Tips from Real Estate Professionals

The economy is slowly rising back to normalcy but many still aren’t sure if they should be selling or buying property. According to real estate professionals, now is a really good time for first time buyers, those who are planning to upgrade property, or for those looking for property as investment. Market predictions state that interests are rising so buyers will want to move fast.

Although the best friend you can have when buying real estate is still your agent, here are some tips than can help the buyer in navigating the property market.

Buying that Real Estate:

Location, locaation, location…

Understanding the best locations for properties is important especially if you’re a first time homeowner or an investor. The smallest house when located on the best street will earn more than the biggest house on a street that is less preferred by customers. Condos near a university or public transport are good investments.

Think condos

There’s currently a surplus of condos in the property market, so your realtor should be able to find you a really good deal. It’s recommended that you lease out the condo for four to five years before selling it because of the predicted upswing in prices.

Credit rating

Before meeting with a lender, you might need to check your credit rating first to avoid unpleasant surprises. This will also give you time to resolve any issues that might delay you from buying the property you want because of finance problems.

Stick to a price range

Get a pre-approved mortgage by meeting with one or more lenders before you start looking for a house to buy. Having a budget you can work with narrows down your choices. Whatever the economic situation is, it’s always safer to buy within a budget.

Move out of the city

Young families are moving out of the city into the nearby suburbs to buy more affordable and newer homes that are being resold. If you have a budget you need to stick to but also need bigger space, a property in the downtown area might not do.

Selling:

Prepare your property for sale

When selling your house, getting it ready is crucial. You might need to work with a real estate professional who specializes in maximizing the potential of houses that are being sold.

Update and upgrade

Complete renovation is not necessary but you should consider upgrading areas that look tired and old. Replacing the kitchen sink and counter or replacing the old carpet can do wonders in making your house more attractive to potential buyers.

Price it right

According to real estate experts, pricing the property right the first time is important if you need to sell it fast. Buyers usually have a budget and tend to stick to a certain price range. More Advice on How to Price Your Home at: http://www.realtor.com/advice/homes-first-price-best-price/

Is Now The Time to Buy that New Home?

Thinking of buying a home? There are a lot of things that you need to consider before you actually jump into a decision. As you know buying a home is probably one of the biggest financial decisions you need to decide on. Thus, this will surely change your lifestyle financially. You might have to limit your extracurricular activities and even some of your hobbies. But the payoff is truly enticing: you will own a property and eventually stop spending money for the rent or mortgage over time. But is now the time to buy that new home? That is the question that you need to answer. For more first time home buyer tips: http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home

Indications of readiness to buy a new home

home buyersIt is an innate desire for everyone to own a home. The challenge is in the financial status of a person though. There are people who are very ready to own a home, bordering to need of a home, but cannot financially back that need. On the other hand, there are people who are financially capable but opt to rent than own for flexibility and resentment of responsibility reasons.

In your case, you will know that it is now the time to buy that new home when you are financially able and you are ready for all the other responsibilities you need to assume after initially paying for that new home. Here is a more detailed list of the indications of your readiness for a new home:

  1. You have resources to buy in cash or installment. If you have the financial freedom to buy a new home, then you don’t have to think twice about it. Doing so will be your life-long investment, so go for it. If in case it appreciates, then you can sell it and buy another in the future.
  2. You have funds to support your monthly payment and other obligations. If you are buying in installment basis, you need to ensure your resources for your monthly obligations. Aside from the monthly fees, interests and services, taxes on your new property are rolling. You need to reconcile all those to prevent further problems.
  3. You can support replacements, makeovers and restorations of major structures and systems of your new home. Your new home needs maintenance for sure. The bigger and more modern it is the higher your maintenance cost will be. Over time, your new home will also need some fixes, makeovers, and replacements like the plumbing or the roofs. You need to think about those things as early as now. If your resources are stable enough and can take care of all those things, then yes, it is now time to buy that new home.

For Help in Qualifying for a Mortgage – Check out this suggestion for a Mortgage Broker in Columbia SC

As soon as you validate that you are ready and capable to buy a new home, do so. This is going to be your most tangible investment that will benefit the entire family. At the right time, you can eventually say goodbye to renting and paying monthly amortizations. That will be the time you will feel how right you are in deciding to buy a new home.

South Carolina Home Price Trends

Those who are looking to buy property might need to consider the home price trends in South Carolina. The information that can be gathered from recent sales data can indicate whether a property you are planning to buy is overpriced or is being sold in a bargain price.  Thanks to our friends at Greenville Mortgage Place for providing this current data.  When shopping for Greenville mortgage rates these guys can help find the best possible financing options!

Prices seemed to have evened out as indicated by recent home price trends in South Carolina. This might be mostly due to a new understanding of the property value in the current economic climate by both the buyers and the sellers.

The average pricing, for example, for a townhouse or a condominium unit went up $197,000 from the previous $183,000. This data was taken from late 2011 to April 2012. Both inside and outside the city, single family homes averaged a price of $282,000 by the end last year. Currently, sellers are asking for an average of $272,000. 55% of the real estate market in South Carolina is composed of sales of townhouses/condos and single family homes.

Buyers expect to get good value for their money because of the recent home price trends in South Carolina but the sellers are also hoping that the correct price point is established soon. Sales data from the last 5 months indicate that a single family home’s average sales price went down 42% compared to the average list price, or around $162,000. On the other hand, the average condominium unit is now listed at an average price of $216,000. This value suggests recent sales of high priced listings.

$132,000 is the average house value according to the recent home price trends in South Carolina. The values went up 5% for the recent year and real estate experts expect them to rise 2.7% by next year. The price per square foot of property in South Carolina is priced at an average of $101. The average price of homes listed is at $189,000 while the average sales price is recorded to be at $160,550. Rent price in South Carolina is at $1,100 average.

In the next few years, home values are predicted to be impacted by foreclosures. 4.6 houses (out of 10,000) are foreclosed in South Carolina every year whereas the national value is recorded 4.0. In the foreclosure process, the first step is mortgage delinquency. This happens when the payment for the mortgage is missed by the homeowner. In South Carolina, delinquent mortgages are recorded at 6.7%. The national value is recorded at 6.9%. The recent economic crisis between the years 2007 and 2011 caused the average U.S. home values to fall more than 20% nationwide. Because of this, many homeowners owe more than their home is worth. This is called being underwater. 16.7% of South Carolina homeowners are currently underwater.

How to Find a Retirement Home

Culture has so much influence in how people feel and react about things. Among these is in caring for the old community amoung us and ourselves. Some countries are known to have better family ties: grown up children live with and take care of their parents and even grandparents. On other countries though, parents are set up to live in retirement homes with other people of their same age. If this is what you plan for yourself or your parents in the future, you should start searching for the best home for the aged. How to find a retirement home should not be that difficult because there are actually numerous associations running such kind of establishments.

In the hope of making your search a lot easier, consider this step by step procedure:  In addition to this visit: http://www.retirementliving.com/

 

  1. Look for choices via the internet. Searching for just about anything is easy using the right medium, the internet. Here, you can surely find numerous choices by location, broker and agent, rate, and relevance. From the given choices, make a shortlist of the ones that you think will match your current needs and requirements.
  2. Compare the benefits and features on your shortlisted retirement homes. Your shortlist of possible retirement homes should be narrowed down to the best. That is basically how you find a retirement home. To do that, you need to get into the most important details like the benefits and of course what it offers as major features. Of your list, there will be one that will emerge as the best choice. This will one will definitely match each of your demands. Once you found it, request for a physical visit to further validate your decision.
  3. Do an ocular inspection. Whether you are in the verge of signing a contract or still in the selection process for your retirement home, an ocular inspection will definitely help. Most retirement homes offer free ocular visits to their facilities so you are at luck. But in case one of the retirement homes in your shortlist doesn’t, you can still pay a visit on your own. The big payoff is in the hope of validating the facilities’ claims and promises of good service.
  4. Check the contract and all other pertinent document of each retirement home. You should also check all the pertinent papers of the retirement homes you are eyeing. This is to ensure that your or your olds’ future is guaranteed safe and secured.
  5. Set up a budget or fund for it. Finally, you need to set up or at least sketch a budget for your or your olds’ retirement facility. Doing so will help you use your resources practically.

 

How to find a retirement home will be a very easy task for you now that you are using the right parameters above. If you think it will help, employ the help of brokers or agents. Or, you can ask for a copy of MLS or Multiple Listing Service from your friends in the trade.  A great MLS Search Site in the “Low Country” of South Carolina can be found here – Visit: Premier One they can  give you more choices of retirement facilities and property available in the area.