Why the Median Home Price Is Meaningless in Today’s Market




The National Association of Realtors (NAR) will release its latest Existing Home Sales (EHS) report later this week. This monthly report provides information on the sales volume and price trend for previously owned homes. In the upcoming release, it’ll likely say home prices are down. This may feel a bit confusing, especially if you’ve been following along and seeing the blogs saying that home prices have bottomed out and turned a corner.

So, why will this likely say home prices are falling when so many other price reports say they’re going back up? It all depends on the methodology of each report. NAR reports on the median sales price, while some other sources use repeat sales prices.…

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Saving for a Down Payment? Here’s What You Need To Know.




If you're planning to buy your first home, then you're probably focused on saving for all the costs involved in such a big purchase. One of the expenses that may be at the top of your mind is your down payment. If you’re intimidated by how much you need to save for that, it may be because you believe you must put 20% down. That doesn’t necessarily have to be the case. As the National Association of Realtors (NAR) notes:

“One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership.”

And a recent Freddie Mac survey finds:

“. . . nearly a third of prospective homebuyers think they need a down payment of…

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Why Buying or Selling a Home Helps the Economy and Your Community




If you're thinking about buying or selling a house, it's important to know that it doesn't just affect your life, but also your community.

The National Association of Realtors (NAR) releases a report every year to show how much economic activity is generated by home sales. The chart below illustrates that impact:

As the visual shows, when a house is sold, it can make a big difference in the local economy. The impact comes largely from the workers required to build, update, and buy and sell homes. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry adds jobs to a community:

“The economic impact means housing…

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Charter One Realty Agents Lead the Way in Real Estate Achievement


We are delighted to share with you some truly remarkable achievements of our outstanding agents at Charter One Realty. It is with profound gratitude that we announce the extraordinary success they have attained, positioning them as industry leaders and setting new standards of excellence in real estate.

We are humbled and thrilled to inform you that seven of our esteemed agents have been ranked among the top 25 realtors in the MLS. This exceptional recognition is a testament to their unwavering commitment, expertise, and unwavering dedication to serving our valued clients.

In addition to this remarkable accomplishment, we are thrilled to share that Charter One Realty agents have…

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Traveling this Summer? Tips to Ensure Your Luggage Arrives First at Baggage Claim

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When it comes to collecting your luggage promptly at baggage claim, time is of the essence. While many travelers prefer the convenience of traveling with carry-on bags, there are situations where checking in a bag becomes necessary. However, the downside is the potential wait time at the baggage claim area. Although there's no guaranteed method to ensure your bag arrives first, implementing a few strategies can increase your chances significantly.

One method that's known to expedite baggage retrieval, particularly with certain airlines, is utilizing priority baggage services. These services are offered to frequent flyers with elite status tiers, as well as…

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Charter One Realty is Proud to be a Sponsor of the 2023 Beaufort Water Festival.

Welcome to the Beaufort Water Festival, an annual celebration that transforms Beaufort's sea island into a vibrant hub of excitement. This highly anticipated event offers a plethora of activities and entertainment, making it the perfect destination for locals and visitors alike. Join us as we explore the diverse schedule of events that will captivate your senses and create unforgettable memories against the picturesque backdrop of Beaufort's waterfront.

Schedule of Events:

Friday, July 14:

  • Festival Arts & Crafts Market Location: Promenade at Waterfront Park Event Details: 2 pm – 7 pm

  • Opening Ceremony Sponsored by: Devil Dog Headquarters…

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2023 Beaufort Water Festival

See the Schedule of Events Here.

Every year, in the heart of summer, Beaufort's sea island transforms into a magnificent stage for one of the South's most anticipated outdoor gatherings. The Beaufort Water Festival, a remarkable celebration, has evolved into a prominent event, captivating both locals and visitors alike. Although it has grown in significance and entertainment value, this community-driven, non-profit initiative remains deeply rooted in its origins. Let's delve into the history and evolution of this extraordinary festival that has become a highlight of the real estate gem, Beaufort.

Origins and Early Days:

Back in July 1956, the inaugural Beaufort Water Festival took place under the leadership of John…

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You may see media coverage talking about a drop in homeowner equity. What’s important to understand is that equity is tied closely to home values. So, when home prices appreciate, you can expect equity to grow. And when home prices decline, equity does too. Here’s how this has played out recently. 

Home prices rose rapidly during the ‘unicorn’ years. That gave homeowners a considerable equity boost. But those ‘unicorn’ years couldn’t last forever. The market had to moderate at some point, and that’s what we saw last fall and winter. 

As home prices dropped slightly in the back half of 2022, equity was impacted. Based on the most recent report from CoreLogic, there was a 0.7% dip in homeowner equity over the last year. However, the headlines…

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If you’re thinking about selling your house right now, chances are it’s because something in your life has changed. And, while things like mortgage rates are a key part of your decision on what you’ll buy next, it’s important to not lose sight of the reason you want to make a change in the first place.

It’s true mortgage rates have climbed from the record lows we saw in recent years, and that has an impact on affordability. With rates where they are right now, some homeowners are deciding they’ll wait to sell because they don’t want to move and have a higher mortgage rate on their next home. As Danielle Hale, Chief Economist at Realtor.com, explains:

“. . . homeowners who locked in a 30-year fixed rate in the 2-3% range don't necessarily…

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Media coverage about what’s happening with home prices can be confusing. A large part of that is due to the type of data being used and what they’re choosing to draw attention to. For home prices, there are two different methods used to compare home prices over different time periods: year-over-year (Y-O-Y) and month-over-month (M-O-M). Here's an explanation of each. 

Year-over-Year (Y-O-Y):
  • This comparison measures the change in home prices from the same month or quarter in the previous year. For example, if you're comparing Y-O-Y home prices for April 2023, you would compare them to the home prices for April 2022.
  • Y-O-Y comparisons focus on changes over a one-year period, providing a more comprehensive view of long-term trends. They…

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