buying a home

The rise in gas prices is influencing buyer decisions as they shop for a new home, causing more buyers to make short commutes and home offices a top priority, according to a recent survey of more than 1,000 real estate professionals about buyer trends.

Seventy-five percent of the real estate professionals surveyed say the spike in gas prices is influencing their clients’ decisions on where to live. What’s more, if gas prices continue to increase, 93 percent predict that even more buyers will choose to live somewhere closer to their work.

More real estate professionals also report that the rise in gas prices is prompting more buyers to look for homes that will allow them to work-from-home. Indeed, 77 percent of those surveyed say that more of their buyers are showing an interest in having a home office compared to five years ago.

Gas prices also seem to be spiking a renewed interest in urban living. More than half of real estate professionals surveyed say they are seeing more buyers wanting to target homes in urban areas compared to five years ago, citing shorter commute times, being able to walk to more places, and being near public transportation as the most likely reasons for the urban-area migration.

More buyers are also choosing homes closer to shops and services due to the increase in gas prices, according to the survey.

What about you? We’d love to know if higher gas prices have changed your thoughts about where you might buy your next home. Click the comment link below and tell us your thoughts on this.

Home and Commercial Inspections in the Columbia SC area is our specialty! Every year we help hundreds of clients save tens of thousands of dollars, by responsibly finding and exposing conditions that threaten property, value and safety. To learn how we may be able to serve you, please click and read, or call 803-261-5810.

Real Estate News - June 2011

In this Issue:*

Warning Signs To Watch For In a Home

6 Tips to Sell Your Home Faster

Housing Crisis: A Sign The Worst Is Over

 

(Your comments are welcome at the bottom of our newsletter)

Warning Signs To Look For In a Home

Warning Signs to Look For in a Home Buying a home is a very emotional process, but if you allow those emotions to get the best of you, you may fall prey to a number of common home buyer mistakes. Since buying a home has many far-reaching implications – ranging from from where you will live to how hard it will be to make ends meet – it’s important to keep your emotions in check and make the most rational decision possible.

To avoid grief later on, consider these tips and questions when deciding if a particular type of home is right for you.

Neighborhood

*Have neighbors complained about air or noise pollution from traffic and industry in the area?
*How close is the house to power lines or large electrical towers?
* When it rains, is there good drainage or does the street flood, threatening to do the same to your basement or garage?

Exterior

*Stand across the street. Does the land slope toward the house? Drainage should be away from the perimeter of the home.
*Do any of the materials show signs of rotting or a previous bug problem?
*Does the house have suitable storm windows? Do all the windows have screens? Do they open and close easily? Press your finger into the wood of the sills; if it’s soft, it’s rotten!
*Are all doors able to shut completely to avoid drafts/bugs?
*When was the roof last replaced? Are there odd bumps or dips? Are shingles missing?

Garage

*If the house has an attached garage, is there space or a well-sealed door between the garage and the living area?
*Is there adequate vehicle and storage space?

Interior

*Check the ceilings and walls for watermark stains or mold; this is an indication of water damage. Consider visiting the house on a rainy day to check for leaks.
*Does the basement or crawl space smell damp or moldy?
*Does the staircase seem sturdy, or is it squeaky and unsteady?
*Is the paint peeling or the molding cracked?

Flooring

*Wood flooring and natural stone should be sealed with non-toxic sealers.
*What’s underneath? Less expensive subflooring is prone to water damage.
*Inspect tiles and grout for cracks.
*Check for holes and crevices that could allow pests to get in.

Electrical

*Does the location of the home make it prone to power outages?
*Are the switches antiquated? If so, perhaps the wiring is too.
*Is the fuse box easy to understand?
*Are there enough outlets for your needs? Are they in preferable places throughout the house?
*Try to avoid situations where the bedroom backs up against the kitchen wall where the refrigerator or other large appliances are running.

Water

*Does the home have copper plumbing?
*Run the water in the kitchen, bathroom and laundry room to test water pressure, cleanliness of the water and proper drainage.
*Look for moisture damage, mold or leaking around and underneath the sink.
*Check the hot water system. Is it leaky or rusty? Is it big enough for your family?

General

*Does the house have central heating and air conditioning? How old are the systems? Are they functioning well?
*What are the average monthly costs for heating and cooling? Good insulation is key!
*Is there proper ventilation in the kitchen and bathroom?
*The house should be tested for lead, asbestos and radon.  A termite check is a good idea too.
*Is there adequate storage for all of your belongings?
*Bring out a tape measure to make sure the furniture you plan to bring with you will fit in the rooms. Measure spaces to make sure your appliances such as the refrigerator, washing machine, dishwasher and microwave will fit.

You probably have more questions of your own, but hopefully you will consider these to be a good start as you determine whether a particular house is the one you want to call home. Ask us if there is anything else you need to know about a particular house when you’re viewing it. As your agent, we tend to have a more unbiased and un-emotional view of properties than you might.

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.T

6 Tips To Sell Your Home Faster

6 Tips to Sell Your Home Faster

In a down real estate market where supply outstrips demand, a person can generally sell a house faster by lowering the price. But there are other ways to enhance a home’s attractiveness besides lowering the asking price. If you’re looking to sell your home in this cool real estate market, here are a few tips on how to generate interest and get the best price possible.

Differentiate From the Neighbors

In order to attract attention and make your home more memorable, consider custom designs or additions, such as landscaping, high grade windows or a new roof. This can help improve the home’s aesthetics, while potentially adding value to the home.

Any improvements should be practical and use colors and designs that will appeal to the widest audience. In addition, they should compliment the home and its other amenities, such as building a deck or patio adjacent to an outdoor swimming pool.

However, while it can pay to spice up your home, don’t over-improve it. According to a 2006 article in Realtor Magazine, some renovations, such as adding a bathroom or a sun room, might not always pay. The data suggests that the nationwide average amount recouped for a bathroom addition is about 75%. For a sun room, it’s even less. If you’re going to invest in renovations, do your research and be sure to put your money into the things that are likely to get you the best return.

In addition, if you have added any custom features you think buyers will be interested in, make sure they are included in the home’s listing information. More than ever, in a down market you should take every small edge you can get.

Clean the Clutter

It is imperative to remove all clutter from the home before showing it to potential buyers because buyers need to be able to picture themselves in the space. This might include removing some furniture to make rooms look bigger, and putting away family photographs and personal items.

You may even want to hire a stager to help you make better use of the space. Staging costs can range from a couple hundred dollars for a basic consultation to several thousand dollars, particularly if you rent modern, neutral furniture for showing your home. Many people feel that stagers can make a home more salable, so hiring one deserves some consideration.

Improve Curb Appeal

Sellers often overlook the importance of their home’s curb appeal. The first thing a buyer sees is a home’s external appearance and the way it fits into the surrounding neighborhood. Try to make certain the exterior has a fresh coat of paint, and the bushes and lawn are well manicured. In real estate, appearances mean a lot. What better way to set your home apart than to make it attractive at first glance?

Get Your Home in “Move In” Condition

Aesthetics are important, but it’s also important that doors, appliances and electrical and plumbing fixtures be in compliance with current building codes and in working order. Again, the idea is to have the home in move in condition and to give potential buyers the impression that they will be able to move right in and start enjoying their new home, rather than spending time and money fixing it up.

Sweeten the Deal

Another way to make the home and deal more attractive to buyers is to offer things or terms that might sweeten the pot. For example, sellers that offer the buyer a couple of thousand dollars credit toward closing costs, or offer to pay closing costs entirely will in some cases receive more attention from house hunters looking at similar homes. In a down market, buyers are looking for a deal, so do your best to make them feel they’re getting one.

Another tip is to offer a transferable home warranty, which can cost $300 to $400 for a one-year policy and will cover appliances, such as air conditioners and refrigerators, that fail. Depending on the policy, other appliances and house gadgets may be covered as well. A potential buyer may feel more at ease knowing that he or she will be covered against such problems, which could make your home more attractive than a competing home.

Finally, it’s important to note that some buyers are motivated by the option to close in a short amount of time. If it is possible for you to close on the home within 30 to 60 days, this may set your deal apart and get you a contract.

Pricing It Right

Perhaps most important of all these tips is the importance of pricing the home appropriately. Consult a local real estate agent, read the newspapers and go to online real estate sites to see what comparable homes are going for in your area.

It’s not always imperative to be the lowest priced home on the block, particularly when aesthetic and other significant improvements have been made. However, it is important that your listing price is not out of line with other comparable homes in the market. Try to put yourself in the buyer’s shoes and then determine what a fair price might be. Have friends, neighbors and real estate professionals tour the home and weigh in as well.

In Summary

Do everything you can to get the home in excellent shape and be prepared to make some small concessions at closing. These tips, coupled with an attractive price, will increase the odds of getting your home sold.
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Housing Crisis: A Sign The Worst Is Over

Housing Crisis: A Sign The Worst Is Over Falling mortgage delinquency rates seem to be indicating the housing crisis may be at the beginning of its end.

A quarterly release from the Mortgage Bankers Association revealed that mortgage payment problems eased during the first three months of 2011 for every category of default.

The rate of loans past due, unadjusted for seasonal factors, decreased 1.17 percentage points to 7.79% from 8.96% during the last quarter of 2010. It was down 1.59 points year-over-year.

The percentage of loans somewhere in foreclosure is down from last quarter’s record high.

The overall national decline comes despite continuing delays in processing foreclosures stemming from the “robo-signing” scandal in which banks were accused of mishandling legal paperwork. As a result, foreclosures take longer to work through the system, so they show up in delinquency rates quarter after quarter.

Meanwhile, the nation’s continued, albeit slow-motion, economic recovery is also providing some relief. There’s a close correlation between unemployment and mortgage payment problems. Not only are people with jobs more able to make their mortgage payments than unemployed borrowers, but hiring itself boosts consumer confidence and, ultimately, housing markets.

The light at the end of the foreclosure crisis tunnel may still be some distance off, but at least it’s visible again after years of doom and gloom.

Home and Commercial Inspections in the Columbia SC area is our specialty! Every year we help hundreds of clients save tens of thousands of dollars, by responsibly finding and exposing conditions that threaten property, value and safety. To learn how we may be able to serve you, please click and read, or call 803-261-5810.

In depressed markets, finding foreclosures is fairly easy; just drive around in neighborhoods and look for the signs hanging from the doors. The recent housing market has made it extremely easy lately to find foreclosed houses to invest in. Advertised in the paper, on street signs and even word of mouth, houses have been popping up on everyone’s investing radar. But what happens when the market turns around? Where do you look to find foreclosures then? Let’s take a look at how to find investment foreclosures in any type of market.

Weak Markets

By far, weak markets have more foreclosures than strong markets. Many homes once offered as short sales, may end up on the foreclosure listings and eventually deeded to the banks. There are numerous reasons to wait to buy a home until it has hit the foreclosure status, namely investment capital.

Yes, there is quite a difference in the amount of money you will spend on a home that is still being short sold versus one that has already been repossessed by the bank and is now up for sale. Finding foreclosures is as easy as looking through the classifieds. Most of the time, real estate agents specialize in one type of housing. Find a couple of foreclosure listings and chances are if you look at all of the agent’s listings, you will find many more foreclosures.

Driving around is another way to find foreclosures in a weak market. Many agents or banks will openly advertise that a home is in foreclosure. The bright signs and droves of cars are a good indicator that a house is in foreclosure.

Strong Markets

Strong markets are a different beast. When there are few foreclosures, it can be a little more difficult to seek them out, but it can be done. The trick with strong markets is to get an upper hand on other foreclosure investors. This can be done by calling a listed foreclosure agent and asking about other foreclosures that are not listed yet in the MLS (Multiple Listing Service) database.

Many real estate agents will wait a couple of weeks before officially listing a foreclosure. This is so they can verify with the bank, the exact listing price they want on the property. By asking ahead of time, your agent can point out other foreclosed homes in your price range.

Bank websites are another place to look in a strong market. Many of the national banks, such as Countrywide, Bank of America, and Chase list all of their current foreclosures on their website. While these are hit or miss, because they are on a national scale, it is a good place to start.

No matter what market you are in at the present, finding foreclosures is not as difficult as you might think. With a little deductive reasoning and a bit of super sleuth work, you will be able to find the perfect house or project for your budget. Get out there and keep your eyes open for a foreclosure near you.

Of course, to protect you in the negotiation stages of foreclosures, we highly recommend you contract a real estate broker who is trained to assist in these types of specialized sales.

Home and Commercial Inspections in the Columbia SC area is our specialty! Every year we help hundreds of clients save tens of thousands of dollars, by responsibly finding and exposing conditions that threaten property, value and safety. To learn how we may be able to serve you, please click and read, or call 803-261-5810.

Buying your first home should be a wonderful experience. It’s such an important milestone in a person’s life that it just seems like everything should go smoothly. Unfortunately, that is not how it always happens. There are several things you should do in order to prepare for the ups and downs of buying your first home.

Knowing where to draw the line between a necessity and a desire is a very important key to enjoying the home buying process. You must understand the things you want, aren’t necessarily the things you need. Emotions can often times muddy the lines between the two, which can cause problems in the long run.

If you have a large dog, you probably need an outdoor space for it to romp around in. This is a necessity to you and the family, as well as the dog. You might also love to have granite slab counter tops in the kitchen, but the home with the large yard only has tile. The granite is calling to you because it looks so wonderful. In all reality, the counter tops don’t matter, they can be changed but the size of the yard can’t.

Once you have the necessities squared away, it’s time to get the budget in line. Getting prequalified for a loan will help you determine your maximum spending limit and prevent you from looking at homes which are over your budget. No need to waste time on houses you can’t afford.

Once you get a definite maximum spending limit, sit down and add up the numbers. While the bank may tell you that you can financially afford a certain price point, individual lifestyle may tell you otherwise. Do you want to pass up going out to nice dinners, vacations or buying designer clothes, or could you probably live in a less expensive property and have it all?

It might be a blow to the ego to have to spend even less than you can actually afford. But it will be so much nicer having extra cash on hand to pay for improvements and new paint or flowers. No sense giving up those fun nights out with friends or delicious dinners either.

Finding a house you love and enjoy is such a great feeling for everyone. Buying your first home is not just something that makes you feel good, it is an important milestone, big accomplishment and tremendous responsibility. Enjoy the process and keep a positive outlook, just because an offer was turned down, does not mean the next one will be.

Home and Commercial Inspections in the Columbia SC area is our specialty! Every year we help hundreds of clients save tens of thousands of dollars, by responsibly finding and exposing conditions that threaten property, value and safety. To learn how we may be able to serve you, please click and read, or call 803-261-5810.

Homebuyer traffic remained tepid in April, as confidence sits relatively low; however, distressed properties are becoming more attractive to investors.

Credit Suisse recently reported in a monthly survey that buyer traffic decreased slightly during the first month of spring. The company attributes this fluctuation to a profound importance of value.

Buyers — both investors and occupants — continue to focus on finding value, which presents challenges from sellers in most markets, according to the report.

Every month Credit Suisse surveys a nationwide network of real estate agents about current trends in the housing market. In April, the company received about 1,000 responses. Analysts calculate an index with levels about 50 representing positive trends and below 50 representing negative trends.

The National Association of Realtors reported recently that distressed properties are in high demand and driving a nationwide increase in existing home sales. According to the trade group, 39% of all first-quarter transactions involved distressed homes or condos.

Home and Commercial Inspections in the Columbia SC area is our specialty! Every year we help hundreds of clients save tens of thousands of dollars, by responsibly finding and exposing conditions that threaten property, value and safety. To learn how we may be able to serve you, please click and read, or call 803-261-5810.