The government shutdown and real estate
As we enter the fifth week of the government shutdown, the impact of over 800,000 federal employees furloughed or working without pay is trickling down and out. Real estate is one of the areas in which buyers are anxious. The already slower winter market is beginning to get even slower. Depending upon how long the shutdown lasts will determine if and when the housing market will see an upturn.
Here’s how the shutdown is affecting the real estate market:
• Sellers may be slow in listing their property which reduces inventory.
• Buyers may see a delay in getting loan approvals and processing, especially if they are government loans such as VA, FHA or USDA.
• Lenders may not be able to verify potential home buyers’ income because of reduction of staff at the IRS; some IRS members are furloughed or working without pay.
Though, according to a recent National Association of Realtors (NAR) survey of over 2,000 members, “75 percent had no impact to their client signings or closings . . .11 percent did report an impact on current clients and 11 percent on potential clients.”
The determining factor for some of these buyers is simply uncertainty, even if they were not federal employees. The good news is that those who did decide to buy and were approved for a USDA loan, the wait time for approval was only delayed by 17%. Buyers who rely on VA, FHA and USDA may lose a bid for those delays.
“The shutdown is not really affecting the Charleston real estate market right now,” said Jayme Logue of Coldwell Bankers. “But, the Coast Guard is what has driven my business and it’s affecting that.”
Logue, who is married to a Coast Guard retiree, is feeling the effects in some regards since her spouse is affected by the shutdown.
“We’re doing what we can to help those affected by the shutdown,” Logue said. She and her husband are hosting a cookout for active and retired Coast Guard and Homeland Security member s in the community. Check Real Estate Happenings for details.
New Agents Join Realty One Group Coastal Team, 1510 Trolley Road, Summerville
Jenny Blanche has over 18 years’ experience in multifamily real estate assets, single family real estate management and sales. She has a background in property investment and management, as well as experience in renovating homes to sell for top dollar. Call 843-972-9450.
Suzanne London has deep roots in the south, growing up in Summerville. Her ability to “never meet a stranger” and large portfolio of clients and contacts ensure her clients receive individualized attention. Call 843-972-9450.
Gina Solano worked as a real estate investor that covered the United States and international markets. As a seasoned agent, renovator and seller of premier properties, she minimizes clients’ search efforts by finding the top features they desire. Call 843-972-9450.
Bryan Butler brings a wealth of knowledge from his experience in real estate, service and innovative technology to best serve his clients. As a U.S Army veteran, his passion and reputation for educating active duty military and veterans on the home buying process are at the top of his list. Call 843-972-9450.
Francis Runions, originally from Tennessee, moved to the Lowcountry four years ago. Working in the medical field and sales for over 20 years, she brings a deep understanding of the negotiating process and the complexities of real estate. Her goal is to make her clients’ experience as seamless and stress-free as possible. Call 843-972-9450.
James Hall is a 20 year military veteran with a range of specialties in real estate including 1st Time Home Buyer Specialist, New Home Construction, Luxury Homes and Investment Properties. Call Jason at 843-972-9450.
Pam Robinson is a seasoned real estate professional with over 30 years of experience. Winning awards in the real estate industry such as #1 real estate agent in the Southeast in 2005, she brings her knowledge of investment strategies and savvy negotiation skills (in both residential and commercial real estate) to her clients in the Lowcountry. Call 843-972-9450.
Barbara Mays is a native South Carolinian and knows the Lowcountry well. She as worked in entertainment, publishing, communication and real estate. May began her real estate career with one of the most prominent real estate offices in the Washington, D.C. area and quickly established herself as a listing agent. She leads her clients through all of real estate processes and transactions, making their experience seamless and stress-free. Call 843-972-9450.
Scott Hanson moved to the area and quickly became involved in real estate industry in 2015. With a degree in economics and international business, he is equipped with stellar problem-solving and negotiating skills. As both a pastor and real estate agent, Hanson has what he considers one of his best tools--listening to his clients. Call 843-972-9450.
Two New Agents Join Bershire Hathaway
Jason Jordan is a Charleston native and has spent his life exploring the Lowcountry. Jordan has a unique understanding of the real estate market in the Charleston area. Having been in real estate for many years, he has extensive knowledge of and expertise in Charleston and surrounding area real estate. Jordan is one of the Top Charleston Agents with Berkshire Hathaway Home Services Carolina Sun. Contact him at 843-822-3480 or email Jason@topcharlestonagens.com.
Donna Marguglio joins the team of Michael Smith’s Top Agents at Bershire Hathaway. Marguglio ensures every one of her clients receive white-glove service. As a licensed Charleston Tour Guide, she has a great understanding of Charleston, the architecture and the beautiful real estate in the Lowcountry. As a top real estate agent, her past and former clients give her rave reviews and her referral rate is a testament to her dedication. Contact her at 843-200-7405.
Coldwell Banker Residential Brokerage in Mount Pleasant welcomes new agent
Carol Mennona has lived throughout the U.S. and brings a wealth of experience to her clients at Coldwell Banker. As a realtor for 18 years, Mennona has the passion, experience and dedication to deliver first-class service to clients. Experienced in negotiation and state-of-the-art technology, superior marketing materials and experience, she helps buyers become well-equipped when it comes to buying or selling. Call Donna at 337-263-8877.