I know it seems like forever and a day that we’ve been talking about just how down the economy is and how there’s so much uncertainty about everything financial, but believe it or not, right now is a GREAT time to buy a house in the Fort Mill or Rock Hill SC area.
How can I say such crazy things?
Here are 5 reasons why I believe it’s such a great time to buy a Fort Mill or Rock Hill SC house:
- It’s a buyer’s market. I don’t think this one comes as any surprise, but today’s buyers have an opportunity to dictate a lot of the transactions. While you should still expect to pay a fair market value, given the state of the economy overall today’s fair market value is considerably lower than what it has been. As a result, there are some real gems available for those willing to do the work and find them.Or you could simply hire a savvy Fort Mill real estate agent to do all of the hard work for you.
- Interest rates are still at all-time lows. I personally don’t remember the days when interest rates where close to 20% so I can’t really speak from personal experience, but I do know that any time interest rates are around the 5% mark we’re dealing with some very inexpensive loans.All of the banks have definitely cracked down on just giving away loans so you’ll need to have good credit and the ability to pay, but that should really go without saying anyway.
- All of your competition is on vacation. With the summer in full swing a lot of your home buying competition is at the beach, in the mountains, or over the river and through the woods to visit dear old grandma. As a result, you’re less likely to face competition when bidding on that new home of your dreams.
- The Fort Mill and Rock Hill SC real estate markets are relatively strong. Unlike other areas of the country, the Charlotte metro area has remained relatively strong, in spite of the many job losses we’ve experienced.York County has done a great job of bringing in new companies and with some of the highest rated schools in the state of South Carolina, chances are we’ll continue to see an influx of people moving to the Fort Mill and Rock Hill area, either for jobs or simply to escape much of the chaos that is the Charlotte Mecklenburg school system.
- The school year is rapidly approaching. As summer moves towards the fall season, it means that school will soon be in session. Whether you’re hoping to get a child enrolled in one of SC’s highest rated school districts or the home seller is looking to be moved out before the school year starts, right now is definitely the time to take action.Remember, it takes 30-45 days to close on a typical residential real estate transaction, which means you’ll need to get moving soon in order to beat the school bus to the corner!
Finally, just keep in mind that any time there is uncertainly and ‘gloom and doom’ talk about the economy it means there are LOTS of great deals available for those willing to put in the time and effort required to uncover them. With a little bit of real estate knowledge and experience (or having someone on your side that has these), you can find that perfect new house that you’ll be able to enjoy for many years to come.
Filed under Buy Your Dream House, Carolina Real Estate, Home Buyers, Life In the Carolinas, Market Trends by 
If you are in the market to buy a home, you probably feel like you are king. You have been told over and over again that it is a buyer’s market and the “steal of a deal” you can get.
BEWARE! Many times it’s not always readily apparent why a particular house for sale is such a steal of a deal, and as a result you can be mislead into being a difficult buyer rather than a successful one.
Here are some qualities of a successful buyer to be sure you are on track to find the right house, at the right price, at the right time:
- Provide your real estate agent complete and accurate information, whether it be financial, motivations, or time-lines. The more information they have the more they can help you.
- Set aside consistent time to learn about and to stay abreast of the market inventory. Ask your real estate professional to send you homes currently on the market and keep track what price ranges are moving and what they might be selling at. Your real estate professional can help you with statistics as well.
- Be prepared to be competitive and disciplined.
- Give serious consideration to your real estate professional’s advice. There is probably good reason you hired this professional to work on your behalf so sure before you do hire a real estate agent, make sure they know their facts about the current market.
With these few basic qualities you’ll save yourself time and money, and will not be disappointed by unmet expectations.
Happy Buying!
Filed under Buy Your Dream House, Carolina Real Estate, Hiring An Agent, Home Buyers, Lessons Learned, Market Trends by
With so many incentives to buy a home, now is by no doubt, the time to buy. With lenders tightening their guidelines, you might want to be sure you have your finances in check.
With brand new federal regulations, this will help you understand how it will benefit you and tame your credit card debt. The bad news, is because of this government intervention you might have already seen a rise in your interest rates. This is from Red Book Magazine
1. They can’t raise interest rates on debt you’ve already racked up. They can if you are more than 60 days late on these payments. So pay your cards on time!
2. If your card charges you different interest rates (say, 14% for existing balances, and 2% for balance transfers), they must apply your payments to the debt carrying the highest rates first. So the faster you pay it off, the more money you save.
3. They can’t raise your rates if they find out you’ve been late on other credit cards or loans. This doesn’t mean you credit score will not be affected, which can eventually lead to higher interest rates. Your best bet is just to pay it on time.
4. You can no longer go over your credit limit and be charged the subsequent fees- unless you notify your credit card company in writing that you’d like to spend more than your limit. So don’t spend more than your limit.
5. They will tell you on your bill how long it will take to pay off your debt and how much it will cost you, including interest, if you pay only the minimum each month. This will be an eye opener, and a hard lesson for many. Pay more than the minimum or you could possible pay on this card longer than your house mortgage.
6. Those under 21years old won’t be able to get a credit card unless they show proof of income or get an adult to cosign. I think this is the smartest law of all! When I was in college, you would sign your life away for a free t-shirt or can coozie. All adults over the age of 21 take note…DON’T COSIGN
Love’s Plaza, located at the corner of Cherry St. and Mt. Galant Rd, is the latest business to comply with a 2002 policy aimed at cleaning up Cherry St. The Rock Hill City Council approved a plan in 2002 that would require all businesses in the city limits along Cherry Road and Saluda Street to comply with tighter limits on signage.
According to the Rock Hill Herald Online, “This policy allows only monument-style signs that are no more than 10 feet high, featuring no more than 200 square feet of sign surface on each side. That rules out the towering pole signs and billboards that have dominated much of Cherry Road.”
The city agreed to immediately pay up to 60% of the cost of replacing non-conforming signs, with that amount being reduced over time, and none of paid in 2010.
The idea behind the policy was to clean up the commercial section of Rock Hill, but if it’s taking almost 7 years to complete, how much of an effort is the city really making? Believe me, I’m all for doing whatever it takes to clean up anything that devalues anything about our beloved Rock Hill SC so I definitely appreciate Love’s taking down the sign, but at what point do we get serious and make a concerted effort to really make it happen?
I don’t have a list of businesses or signs that don’t comply with the policy, but it would certainly be interesting to see a list of everyone that’s complied and those that have yet to fall in line.
One of the very first things to consider when you buy a home is that you will be granted many economic benefits from your investment. Homeowners benefit from many tax incentives, such as property tax along with mortgage interest deductions. If you are going to be a first time homeowner you need to take note taxes are in fact fully deductible.
Homeowners that have lived in their home for two out of five years, there will be a capital gain exclusion law that will let them deduct up to 0, 000 of the earnings from capital gains. This means lower taxes for homeowners.
Over years real estate always gains, this is not like a car or a boat, the home value will always increase. Except for some dips in the market. When viewing all the benefits of building a home, this should be a topic that is thought of well.
Don’t forget your obligation to look after upkeep. Not having enough money in the bank account isn’t a satisfactory excuse. When you hire a home, you give the owner a check. When you purchase a home, you have to guarantee that all costs are met and managed every single month, forever. Infrequently it’s month to month ; sometimes it is a twelve month lease. But, regardless of what, there’s always a way out.
Think about your monthly payments on your home as rent. This makes it easier to pay off your home. Every cent that you put against your mortgage, it increases the equity on your home.
When you buy your own home you can call it yours, you can paint whatever you want, and you can remodel they way that you choose. You will no longer have any landlords as we all love them.
Filed under Buy Your Dream House, Carolina Real Estate, Home Buyers by
