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November 2023 Newsletter Childs Real Estate

Welcome to the November edition of our Real Estate Newsletter!

As we head into the final stretch of the year, the weather is much cooler here at the beach and the real estate market continues to evolve, posing many challenges for buyers, sellers, and investors.

In this month’s issue, we will explore the latest trends and insights in the real estate industry, provide you with some engaging family Thanksgiving activities, and help you get a jump on your 2024 taxes

Thank you for joining us, and we hope you find this issue both informative and inspiring. As always, I’m here to assist you with any questions or real estate needs you may have. Happy reading!

8 Engaging Thanksgiving Activities to Create Lasting Family Memories During the Holidays

The holiday season is just about here, and everyone needs a list of fun things to do over Thanksgiving. From “thankful” to “really full”, these ideas are sure to create many fond memories:

  1. Thanksgiving Potluck: Host a potluck-style dinner where each guest brings a dish or dessert. This way, everyone can showcase their culinary skills and enjoy a diverse and delicious meal.
  2. Gratitude Jar: Decorate a jar and encourage everyone to write down things they are grateful for throughout the year. Read the notes aloud during dinner or before dessert.
  3. Thanksgiving Movie Marathon: Set up a cozy movie corner and enjoy a Thanksgiving-themed movie marathon with classic films like “Planes, Trains, and Automobiles” or animated favorites like “A Charlie Brown Thanksgiving.”
  4. Scavenger Hunt: Organize a Thanksgiving-themed scavenger hunt. Hide clues or small objects related to the holiday around the house or backyard and have participants find them.
  5. DIY Thanksgiving Decorations: Spend an afternoon creating homemade Thanksgiving decorations. You can make wreaths, centerpieces, or even design personalized place cards for the dinner table while kids make handprint turkeys.
  6. Board Games and Puzzles: Gather your favorite board games and puzzles for some friendly competition and quality time with family and friends. Choose games with a holiday twist if available.
  7. Recipe Exchange: Have everyone bring printed copies of their favorite Thanksgiving recipes. Share and exchange them with others, creating a collection of tried-and-true holiday dishes.
  8. Gratitude Circle: Sit together as a group and take turns expressing what you are thankful for. This activity can help foster a sense of gratitude and appreciation during the holiday season.

Bonus Activities:

  • Turkey Trot: Participate in a local Thanksgiving charity run/walk or organize a family fun run in the neighborhood before the big feast.
  • Volunteer Together: Spend part of your Thanksgiving Day volunteering as a family at a local shelter or food bank.

Did You Know …

… That in 2013, a rare event occurred when the first day of Hanukkah coincided with Thanksgiving Day. It was dubbed “Thanksgivukkah,” and it won’t happen again for over 70,000 years.

Family Hanukkah Thanksgivakah

November is the month to remind us to be thankful for the many positive things happening in our life.” — Unknown

Thanksgiving is a time of togetherness and gratitude.” — Nigel Hamilton

In November, people are good to each other. They travel very far on a special November day just to share a meal with one another and to give thanks for their many blessings.” — Cynthia Rylant

Home and Taxes

Weird but True …

November is National Novel Writing Month (NaNoWriMo) for aspiring authors to challenge themselves. The goal? Write a 50,000-word novel during the month, embracing the creativity of storytelling.

Writing a Novel for National Writers Month November 2023

Autumn carries more gold in its pocket than all the other seasons.” — Jim Bishop

November is the month to remind us of everything we should be thankful for, but sometimes forget to be.” — Unknown

The trees are about to show us how lovely it is to let things go.” — Unknown

Real Estate & Taxes: What You Need to Know for Your Year End Tax Return

Gather all relevant documents: Collect all your homeownership-related documents, such as mortgage statements, property tax statements, and receipts for home improvement expenses.

Mortgage interest deduction: If you have a mortgage on your property, you may be eligible to deduct the mortgage interest paid during the year. Ask your lender for the proper forms.

Property tax deductions: Homeowners can typically deduct property taxes paid on their primary residence. Collect your property tax statements to accurately report the amount paid.

Home office deduction: If you have a dedicated space in your home used exclusively for work, you may be eligible for a home office deduction.

Energy-efficient home improvements: Homeowners who made energy-efficient improvements to their homes may qualify for certain tax credits or deductions. Keep records of the expenses incurred for items such as energy-efficient windows, insulation, or solar panels.

Home sale considerations: If you sold your home during the year, understand the tax implications. Depending on the circumstances, you may be eligible for capital gains exclusions or need to report capital gains on the sale.

Deductible home expenses: Be aware of other deductible expenses related to homeownership. These may include points paid on a mortgage, home insurance premiums, and any home-related repairs or maintenance.

Consult a tax professional: Tax laws and regulations pertaining to homeownership can be complex. Ask me for a referral from my network

Do you Need Help Preparing Your Returns? The IRS’s Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer FREE basic tax return preparation to qualified individuals.

VITA sites offer free tax help to people who need assistance in preparing their own tax returns, including: People who make $60,000 or less, Persons with disabilities; and Limited English-speaking taxpayers

In addition to VITA, the TCE program offers free tax help, for those who are 60 years of age and older, specializing in questions about pensions and retirement-related issues unique to seniors.

I’m a VITA/TCE Tax Preparation Volunteer. Learn more about VITA and TCE here … https://www.irs.gov/individuals/free-tax-return-preparation-for-qualifying-taxpayers

Walkers on The Beach Near Ocean Front Resorts Myrtle Beach SC

Myrtle Beach Area Real Estate Market Conditions

September 2023 Average Home Prices in Myrtle Beach

Most Recent Data September 2023

National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August.

With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month-over-month and were down 15.3% year-over-year, according to the National Association of REALTORS®(NAR).

Locally:

Closed Sales decreased 6.0 percent for single-family homes and 7.4 percent for condos.

Pending Sales increased 8.6 percent for single-family homes and 3.7 percent for condos.

Inventory decreased 2.4 percent for single-family homes but increased 24.0 percent for condos.

The Median Sales Price was down 0.7 percent to $360,000 for single-family homes but increased 4.2 percent to $249,990 for condos.

Days on Market increased 5.7 percent for single-family homes and 19.7 percent for condos.

Months Supply of Inventory increased 14.3 percent for single-family homes and 60.9 percent for condos.

Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas. 

All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®.

Mike Childs
Broker / Owner
Myrtle Beach Homes and Lifestyles
Childs Real Estate LLC
843-602-7644
mike@childsrealestate.com

 

Less Than 1% of Agents Are Power Agents

Published by Childs Real Estate LLC • Mike Childs, Broker In Charge