Market Awareness Bolsters Charleston Home Buying Negotiators

With Labor Day behind us, the serious fall Charleston, SC home buying season is upon us. If you will be scouring the market for a new residence, you are likely to be in luck: across the nation, more sellers are being coaxed off of the sidelines. According to the Associated Press, “A fourth straight monthly increase of sales in existing homes provided the latest evidence…that the U.S. housing market is rebounding…” The rise comprised “the highest annual rate since September of last year.”

With temptingly low interest rates and batches of homes hitting the market from sellers motivated to complete their sales before the holidays, Charleston home buying consumers have ample reason to think their timing is good. Once the right property has been found, success in home buying negotiations determine what happens next: 

The Asking Price

When the subject property is one that has just recently come onto the market, the asking price may or may not be negotiable. The odds of encountering more price flexibility increase once a property has lingered on the market for 60 days or more: depending on their own timing requirements, sellers may be more inclined to entertain a lower offer as time passes. In today’s market, if a property falls into that category, many buyers will offer 1% to 10% below the asking price—especially if recently closed comparables provide support.

Extras

If the seller isn’t budging on price, consider negotiating through other aspects of the transaction—seller-paid closing costs, repairs to the home, moving costs, or asking that appliances be included in the deal. This won’t lower the asking price, but the resulting savings can have the same effect.

Market Awareness

Being prepared to work with your agent by taking advantage of the research that is made available. By becoming aware of the Charleston area’s home buying conditions in each of your target neighborhoods, you’ll be well prepared for gauging the range of offers likely to be found acceptable. Is new housing construction underway that will increase the supply of homes? Are there many homes that have sold quickly in recent history? Or is the neighborhood less in demand? It’s important to understand the climate you will be negotiating in so you can land a superior home and at a superior price.

If you’re preparing for the home buying process in Charleston, SC this fall, I’d like to invite you to give me a call to discuss current and upcoming inventory. We can set out a home buying strategy that you feel comfortable with—one that puts you in your next Charleston area home!

Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com
Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com

-Jeff Cook

Jeff Cook Real Estate

Time-Savers for Buying a House in Charleston, SC

According to last month’s National Association of Realtors^® announcement, existing home sales are up across the U.S., at the same time that home inventories are on the rise. In Charleston, SC, it may point to a brisk fall market, with more prospective buyers deciding the time is right for buying a house.

First Time Buyers Look to Tap Alternate Funding Avenues

In an improving residential real estate market, first time buyers may flinch at the greater loan amounts that accompany larger price tags. Lending standards have also put some first time buyers through a tougher gauntlet than faced during many previous eras. Although some easing is now beginning to take place, some Charleston first time buyers can still find it difficult to secure the level of funding they seek. For them, there are a number of alternative funding possibilities that first time home buyers in Charleston, SC may wish to explore. Here are some of the assistance programs that can serve buyers as they go about buying that first home:

Choose a New Charleston Area Home That Addresses Tomorrow’s Needs

“At the end of the day...” “The bottom line…” “When all is said and done…”

The final verdict on whether any activity is ultimately deemed a triumph comes down to how successfully it addresses future circumstances. It’s especially relevant when you find yourself at the outset of searching for a new Charleston area home.

Architects Report Size, Accessible Homes on the Rise

When the American Institute of Architects reports on emerging trends, sooner or later they’ll be showing up in the Charleston listings. That’s been true of one trend the AIA started reporting in 2010: the move to ever-larger square footages.

Locating the Neighborhoods in Charleston, SC that Fill the Bill

There’s a lot you can change about a house. You can repaint it, renovate the interior, landscape the yard. The one thing you can’t change is its location—and there’s abundant truth in the familiar list with the three most important words in real estate: location, location, location…

First Time Home Buyers Described in Yearly Report

The upheaval in global financial markets over the past few years may have been unnerving for almost everyone, but among the hardest-hit group was first time home buyers, in Charleston, SC and across the country. Many had to deal with the stress caused by an uncertain economy, the fallout on business and job security, and, more directly, a pronounced increase in the difficulty of securing mortgages.

3 Things to Keep In Mind When Negotiating a Home Purchase

Negotiating tactics. It’s a topic that business authors adore. This is perennial best-seller territory…so much so, you could probably fill a moderate-sized home library with titles like The Art of the Deal and Getting to Yes.

A Guide to Selecting a Home and Property That Will Suit Your Growing Family

Both seasoned homeowners and first-time buyers know making the decision to purchase a new home is not one that is taken lightly. There are so many things to consider – from choosing a home with growth potential to finding a community to support a family’s interests and lifestyle. While the decisions may seem endless, don’t be discouraged. Develop a strategic approach to buying a home with our definitive guide to selecting a home and property that will suit a growing family’s needs. Use this guide, along with advice from a trusted real estate professional in your area, to get started on the path to home ownership.

Charleston Area Home Buyer Strategies When Bidding Wars Break Out

Wasn’t it just yesterday that we seemed locked into a classic home buyer’s market in Charleston, SC? Bad economy, bad job numbers, tanked real estate values were all we heard about…until it eventually shifted. Over the past year or so, it’s become a very different landscape. If you’ve been out looking to become a Charleston home buyer, it’s possible that you’ve found yourself putting in offers on multiple houses…and also possibly watching from the sidelines as another Charleston area home buyer walked away with a deal. If this isn’t a true seller’s market, to you the difference may not be apparent.

Buying a Home in Charleston, SC with No Owner Disclosures

Suppose that in the course of buying a home in Charleston, SC, your eye is drawn to a bank-owned home, or a home held in a trust. There are many reasons why you could find yourself buying a Charleston home that’s currently vacant—which can also mean that the usual owner disclosures are not to be had. There are perfectly innocent reasons why this situation develops. Suppose the sellers of the property have just inherited it. How would they know that water tends to pool under the house during a strong rainstorm? Or that unpermitted repairs were made to the electric wiring in the kitchen? 

Why Is A Final Walk Through Inspection Of Your New Home So Important?

It’s almost time for the closing on the Charleston home you’re buying and you can’t wait.  You go to the property for the final walk-through inspection.  You’re so busy thinking about where the furniture is going to go and what color you’ll paint the walls, you breeze right through the house.

Are You A First-Time Home Buyer

Most people are familiar with the new stimulus plan that helps many get tax rebates for buying a home. The incentive is centered on first-time home buyers and a lot of people automatically assume they aren't eligible because they have owned a home in the past. This incentive shouldn't be dismissed so quickly. It is worth as much as $8,000 during the calendar year of 2009 and is a great reason to consider entering or re-entering the Charleston home buying market. Yes, that's right "re-entering" the market.

Dos And Donts Of Buying Distressed Real Estate

Distressed real estate is real estate in need of serious repairs. These properties are often called “handyman specials.” If you have the skill or the money to complete the repairs, you can often find great deals. Here are some dos and don’ts of buying distressed Charleston real estate.

·         DO Get A Home Inspection Distressed homes need repairs. Some of these repairs, like broken floor tile, are easy to see. Others, like water damage in the attic, can be easily hidden. The only way to know for sure what you're buying is to have Charleston real estate inspected by a professional home inspector.

·         DO Pay Attention To The Home’s Market Value You don’t want to buy a home and spend your hard-earned money for repairs only to find out the home is worth less than you paid for it. Have your agent complete a comparative market analysis so you know what the home is worth.

·         DO Have An Estimate For Repairs There’s no point buying a distressed home if you can't afford the cost of the home and the repairs. Get an estimate from at least three contractors before you buy. Knowing beforehand the cost of repairs will help you make the best decision.

·         DON’T Think About Potential Profit You’ve probably heard countless stories about people who bought distressed properties and sold them for outrageous profits. However, the reality is that most distressed homes are sold for a small profit or no profit.

·         DON’T Buy A Home Just Because The Price Is Low When you buy distressed homes, you have to consider more than just the asking price. Add together the cost of repairs, insurance, and what you can realistically expect to make from the sale. This will tell you if the home really is a good investment for you.

·         DON’T Buy If You Don’t Have The Money No matter how good a deal you find on distressed homes, they aren’t worth it if they will stretch your budget too far. The last thing you want to deal with is damage to your credit score and the risk of foreclosure in the event you can’t pay for the home.

Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com

Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com

-Jeff Cook

Jeff Cook Real Estate

Charleston, SC

Increasingly Important Market: International Home Buyers

International home buyers are becoming an increasingly important part of the national real estate landscape. According to the National Association of Realtors^®, home buyers from around the globe are spending billions on property in the U.S. Many of these well-heeled international home buyers don’t require financing—which means the sales are often easy to accomplish (for example, last year, 70% of houses bought by Chinese buyers closed in cash!).

But that’s not to say that marketing to out-of-country buyers is a snap. If you have a property in Charleston, SC you believe could have foreign appeal, read on. There are some specific ins and outs for marketing to international home buyers:

Since many prospective international home buyers for Charleston, SC will not be able to physically visit the properties they will be comparing, it’s doubly important to have full photographic coverage—plenty of photos and videos which they can view online. You should include photos of all major areas of the home, both the inside and the outside of the property. Particularly important are the kitchen, living room, dining room, bathrooms and bedrooms. It’s understandable why international home buyers often choose properties they feel they have seen over those which leave areas undocumented.

Selling a Charleston home to international home buyers, consider tailoring the language used in your marketing. For example, most international buyers will think in terms of square meters rather than square feet. Offering both measures makes it clearer that you are happy to court the foreign market. The fact is, the home-buying process is probably quite different in their home country, so it’s likely to require patience on your part (and your Realtor’s) to explain the home buying process and special legal requirements involved. Showing your willingness to do that is a plus. In fact, your property’s website is a great place for an FAQ section specifically for foreign home buyers!

Think about why international home buyers are shopping for property here in Charleston, SC. In some cases it may be because they recognize that Charleston residential properties represents good investment opportunities…in which case, it will be advantageous to showcase rental information prospects. Then again, sometimes the reasons for purchasing a Charleston area property are more personal. Many international buyers want to educate their children in the United States to give them the best way to learn flawless English. Pointing out the quality of our school system can be a strong selling point for these international home buyers. You should also include information about your home’s proximity to the closest airports and transportation corridors, as well as any information about local expatriate communities.

Marketing to international buyers isn’t really difficult—and just could result in a premium purchase price. If you are considering listing your home in Charleston, SC for sale this summer and believe there is a chance that it could be a good fit for international home buyers, call me today for an in-home evaluation!

Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com

Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com

-Jeff Cook

Jeff Cook Real Estate

Charleston, SC

4 Tips To Lower Homeowners Insurance For Your Home

With the prices for everything skyrocketing these days, every penny counts.  This includes your homeowner's insurance costs.  If you're thinking of buying a Charleston home and need homeowner's insurance, here are a few tips on getting quality insurance for a fair price:

5 Tips To Protect Yourself When Buying Newly Constructed Real Estate

Buying newly constructed real estate isn't much different from buying an "already used" home. What variances there are, however, can make all the difference between buying a diamond or a lemon.  Here are a few tips to keep in mind when buying new construction:

Multi-Generational Living Arrangements Transform Housing

Of the things Americans take for granted, one of the least questioned is the future availability of familiar housing circumstances: housing that’s ‘like where I grew up.’ For urban dwellers, that might be an apartment or condominium; for others, a single-family home—a house with a yard, or perhaps a farm or ranch house. It may be time to re-examine that whole idea.

Over the past few years, there has been a significant increase in multi-generational living arrangements. We read and hear a lot about the housing situation that sees many young adults now living with their parents—but that’s not the whole story. Seniors are increasingly likely to live with their children. The latest census housing data confirms that 9% of seniors now live in a household headed by their children. If you are planning to sell your home this summer, it’s worth thinking how multi-generational living is affecting housing here in Charleston, SC.

Getting a Charleston Mortgage is a Detailed Endeavor

Buying a Charleston, SC home can’t help but be about as thrilling a purchase as you can make, whether you’re a first time buyer or an experienced homeowner. ‘Buying’ a Charleston mortgage, on the other hand…well, the experience may be slightly less exciting, but if your team has managed to secure a good one, it’s actually a comparable accomplishment.

Inexpensive Upgrades Boost Charleston Home Values Painlessly

Especially when it comes to major decisions like buying or selling your home, human nature seems to tilt toward delaying action until it’s the end result is absolutely certain. After all, nobody wants to make a life-changing move that turns out to be anything short of fantastic!

So even when you’ve outgrown your current home…or found yourself in a daily long-distance commute because work has moved…or any number of other reasons why you know you should be looking for a new house…it can be difficult to commit to such a looming decision. Adding to that is one of the most common assumptions many Charleston, SC homeowners believe: that they have to spend a boatload of money to increase their home value.