2009 is shaping up to be one of the best times ever for those looking to buy a home in Charleston SC. Prices have dropped to levels from a couple of years ago, inventory is high, absorption rate is high, and interest rates are hitting their all time low. Remember the old saying, "Buy low, sell high"? Well, right now is the prime time to take advantage of that!
The only negative factor for those looking to buy a home in Charlston SC is the fact that banks have tightened up their lending guidelines, making it that much harder for buyers to obtain mortgage money. It is more important than ever before to make sure your credit is in top shape, because if it isn't, you will not be able to get a mortgage, and you will miss out on the great opportunities that exist in the Charleston SC real estate market.
Below is a checklist of important steps buyers should take to get on the right path to success--buying a home in the Charlston SC real estate market in 2009!
1)KNOW YOUR CREDIT: Once a year you are entitled to get a free credit report, one from each of the three major credit bureaus. The government set up a website that people can get their reports. Don't fall for the "Free Reports" websites, they usually require you to sign up for some service or subscription to get your reports.
This site is the real deal. One note--they do charge to give you your scores, something like $7, but you will need these. The website is www.annualcreditreport.com.
It is best to go ahead and get them before year's end. Then, you have three free reports waiting for you in the new year so you can check progress.
2) CONTACT A REALTOR AND MORTGAGE LENDER: the next step is to contact a professional team that will go over your reports with you and translate them. The right team will work with you to devise a plan of action to get you on the fast track to success. This step sounds simple, but unfortunately their are less than professional Charleston SC realtors and mortgage lenders that will not take the time to help folks that need to work on their credit. If you aren't ready, able and willing to buy TODAY, they won't help you. Don't worjk with anyone that won't help you!
3)DON'T MAX OUT THE CREDIT CARDS THIS SEASON! 'Tis the season, however, don't get too carried away! Running up huge credit balances can put a major hurt on your credit--not to mention it could also hurt you in qualifying for a mortgage by negatively impacting your Debt-To-Income Ratio.
If you are looking to buy a home in Charleston SC in 2009, you want to avoid any big purchases--new car, house full of furniture, the entire right side of Best Buy, etc. All of these will hurt your ability to qualify.
4) START SAVING! Buying a home in Charleston SC today takes money, and not just the mortgage money. You need to worry about a down payment, as 100% loans have all but disappeared. There are also closing costs, although these can usually (but not always) be paid by the seller. Plus, it is a good idea to have some money saved away when buying a new home (especially if it is your first).
If you are thinking of buying a home in Charleston SC in 2009, now is a good time to start preparing yourself. Mortgage money is harder to come by these days in the Charleston SC real estate market, but that doesn't mean you can't buy a home in Charleston SC in 2009.
I have helpful e-newsletters that offer free information for first time homebuyers, and another for credit and credit repair. I also offer a special report about credit cards, "The Good, The Bad, The Ugly". Just drop me a line at jeffm@weichertpc.com and I will be happy to sign you up--they are free, with no obligation!
Be sure to check out my website for more helpful information and services for those looking to buy a home in Charleston SC in 2009. There is also more credit info.
Remember, it is important to choose the right team of professionals. Contact me today and I can help you get started to buying a home in Charleston SC. The services of a Charleston SC Realtor are FREE to all buyers!
Jeff McIlhenny is a licensed Realtor with Weichert Realtors Palmetto Coast in Mt Pleasnt SC and serves the entire Charleston SC real estate market. You can reach him at 843-452-2953 or jeffm@weichertpc.com.
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