Real News for 10.15.22


Carolina One’s Daniel Island Office Ranks Swell

Daniel Island, SC – The Daniel Island office of Carolina One Real Estate, managed by Rusty Hughes, BIC and located at 1101 St. Thomas Drive, has been expanded with the addition of five new Sales and Marketing Associates.



Marianne Hassell

Hassell




Marianne Hassel was born in Baumholder, Germany and has made Charleston her home for the past two years. Prior to making real estate her newest vocation, Hassel spent twenty-years in the United States Army and retired as a Staff Sergeant. Marianne Hassel was also employed as a Medical Biller and Coder for three years and as a Massage Therapist for five years. The mother of three grown sons, Marianne Hassel lives on Daniel Island and loves bike riding, arts and crafts and all genres of music. Call Marianne at (843) 310-9288 or email her at marianne.hassel@carolinaone.com.



Ashley Hipp

Hipp




A native of Florence, SC, Ashley Hipp graduated from Clemson University with a degree in Early Childhood Education and from the University of South Carolina where she obtained a Master’s Degree in Speech Language Pathology. Before committing to a career in real estate with the Daniel Island office of Carolina One, Hipp was employed as a for 8 years as a Pediatric Speech-Language Pathologist in Lexington, SC. Married and the mother of two children, Ethan (7), Landon (4) and Jack, a mini–Golden Doodle puppy, Ashley Hipp enjoys running, walking and the scenery of the Charleston low country. Email Ashley at ashley.hipp@carolinaone.com or telephone her at (843) 992-9632.



James Masalin

Masalin




James “Jimmy” Masalin is a graduate of Clemson University where he earned a BA degree in Communications. Born In Charlotte, NC, Jimmy Masalin was previously employed for more than three years as the Southeast Sales Manager for Sunshine Beverages, a Winston-Salem, NC based distributor of naturally sweetened and caffeinated Sparkling Waters and Energy Drinks. In his free time, Masalin volunteers with the Young Life program at Daniel Island Schools. Email Jimmy at jimmy.masalin@carolinaone.com or call him at (843) 212-6745.



Ginger Redican

Redican




Ginger Neuhoff Redican attended Menlo College in Atherton, CA before going on to graduate with a BA degree from New York University. New to Daniel Island and the Lowcountry, Ginger Redican was born in Dallas, TX. Ginger’s original career was working in sales and marketing for Ralph Lauren Company out of a New York showroom. In 2005 Redican obtained her real estate license in New York State and worked for both Coldwell Banker and Houlihan Real Estate in Rye, NY. Ginger taught the Principles of Christianity for six years and was involved with her church and in her children’s schools. Redican and her husband have three children, live on Daniel Island and the family enjoys traveling, music and sports. Call her at (914) 589-4299 or email her at ginger.redican@carolinaone.com.



Peter Newitt

Newitt




A native of Mt. Pleasant, SC, Peter Michael Newitt is currently enrolled at the College of Charleston in downtown Charleston, SC. A lover of dance, Newitt is a dance instructor at Peace, Love, Hip-Hop on Daniel Island for youth between five and thirteen years of age. Additionally, Hewitt is the Head of Waste Management for Firefly Sweet Tea Vodka, a locally owned and operated distillery in North Charleston. When not studying, teaching dance, or managing waste, Newitt enjoys boating, fishing, reading and yes, dancing. Email Michael Newitt at michael.newitt@carolinaone.com or call Michael at (843) 810-8602.

Founded in 1964, Carolina One Real Estate is the undisputed leader in the Metro Charleston real estate market. In addition to Residential Real Estate, the 13-office full-service company offers departments in Mortgage, Property and Casualty Insurance, New Homes Sales, Relocation, Commercial Real Estate, Vacation/Resort Rentals, Title Services, Property Management, and Career Development. Carolina One is also affiliated with Leading Real Estate Companies of the World and Mayfair International Realty providing world-class business resources with both national and global connections. For additional information, visit our website at www.carolinaone.com.

Best Cities to Find a Starter Home

The real estate market since the start of the COVID-19 pandemic has been tough on all buyers, but aspiring first-time buyers may have struggled most of all.

For much of 2020 and 2021, the housing market faced a challenging combination of high demand and low supply. Young people were already growing into the largest segment of buyers as the Millennial generation came of age. When the COVID-19 pandemic hit, preferences for more living space, increased remote work opportunities, and other factors related to the pandemic encouraged even more people to enter the market. But existing owners proved reluctant to part with their homes, with supply on the market reaching a record low late in 2020. As a result, competition in the market drove the median home price up by 36% over the last two years. The run-up in home values was good news for people who already had equity in their homes, but it pushed prices out of reach for first-time buyers.



Starter Homes Data

More recently, persistent inflation—and policymakers’ responses to it—have also made it harder to save up for a home. The prices of household essentials like groceries, energy, and especially rent have grown quickly over the last 18 months, leaving first-time buyers with less money to set aside. And now, as the U.S. Federal Reserve raises interest rates in efforts to combat inflation, the costs to take out a mortgage loan have risen dramatically. The average 30-year mortgage interest rate in the U.S. is more than double what it was at the start of 2022, translating into hundreds more dollars per month in payments for would-be buyers.

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While recent trends in the market have been especially challenging, buyers have struggled with affordability for longer than that. One issue is that the rate of growth in home values has outpaced that of household incomes over the last 20 years after adjusting for inflation. From 2020 to 2021, median home values increased by 37.8%, while the median household income grew by just 8.78% over the same span.

Supply has been another constraint for first-time homebuyers. The U.S. faces a shortage of housing overall, but builders are also building fewer of the smaller, more affordable homes they used to. Single-family one- or two-bedroom homes represented 24.1% of newly built homes in the mid-1980s, but just 6.2% today. Over the same span, the share of 4+ bedroom homes among new builds grew from 19.3% to 49.6%.

While conditions are challenging overall for new buyers, some parts of the U.S. are more favorable. Ideal markets for new buyers display a combination of adequate supply, a high share of smaller homes in the housing supply, relatively low sales prices for starter homes, and strong homeownership rates among young people. By these measures, West Virginia is the best state in the country to find a starter home, followed by Oklahoma and Mississippi. At the local level, Southern and Rust Belt cities lead the way.

The data used in this analysis is from the U.S. Census Bureau, Zillow, and Redfin. To determine the locations where you’re most likely to find a starter home, researchers at Construction Coverage calculated a composite score based on the percentage of homes with three or fewer bedrooms, the median sale price of homes with three or fewer bedrooms, the months of supply of houses for sale, and the homeownership rate for householders under 35 years old. In the event of a tie, the location with the greater percentage of homes with three or fewer bedrooms was ranked higher.

Here is a summary of the data for the Charleston-North Charleston, SC metro area:

• Composite score: 38.6

• Percentage of homes with ≤ 3 bedrooms: 64.2%

• Median sale price of homes with ≤ 3 bedrooms: $375,736

• Months supply: 2.5

• Homeownership rate for under-35 householders: 12.7%

For reference, here are the statistics for the entire United States:

• Composite score: N/A

• Percentage of homes with ≤ 3 bedrooms: 67.8%

• Median sale price of homes with ≤ 3 bedrooms: $309,496

• Months supply: 2.0

• Homeownership rate for under-35 householders: 10.7%

For more information, a detailed methodology, and complete results, you can find the original report on Construction Coverage’s website: https://constructioncoverage.com/research/the-best-cities-to-find-a-starter-home-2022

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