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New home sales climb to highest rate since April 2010

Categories: Uncategorized | Posted: December 31, 2012

New single-family home sales accelerated in November to the fastest pace in 2 1/2 years and median sales price jumped from the same month in 2011, signs that the U.S. housing recovery is gaining some steam.

The Commerce Department said on Thursday sales climbed 4.4 percent last month to a seasonally adjusted 377,000-unit annual rate. That was in line with analysts’ forecasts of a 378,000-unit annual pace.

Government data for new home sales are subject to substantial revisions. Indeed, the Commerce Department cut its estimate for sales in October by 7,000 to a 361,000-unit rate.

The annual sales pace for November was the quickest since April 2010.

This year, the housing sector has been point of strength in an economy beset by flagging business confidence and cooling demand abroad. The median home price of a new home rose to $246,200, up 14.9 percent from the same month in 2011.

New home building is expected to add to economic growth this year for the first time since 2005. The housing sector, however, remains a shadow of its former self.

The pace of new home sales is roughly a quarter of the all-time high clocked in July 2005 when a housing bubble was still inflating. Shortly thereafter, the bubble began to deflate, helping trigger the 2007-09 recession, which was the deepest downturn since the Great Depression.

Home sales rise in Columbia, SC

Categories: Uncategorized | Posted: November 19, 2012

COLUMBIA, SC The housing market is making a comeback in Columbia as sales rise and inventories shrink. But there are some roadblocks that could keep it from rebounding quickly.
Home building permits and sales of new and used homes in the Midlands soared in October, putting the area on pace for its best year since 2008 – just before the Great Recession caused home sales to plunge, along with the broader economy.
But before the celebration begins, a couple of major hurdles – including the federal government’s looming “fiscal cliff” and lending for small builders – must be resolved, said Earl McLeod, executive director for the Home Builders Association of Greater Columbia.
“We’re ready to buy the champagne, but we’re not ready to pop the top,” he said.

Signs that the market is in full recovery mode include:
• Builders took out 234 permits for new homes in October in the Midlands. That is a 40 percent jump from last year and the most new permits through the first 10 months of the year since the same period in 2008, according to a new report from the home builders association.
• Home sales spiked 30 percent in the Columbia area as the inventory of homes on the market slipped to 11 months – nearing a more normal market after peaking in the spring of 2011 at 16.5 months, according to a report Wednesday from the S.C. Realtors trade group. That virtually ties with 2009 – when the housing market was propped up by an $8,000 federal tax credit for first-time home buyers – as the best first 10 months of the year since 2008. Statewide, sales jumped 24 percent and inventory shrank to 10 months.
• Pending sales – in which a contract has been signed but the sale has not been completed – jumped 42 percent in October in the Columbia area. That suggests those sales will close in the coming months, meaning the area should see a strong finish to the year after a dismal 2011.
Russell & Jeffcoat Real Estate – the largest real estate firm based in the Midlands, which represents a range of builders – saw its October sales jump 37 percent, said Ron Roe, the company’s chief executive officer.
“It was the best October we have had in probably seven years,” he said.
Builder incentives had a lot to do with the increase in sales, Russell & Jeffcoat broker Len Ross said. Some builders in the area are paying closing costs for buyers in the $300,000 and above range, he said. And some are touting energy efficient green construction, he said.
The competition with new construction also has caused home sellers to get real on pricing, Ross said.
“I think we’ve seen a change in sellers’ attitudes over the past six months in getting real with their prices, and so they’re getting more competitive,” he said.
That is reflected in the median price of homes sold in the area in October, which was down 6 percent to $139,500 in October. Statewide, the median price remained fairly steady at $149,900.
Homes priced in the $200,001-$300,000 price range sold best in October, according to the report, followed closely by homes in the $100,000 and under range. Homes selling for $300,000 or more performed worst.
“The trend is good,” McLeod said. But, “there are some big question marks remaining. The major question mark, not only for home building but for all businesses, is what happens with the fiscal cliff.”
In January, $1.2 trillion in automatic cuts to the federal budget – known as the fiscal cliff – will kick in if Congress and President Obama do not reach a spending compromise. Some economists predict that could plunge the country back into recession.
That could stymie the housing recovery and hurt small businesses, such as home builders, McLeod said. Smaller builders already are hurting from strict lending standards that are keeping them from building new homes, he said.
But larger regional and national builders are starting to fill out neighborhoods that were left half built during the economic downturn, he said.
And Irmo’s Mungo Homes said it plans to start building new neighborhoods in the Midlands in the coming year on land the company bought seven years ago and never developed, said Steven Mungo, chief executive officer.
“We’re spending a lot of time on planning for tracts that we’ve owned for quite a while that we’ve just had on the shelf,” he said.
It all adds up to a promising 2013, Russell & Jeffcoat’s Roe said.
“What we are seeing now is – we all predict – a real strong demand for new homes during spring and summer of 2013,” Roe said. “The future for the Columbia real estate market is really bright right now.”

SC Real Estate Market Showing Signs Of Upswing

Categories: Uncategorized | Posted: November 2, 2012

Columbia, SC (WLTX) — A report from the South Carolina Realtors Association comparing year-to-year numbers show there is positive movement in the SC market.

Comparing September of 2011 with September of this year:

New Listings Are Up 0.5%
Median Sales Prices Are Up 4.3%
Pending Sales Are Up 14.6%
Inventory Levels Drop 13.9%
Days On Market Drop 11.3%

All the numbers taken together demonstrate the state real estate market is showing positive signs: more people are selling and buying houses, there is a bit less inventory that then is pushing prices higher, and homes are staying for sale on the market a shorter period of time prior to purchase.

SMC Breakfast (Tour of Homes)

Categories: Uncategorized | Posted: September 21, 2012

SMC Breakfast (Tour of Homes)

New South Carolina Program Offers $6,000 Down Payment Help On New Homes

Categories: Uncategorized | Posted: September 20, 2012

New South Carolina Program Offers $6,000 Down Payment Help On New Homes

Lake Carolina “McWheel Of Fortune”

Categories: Uncategorized | Posted: September 4, 2012

We had a great time at The Ponds at Lake Carolina agent open house. We had lots of agents that came out for lunch and our grand prize winner Eric Moore won a chance to spin the “McWheel of Fortune” You can see what he won in the video below. Thanks to all who joined us and we hope to see you at a McGuinn Community in the future.

See what Eric wins!!!!!!!

Lexington Dixie Boys All Star Team

Categories: Uncategorized | Posted: August 15, 2012

McGuinn Homes congratulates the Lexington Dixie Boys All Star team for their 3rd place finish in the South Carolina State tournament. McGuinn Homes was proud to be a sponsor for this great bunch of young men and all of us at McGuinn Homes congratulate all the players for their great run in the state tournament.

Building on Your Land, Get the Price & Features You Want – This weekend at the Carolina Classic Home & Garden Show

Categories: Uncategorized | Posted: March 7, 2012

Wade McGuinn, President of McGuinn Homes will be speaking in 3 seminars this weekend at the Carolina Classic Home & Garden Show at the State Fair Grounds.

The seminar, entitled Build On Your Land, Get the Price & Features You Want will be presented at the following times:

Friday March 9th at 2pm

Saturday March 10th at 12pm

Sunday March 11th at 4pm

Wade & his expert build team will be at the McGuinn Homes booth all weekend long to answer your questions about all of the details that go into building on your own lot.
For more information or for complimentary tickets to the home show, email us at info@mcguinnhomes.com subject: HomeShow

Home & Garden Show Hours:
Dates and Times:
Friday, March 9 from 11:00a to 8:00p
Saturday, March 10 from 9:00a to 7:00p
Sunday, March 11 from 11:00a to 6:00p
Location: SC State Fairgrounds
Admission is $6/person at the gate. Kids 14 and under enter free.
Exhibitors in the show can send you a free ticket via e-mail. If you have one, print it out and bring it to the show this Friday, Saturday or Sunday!
Friday, March 9 is Senior’s Day – Free admission for visitors age 62 and older. There will be a special Seniors Expo at the show on Friday, March 9.
Every day of the show is Military Day – Free admission with your valid military ID. Thanks to WLTX News 19 for sponsoring Free Military Admission.

You can visit the official website of the Home & Garden Show here.

We look forward to seeing you there!

 

Want to learn more about Building on your land & taking your dream home to reality?  Get the information you want on our website at www.mcguinnhomes.com/Build-On-Your-Lot

 

Thanks for Allowing Me to Serve as President

Categories: Uncategorized | Posted: December 13, 2011

Thank you for allowing me to serve as the HBAGC President for 2011. It has been a real learning experience. The biggest question I, and others, had coming into the position, “So what is the value of membership of the Home Builders Association of Greater Columbia?” and the answers I have leaving the Presidency are amazing.

 

  • The Charitable Foundation. This year we gave $52,000 to children of members for college scholarships in 2011. We also built a home for the Denny Family. Our membership donated nearly $200,000.00 in service, materials, and cash to make this possible. I have attached this link for you to learn more. http://lagniappeproject.wordpress.com/2011/11/07/long-overdue-photo-update/#gallery-7-slideshow

 

  • Legislative issues. It seems like someone in government is always coming after our industry for money, more rules, laws, and regulations. Our staff and our lobbyists combined their effort with our membership to stop these attacks and protect the freedoms of persons to own affordable homes as part of the American dream. We had our day at the capital both here and in Washington. I was amazed how well we were greeted by our congressman and representatives and how engaged they were with us in finding real solutions to the problems that our industry has. We combined our efforts with the REALTOR Association, our employees and families, and we represent nearly 30,000 votes! A special thanks to our Political Action Committees which is how we show our support for those seeking election that support the common sense goals of affordable housing.

 

  • Networking. I will quote my daughter who has been in the business for 8 years and is one of the market leaders in new homes sales and marketing manager: “Most of the quality people I have met in my recruiting and in my business relationships I met through HBA and SMC events”. ‘Nuff said. HBAGC is what the member makes it. It is a way to meet and grow with the highest-level professionals in the industry.

 

  • Community. Our HBA staff, key members, and our lobbyist, work with all the cites, counties, and municipalities, to be sure that processes are followed properly and that changes to policy, ordinances, and laws will not have a negative impact on codes, permits, growth, or jobs.

 

  • Staff. We are blessed. We are nationally known for having one of the best staffs among all the HBAs nationwide. While attending a leadership conference in New Orleans last year, several people commented on this. Our membership numbers, budgets, and reserves show that this is not just a perception, but also a reality!

 

  • Now, I haven’t even mentioned the Parade of Homes, Tour of Homes, two Home Shows, plus the summer outing, fishing tournament, HBA Golf Classic………… and well, I will run out of paper and your attention if I go further. But you do get the picture. There is something for everyone in the industry at the HBA. If you’re not a member join, if you are a member recruit!

 

In closing, I would like to say I don’t really feel like the leader of this organization, it’s hard just to keep up! We should all follow the example of our members who serve and participate and make this a great industry and organization to be a part of!

 

Blessings,

Wade McGuinn

2011 HBAGC President

Home builders dogged by tougher lenders, foreclosures

Categories: Uncategorized | Posted: November 11, 2011

Midlands builder says regulators must ease up on banks to free money to stimulate the economy

By KRISTY EPPLEY RUPON – krupon@thestate.com

Wade McGuinn says a Camden bank recently turned him down for a loan to build up to 30 homes in Kershaw County.

That is 90 jobs people don’t have, he said.

Those jobs are the reason homebuilding needs to grab more attention in the national debate on how to revive the battered economy, said Barry Rutenberg, chairman-elect of the National Association of Home Builders, who was in town this week to speak to Midlands-area builders.

“Every home that’s built is three jobs,” said Rutenberg, a builder and remodeler in Gainesville, Fla., adding jobs are critical to an economic recovery, as jobless rolls remain bloated nationwide.

But so far, even historically low interest rates that recently dipped below 4 percent for a 30-year fixed-rate mortgage have not been enough to motivate potential buyers. Home buying and home building rates are down at least 40 percent from the peak in 2007 in the Midlands.

Meanwhile, builders face competition from increasing numbers of home foreclosures and short sales, in which the bank accepts less money than is owed on a home.

“The ‘American Dream’ is not dead. It’s gotten dented,” Rutenberg said. “It will come back.”

New housing inventory nationwide is down as home builders have pulled back or been forced out of business because they can’t get loans, Rutenberg said.

McGuinn, a longtime Midlands builder, said it is time for regulators to ease up on banks so they can lend more money to help stimulate the economy. Otherwise, more builders are going to fail, he said, and eventually consumers will have fewer options.

At the height of the housing boom, credit was easy to come by for builders and buyers. But as the overheated real estate market crashed and plunged the country into the worst recession in a lifetime, banks that survived tightened lending standards and many builders were forced into bankruptcy.

Banks need to find a middle ground, Rutenberg said.

He has been pushing a bill in Congress – the Home Construction Lending Regulatory Improvement Act of 2011 – that his organization says would ease lending standards enough to get housing and the economy flowing again.

Mike Crapps, president and chief executive of First Community Bank in Lexington, said many community banks like his are lending to builders. But the hurdles banks have to jump to approve an application are higher than they were five years ago.

Crapps said his bank consistently has considered three criteria when lending to small businesses: the borrower’s ability to repay, backup collateral and the future of the line of business.

Home builders can be hurt when lenders consider the future success of their proposed projects if there is a big inventory of similar homes already in the area or they are building homes outside of the typical price range that sells in the area, he said.

“The regulatory environment is not going to lead all banks to make the same decision,” Crapps said. “Regulators aren’t saying to us, ‘Don’t make loans to a particular industry.’ ”

But reforms are needed, small business experts say.

At a Federal Reserve conference Wednesday designed to help small businesses, Fed chairman Ben Bernanke, a Dillon native, called on banks to ease overly tight lending standards.

The Fed has been holding training sessions to ensure that banks are meeting the needs of creditworthy business borrowers while maintaining appropriate lending standards, Bernanke said. Many small businesses have complained their banks have made it too hard to get loans.

“Small businesses have played an important role in fueling past economic recoveries,” Bernanke said. “We need to think carefully about how … our nation can best provide small businesses and entrepreneurs with the support they need to expand job opportunities.

The Associated Press contributed

Read more: http://www.thestate.com/2011/11/10/2040992/home-builders-dogged-by-tougher.html#storylink=addthis#ixzz1dLmZRwEX