Wednesday, July 29, 2009

Friday, July 17, 2009

Never a Better Time for a First-time Home Buyer!

NOW is the time to buy your first home!
Why pay rent and buy a property for someone else? People that buy homes have more wealth - that's a fact. When you're a homeowner, you build equity (net worth) and enjoy substantial tax benefits. Plus, you will have pride of owning your own home!

There are several INCREDIBLE reasons to buy a home NOW! Call or email Mel Coker when you're ready to buy.

1.) $8000 Federal Tax Credit - When you're a first-time homebuyer (not owned a home within the past 3 years) you will get $8000 credit when you file your next federal tax return. That's $8000 FREE! This credit runs out soon... you have to close on your home on or before November 30, 2009.
Click Here for more information
My Previous Blog on First-time Homebuyer Program

2.) GREAT FOUNDATIONS Mortgage Program from Homeowner's Mortgage
This program will match your payment to purchase a home. It's more FREE money, but, only only limited funds are available for the program. ACT NOW! Quick Details: available to first-time homebuyers; can be used for downpayment and/or closing costs; income limitaitons apply; maximum match not to exceed $10,000; program is limited in time due to funds allocated by government.

The program matches your down payment at a 5:1 ratio. Example: you put down $2000 and this program will match that with $10,000! Click Here for more program information

For more information, you must contact Mike Wetzel at Homeowner's Mortgage. Tell Mike that you are working with Mel Coker at RE/MAX. Call Mike at: (803) 609-3177 or email:

3.) LOW Mortgage rates - mortgage interest rates are near historical lows! You save big money because you pay a lower interest rate. Call Mel Coker for a referral to an excellent mortgage professional.

4.) Home prices have moderated - Home prices have moderated or in some cases decreased in the Greater Columbia area. In most cases, you will have more negotiating power due to an abundance of inventory.

Ready to BUY a home in Greater Columbia? Contact Mel Coker, your Columbia Realtor:
Office: (803) 749-5800

Sunday, July 5, 2009

Lake Murray Sales Update

Lake Murray Sales Update

My semi-annual Lake Murray sales update follows:

Sales Report as of July 5, 2009:
Current waterfront homes for sale on Lake Murray: 230
Average Price: $707,271
Avg. square feet: 3294
Avg. $/s.f.: $214.72
Avg. Days on Market (DOM): est. 214 *

*Avg. DOM: the MLS provides a DOM number, but, this does not include homes listed for sale and never sold, and homes listed and withdrawn from market and re-listed and those listed that expired and were re-listed. My previous analysis of such situations reveal on average a number that is in the range of 25% higher for DOM. So, my DOM figures includes this 25% upward adjustment.

The current average listing price is somewhat higher than expected or normal due to the somewhat higher number of Million dollar listings currently active on Lake Murray. Currently, there are 30 homes for sale on Lake Murray listed at $1,000,000 or more. Only 5 homes sold on Lake Murray in 2008 for $1,000,000 or more. Consequently, there is enough current inventory to last 6 years.

Further analysis of Lake Murray waterfront home sales over the past 5 years:

2004: (over the previous year)
Number of sales: UP 19.6%
Avg. Price ($/S.F.): UP 18.0%

Number of sales: UP 21.9%
Avg. Price: UP 7.2%

Number of sales: DOWN 10.9%
Avg. Price: UP 12.9%

Number of sales: DOWN 2.9%
Avg. Price: UP 3.4%
Number of sales: DOWN 19.3%
Avg. Price: DOWN 4.2%

Closed waterfront homes on Lake Murray in the first six months of 2009: 32
(Down 49.2% from the first 6 months of 2008)
Average Price: $487,758
Avg. S.F.: 2721
Avg. $/S.F.: $179.26 (Down 4.4%)
Avg. DOM: 176

Lake Murray is still the water playground for central South Carolina! When you're ready to buy or sell on Lake Murray, contact Mel Coker.

Mel Coker
More Lake Murray information:
Mel Coker's Lake Murray website
Mel's Lake Murray Blog