In many areas it already has. The foreclosures that are left are mostkly due to moratoriums that delayed the enivitable for people 1 plus years behind on their mortgages. This inventory is called shadow inventory, we have seen inventories drop near 30% with an increase in sales near 18%. prices in some areas are actually going up. You should meet with a Realtor in your area tio get any specific market info for your area... more
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.... more
West Oak Forest is a very convenient area of West Ashley. It would be my guess that 65-75% are owner occupied with the balance rentals. As well as block houses, there are lots of brick homes there.It is my feeling that this neighborhood is under-valued and increase in value as more people choose the West Ashley area. Right now, inventories are very low, as are interest rates so naturally this area will become more & more in demand. Houses just across the highway in Parkwood Estates average $200K-$250K, and those in Farmfield a little more. Those in Harrison Acres (back behind K-Mart & IHOP) bring prices between $250K-$400K.
For investment purposes, choosing a well-priced home in good condition in West Oak Forest would be a good choice.... more
Well what are you looking for? The facts are that this home closely follows guildelines and the house has to be habitable. Normally you could do some repairs. Why not look for a home that is in your price range that doesn't need a lot of work? I have some areas that have great townhomes available for this price. I could suggest some lenders. Just let me know.
Do you have an agent representing you? Did you seek out a buyer's agent to look out for your interests in this most important transaction?
Is the bathroom specifically in the contract? I am guessing (based on the hundreds of builder's contracts that I've written) that you will have a difficult time backing out of the contract. But you should have a solid ground to get the bathroom you expected.
Give me a call about this and I will go over several options you have to get the seller to behave or to back out legally.
That is a very good question! Unfortunately, in today's economy it's difficult to judge what areas are going to grow and which areas arent. With that said, it's nearly impossible to predict what is going to appreciate and how fast it will appreciate. It would be foolish of me, or any other agent, to try and tell you for sure what areas are going to grow or to even try and tell you how much the area will grow. What I can say is that the Charleston Area definitely has not been hit as hard by the tough economy as other areas. Right now interest rates and property prices are at an all time low. At this point we can pretty much assume that prices will appreciate from where they are now but who knows how much appreciation will accrue over time.
The reason why we haven't been hit as hard by the down economy is because we have a lot of jobs in the area that allow for constant turn over of our homes in the area. Locally we are home to the Naval Weapons Station Charlestion, Charleston Air Force Base, Boeing, Bosch, Cummins, and many others! Having so much industry in the area coupled with a fairly large military presence makes the Charleston area an ideal place to buy a home! Interest rates will never be this low again, lets hope not anyway. Having so much industry in the area also means all those people need a place to live. Ultimately it depends on where you want to live. Like the beach? Than I recommend Mount Pleasant or Isle of Palms. Like the country? Maybe Moncks Corner is for you! Schools important? Sumerville may be where you want to drop roots. The beauty about real estate is that it never depreciates in value. People my not be able to pay for what the property is worth but it will never depreciate. Land is the only thing they're not making any more of! Unless of course you live in Hawaii! Please call me at 843-789-9860 if you have any questions. Please also check out my website at www.TheBestRealEstateAgentInSC.com.... more
If a buyer is lucky, he/she had a great experience working with their agent on their last home purchase and go right back to that agent. If not, people usually ask friends, family members and business colleagues for referrals of the best agents in the area.
First of all, let me explain the meaning of a Short Sale. Many have the misconception that a Short Sale has something to do with time, as in “the sale is going to take a short amount of time.” Unfortunately, the opposite is true. A Short Sale is an attempt to negotiate a short payoff on a debt (in this case the Seller’s mortgage). In other words, the Seller is trying to sell their home for less than the amount of their mortgage. As a Buyer, this provides you with an excellent opportunity to purchase a home BELOW MARKET VALUE since the Seller is in a distressed situation.
BELOW MARKET VALUE are the key words to this equation. Because the Seller is selling their home for less than the amount of their mortgage they have to contact their Lender and provide them with a full explanation of their financial and personal situation so their Lender can determine whether or not they are going to allow a Short Sale to occur. Since this process is going to take anywhere from 3-6 months there MUST be an incentive for waiting that long, right? The incentive is the ability to purchase a home for BELOW MARKET VALUE.
Now, the good news is Buyers successfully purchase Short Sales every day. The bad news is, unfortunately, there are A LOT of steps involved in the process and it can be very frustrating. Many Buyers and Agents are so fed up toward the end of the deal that they forego further negotiations because they just want the deal to be finished and they want to “buy a house.” Up until a few months ago I would not have been able to say this but my wife and I are a perfect example of a frustrated Buyer that purchased a Short Sale. Here is the story:
My goal is to make sure you know ALL of your options, help you understand why Lenders do what they do as it relates to their decisions throughout the Short Sale process and, ultimately, keep you focused on getting a GREAT deal on a home.
As you can probably guess, there are several pitfalls throughout the Short Sale process that can have a negative impact on the purchase of your home AND on the experience of purchasing your home. Most Real Estate Agents don’t have the experience to help guide you through the process of purchasing a Short Sale because they’ve either steered clear of them entirely because they involve “work” or they have only sold a few and were helped by an Attorney. Now, there are Real Estate Agents out there that have sold hundreds of homes and have been in the business for decades but that does not mean they have EXPERIENCE when it relates to purchasing a Short Sale. I am a Short Sale Expert because I am one of the Top Sales Agents in Charleston for the purchase of Short Sales and my Team and I have sold into the hundreds of these.
If you’re interested in learning more about the Short Sale process please contact me through my website www.ListingsinCharleston.com or simply call me at (843) 345-1273.... more
You can read all about buyer tips on my website. There is a ton of information. Then call me :)
Keller Williams Realty
This depends wholly on the elevation. You have to start with the elevation of the land and add the height of the foundation to get the home's total elevation. You also need to have a certain square footage of venting under the house- you can figure this out by simply measuring the vents and finding the total area. The last factor is going to be which flood zone the house is located in- this is designated by FEMA.
But, to answer your question without knowing these factors.... most people on James Island pay between $1,000-2,000 per year. You need to call a local insurance agent with an elevation certificate in hand to find out the real answer to your question though.... more
Some of that answer will depend on the pricing you are interested in... Charleston will probably have more options but a great agent will search high and low to find you the perfect place! Please let me know if I can dig deeper for you and send information to you. My best, Laura Sargent... more
If indeed you have a signed contract by both you and the bank to purchase the property then it should not be shown any longer.
I suggest that you speak to your agent (if you have one) or the listing agent of the property to request that the status be changed to an accepted offer so that other potential buyers know that it is no longer available.
Good luck on your purchase!
Prudential Connecticut Realty... more
In most states that I'm aware of, builders charge the same whether another Realtor is involved or not. In my opinion it's always best to have one on your side representing your best interests... especially if it doesn't cost you anything extra. Plus, an agent on your side reduces the stress, and there can be a lot of it with some homes.... more
Well, you're farther ahead than the average person! Doing research is GREAT! It's always best to educate yourself as much as possible before making such a big purchase. One thing to consider is that fact that working with a Realtor costs you absolutely nothing! If you find a knowledgeable professional in your area, they can probably educate you on your area better than anything on the internet! The important things you should know, you may not be able to find easily on the internet, i.e neighborhood HOA info, school attendance lines, crime and safety information, reputable builders, etc. An experienced agent can help you with everything from finding a reputable lender, a reliable home inspector, getting insurance quotes for home owner insurance and so much more! You're best bet is to do some research to locate and interview a few agents and find one that you feel comfortable working with. Once you have an agent, share your thoughts on what you like and don't like, you're must haves and so on. As an experienced agent in the Charleston area for over 5 years I am happy to help in any way that I can. Please feel free to contact me anytime!
Carolina One Real Estate
"Assignment mortgage" actually can have more than 1 meaning. It typically refers to the sale of a mortgage to an investor or other 3rd party (which is legal in SC). It is also sometimes used to mean the assumption of an existing mortgage by a new buyer (also legal, must be allowable in the original mortgage, and not very common; and if it is allowed the new buyer still generally must qualify under the bank's underwriting criteria).
Hope this helps.... more
I live on Folly Beach, SC just outside of Charleston. It is a funky, friendly beach community and has an identity all of its own.
If you are looking for something more upscale, try Kiawah. Very exclusive, private empty beaches, and primo golf. It s costs, but is quiet and beautiful. Seabrook is much like Kiawah, but a good $1+ million less.
Edisto is an out of the way sleepy bech community that avoids the crazy big crowds. Beautiful, quiet, and charming. Good fishing, wildlife nearby, and golf. 45 minutes to Charleston.
Isle of Palms, Sullivans Island nice beaches, more upscale than Folly but does not have that same vibe. Isle of Palms is a bit more quiet than Sullivans.
If I be of any more help, please call me.
Carolina ONe Real Estate
843 795 7810... more
There are many wonderful places. If you would like I can email you some places to look at with descriptions of each area that you might be interested in. Call or email me at your convenience.
Debbie Knowles, GRI
Keller Williams Realty