real estate: Aaaarghh! I Just Can't Decide!!! Let Me Ride On a Helicopter...
- 03/23/10 06:39 AM
Aaaarghh! I Just Can't Decide!!! Let Me Ride On a Helicopter... As inventory increased in the years following the "sub-prime meltdown" and we switched from a "seller's market" to a "buyer's market", many buyers experienced MORE DIFFICULTY in making a puchase decision. (OK, hold it, wasn't it supposed to be easier, now that there are more choices available...??) The fact is that having MANY options sometimes OVERWHELMS buyers and causes BUYER PARALYSIS! Buyers are comparing different types of homes (private sales, short sales, lender-owned, foreclosure auctions) that have different advantages and disadvantages, features. special prices, incentives and gimmicks. To keep the buying … (7 comments)
real estate: Charleston (SC) Real Estate Market Experiences Change in Momentum
- 11/19/09 08:43 AM
The Charleston, SC Area real estate market has experienced an important change in sales momentum. Fueled by low mortgage interest rates, improved housing affordability (lower home prices), the $8,000 Tax Credit for first-time home buyers and the prospect of increased employment with the future Boeing plant being built near the Charleston International Airport, year-over-year monthly sales (i.e. October 2009/October 2008) have shown increases for the past four months, for the first time since October of 2006! As this chart shows, this "turn" in the market trend signals positive things to come for our real estate market. Higher monthly sales = accelerated inventory reduction = shorter … (0 comments)
real estate: The A-Z of Buying a Home (Part 5)
- 11/12/09 11:52 PM
The A-Z of Buying a Home (Part 5) By Alan Donald, BuyHomesInCharleston.com This is the last part of our brief guide for first-time home buyers in South Carolina. Once you have closed on the purchase of your home, you will still need to take care of some very important details (in addition to your move): 1.Change all the utilities in your name. Usually sellers stop their accounts as of the closing date, sometimes they give you 1-2 days grace. The last thing you want is to get to your newly purchased home and find the power is off, and the temperature … (0 comments)
real estate: The A-Z of Buying a Home (Part 4 of 5)
- 08/28/09 03:30 AM
By Alan Donaldwww.BuyHomesInCharleston.com You have finished performing your Buyer's Due Diligence and everything's lined up for a closing on a specific date and time (usually at the attorney's office). What happens at this "closing"? A "real estate closing" is the name given to a completion of the real estate transaction, including legal (title) and financial (loans & mortgages) aspects. It is an event that normally takes about an hour, in which normally all the parties are present (the sellers and their listing agent, the buyers and their buyer's agent, the closing attorney, and in some instances the loan originator). The parties … (0 comments)
real estate: The A-Z of Buying a Home (Part 3 of 5)
- 08/22/09 05:30 AM
By Alan Donald, BuyHomesInCharleston.com You found a home, negotiated a favorable contract ("ratified" = signed & delivered). You are supposed to close in 30 days. What now? This period from contract to closing (also known as "escrow period" in some states) is critical for the buyers to do their due diligence. This means investigating everything they want about the home including the bricks and mortar, the title, the neighborhood, etc. to their satisfaction. It is also the time to formally apply for the loan (you may have shopped around with different lenders before you got pre-approved by one of them. You … (0 comments)
real estate: The A-Z of Buying a Home (Part 2 of 5)
- 08/21/09 02:45 AM
The A-Z of Buying a Home (Part 2) by Alan Donald, BuyHomesInCharleston.com OK - so you've hired a REALTOR, discussed your needs and buying criteria and got preapproved by a lender. Now it's time to go see homes! Although it is a relatively small city, the Charleston Metro Area is very large, with hundreds of neighborhoods, areas and subdivisions each with a different style, construction, lot size and price point. Step 4 - The Home Search The home search is a collaborative effort between you and your REALTOR. If you are comfortable "sharing the news", make sure that you mention to … (1 comments)
real estate: Are Banks Socially Responsible?
- 07/08/09 09:47 AM
On May 1st, Wells Fargo, one of the nation's largest mortgage lenders, decided to tighten its underwriting standards for 200 markets they considered as distressed or soft, requiring higher down payments and making state-income loans off limits in most of these markets. I believe this will cause other banks to follow suit (the bandwagon effect). This is one more action that shows that the stimulus money provided by the Federal Government and intended to loosen up credit and provide funding to stabilize the real estate market is not working as intended. The government should have required the banks to lend this … (0 comments)
real estate: Tips for First-Time Home Buyers
- 06/14/09 05:50 AM
As a first time home buyer, you need to maintain a balance between money and lifestyle in a way that makes sense for you and your family. Buying a home comes with great benefits, but also with added responsibilities, one of the reasons many would-be first home buyers are very apprehensive and fearful of the process. They need not be. Although the process is not complex, it includes a myriad of steps that have to be done in the right order to avoid problems. Hiring a REALTOR who can recommend the right team of inspectors, attorneys, lenders, surveyors, insurance agents, painters, … (0 comments)
real estate: What's Happening With Mortgages?
- 09/19/08 08:15 AM
WHAT'S HAPPENING TO THE MORTGAGE MARKETS? (Sept. 18, 2008) On the positive side, Freddie Mac reported that 30-year fixed rate mortgages fell this week for the 5th consecutive week. According to the Mortgage Bankers Association (MBA), lenders saw a 58 % surge in mortgage applications since August 15th, led by a 122 % surge in re-financing applications. Fixed-rate mortgages are currently the predominant choice (95 % of all new applications) among home buyers. Applications for adjustable rate mortgages (ARMs) have fallen by almost 50 % since the end of last year. After the government takeover of Freddie and Fannie last week, … (0 comments)
real estate: Housing and Economic Act of 2008 - Mixed Blessings!
- 09/16/08 06:47 AM
Although it has been heralded as a piece of "life-saving" legislation for the housing market, The Housing and Economic Recovery Act of 2008 that will kick in on October 1st contains some important provisions that will affect our industry adversely: It eliminates DAP (downpayment assistance programs) that allowed buyers to borrow 100% of the purchase price. While this makes sense from a risk-based analysis point of view (these types of loans defaulted at a much higher rate than loans where the buyer actually puts in a downpayment out of their own money) it does not stimulate the housing industry, restricting first-home buyers, who are … (0 comments)
real estate: MAKING "LOWBALL" OFFERS WITHOUT OFFENDING SELLERS
- 07/16/08 05:39 AM
In the last two years, the housing market in the Charleston area has changed from being a “seller’s market” where sellers had the upper hand and buyers had to dance to their tune, to a “buyer’s market” where roles are reversed and buyers now have the advantage. The housing market is affected both by the real numbers (supply and demand), and by the PERCEPTION of the market created by the media. It is true that we have much higher inventory today that we had in mid-2006. But on the other hand, demand has not collapsed like it has in California, Nevada … (5 comments)
Articles of interest, market updates and relocation information for Charleston SC, including Mount Pleasant, Daniel Island, Isle of Palms, Sullivans Island, Hanahan, Goose Creek, James Island, Kiawah Island, Folly Beach, Johns Island and Summerville.
Aaaarghh! I Just Can't Decide!!! Let Me Ride On a Helicopter...
;)
;)
