How to Buy Your Next Joint Base Charleston Home, Courtesy of the IRS
Turn your tax refund into home ownership! Here is how to buy a house with some help from your tax refund.
1. Check your credit report. For the most accurate credit score, check with Equifax, Experian, or TransUnion.
2. File your taxes as early as possible. When it comes to getting a refund sooner, processing times for tax returns are typically shorter if you can avoid the rush of last minute filers. If you receive any refund at all, the general principle still stands. That refund can be the cornerstone of your down payment savings.
3. Budget. Look at your income and expenses to determine two things. The first is how much you can save each month in your current situation. And second, determine how much of a monthly mortgage payment your income will bear.
4. Compare quotes from multiple lenders. Shop mortgage lenders and get pre-approved.
5. Start house hunting with your agent. We are here to guide you through the remainder of the home buying process. This is the fun part! Don't wait another day to start looking for your next home.
4 Reasons to Buy Your Joint Base Charleston Home This Fall
1. Prices Will Continue to Rise
CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.4% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3.5% a year for the next 5 years.
The bottom in home prices has come and gone. Joint Base Charleston home values will continue to appreciate for years. Waiting no longer makes sense.
2. Mortgage Interest Rates Remain at Historic Lows
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained at or below 3.5% for 13 consecutive weeks. The Mortgage Bankers Association, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year.
Any increase in rates will impact YOUR monthly mortgage payment. A year from now, the percentage of your income that you spend on housing will increase substantially if you choose to wait.
3. Either Way You Are Paying a Mortgage
Everyone should realize that, unless you are living with your parents rent-free, you are paying a mortgage - either your mortgage or your landlord’s.
4. It’s Time to Move on with Your Life
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.
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.
Jodie Ford – Charleston Air Force Base, SC Real Estate For Sale
I specialize in helping military families enjoy a smooth PCS in and out of Charleston Air Force Base, South Carolina. I have a passion for helping people, and I love what I do. Call me (843) 410-8014 and let me make this the easiest PCS yet!