8 Things To Keep In Mind Before Buying Your First Joint Base Charleston Home
3 Reasons to Sell Your Joint Base Charleston Home Now
Thinking about selling
your Joint Base Charleston home? Here are 3 reasons why you should now:
1. Inventory is low: Supply and demand is
always in control in a marketplace unless there is undue interference by
government. Inventories of both new and existing homes for sale are low right
now. Low supply usually creates upward pressure on prices. Many studies and
surveys are also showing that buyers are returning to the market, though more
of a stream than a river of demand. However, combine low inventory and
increasing demand, and you may get more for your home than you think. We are here to help you figure out what price
tag to put on your Joint Base home.
2. Mortgage rates are
low: Whether you believe that mortgage rates are going up soon or not,
many would-be buyers are concerned that they will lose buying power if they
wait too long. It helps sellers when buyers can afford more home due to low
mortgage rates. There’s the other side of this coin as well. If you sell now
with the plan to buy right away, you’re getting the same low interest rate
advantage. The money you take away from your sale, though possibly somewhat
lower than if you wait a while, will go farther in financing another Joint Base home.
3. Some markets
scream sell: If you own in an established area with a history of
stability and high demand, it makes a difference. Charleston could not be a
better example of this. Real estate is local, and
while national influences bear on prices, the right location can make a major
difference in your cash out on a sale. On average 48 people move to Charleston
daily. Can you blame them?
4 Myths To Avoid During The Move into Your Joint Base Charleston Home
1. Free moving boxes are best
There are advantages to buying boxes: Their uniform size makes it easy to gauge how many you’ll be able to pack in the truck based on the dimensions of the truck and a little math. Also, they’re way less likely to fall apart at the worst possible moments. But if you do decide to go the free route, be careful about what you bring home from the grocery store. Packing your possessions in free produce boxes could mean you’re joined by unwanted insects in your new Joint Base Charleston home.
Color coding the writing on boxes makes sure everyone knows what goes where in your new Joint Base Charleston home. Along with jotting down the contents of the boxes, make sure to put an arrow facing up so everyone knows how the box should be loaded and carried. And make a note on at least two sides of the box if it contains delicate items.
It’s tempting to wait until the last minute to pack up personal items and bedding if you’re using them on your final night in your old home. But that can create chaos and increase the odds of something getting left behind or misplaced. Instead, have everything packed up and ready to go on moving day. This will help reduce the chance for problems, but it’s also good for your wallet, too. You could wind up paying professional movers to stand around while you pack up those last few incidentals. Pack personal items as if you were going on a two day vacation so you can find the essentials when you arrive at your new Joint Base Charleston home.
Perhaps you think Friday is the best day to move because it gives you the whole weekend to unpack. The reality is: Everybody else is thinking that, too. And that extra demand means higher costs. Movers charge more during spring and summer, on weekends, and at the beginning and the end of the month because that’s typically when they’re the busiest. Also, if you move during a peak time, it can mean crews are stretched thin and you might have to settle for movers with less experience.
Avoiding these move-related myths can make a drastic difference on moving day.
The Top 5 Reasons You Should Not For Sale By Owner
1. There Are Too Many People to Negotiate With
Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:
2. Exposure to Prospective Purchasers
Recent studies have shown that 89% of buyers search online for a home. That is in comparison to only 20% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?
3. Results Come from the Internet
Where do buyers find the home they actually purchased?
The days of selling your Joint Base Charleston house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.
4. FSBOing has Become More and More Difficult
The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.
The 8% share represents the lowest recorded figure since NAR began collecting data in 1981.
5. You Net More Money when Using an Agent
Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.
Studies have shown that the typical house sold by the homeowner sells for $210,000 while the typical house sold by an agent sells for $249,000. This doesn’t mean that an agent can get $39,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.
Tips for First-Time Home Buyers
1. Draw up a hard budget and stick to it.
Let’s say you're interested in a Joint Base Charleston home, but you’re not sure it’s in your price range. Before you start browsing, it’s crucial that you iron out important questions such as, what is the most you can afford or what is your ideal price range? Enlist the help of a mortgage broker to help you arrive at a figure. He or she will be able to tell you how much the bank will lend you and at what interest rate. Keep your other expenses in mind and make sure you can afford this long term investment.
2. Make a short list of your non-negotiables.
Before you start seriously shopping, consider your lifestyle. Make a list of non-negotiables, -- from location, to square footage, to amenities -- that you must have in your future home. This will also help guide your realtor. And reevaluate your list as you gain a better sense of what's out there and what you want.
3. Use an experienced realtor who knows the area and the Joint Base Charleston market.
It is our job and we do this every day, so let us help you. We are there to help every step of the way and work for you at NO COST to you! A realtor will be able to help you negotiate, give you realistic expectations on closings costs and the timeframe it takes to close, and be there as a resource to help you make this important decision, an educated one.
Top 10 Home Energy Efficiency Tips For Your Joint Base Charleston Home
9 Common Real Estate Myths
Buying or selling your Joint Base Charleston home is not something you do everyday. You may do it once a decade, or even once in a lifetime. Despite the fact that most enter the world of real estate only rarely, some think they know how it works based on the experiences of friends and family members, stories they have heard and things they have read. However, real estate agents do this every single day and stay current with the market and changing regulations.
For everything known about the industry, there are a number of myths that circulate about how real estate actually works. Buying into those can hurt your chances of buying or selling the right home at the right price.
The Internet has made much more information available to consumers, but not all the information is equal, or even accurate.
The danger with believing everything you hear or read is real estate myths can cost you money when it's time to buy or sell a home. Here are nine of the most common MYTHS that can trip up buyers and sellers:
Set your home price higher than what you expect to get. Listing your home at too high a price may actually net you a lower price. That's because shoppers and their real estate agents often don't even look at homes that are priced above market value. It's true you can always lower the price if the house doesn't garner any offers in the first few weeks. But that comes with its own set of problems, because are concerned once a home has been sitting for several weeks or months.
You can get a better deal as a buyer if you don't use a real estate agent. This is completely false. If the house is listed with a real estate agent, the total sales commission is built into the price. If the buyers do not have an agent, the seller's agent will receive the entire commission.
You can save money selling your home yourself. Some people do successfully sell homes on their own, but they need the skills to get the home listed online, market the home to prospective buyers, negotiate the contract and then deal with any issues that arise during the inspection or loan application phases. It's not impossible to sell a home on your own, but you'll find that buyers expect a substantial discount when you do, so what you save on a real estate commission may end up meaning a lower price. It's not impossible to sell your home on your own for the same price you'd get with an agent, but it's not easy.
The market will only go up. In recent years, homebuyers and sellers have experienced a time of increasing home values, then a sharp decline during the economic downturn and now another period of increasing values. "They think that the market only goes up," Elika says. "They don't think about when a correction will come." The most recent recession should have reminded everyone that real estate prices can indeed fall, and fall a lot. Economist Robert Shiller created an inflation-adjusted index for home prices dating to 1890 and found that home prices have fallen a number of times over the years, including in the early 1990s, the early 1980s and the mid-1970s.
You should renovate your kitchen and bathroom before you sell. If your kitchen and baths work, a major remodel could backfire. Prospective buyers may not share your taste, but they don't want to redo something that has just been renovated. "You're better off adjusting your price accordingly," says Kevin Brown Jr., president of Praedium Real Estate Services in Pittsburgh and a regional director of the NAEBA. "Most buyers want to put their own spin on things."
You'll earn back what you spend on renovations. If you fix the heating and air conditioning system or roof, you will sell your house more quickly, but you probably won't recoup what you spent. According to Remodeling magazine's 2015 Cost vs. Value Report, the only renovation that is likely to net you as much as you spent is a new front door. You're likely to recoup only 67.8 percent of what you spent on a major kitchen remodel and 70 percent of what you spent on a bathroom remodel on a mid-range home. If you're going to do these projects, it's better to do them for your own enjoyment
All the properties listed in the multiple listing service show up online. Most do, but it never hurts to verify that yours will. Third party websites aren’t always accurate either, so keep this in mind when using them to research.
Open houses sell properties. Homes rarely sell to buyers who visited them during an open house. Agents like open houses because it enables them to find additional customers who are looking to buy or sell homes.
The agent who shows you homes or lists your home represents your interests. Maybe and maybe not. In South Carolina, a customer has the option of signing an agreement for the agent to represent him as a listing agent or as a buyer's agent. If you were to contact the listing agent of a house that you are interested in as a buyer, that agent works for the seller and has the seller’s best interest in mind, not yours. It’s always the best idea to have your own agent in all transactions, and this is no exception with buying from a builder in a brand new neighborhood.
6 Things Everyone Should Do When Moving Into Your New Joint Base Charleston Home
Moving into your first home is exciting! But it also means you’ve got work to do. 1. Change the locks. You really don’t know who else has keys to your home, so change the locks. That ensures you’re the only person who has access. Install new deadbolts yourself for as little as $10 per lock, or call a locksmith.
2. Check for plumbing leaks. Your home inspector will do this for you before closing, but it never hurts to double-check. Keep an eye out for dripping faucets and running toilets, and check your water heater for signs of a leak.
3. Steam clean carpets. Do this before you move your furniture in, and your new home life will be off to a fresh start.
4. Wipe out your cabinets. Make sure to wipe inside and out, preferably with a non-toxic cleaner, and replace contact paper if necessary.
5. Inspect for Uninvited Guests. Your home inspector will include any comments about potential rodent problems. If there is any evidence of rodents, be sure we to take care of the problem before it turns into a major issue.
DECEMBER SALES SOAR AS THE CHARLESTON REAL ESTATE MARKET ENDS THE YEAR UP
CHARLESTON, SC— (January 10, 2016) 1,389 homes sold in December in the region at a median price of $241,250 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In December 2014, 1,293 homes sold at a median price of $202,000.
Year-to-date data shows that sales volume is 14% ahead of where it was last year, with 16,202 sales through the end of the year and the regional median price has increased by 6.5%, currently $229,000. 2014 saw 14,256 home sales at a median price of $215,000.
There are 19% fewer homes for sale than in 2014. Inventory dipped below 5,000 homes at the close of the year, but it is not uncommon to see inventory decline during the holiday season. There were 4,985 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of January 12.
During yesterday’s Charleston Residential Market Update hosted by CTAR and CTMLS, two expert economists, Steven Slifer and Dr. Joey Von Nessen told the crowd of 650 that South Carolina, and the Charleston region in particular are enjoying a period of exciting economic growth—tracking at approximately 3% statewide—and broad-based expansion, particularly in the construction, retail and professional/business services sectors.
Echoing the concerns of 2016 CTAR President Michael Sally, Dr. Von Nessen cited inventory as one of the major obstacles in the Charleston market specifically, and cautioned that the ongoing trend of demand outpacing supply was the key factor in the significant price growth in the Joint Base Charleston area.
“Exceeding 6% growth in median price on an annual basis is a bit higher than we want to see for long-term, sustained growth” Sally said, “it’s at the higher end of what’s sustainable, and we’re already seeing this pace of growth start to price people out of the market” he continued. “We will continue to partner with key organizations in our region to address the need for workforce housing to ensure that Charleston is a place that everyone can call home” Sally concluded.
Tri-County Overview 1,334 homes sold in Charleston, Berkeley or Dorchester counties at a median price of $245,000.
Berkeley County SINGLE FAMILY HOMES 297 single-family homes sold at a median price of $214,950 in Berkeley County in December. Year-to-date, sales volume for single-family homes is up 19% in Berkeley County and median price has increased by about 10%, compared to 2014 figures.
CONDOS/TOWNHOUSES 27 condos or townhouses sold at a median price of $184,550 in Berkeley County in December. Year-to-date, sales volume for condos/townhouses has grown nearly 29% and median price has increased nearly 7%.
Charleston County SINGLE FAMILY HOMES 571 single-family homes sold at a median price of $345,000 in Charleston County in December. Year-to-date, sales volume for single-family homes is up 14% in Charleston County and median price has increased by about 6.7%, compared to 2014 figures.
CONDOS/TOWNHOUSES 170 condos or townhouses sold at a median price of $205,000 in Charleston County in December. Year-to-date, sales volume for condos/townhouses has grown 6% and median price has increased nearly 5%.
Dorchester County SINGLE FAMILY HOMES 230 single-family homes sold at a median price of $199,950 in Dorchester County in December. Year-to-date, sales volume for single-family homes is up 14% in Dorchester County and median price has increased by about 5%, compared to 2014 figures.
CONDOS/TOWNHOUSES 25 condos or townhouses sold at a median price of $143,000 in Dorchester County in December. Year-to- date, sales volume for condos/townhouses has grown 13% and median price has increased nearly 10%.
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