Even though 2008 is more than halfway over, it’s never too late to stop and assess some of the predictions made about the real estate market for 2008. These predictions are courtesy of About.com’s Elizabeth Weintraub.
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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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!
- 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.
Filed under Carolina Real Estate, Home Buyers, Home Sellers, Interest Rates, Market Trends, Opinions by 
The York County area is definitely growing. As Charlotte continues to expand outward, Fort Mill, Rock Hill, Tega Cay, Lancaster, and York SC are all benefiting from this growth. And while not all growth is good growth, in this case I think it’s only helping spur these areas to bigger and better things.
Here’s a link to an article in the Charlotte Observer and even though it’s almost a year old, it does a nice job talking about York and Lancaster counties.
I’m also working on a more updated, ‘As seen through my eyes’ version of “What’s going on in York/Lancaster County and why would I want to live here?”, so be sure to check back.
Ultimately, I think both Rock Hill SC and Fort Mill SC are FANTASTIC places to live because of the close proximity to Charlotte NC and all the wonderful resources and amenities there, but also because of the lower taxes, better schools, and slower pace of life. Of course that’s just my opinion, but heh, aren’t I always right anyway? 
Filed under Carolina Real Estate, Charlotte NC, Fort Mill SC, Life In the Carolinas, Opinions, Rock Hill SC by
If you’ve ever watched the show ‘Extreme Home Makeover’ then you know the premise of the show. Ty Pennington leads a crew of ambicious home renovators in the seemingly insurmountable task of completely replacing decrepit, delapidated home in less than 7 days. They often pick families that are involved in worthy causes and activities outside of their own interests, but have living conditions in desperate need of help.
Well, even though we all hope the lives of these people getting help are better off after Ty and his crews leave, that’s not always the case. And a perfect example is a home remodel that was completed in an Atlanta, GA suburb in 2005.
The home was used as collateral for a $450,000 loan, but the home is set to go to auction on August 5th at the Clayton County Courthouse. It’s sad to see that after getting such a huge helping hand, this family wasn’t able to hold onto the gift that was given them.
In addition to the home, the family also received $250,000 in donations from Beezer Homes, the home builder, and other generous donors that was to be used for college for the couple’s three kids and a home maintenance fund.
I certainly don’t want to jump to any conclusiongs, but let’s just hope the family did a better job of managing these additional donations! It would make this story a huge tragedy if just a few short years later the family ended up with absolutely nothing to show for the generosity of so many good people!
Filed under Opinions by
If you’ve been paying attention to the news at all then you know about the Federal Government stepping in to help out trouble mortgage giants Freddi Mac and Fannie Mae. Unfortunately, this is just another sign of the challenging economic times we live in. At least compared to the unprecedented prosperity we’ve enjoyed recently.
However, in spite of all the ‘doom and gloom’ news we read about on a daily basis, it doesn’t mean life as we know it is coming to an end. It just means it’s time for us to be a little wiser with the resources we do have.
Here’s a great clip I found on NBC’s website that talks about what we can do to not just survive, but THRIVE in the face of all this economic uncertainty:
And for all of us in the Rock Hill SC, Fort Mill SC areas, even though things are rough, we’re still enjoying a thriving real estate market in comparison other parts of the country. So, if you’re thinking about buying or selling your dream home in the Rock Hill or Fort Mill area, let me help you navigate the turbulent real estate waters!
Filed under Lessons Learned, Market Trends, Opinions, Videos 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
