Here are 5 reasons why:

1.  The governments $8,000 first time home buyers tax credit is set to expire on Dec. 1st. That means you’ve got to actually close on your new home. And because it typically takes at least 30 days to go from contract to close, you need to start taking action RIGHT NOW.

2. Believe it or not, there is some 100% financing programs still available. Now, these programs come with many more requirements and restrictions than similar programs that were available previously, but that doesn’t mean you can’t find them anymore.  Just be sure to shop around with lenders as some may offer different programs than others.

3. Everything is on clearance. Home sellers know this is a buyers market because many homes are selling at or below the original purchase price. There are many short sales and foreclosures available in the Fort Mill SC area, which means you can now get twice the home for half the price.  There really are some amazing deals available IF you have time on your side and a knowledgeable agent.

4. Interest rates may never be this low again. As the economy improves,  interest rates will undoubtedly rise and if you don’t act soon you may miss the opportunity.  Don’t be one that says “if I had only…”!  The best thing to do is to find one of the many free mortgage calculators on the web and play with the numbers.  You will find your mortgage monthly payment goes up much quicker with interest rates than if the house price drops a few thousand

5. Local builder incentives are growing. Because the inventory of homes available is growing, builders are willing to customize new homes for a fraction of what was available in the past.  If you can’t find what you’re looking for in the inventory of pre-built home, look at local builders for the many build-to-suit options available.

If you’re looking to purchase a new home in the Fort Mill SC in spite of the current economy, this really is a great time to take action.  These five reasons are just a few of the many why right now might be your best time to take action!

If you’re on the fence about whether or not you should go ahead and purchase your new dream home in spite of the current economic conditions, here are 3 reasons why it might just be the perfect time to buy a home:

1. You want to move up to a more expensive home. We’re most definitely in a buyer’s market right now here in the Rock Hill SC and Fort Mill SC area, so if you’ve had your eye on a more expensive home, now is definitely the time to act.  I wouldn’t expect home prices to come up any time soon, but I also wouldn’t expect them to drop much more than where they’re at.  That being said, you might not be able to get that dream home of yours at such a steal-of-a-price ever again!
2. It’s a buyer’s market, plain and simple. If you’re not currently tied to a property or don’t have to worry about unloading your current home, then you’re definitely in the driver’s seat.  Many home sellers are concerned about even getting a ‘fair’ offer for their homes, which plays to your advantage.  This kind of market allows you to dictate more of the terms of the sale and in many cases, the seller is much more willing to listen.
3. Interest rates are still relatively low. There’s been a lot made about how tough the loan market is these days, but in reality, if you have decent credit, can put down a solid down payment, and are serious about buying a home there’s absolutely NO REASON why you shouldn’t expect to get a good loan.  In fact, rates are still extremely low when compared to historical averages and when you can lock in a good rate, you’ll be able to enjoy it for the life of the loan, no matter what rates do.

So, if you’ve considered making the leap and purchasing a new house in the Rock Hill SC or Fort Mill SC area, now is definitely a great time to act.  We’ve been fortunate in that the real estate market has stayed relatively strong when compared to other areas of the country and with the advantages you hold as a home buyer, the time couldn’t be any better to take action and buy your dream home!

To be completely honest, I’m not sure what to make about Washington climbing into bed with business, especially at this magnitude.  Especially if it’s my tax dollars we’re talking about here.

Of course, according to the Secretary of the Treasury and the head of the Federal Reserve are both saying this bail out is necessary to keep things afloat, I wonder how smart it is to be making such huge promises to the folks that got us in this mess to begin with.

So, what’s your take on the issue?  How do you feel about the government taking $700B it doesn’t have and giving it to Wall Street in order to fix this financial mess?

Go ahead and leave your thoughts below in the comment section.  I’d love to hear what you have to say about it!

Well, I’m certainly no expert when it comes to the financial markets, but just based on what I’ve read and heard, I’d venture a guess that this isn’t rock bottom just yet.  According to an article I read on MSNBC.com,the answer to how many more banks are going to fall flat on their face because of questionable management practices is dependent on 2 questions.

“First: When will home prices stop falling? The value of trillions of dollars of assets held by big investors — both here and around the world — is pegged to the underlying value of the real estate on which those assets are based. Every quarter that home prices fall, those assets have to be marked down further.

Second: When will the foreclosure rate stop rising and stabilize? As of the end of June, some 9 percent of all Americans holding a mortgage were either late on their monthly payments or in foreclosure. Those foreclosures add to the backlog of bank-owned properties that go onto the market, putting further downward pressure on home prices.”

It certainly makes for a precarious situation, but that doesn’t mean it’s time to pack up and move to a cave in the middle of nowhere!

Fortunately for us here in the Rock Hill SC or Fort Mill SC market, the housing market is still strong.  Yes, there are some bargain properties out there, but that doesn’t mean EVERYTHING’S going for rock-bottom prices.

If you’re looking to sell your Rock Hill SC or Fort Mill SC home, you can still get a good price for it.  You just need to be certain you price your home to sell and not simply to negotiate.  Many people make the mistake of thinking if they list their house higher thinking they’ll be able to negotiate it down.  Unfortunately, it rarely happens this way as people see just the ‘too-high’ price and don’t even make an offer.

If you want to sell your home quickly AND for top dollar is this unsteady market, it’s critical that you price your house to move.  If you’re not sure what that price is, I’d be more than happy to provide a Comparative Market Analysis to help you decide if now’s the right time to sell your Rock Hill SC area house or not!

And stay tuned to this blog because this week I’ll be sharing more tips for buying OR selling your dream Rock Hill SC, Fort Mill SC, Tega Cay SC, York SC, or Lancaster SC home in this turbulent financial marketplace.

I added my own commentary regarding what’s actually happened and how all of this applies to the Rock Hill SC and Fort Mill SC real estate market.

Here’s the 10 2008 real estate predictions and my comments below each one:

1. Home Prices Will Decline and Flatten

   It’s definitely a buyers market. Even though our marketing hasn’t felt the impact other areas around the country have, prices are still down from what they have been previously.  At the same time, that doesn’t mean you have to settle for lowering the price of your home.  It just means you need to price your home correctly and do everything possible to make it stand out from the competition.

2. Short Sales & Foreclosures Will Increase

   There’s no doubt the number of short sales and foreclosures has increased, even in our market. This has contributed to declining sales prices. Unfortunately, there’s not much that can be done about this, but it certainly highlights the importance of working with a lender that has your best interest in mind and not his own pocket.

3. Interest Rates Will Stabilize

   Rates have indeed stabilized, but given the uncertainty of Wall Street there’s still a chance of some interest rate uncertainty.

4. More Investors Will Enter the Market

   I honestly don’t think this one’s materialized yet and it’s not because of a lack of available inventory. Given all the short sales and foreclosures there are plenty of great properties available at a good price, but because of tightened lending criteria, it’s become extremely difficult to secure financing. Lenders are being very cautious about who they’re lending money too, especially when it comes to investment properties.

5. Related Businesses Will Close Doors

   This one has indeed come to pass. Mortgage lenders, banks, appraisers, and even real estate agents have left the market all together. While this is certainly an unfortunate situation, I actually think it’s good for the market because those that have remained are the ones that know what they’re doing.

6. Buyers Will Write Lowball Offers

   I don’t really think this one applies to the Rock Hill SC and Fort Mill SC real estate market. Based on my experience and from what other agents have told me, if a house is listed correctly, most of the offers being presented are good, strong offers.

   Again, we’ve been very fortunate here in our marketplace in that we haven’t felt the impact other areas have so if you’re thinking about selling your home but are worried about low ball offers, as long as it’s listed correctly there’s no reason you shouldn’t expect a good, solid offer.

7. Advertising Will Move Online

   I would have to agree with this one, but it’s more as a result of the role the internet plays in our lives versus the real estate market itself. Studies show that 80% of all real estate searches begin online so it’s only natural to see the advertising dollars move to this area as well.

8. Inventory Will Increase Before Sharply Dropping

   Again, I don’t think this is applicable to our marketplace. Yes, there’s been an increase in the amount of inventory available, but I don’t necessarily see it dropping off suddenly. The market is still very active here in the Rock Hill SC and Fort Mill SC area and I would expect things to remain active for the rest of the year.

9. REOs Will Refuse to Pay Some Closing Costs

   This one is accurate, but what would you expect when lenders have been taking it on the chin all year long? For so long they had such relaxed lending requirements and now that they’ve tightened things up considerably, it’s only natural that they eliminate many of the incentives that got them in their current mess!

10. Flood Insurance Rates Will Escalate

    To be completely honest, I haven’t checked on flood insurance rates lately so I really can’t accurately comment on this one, but I wouldn’t be surprised in the least if it were indeed the case. Everyone’s feeling the pinch so it’s only natural that things will self-correct themselves to compensate for mistakes of the past.

Now, while I’m no mortgage expert and I strongly encourage you to consult with your own financial professional, if you’re considering buying a new home in the Rock Hill SC or Fort Mill SC area anytime soon, here are 5 questions that will make the process go much smoother and also give you the peace of mind knowing you’re making a good decision for you:

1.  What types of mortgages do you offer?

There are 2 types of mortgages that are most common, the fixed-rate and the adjustable rate (ARM).  Just as its name states, the fixed-rate mortgage stays constant over the life of the loan, which means if you stay in your home for the next 30 years you’ll pay the same rate 30 years from now.  When compared to rates historically, in spite of all the ups and downs, rates are still very low so locking in at today’s rates is still a very smart move financially.

ARM’s on the other hand are what’s caused much of the mortgage mess we find ourselves in today.  An ARM is basically a mortgage that starts out at one rate, but depending on what’s happening with interest rates, it adjusts either up or down.  While an ARM could be a good solution if rates are low, when interest rates start going up (like what’s happened over the last 18 months or so) you could get squeezed by higher monthly payments.

So, when deciding the type of financing you want, be sure to consider current interest rates and the length of time you plan to live in the home.

2.  What’s the interest rate and APR?

The interest rate basically tells you what your monthly payment will and how much it’ll cost you to borrow the money over the life of the mortgage.  Again, the interest rate on a fixed-rate loan will never change while an ARM could adjust up or down each year depending on what the current market is doing.

The APR (annual percentage rate) takes into account fees charged by your lender, which makes this one a bit more difficult to calculate.  Especially if you go with the ARM.  The key to understanding this is to know how frequently it can adjust and by what percentages.
3.  Are there discount points or origination fees?

Occasionally you’ll come across a lender that will let you pay discount points, which is a fee you pay to reduce the interest rate.  If you plan to stay in the home for a lengthy period, it is definitely an option worth considering because when you lower the overall interest rate, you lower the amount of interest you have to pay over the life of the loan.

Origination fees are fees charged by your lender to process your application and secure the loan.  In some cases, this is the way your lender makes his money, but there are some ‘no fee’ mortgage lenders available, so be sure to check around.  Fortunately for you, any origination fees you pay won’t affect the interest rate you end up paying.

4.  What will my closing costs be?

These are the fees you pay at the closing table and could include things like appraisals, credit reports, or any other items you’ve agreed with the buyer/seller to pay.  Be sure to ask your lender for a ‘good faith estimate’, which they’re required to do by law within 1-3 days of receiving your application.

Remember, these are fees you’ll have to pay at the closing table so be sure to come prepared with a certified check for the amount your lender tells you.

5.  Can I take advantage of rate locks?

Because interest rates rise and fall on a daily basis, you want to be sure to lock in the lowest interest rate as soon as possible, especially if it appears they may be going up soon.  Be sure to ask your lender if they charge you a fee to lock in rates, how long the lock is good for, and if you can get it in writing.  Also, some lender allow you to ‘lock and shop’ which means you can lock in a rate, but still have the opportunity to shop around for a lower rate.  Be sure to ask your lender if that’s a possibility as well.

Again, finding funding for your Rock Hill real estate or home can be a pretty intimidating task, so knowing what to ask will certainly help you be a more informed consumer.  Tomorrow I’ll share a few more questions you can ask so when you do speak with a lender you’ll be fully educated and ready to make a wise decision!

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Do you know someone looking to buy or sell a home in the Rock Hill SC, Fort Mill SC, Tega Cay, York SC, or Lancaster SC areas?  Why not tell them about my ’90 days or less’ guarantee for selling a home and my ‘Right House, Right Price, Everytime’ guarantee for buying a home?

I have the knowledge of the area and the experience necessary to help you avoid all the stress and hassles that come along with buying or selling a home in the Rock Hill SC area.  Send me an email or give me a call today and let’s begin the process!

While it can be a bit confusing to disect what exactly this new bill includes, I found a great resource on CNBC.com that breaks down the benefits.  Here are some of those benefits:

• All homeowners who do not itemize their income taxes can deduct between $500 and $1,000 from their 2008 federal taxes.
• Anyone buying a first home between April 9, 2008, and July 1, 2009, will receive up to $7,500 in federal income tax credits.
• Homeowners struggling to make payments on high-interest mortgages can contact their banks and transform their loans into government-backed, 30-year fixed-rate mortgages.  To qualify for this break their mortgage debt-to-income ratio must be greater than 31 percent.
• First-time buyers or homeowners with subprime mortgages in some states can qualify for low-interest loans or refinancing under a provision allowing states to offer an additional $11 billion in tax-free municipal bonds to pay for such housing projects.
• Homeowners strapped for cash will be able to receive preforeclosure financial counseling and legal services.

Now, not everyone qualifies for these breaks it is a good to see some steps being taken to help the millions that have been affected most by the shady lending tactics that are one of the causes of the current housing and financial slumps.

Stay tuned because in the next few days I’ll share some tips for making sure you’re not getting in over your head when it comes times to getting a mortgage for your new Rock Hill, SC or Fort Mill, SC home.

The combination of weak housing sales, fallinghome values, tighter lending criteria, and a slow US economy have left many homeowners in a situation where they can’t find a buyer for their home, own more than their home is worth, or simply can’t refinance into a more affordable loan.

While the news is a bit grim, lawmakers are working on providing some relief.  Congress is working on legislation that would allow the Federal Housing Administration to provide cheaper home financing to distressed homeowners who would otherwise have a difficult time refinancing.  The Bush administration also announced on Tuesday that it would soon be ready to implement an FHA expansion that lets borrowers who’ve fallen behind on their home payments get more affordable loans.

Needless to say, the financial picture isn’t getting any rosier.  Fortunately for us in the Rock Hill SC and Fort Mill SC area, the housing market remains strong compared to other areas of the country.  We’re still being impacted by the difficulties of other areas because  of the inability of many to sell their current homes, but overall the real estate market here remains very active.

You can read a full account of this report HERE.

While it can be a scary situation to be in, be very careful about the advice you listen to and some of the ‘solutions’ that are presented to you.

Always do your homework, read the fine print, and consult a reputable expert!

clipped from www.newhavenindependent.org Arthur and Joanne Taylor were days away from losing their Westville home to foreclosure when a man came knocking on the door. He had a plan to save them. Alex Ortner and his real estate company ended up making at least $25,000 off the family in a buy-back scheme now being challenged in New Haven U.S. District Court. After getting slapped with a lawsuit filed in October by attorney Gary Sklaver, Ortner said he won’t be making the same offer to desperate homeowners anymore.