousand median price. That represents an
increase of twenty four point six percent price change over
last year. The Charleston Peninsula outside of the crosstown, meaning
up King Street and you know more towards North Charleston
(45:00):
median price eight hundred sixty thousand. That represents a fifteen
point four percent increase in the median price. How about
North Charleston, Somerville Ledson in Dorchester County, Now this is
just for Dorchester County median price three hundred and forty
(45:21):
nine thousand. That represents an increase of two point six percent.
How about Somerville Ladson Revenel down towards one sixty five
median price three point fifty increase of point six percent
over the previous year. One of the smallest communities in
(45:42):
the Greater Charleston Area that most people don't the kine
Hoi Wando Peninsula going down Clements Ferry Road median price
six hundred thousand, represents a decline of eight point eight
percent over last year. You take all single family homes
(46:06):
twenty twenty three versus twenty twenty four for the whole
Greater Charleston area percent increase of four point six percent. Well,
there you have it, folks, I hope you heard something
that was of interest to you. What you should have
heard is that overall prices are increasing. So if you're
(46:29):
in the market to buy at any price point, jump
in sooner than later. And if you're looking to buy
on Daniel Island or Sullivan's Island or Mount Pleasant or
close in James Island or West Ashley, the prices are
rising much faster the closer you are to downtown Charleston,
(46:50):
and the farther you go out and the farther you
get away from the beaches, in downtown. You'll find much
more affordable for some of you. You better be you
want to be dry having farther instead of being closer
for some of you. In any event, I do this
radio show one hour per week. My time is about up.
(47:12):
I can help anybody that's listening, buy, sell or invest
anywhere in the greater Charleston area, and I've been known
to go outside of the Charleston area. If I'm licensed,
where you want to be in the state of South Carolina,
call me, text me, email me. Please visit my website
(47:32):
Rickwillis dot com, read my detailed biography, and you can
access directly into multiple listing from my website Rickwillis dot com. Folks,
I want you to call me, email me, and text me.
Let's have a private conversation to see how I can
help you. There's no cost or obligation. Pick my brain.
(47:55):
I probably know as much or more about real estate
as anybody else in the city. So when you're going
to be buying or selling something as valuable as real estate,
don't hold back. You want the absolute most experienced person
you can find, and that person might just be me. Folks,
have a great weekend, and I look forward to meeting
(48:17):
with you or talking with you.
Speaker 3 (48:18):
On the phone.
Speaker 1 (49:04):
Not tot passssssssssssssssssssssssssssss
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