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:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

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!

Article Source: http://EzineArticles.com/?expert=Louise_Scoggins

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

• The down payment assistance available is $7,000.
• To qualify for the Forgivable down payment option, a 1 person household’s income in YORK County cannot exceed $37,250 and $42,550 for a 2 person household.
• Must live in the home 5 years in order for the loan to be completely forgiven.
• The Home price is up to $208,000 in YORK county.
• 640 minimum credit score
• The interest rate is 5.125% on a 30 yr fixed rate.

Call me or email me for more information on this program. sharon@SharonSellsCarolina.com

If you’re looking to buy a lakeside home at a huge discount, right now might just be the time to act!  Of course, that’s if you don’t mind living in north Charlotte NC on Lake Norman.

A recent story run by WCNC news station talked about the glut of lakeside homes that are available in Lake Norman, and many of them are listed at steep discounts. For example and as quoted in the Charlotte Observer,

“It’s 7,000 square-feet,” said broker Jason Noblitt as he looked at pictures of a waterfront foreclosure in Mooresville. “It was on the market for approximately $1.7 million.”

The 5-bedroom, 4 1/2-bath house is under contract now and Noblitt thinks it’ll sell for under $1 million. That’s a $700,000 discount.

“In our current market you absolutely are not going to get what you did in 2006 or even 2007. We need to look at where prices were in 2004 and 2005,” he said.”

And it’s not as if there isn’t competition either.  An MLS search showed 470 lakeside homes listed in the Lake Norman area, which means it’s a highly competitive housing market.

Of course on the flip side, if you’re looking to purchase a lakeside home, now is certainly a great time to act!

Down here in the Fort Mill SC area, it’s still most definitely a buyer’s market, but as I’ve always said, if your home is marketed and priced correctly, there’s absolutely no reason why you shouldn’t expect to get a fair value for your home.

To learn more about the Fort Mill SC or Rock Hill SC housing market, contact me today and I’d be more than happy to show you exactly what the Fort Mill SC real estate market looks like.

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.

While it’s too early to celebrate the news that the first time home buyer credit that so many people have taken advantage of to get into a new home, the talk of extending the incentive is starting to build.

It appears as if Senators have agreed on the idea of extending the credit, but they haven’t quite nailed down all the logistics of the extension.  And while the extension would prolong the $8,000 tax credit enjoyed by first-time home buyers that purchase a new home, it looks as though it might go beyond that to include those that aren’t first-time home buyers.

The new provision of the extension would provide up to $6,500 in assistance to those that have lived in their current residence for at least 5 years.

Again, as of right now most of this is still talk, but as we all know, anytime we can get both political parties in Washington to agree on something, it’s got to be a good sign!

If you’re still in the market to purchase a new home or you’d like to sell your current home, the market is still very warm and there are plenty of homes available for purchase and willing buyers looking to buy.

Contact me and let’s discuss your real estate options!

As you might expect, with the turbulent real estate market we’ve seen for the past 2 years and with unemployment rates at record levels, the end result is a growth in the number of foreclosed homes in the Fort Mill SC area. And even though we’ve been lucky here in the Fort Mill SC area, we’ve still seen our fair share of foreclosed properties available.

And while it’s always a sad situation when someone loses their home to foreclosure, it also presents a great opportunity for those looking to buy a house at a great price. There really are some amazing deals available for foreclosed properties right now, especially if you know where to look and how to buy them.

One of the best opportunities for buying a foreclosed house at a ‘steal of a deal’ is HUD homes, or properties that were financed via an FHA loan and then reposed. I’ve personally helped 5 people in the past 8 months purchase HUD homes and every single one of them has gotten an absolutely fantastic deal on their property.

According to the government’s website about HUD homes:

What is a HUD Home?
A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

Who can buy a HUD Home?
Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

So, if you’re in the market for a new home, it would definitely pay to take a look at purchasing a HUD home!

My only bit of advice would be DEFINITELY consult with an experienced real estate agent, and I don’t say that just to get you to call me (although that would be nice )  While HUD would have you believe that buying one of their homes is an easy, painless process, it’s not.  While most real estate transactions can be a stressful, frustrating experience at times, purchasing a HUD home is much worse.

You still have to go through all of the typical real estate paperwork and processes, but with a HUD home, you now have to do all of these things through a government agency, and as we all know, they aren’t always they easiest groups to work with!

Don’t let that discourage you though!  Just make sure you work with an agent that has the experience and know-how to help make sure your HUD transaction goes smoothly and you’ll quickly be able to enjoy a fantastic new home at a great price!

In July, the Standard & Poor’s/Case-Shiller home price index of 20 major cities rose 1.2 percent from June’s number to a reading of 143.05. Although home prices are still 13.3 percent below last July’s figures a year ago, the study also shows that the annual declines have slowed in all 20 cities for the sixth straight month.

Now, although this is certainly some encouraging news, home prices overall are still down roughly 33% from the numbers from mid-July 2006. So while we are starting to see some improvements in the housing market overall, there’s still a very long way to go before things are completely back.

The report shows that with the exception of the Las Vegas, Detroit, and Seattle areas home prices are rising across the country and I would say that that’s the trend I’m seeing here in the Fort Mill SC and Rock Hill SC area.

Yes, it’s still very much a buyer’s market, but you can slowly see home prices starting to increase ever so slightly.  We’ve been very fortunate in that home prices never really took the nose dive experienced by other markets, but home buyer confidence is certainly returning which in turn means homes are selling closer to asking price than previously.

Hopefully this trend will continue, not just in the Fort Mill SC area, but nationwide as well.  Home sales has always been a bit of a barometer of how well the economy is doing so the better the home market is, the better off our economy is!