Welcome to the February 2024 edition of our Real Estate Newsletter!
In this month’s issue, we will explore local real estate trends and insights, provide some tips on “Going Green” as well as some “tax Time” tips when you sell your home. There are also some fun facts and interesting trivia for you to enjoy.
Whether you’re a seasoned real estate investor or a first-time homebuyer, our newsletter provides valuable information to help you make informed decisions.
Thank you for joining us, and we hope you find this issue both informative, inspiring and entertaining.
Best Ways To Make Your Home More Environmentally Friendly
Prioritizing energy-efficient solutions with an environmental focus can significantly enhance your home’s value while reducing its ecological footprint. Here are some environmentally friendly energy-efficient improvements:
Solar Panels: They generate clean, renewable energy, potentially lowering electricity bills and decreasing your home’s carbon footprint.
Energy-Efficient Windows and Doors: These can help regulate indoor temperatures, reduce energy consumption for heating or cooling, and lower utility bills.
Insulation Upgrades: Improving insulation in walls, floors, and the attic helps by reducing the need for excessive heating or cooling – use eco-friendly materials like recycled denim, wool, or cellulose made from recycled paper.
Energy-Efficient Appliances: These appliances use less energy, lower utility bills, and decrease the environmental impact of energy consumption
Water-Saving Fixtures: Upgrading to low-flow faucets, showerheads, and toilets conserves water, improving water efficiency.
Green Roofing: Consider eco-friendly roofing materials like metal, clay, or recycled shingles. These materials are durable, energy-efficient, and sometimes made from recycled content.
Rainwater Harvesting Systems: Install rain barrels or a more comprehensive rainwater harvesting system to collect rainwater for irrigation, reducing the demand for municipal water sources.
Did You Know?…
The world’s first recorded real estate transaction occurred around 3,000 BC in Ancient Mesopotamia, recorded on clay tablets.
February fluctuates between having 28 and 29 days per year. The 29th day only occurs every 4 years during leap years.
The name of February comes from the Latin word “februum,” which means purification.
February is the only month when it’s possible to go the entire time without having a full moon
Weird but True …
The Keret House in Poland is the skinniest house in the world. It’s 30 feet tall, but is only 28 inches wide at its narrowest point and just over four feet wide at its widest.
If you were born in February, your birthstone is an amethyst, and your flowers are violets and primroses.
On February 2, 1848, U.S. and Mexico signed the Treaty of Guadalupe Hidalgo, which ended their war. The U.S. paid Mexico $15 million in exchange for California, Nevada, Utah, Arizona, New Mexico, Colorado, Wyoming, and Texas.
The odds of being born on February 29th are about 1 in 1,461. Those born on a leap day can be called a “leaper” or “leapling.”
Financial Tips for Tax-Time When Considering a Move
Understand Capital Gains Tax: Determine if you qualify for capital gains tax exclusion. For primary residences, individuals can exclude up to $250,000 of capital gains from taxation ($500,000 for married couples) if certain criteria are met.
Gather Necessary Documentation: Collect essential paperwork related to the home sale, including purchase documents, improvement receipts, and records of any major repairs or renovations made to the property.
Organize Home Improvement Expenses: Keep track of expenses related to home improvements, as they can potentially reduce the taxable gain when selling.
Review Closing Costs and Expenses: costs, such as real estate agent fees, legal fees, and transfer taxes, might be deductible or impact the capital gains calculation.
Consider the Timing of the Sale: Depending on your situation, the timing of the sale can impact tax liabilities. Selling at the beginning or end of the tax year might affect your taxable income differently.
Consult with Tax Advisors: They can provide personalized advice on tax implications, deductions, and strategies to minimize tax obligations.
Research Exclusions and Deductions: Stay informed about potential exclusions and deductions related to home sales, such as energy-efficient home credits or deductions for specific home-related expenses.
Keep Track of Moving Expenses: If selling your home involves relocating, understand which moving expenses are deductible.
Have You Visited The Cabana Section of Myrtle Beach?
Myrtle Beach Area Real Estate Market Conditions
Most Recent Data from January 2024
U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR).
Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.
Locally, Closed Sales increased 2.2 percent for single-family homes but decreased 14.8 percent for condos.
Pending Sales increased 1.0 percent for single-family homes but decreased 6.1 percent for condos.
Inventory increased 6.8 percent for single-family homes and 58.6 percent for condos.
The Median Sales Price was down 1.3 percent to $360,000 for single-family homes but increased 5.9 percent to $250,000 for condos.
Days on Market decreased 8.6 percent for single-family homes but increased 11.0 percent for condos.
Months Supply of Inventory increased 6.1 percent for single-family homes and 76.9 percent for condos.
Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR.
Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace.
Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.
Published by Childs Real Estate LLC • Mike Childs, Broker In Charge