2022 Year-In-Review Residential Market Update


On January 18, CTAR hosted its annual Residential Market Update featuring Dr. Joey Von Nessen, Economist with the Moore School of Business at USC.

If you missed it, check out the recording of his presentation here or review his slide deck here.


Watch the recorded 2022 Residential Market Update:

Review Dr. Von Nessen’s Slide Deck:

ZipLogix Software Now Available to Members

NAR has expanded its partnership with zipLogix to now include zipTMS™, their transaction management component, at no cost to Realtor members. Members will enjoy the benefits of zipTMS™, including providing access to a comprehensive platform to manage transactions from beginning to end. This partnership will keep REALTORS® at the center of the transaction, helping state and local REALTOR® associations increase membership providing access to zipForm Plus and zipTMS™

Announced at the end of 2015, the software is now officially available, intended to provide members with access to top technology in the industry. You can find more information on NAR’s website here.

There are currently over 600,000 members that use zipLogix with the goal of increasing that number after the partnership. This easy-to-use real estate forms and transaction management software platform is designed to help increase productivity, integrity and provides intellectual property protections for state and local form. It also authenticates users through NAR’s NRDS database.

ZipLogix is a 100-percent REALTOR® association-owned company, and with the help of NAR, are committed to making sure REALTORS® have the resources they need to succeed in today’s real estate environment.

Become a resort & second home expert

resort-and-second-home-property-specialistResort & Second-Home Markets Course
May 28 | 9am-6pm

Course Cost: $199
Realtor® Gold Card Cost $179
Register here. 

 

Why earn the RSPS Certification?
RSPS is recognized as an official NAR Certification, and allows buyers and sellers to have confidence in the ability of a Realtor® who specializes in buying, selling or management of properties for investment, development, retirement, or second homes in a resort, recreational and/or vacation destination, to assist them with their search.

The RSPS certification course is also approved as elective credit towards the Accredited Buyer’s Representative (ABR®) designation.

What you’ll take away:
6 elective CE hours (CEE2253)
RSPS Certification

Questions about earning your RSPS? Click here. 

2014 Charleston Housing Blueprint

CTAR, in conjunction with the SC Community Loan Fund, recently released a housing blueprint for the Charleston region. The blueprint compares our region to economic competitors on key housing and quality of life metrics and makes recommendations for our region to increase housing affordability.

Since 2010, the Charleston Regional Development Alliance has published an annual Regional Economic Scorecard of our region’s economic progress compared to six similar metro areas and two leading economies. Overall, the Charleston region is performing well economically, while also undergoing a structural transformation into a more diversified, knowledge-based economy. However, our region consistently ranks last in housing affordability.

We have achieved the economic growth that we want as a region and now the challenge is sustaining that growth. It is our hope that this document serves as a blueprint of actionable items to increase the number of housing units affordable to the region’s growing workforce because Housing Matters.

2014 Charleston Tri-County Region Housing Blueprint

 

 

 

 

Can’t see the image above?
View the Housing Blueprint here.
Download a PDF version here.

 

Changes to NFIP Flood Insurance

The Latest News


Pre-FIRM Subsidized rates will be assumable starting May 1
The Federal Emergency Management Agency (FEMA) released a bulletin stating that pre-FIRM subsidized rates can start being transferred to buyers and policy purchasers starting May 1. This is the first implementation phase of the new Homeowner Flood Insurance Affordability Act.

Help guide the implementation of the Homeowner Flood Insurance Affordability Act by participating in a survey, here.

Find a list of Frequently Asked Questions about the new flood insurance regulations, here.

 

About the Flood Insurance Affordability Act


On March 21, 2014, President Obama signed the “Homeowner Flood Insurance Affordability Act” into law. This law repeals FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18% annually on newer properties and 25% for some older ones. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance.

 

WATCH: Flood Insurance Reform is Law, but Now What?


Now that flood insurance reform has been signed into law, you need to understand what’s changed, what the new regulations are and how it will affect your business.

CTAR’s Government Affairs Director, Ryan Castle, walks you through the changes this law creates, how your pending closings will be affected and when we can expect to see the full implementation of this law.

Watch or download the presentation below, or find it here.

Download a side-by-side comparision of how the new Homeowner Flood Insurance Affordability Act compares with Biggert-Waters, here.


Want to know more? We have a speaker for you!


For more information – have CTAR’s Government Affairs Director Ryan Castle come to your office and discuss flood insurance. You can contact him directly at Ryan@CharlestonRealtors.com or (843) 793-5212.

Realtor Day at Costco – Aug 14

CTAR Members are invited to shop at Costco without a Costco membership for one day only. Costco is open from 10am-8:30pm. Shop all day, or come from 4:30-6:30pm and enjoy light refreshments.

Please go to the Membership Desk when you arrive and tell them you are a member of CTAR to receive your shopping pass.

This offer is open to your family and friends, as long as they come with you!

Please note: Costo only accepts cash, debit, and American Express.

Thinking about joining Costco?
Join on August 14 and you’ll receive cash card incentives!

CTAR Names New CEO

Charleston Trident Association of REALTORS® Names New CEO

Following a nationwide search, the Charleston Trident Association of REALTORS® (CTAR) and Charleston Trident Multiple Listing Service (MLS) has named their new Chief Executive Officer. Wil Riley, a Summerville native and an experienced REALTOR®, Broker and Association management executive will succeed Terry Hyde Ketchem as CEO on April 1, 2013.

2013 CTAR President Owen Tyler has been leading the Association through this transition period and worked closely with the CEO search committee, comprised of REALTOR® members and past leadership. Former Association President Chris Fraser led the CEO search committee through the selection and interview process, which included consideration of well-known industry leaders as well as successful executives from other areas of business. At decision time, the committee concluded that Riley’s expertise coupled with his vision of how to move the Association forward cemented him as the best candidate for the position.

“I am thrilled that someone with such strong ties to our area and more importantly, the REALTOR® Association will be picking up where I leave off” said Terry Hyde Ketchem, the 26-year veteran CEO of CTAR. “Wil’s 15 year history as an agent and broker, as well as his 4 years of Association management experience, first at the Coastal Carolina Association and the last two years here at CTAR will be invaluable as he leads the Association into the future” said Ketchem.

Riley’s vision is one that melds past, present and future: “Our Association thrives under a CEO that understands the importance of our historical roots while aggressively seeking innovative opportunities for growth and development, one that will seek out products and services that will provide our members with the maximum return on investment for their membership. I am excited about being that CEO and look forward to working with our current staff, leadership and Association leaders across the state to keep Charleston, and South Carolina at the forefront of our industry” said Riley.

Riley will succeed Terry Hyde Ketchem as CEO following her retirement on March 31, 2013.

About Wil
Wil Riley has spent much of his life right here in the Lowcountry—born and raised in Summerville, Riley has positioned himself as a fixture of the north-area business and philanthropic communities. Following his graduation from Summerville High School, Riley left the Lowcountry only briefly, to earn his BS in Accounting from Clemson University. Upon his return, he co-founded Riley Lumber, where he and his father enjoyed a successful business and Wil took his first steps into management—overseeing the accounting and personnel needs for the company which would eventually expand to 16 employees.

In 1997, Riley took the opportunity to transition the business and management principles he had honed during his time with the family business to forge his own path into the real estate industry. Riley spent several years as a broker-associate with Prudential Carolina Real Estate, helping Lowcountry families with their real estate needs. In 2001, he took a position that allowed him to focus on his leadership, management and business development skills and became the Broker-In-Charge of Century 21 Properties Plus in Summerville.

During his time as a practicing REALTOR®, Riley began building his relationship with the local, state and national REALTOR® Associations and local MLS. He has served as a national (2007-08) and state director (2004-09) as well as the local board (2003-09), of which he was named President in 2008. His service on the Charleston Metro Chamber of Commerce’s Education Foundation (2006-07) and Economic Outlook Board (2003-04) allowed him to gain experience and expand his network in the local business community.

After more than a decade on the sales side of the business, Riley turned his sights to the REALTOR® Assocaition he was already so familiar with, and took a position with the Coastal Carolina Association of REALTORS® in Myrtle Beach. As their Vice President of Finance and Administration, Riley developed a sound understanding of the inner workings of the REALTOR® Association and MLS and futhered his knowledge when he moved back to his native Lowcountry in 2011 to take the position of Vice President of Operations at CTAR.

“The absence of a significant learning curve will be a great benefit to our membership as I transition out of my role and Wil steps into his. He is so familiar with the inner workings of our Association, the MLS and works so well with our staff and leadership, it should be a seamless transition” said Ketchem.

Riley is looking forward to the challenges and opportunities that lie ahead. “As an Association, we cannot ever rest on our laurels. We must push forward—growing and changing—to remain a leaders in providing our members with premier business resources, support and access to cutting-edge industry technologies” he said.

In addition to his expanding duties at the Association, Wil is active as a parishoner and leader at St. Paul’s Church in Summerville and enjoys spending time with his family. He lives in Summerville with his wife Ann, an elementary school teacher and their children, daughter Logan (currently attending Clemson University) and son Walker, an accomplished soccer player.

SC Help: New Options to Avoid Foreclosure

South Carolina Funding Options Helps Homeowners

Approximately 295 million dollars in Hardest Hit Funds has been awarded to the State of South Carolina to help struggling homeowners avoid foreclosure. When retaining the property is no longer an option, SC HELP offers a program that will give the homeowner monetary assistance if they can avoid foreclosure by means of a Short-sale option or Deed-in-Lieu.

SC Help Webinar ScreenshotWatch the SCR Webinar (archived here; login required) with Mandie Mills from the SC State Housing Finance and Development Authority, who shares details about the SC HELP Property Disposition Assistance and how it can help your clients, friends, or family.

Key components for SC HELP include:
• Monthly Payment Assistance-assisting homeowners with monthly payments for a defined period of time while they seek employment and a return to self sustainability.
• Direct Loan Assistance-for borrowers who have experienced a hardship but have regained the ability to pay. Funds can be used to pay arrearages in order to bring the loan current.
• Property Disposition Assistance-in cases where the mortgage cannot be salvaged, funds may be provided to incentivize short sales, deeds-in-lieu of foreclosure and to help transition families from homeownership to rental housing.

Homeowner applicant criteria:
Homeowners applying for Monthly Payment Assistance or Direct Loan Assistance must meet certain threshold requirements in order to apply for help:
1. Borrower or co-borrower must be able to document that the delinquency was a result of a hardship event beyond his/her control (i.e. unemployment, death of a spouse, catastrophic medical expenses, etc.)
2. Mortgage payments must have been made on time for 12 months preceding the hardship event with no more than two 30-day late occurrences
3. The property securing the mortgage must be owner-occupied as a full-time residence
4. Borrower must provide a financial hardship affidavit
5. Mortgage can be no more than 120 days delinquent
6. Loan servicer/investor must be willing to accept payments and provide required data and reporting

Assistance from SC HELP will be provided in the form of a nonrecourse zero-percent interest, non-amortizing, forgivable loan secured by a subordinate lien on the subject property. The loan will be forgiven over a five-year period at a rate of 20% per year. If property is sold or refinanced
prior to the loan termination date, funds will be recovered should sufficient equity be available
from the transaction. The Property Disposition Assistance Program will provide a one time,
lump sum grant to the recipient.