Archive for category: News

Some real estate people in Florence are optimistic about the market despite rising interest rates.

According to an article by the Associated Press, the average long-term U.S. mortgage rate has climbed over 6%, which is the highest in 14 years since the housing crash of 2008.

In South Carolina, the average mortgage rate for a 30-year fixed loan is 6.36%. The highest mortgage rate in history was in October 1981 with an interest rate of 18.45% and the lowest mortgage rate was in 2020 at 2.68%, according to Mortgage Buyer Freddie Mac.

Real estate broker Joey McMillan, who has 20 years of experience, said not to panic over the rise in interest rates. The rates are not usually high but are higher than what most are used to with the housing market.

When he first started in the business, McMillan said, interest rates were slightly higher than the current rate at 7½ percent. He said several people working in his office could attest to their interest rate being as high as 18% on their first home.

“Today the interest rates are at 6½ percent,” he said. “That is definitely up from six months ago, but in the early ‘80s, interest rates were as high as 18 percent. Historically, rates are pretty good. We are just used to extremely low rates.”

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Francis Marion University plans building renovation and new construction as well as curriculum upgrades in 2023.

“In the fall, we will solicit proposals for the construction of our Environmental Sciences and Forestry Building. If we bid that out in the fall of 2023, They would start construction on that in spring of 2024. That would take about 18 months, and should be finished sometime in 2025,” University President Fred Carter said.

Last year, the state legislature appropriated $18 million in capital funding for the research and classroom building which will be located near Francis Marion Highway across from the main campus. The university is going to put a lake in front of this as well.

The Greater Florence Chamber of Commerce is now accepting nominations for the 2023 Small Business Person of the Year. The award will be presented by Dedicated Community Bank at the Chamber’s Outlook Luncheon on Wednesday, March 22.

The award is meant to recognize an area small business owner who exemplifies professionalism, strives to enhance our community and has made a positive impact on the local economy.

To be eligible for the nomination you must be a member of the Greater Florence Chamber of Commerce and associated with a sole proprietorship, partnership, corporation or professional practice in the Greater Florence area. The nominee must meet the following criteria.

1. In business with fewer than 50 employees and in business for at least 5 years.
2. The nominee must be is a leader in the Florence business community and has demonstrated dedication to overcome the adversities of a small business.
3. The nominee must be a person who has made a positive economic impact in the Pee Dee area.

To nominate, please email nominations to Susan Farver – sfarver@flochamber.com.  If you have questions about nominations, please contact Susan at 843-665-0515.

For more information, click here.

Resurrection Restoration Center For The Homeless & Etrulia’s Arms Family Center will host Resurrecting the Dream – A program honoring the Life & Legacy of Rev. Dr. Martin Luther Kings, Jr on Friday, January 13th at 6:00 pm at First Presbyterian Church (700 S Park Ave, Florence). Banquet tickets are $50 each and proceeds will support charitable organizations.

For more information, click here.