Charleston, SC Homebuyers Respond to Proven Marketing Tactics

For anyone who has listed their home on the Charleston market, the equivalent of winning the lottery is a call from your agent telling you that multiple offers are on the way. It’s like hitting the jackpot — especially when the house draws top dollar.

Although the tactics that can trigger such a phone call vary by location and property type, a few overriding concepts put you far ahead in the competition to attract Charleston’s motivated homebuyers—

·         Build excitement
Charleston homebuyers are like everyone else: whenever there’s a crowd, natural curiosity prompts us to find out what all the fuss is about. When you list your property a few days before beginning the showing process, you increase the odds of drawing a larger turnout on the first days of showings — or at your well-publicized open house. When homebuyers sense they are being shoehorned into a full schedule, they get the message: this one is hot! In a real estate environment where word-of-mouth can play a key role, it’s smart to actively set up buzz and good press around your property.

·         Team with a pro
Nothing prevents you from doing all the legwork yourself — if you have the spare time, that is (and don’t mind wading through reams of property data online, taking all the home buyer calls, working through their schedule changes, etc.). But when you team with a seasoned agent to perform the prep work for you, it frees your time to tend to more important tasks. Too, professionals have experience in screening potential Charleston area homebuyers and encouraging those who are best qualified — ultimately saving you time and expense down the road.

·         Spruce it up
As important as any other factor is being able to focus your energy on maintaining your home in impeccable shape. The dollars spent here and there on maintenance can draw ten times as much at closing. Charleston area homebuyers usually have no trouble paying a bit extra for a well-maintained house. When homebuyers are presented with a property in absolutely excellent shape, it communicates long-term value — as well as a solid, trouble-free investment!

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 

Basics of Buying Foreclosed Homes in Charleston, SC

You may have seen the reports — and they are correct — that the number of new foreclosures has dropped almost everywhere throughout the country. Although the Mortgage Bankers Association’s report about the drop in non-seasonally adjusted foreclosure starts might indicate otherwise, this autumn, sharp-eyed buyers can still find any number of foreclosed homes in Charleston, SC. For those whose goal is to find an appreciably nicer home at a lower-than-average price, a few basics shed light on the process.

Short sales differ from foreclosures. Although the sale price may be a good deal less than what is still owed on a loan, it may be more or less than the actual value of the home. A foreclosed home in Charleston, SC is one that is actually owned by the bank holding the underlying loan — with the previous homeowners already having moved on.

Success in the foreclosure realm means saving money by buying Charleston foreclosed homes — and it means being aware of the motives of the lender. First, any bank will typically offer foreclosed homes on an as-is basis. To keep losses in check, no repairs will have been made on the property. Some homes may be in fine condition, but others will not. That’s why it’s so essential to be willing to pay for an inspection on the property: it’s the only way to know exactly what you are getting into before you sign on the dotted line.

Unless you have prior success in buying Charleston, SC foreclosed homes, it is universally recommended that you enlist a buyers agent to help throughout this process. An agent can advise you whether or not the property value is in line with the market for comparable properties in comparable condition. While you can work with the bank on your own, it is advantageous to have an experience professional to assist at the bargaining table.

If you are interested in buying foreclosed homes in Charleston, SC this autumn, why not contact me today to discuss your search parameters? The values really are out there to reward the patient — and anyone willing to put in a dollop of elbow grease!

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

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

-Jeff Cook

3 Questions to Ask Before Buying a Charleston, SC Vacation Home

As the housing market continues its recovery, sales of vacation homes in the Charleston area are part of the national picture reported by the NAR — which tells us that vacation home sales rose by over 10% last year.

While owning your own vacation home in Charleston automatically sounds great, a thoughtful reality check is always in order. Particularly when a vacation home is involved, it minimizes the likelihood of making an overly emotional decision (and eventual buyer’s remorse).

The first question to ask is How often will we actually use the home? If you travel the Charleston area just once a year for a week or less, keep in mind that, in addition to the purchase price, your actual costs include insurance, real estate taxes, and upkeep on the property. It’s likely you’d be dollars ahead by simply renting a home. On the other hand, if you stay for weeks or months at a time (or eventually plan to retire in Charleston), the investment looks a lot more practical.

 Next question: Do I have a maintenance plan? Maintaining a vacation home in Charleston needs to be considered, particularly if you live hours away. You’ll need to find a local to ensure that the property is well maintained and protected. Consider working with a Charleston property management company to outsource oversight. This approach can change the entire landscape, if it enables you to rent the home and turn it into an investment property when you are not using it.

And a vital question: How does the asking price compare? Very often, people visit the Charleston area, fall in love with the place, then find what they know is the perfect house! That’s precisely why working with a Charleston Realtor^® is key: you need to enlist the knowledge of a local professional in order to get timely, accurate input on its actual market value and other issues that may impact the property. It is really the prudent way to protect your interests.

A thoroughgoing reality check makes buying a vacation home in Charleston a levelheaded and worthwhile decision. I’m here to make sure that happens! 

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 

Why Your Charleston, SC Listing Will Profit From a Virtual Tour

According to the National Association of Realtors^®, active home-buying prospects are turning to the Internet in overwhelming numbers. If you have been a Charleston, SC house-hunter yourself anytime recently, this will not surprise you. Even after you’ve had to wrestle with an ever-expanding number of new computer apps, you know that when your computer (or notebook or smartphone) is working well, it’s unmatched for speed and breadth of access to what you’re trying to find.

In fact, 62% of those who search for their next home online wind up touring a real-life property after first viewing it online. For homeowners who have listed their Charleston area properties, that’s a healthy incentive to be certain that what they put online is as effective as possible. The more information you can provide these potential buyers, the better your odds of getting them in the door.

One great way to accomplish this is to include a virtual tour with your Charleston, SC listing. Showing individual photos has always been important, yet single photos alone can’t insure that potential buyers get an in-depth feel for a property. Too often they underplay details that could make a home a standout.

Most virtual tours include multiple angles of each room in the home, giving viewers a better sense of the size of each room and emphasizing more features than would otherwise be possible. You can also include carefully chosen shots picturing important exterior features like the scope of the backyard, the roominess of the garage, plantings in full bloom, etc.

The most well-structured virtual tours in Charleston take buyers on an emotional journey — a progression through the property similar to what happens during a successful showing. If you want to spark interest, captivate potential buyers, and increase the chances of selling your property in less time, including a virtual tour is all but a necessity in today’s market.

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

Predicting the Return on Investment of Your Charleston Home

If you are a Charleston area homeowner (or about to become one), you’ll be interested in the progression of your Charleston home’s value over time. The market may fluctuate, but what doesn’t is your goal of seeing your property value go up — in other words, calculating its Return on Investment. In economic terms, evaluating the projected ROI tells you how much profit there would be if the home is sold at a later time.

There are two major methods of calculating real estate ROI. Both take cost and appreciation into account — but they come up with quite different answers!

The Cost Method gives a smaller ROI. Consider buying a Charleston area house for $100,000. Ubiquitous Zillow (the Internet giant) pegs the current annual appreciation rate for real estate in the U.S. at 6%. If our Charleston market proves true to that projection, the example Charleston home value would register $106,000 after the first year. If $2,000 were spent on repairs, that means a $4,000 profit would result, and the ROI for that one year would be $4,000 divided by $102,000: 3.9%. At that ROI, it would take roughly 26 (100 divided by 3.9) years to equal the cost of the home.

Sometimes called the “Out of Pocket” method, this calculation yields a higher ROI. Here, ROI is calculated based on the size of the down payment (assuming a mortgage is involved). Take the same example: the Charleston home valued at $100,000. You won’t actually pay that whole amount — just the down payment (say, $20,000). To evaluate the ROI, the down payment is added to the repair costs ($20,000+$2,000) and that number is subtracted from the appreciated home value ($106,000-$22,000). The “equity” in this case is $84,000, so the ROI in that single year is $84,000/$106,000 = 79.2%. Although this sounds terrific, it isn’t too realistic…after all, the mortgage left is still owed: it may not be “out of pocket” because it hasn’t been actually paid yet, but the remaining liability is real. 

Interested in your home's value, ROI or selling your home?Visit: www.jeffcookrealestate.com
Interested in your home's value, ROI or selling your home?Visit: www.jeffcookrealestate.com

-Jeff Cook

Jeff Cook Real Estate

Charleston, SC