buyers market: Who can take advantage of the $8000 credit?- It's not just for 1st time homebuyers!
- 03/05/09 09:38 AM
The $8000 "FIRST TIME" Home Buyer Tax Credit in not just for your traditional first time homebuyer. Anyone who has not had any ownership interest in a home in the last 3 years qualifies! If you previously owned a home but have not owned a home in the past 3 years, you can take advantage of this opportunity! You must close on the home between January 1-November 30, 2009. It has to be an owner occupied residence. The tax credit is $8000 or 10% of the purchase price, whichever is less. Tax credit on 2008, 2008 amended, or 2009 return. IRS … (3 comments)
buyers market: Myth #9 All mortgages are essentially the same.
- 12/10/08 05:40 AM
This is a continuation of a series: 10 Common Myths Shared by Homebuyers.* See myth #8 here. It can be complex in choosing a mortgage since there are plenty of options. Your particular circumstances may dictate what options are available to you. By assuming all mortgage are the same, a buyer might deprive themselves of making a fully informed decision. When borrowers compare rates, you could make sure you are comparing apples to apples in the same season. What I mean by "season" is that if you are shopping rates with different lenders, you should get a quote from all of … (0 comments)
buyers market: Myth #8 Getting a mortgage should be quick and easy
- 12/01/08 02:38 AM
This is a continuation of a series: 10 Common Myths Shared by Homebuyers.* See myth #7 here. Many buyers resent the lending process and don't understand why they need to provide a pre-approval and start jumping hoops before they find a house they like. In troubled mortgage markets, lenders take more precautions before lending money. Lenders must be certain that a borrower is creditworthy which requires quite lengthy application process and documentation verification. Given the changing guidelines, it's important for a buyer to cross this hurdle first. In the Charleston market, many of the lenders I'm working with are putting the … (3 comments)
buyers market: Myth #7 Foreclosures are the best deal.
- 11/23/08 11:40 PM
This is a continuation of a series: 10 Common Myths Shared by Homebuyers.* See Myth #6 here. There has been so much media attention on the rise of foreclosures and the hype of getting a good deal. It's hard not to ignore it and of course everyone wants to get a fantastic deal. But the fact is that some foreclosures are overpriced and also have undesirable conditions attached to them. On a foreclosure, what you see is what you get. The bank will not make any repairs. One important thing to do is to evaluate the cost of repairs to make … (5 comments)
buyers market: Myth #6 Buying a house is as simple as agreeing on price and signing a few papers.
- 11/17/08 01:36 AM
This is a continuation of a series: 10 Common Myths Shared by Homebuyers.* See Myth #5 here. Not true! There are many issues that need to be negotiated beyond price. There are many things to negotiate, some of which may include closing date, items to convey, contingency timeframes and closing costs. Then there's other miscellaneous stuff that is situational like a home for sale contingency. Additionally, there are many steps involved in purchasing a home beyond the contract. Home inspection and appraisal are two big ones but there are plenty others that have to happen behind the scene. A realtor can … (4 comments)
buyers market: Myth 5: I'll improve the odds of finding the house I want if I work with more than one agent.
- 11/10/08 01:06 AM
This is a continuation of a series: 10 Common Myths Shared by Homebuyers*. See Myth #4 here. Buyers can mistakenly rationalize they should have several agents working for them. Working with more than one agent will create confusion for buyer and agents alike. Agents have access to the same Multiple Listing Service. A consultation with a professional realtor will allow an agent to concentrate on your needs and wants. While interviewing agents, sharing your priorities in your home search will help the agent in helping you find properties that meet your criteria. Select one agent to represent your interests so you … (9 comments)
buyers market: Myth #4: If I just wait long enough, I'll find the perfect house.
- 11/05/08 01:54 AM
This is a continuation of a series: 10 Common Myths Shared by Homebuyers. See Myth #1 here. I hate to break the bad news, but there's no such thing as a perfect home. Buying a home ALWAYS requires compromising. When looking at property, there are many things that a buyer might notice that they do not like: wallpaper, paint colors that don't match your décor, dated light fixtures that don't go with your style, the ugly bush outside that needs help and plenty of others. It easy to rule out houses that might require too much work. Once you set a … (5 comments)
buyers market: Myth 3: I can find all properties for sale on my own
- 11/03/08 11:44 PM
This is a continuation of a series: 10 Common Myths Shared by Homebuyers. See Myth #1 here. Most properties can be found online. The Internet is a great resource for buyers and of course you can drive through neighborhoods you like or look through the paper and home magazines. BUT there are many properties that are NOT advertised and/or DO NOT have signs. Many foreclosures in our market do not have signs. I have no idea why, but they don't! And believe it or not, some sellers request for signs not to be placed in their yard and some neighborhoods do … (15 comments)
buyers market: Top 10 Common Myths Shared by Homebuyers* Myth #1
- 10/29/08 02:05 AM
Myth #1: All agents are the same. The general public thinks that everyone that has a real estate license is the same. The Rebac article* poses a great example: "Does everyone with a driver's license operate a vehicle the same way? Of course not! Drivers approach the road differently. Realtors do vary considerably in their approach to their job as well." Some realtors are part time and do not take the job of assisting you in your most important investment seriously. Real estate designations are another way to gauge agents that are serious about their job. An agent with designations shows … (9 comments)
buyers market: The house that hasn't sold 8 months later but could have
- 08/28/08 02:24 PM
In December of last year, I submitted an offer for a buyer on a 3 BR 2500 sqft home in Goose Creek, SC. The seller was transferred out of the area due to the military. The listing price was $208,000. We offered $200,000 and they countered at $206,000. The buyer wanted to hold their ground at $200,000. Due to the time of year (slower sales) and for the state of the market given the builder was building the same house for $17,000 less, I felt it was a great offer. The agent said the seller couldn't do it because they would … (5 comments)
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Michele Reneau
Realtor, GRI ~ Charleston, SC Relocation Experts Team
Charleston SC real estate, Military Relocation Experts serving Goose Creek SC, Summerville, SC and surrounding areas. CSP Elite Instructor, How to Maximize Your Client's Equity Through Home Staging.
The $8000 "FIRST TIME" Home Buyer Tax Credit in not just for your traditional first time homebuyer. Anyone who has not had any ownership interest in a home in the last 3 years qualifies! If you previously owned a home but have not owned a home in the past 3 years, you can take advantage of this opportunity!
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