You probably don’t need me to tell you this, but just like Wall Street’s recent tumble, the real estate market has taken it’s own tumble. Fortunately for those of us living here in the Rock Hill, Fort Mill, or Charlotte areas, that tumble hasn’t been as painful for other areas of the country. Nevertheless, it has certainly made for an interesting ride the last year or so, and it looks to continue for some time.
As I’ve been saying though, this doesn’t mean it’s a bad time to get into the real estate game, either buying or selling your home, it just means you’ve got to be more savvy when it comes to how you handle your real estate transactions. Home prices in the York County area have continually appreciated the past year and while it will be interesting to see how that trend continues, I suspect we’ll still see a healthy pace when it comes to the buying and selling of real estate here.
Again however, it’s important to be knowledgeable of what’s going on in a particular market and here are 5 real estate trends to keep in mind as you contemplate buying or selling a home in the Rock Hill, Fort Mill, or Charlotte areas:
1. Homes in foreclosure have reached record numbers.
Thanks to the sub-prime lending market that’s got us into this current economic mess, there is a HUGE number of foreclosed properties. Unfortunately, this is a problem we haven’t dodged. I was looking at properties with a buyer the other day and was a bit suprised to see the number of foreclosed listings available in Charlotte. It was certainly more than what I’ve seen here in the Rock Hill or Fort Mill areas, so keep this in mind when considering your next home purchase.
2. Home prices are stable or falling.
In many areas around the country home prices are steadily falling. I just saw something the other day talking about real estate prices in Florida and how they’ve been cut at least in half, by 2/3′s in some areas.
Fortunately again, we haven’t seen anything near that here in this area. Yes, home prices are not soaring like they were just a few years ago, but for the most part, here in the Rock Hill, Fort Mill, Tega Cay areas home prices have remained pretty stable. Of course, don’t expect to see the huge appreciations seen previously, but if you price your home correctly and competitively there’s no reason to not expect a good sale price for your home.
3. Borrowers are having a tougher time getting loans.
This one is true anywhere you go. Again, what got us into this mess is the sub-prime mortgage market where people that weren’t really qualified to own a home were given every opportunity to do so. As a result, you had people that really couldn’t afford the home they were buying, quickly falling behind on their payments.
Where you could once get a loan with little money down or without having to document your income or employment, those days are past. At least for now. Nowadays you’ll need to bring some money to the table, have a strong credit rating, and be able to prove your income. Now, I’m sure we’ll see a day when some of these things might become a bit more lax, but it won’t be for a while.
4. Â Bad real estate agents are being weeded out.
I can attest to the fact that this one is definitely true. A few years ago if you were a real estate agent it was an easy game. People were buying and selling houses like crazy and as an agent, all you had to do was sit back and count the money. Okay, it wasn’t THAT easy, but it was significantly easier than it is now.
I haven’t been in the game very long and in fact, I got in right as things started going south. So for me, this is the only kind of market I know. As a result, I know how hard it is to sell a house and how much work it takes. I know how challenging it can be to market not only myself, but my clients properties as well and let me tell you, it’s not easy.
In my short time in the real estate game I’ve seen my fair share of agents leave the business and I’ve even seen my share of good agents turned off by real estate. I guess that’s just a result of the current market.
For you, that means you need to carefully evaluate the agent you do decide to work with. Find out what their take on the current marketplace is and if sounds even the least bit negative, consider getting another agent. If your agent doesn’t know how to harness the power of the internet, consider getting another real estate agent, because in today’s marketplace knowing how to utilize the internet to it’s fullest extent is critical.
5. Mortgage rates are STILL at record lows.
After the recent government bailout of Fannie Mae and Freddie Mac, rates for a 30 year fixed rate mortgage dropped from 6.35% down to 5.93%, the biggest drop in 28 years. No matter what you’re trying to buy, 6.35% is still very cheap money.
While I don’t personally remember, I do know that during the early 80′s mortgage rates were in the double digits. In most cases between 13-17%. Could you imagine paying TWICE the interest rate of what’s currently available?
So yes, while the markets are a bit topsy-turvey right now, we’re still enjoying some of the lowest housing rates EVER. This, coupled with the still strong housing market in the Rock Hill, Fort Mill, Tega Cay areas should be enough to lift your spirits slightly.
So as you’re contemplating buying or selling your home, remember, it’s not all bad news. In fact, now’s a great time to find some fantastic bargains if you’re willing to put in the time and effort to find them.
And when you’re ready to buy or sell that dream home of yours, if you’re not sure how to proceed, be sure to give me a call because I know how to be successful in this marketplace and I can help ensure you enjoy a successful real estate transaction!
With all the talking heads screaming bloody murder about the financial markets, it’s enough to make any intelligent home owner think twice about selling a house right now. I mean with all the doom and gloom you’d think the world was coming to an end tomorrow.
Not true!!
Yes, we’re definitely going through some rocky times financially. Just ask Merril Lynch and Lehman Brothers. But, we’re very fortunate here in the Rock Hill SC, Fort Mill SC, and Charlotte NC area because the housing market remains very strong.
Is it down compared to previous years? Sure. It’s definitely a buyers market. Foreclosures are available in almost every neighborhood, which in turn can affect property values and the potential price you might get for your house, but that doesn’t mean you should sit on your hands and not sell.
If you’re thinking about selling your Rock Hill SC or Fort Mill SC home, now’s as good a time as any, believe it or not. The key to getting the most out of the sale of your home in this market is to do the following:
- Price it correctly.Nothing sinks a solid home sale faster than pricing incorrectly. Price it too high and it’ll sit on the market longer than it should. Under price it and you end up leaving money on the table. If you have questions about how you should price your house, I’d love a chance to help you come up with a price that will move your home quickly for top dollar.
- Make your house stand out.If there’s competition from other houses, you MUST make your property stand out. A fresh coat of paint, inside or out. Steam cleaned carpets. Refinished hardwood floors. Some simple, inexpensive staging. A refresh of the landscaping. All of these are things that can be done to help you house stand out from the crowd and even though it might cost you a little bit of money, it’ll be money well spent.
- Work with a professional that can get your home the exposure it needs.The key to selling your home quickly, for top dollar is to make sure it gets the maximum amount of exposure possible. Working with an experienced real estate agent that knows the ins and outs of marketing a house effectively in today’s marketplace can do wonders for getting your house sold very quickly.
Again, I’d love an opportunity to show you what I can do to help you sell your Rock Hill SC or Fort Mill SC home quickly, for top dollar.
Remember, just because all you’re hearing about is the doom and gloom of the economy today, it doesn’t mean you should sit on your property. Selling your home for top dollar in today’s marketplace is still very much within reach, it just requires a careful plan of attack to making it happen.
Filed under Carolina Real Estate, Charlotte NC, Fort Mill SC, Hiring An Agent, Home Sellers, Market Trends, Rock Hill SC, Sell Your Home by 
With so many tools, resources, and companies available to help you sell your Rock Hill or Fort Mill home by yourself, many people wonder whether or not it’s worth it to higher an agent. They ask themselves, “Why would I want to pay someone up to 6% to do something I could do myself?”
While it can certainly be tempting to view the sale of your home this way, there are often many things you don’t consider that a competent real estate agent can help you understand and navigate. In fact, if the purchase or sale of your home is the biggest financial transaction you’ll ever make, do you really want to go it alone?
Here are 7 reasons why you might want to strongly consider working with a licensed real estate agent:
1. Market Knowledge
First off, a competent real estate professional will have the necessary knowledge to help you decide on a listing price that will generate a quick sale, they can help you decide what improvements to your home will help it sell faster, and they can give you insight into other homes that have sold in your area so you can be sure you’re home stands out from the competition.
2. Negotiating with Home Buyers or Sellers
Top real estate agents can really pay off for you when it comes time to negotiate with either a home buyer or seller because they’re able to remove themselves emotionally from the transaction. Often times, when someone tries to either buy or sell a home for themself, they get caught up in the emotion of the transaction. By having a professional involved on your behalf, you have a third party working on your behalf.
3. Serves as a Buffer
If you’ve ever bought or sold a home before then you know how stressful the process can be. A good buyer’s agent will take the time to understand your likes, dislikes, wants, and needs so that when the time comes to start looking at properties you don’t waste any time looking at homes you’re not interested in.
The same holds true with a good sellers agent. In this case, they’ll serve as your shield from all the tire-kickers and nosey-neighbors that just want to poke around. They should make sure that your home is being seen by serious, truly-interested buyers looking to purchase your home.
4. Handles Volumes of Paperwork
Unfortunately, we live in a society where lawyers are an extremely well fed bunch. The number of lawsuits continues to rise with no end in sight and as a result, in most legal transactions every precaution is taken to ensure both sides are protected. Well, as you can imagine, this produces a mountain of paperwork that must be dealt with.
Now, if you make the decision to NOT work with a real estate agent, you’re opening up yourself to the volumes of paperwork that will be produced in order to ensure the purchase or sale of your home goes smoothly. However, with a real estate agent on your side, it’s their job to wade through these volumes and make sure all the t’s are crossed and the i’s dotted in your favor.
5. Answers Questions After Closing
Even after all the signatures have been scrawled and the keys exchanged, questions might arise days, weeks, or even months after the closing. With a competent real estate professional on your side, instead of you having to dig up the answers, one quick call to your agent and things should be resolved. As any good real estate agent will tell you, even though the sale is complete, that doesn’t mean the work is done.
So, as you weigh the options of whether to navigate the oft-times turbulent waters of real estate alone or involve a professional, just keep in mind all the hassles and headaches involved in the process. If you’ve got a big bottle of aspirin and don’t mind the endless hassles, go for it.
Otherwise, save yourself the trouble and let a real estate professional help you buy or sell your next Rock Hill, Fort Mill, or Tega Cay, SC home!
Filed under Buy Your Dream House, Carolina Real Estate, Hiring An Agent, Home Buyers, Home Sellers, Sell Your Home by
Yesterday in Raleigh, an 11-person committed voted unanimously to recommend that NC real estate agents provide written disclosure of bonuses they receive from sellers before their clients make a decision to buy a home. This recommendation will be presented as early as next month to the NC Real Estate Commission.
As you probably know, real estate agents earn a commission by helping either a buyer or seller with their transaction, typically 6% which is split 50/50 between the buyers and sellers agents. In some cases however, home sellers will often offer additional incentives ON TOP of the usual commission such as cash bonuses, cars, trips, or anything else of value.
The committees reason for approving this recommendation was to simply create some transparency in the transaction since it’s possible the agent could be motivated by the additional incentive.
According to the article in Charlotte Observer:
The bonuses, which are legal, are common in North Carolina, committee members said. They are used to help sellers move property in slow markets. “We see it as a way to make sure the broker is thinking of us as they do their home tours,” said committee member Hampton Pitts of Raleigh, a division president of Centex Homes.
Committee members worried, however, that buyers might be unaware of agents’ motivation in showing them properties.
“I think a buyer needs to know you’re steering them to a particular house because there’s some sort of bonus,” said Harriet Worley, an N.C. assistant attorney general in the consumer protection division.
I personally think it’s a fantastic idea since as a real estate agent it’s our responsibility to be your trusted advisor. If we’re not willing to disclose any additional compensation we could potentially receive as a result of your purchase, then my intentions aren’t in line with what I’ve committed to provide.
Filed under Carolina Real Estate, Charlotte NC, Fort Mill SC, Hiring An Agent, Home Buyers, Opinions, Rock Hill SC by
Sharon’s Top 10 reason’s why it’s a great time to buy real estate
1. Choices, Choices, Choices. No matter what your price range is, this is a time where there are plenty of houses to choose from. Only a few years ago, the buyer was forced to make compromises in a very selective market, not always finding the home of their dreams. With the home inventory growing, this is the buyer’s time to buy and be selective.
2. Love, Not War. When you find the house you love, the last thing you want to happen is a bidding war. The buyer has more negotiating power when they are the only bidder, and time, money and sanity is saved. Bidding wars can cause complicated clauses and can drive up the properties listing price.
3. You can make an offer. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you ‘make them an offer they can’t refuse’.
4. Take Your Time. In the hot seller’s market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
5. Do Your Due diligence. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.
6. There are plenty of specs. Now that the market has turned, there are several specs sitting on inventory. Builders offer incentives, and are now more flexible.
7. Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold ‘as is’. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
8. Few Investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It’s a great time to buy without having to compete with hundreds of prospective landlords.
9. Real Financing is available. The ‘wink, wink’ zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers, and police officers are back in business. It’s a great time to buy real estate!
10. Location, Location, Location. Today’s buyers can find homes closer to work. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines, and relatives.
Source: Paul Pastore: Broker Agent News
