Jeff Cook Real Estate BlogRecently posted or modified blog posts by tag - Home Buyinghttps://www.jeffcookrealestate.com/blog/Copyright JeffCookRealEstate.com2024-02-02T13:59:00-07:00tag:jeffcookrealestate.com,2012-09-20:18631Tips for Finding Your Dream Home<img src="https://assets.site-static.com/userfiles/1451/image/Untitled_design-2.jpg" width="940" height="788" />
Embarking on the journey to find your dream home is an exciting and rewarding experience. As you navigate the real estate market, it's essential to arm yourself with the right knowledge and strategies to make informed decisions. In this guide, we'll explore key tips for finding your dream home, including the importance of working with an experienced real estate agent.
Define Your Priorities:
Begin your search by identifying your must-haves and deal-breakers. Consider factors such as location, size, layout, and amenities. By defining your priorities, you'll narrow down your options and focus on properties that align with your vision for your dream home.
Set a Realistic Budget:
Understanding your financial limits is crucial when searching for your dream home. Work with a mortgage professional to determine your budget, taking into account not only the purchase price but also closing costs, property taxes, and potential renovations. Having a clear budget will streamline your search and help you avoid disappointment.
Research Neighborhoods:
Explore different neighborhoods to find the perfect fit for your lifestyle. Consider factors like schools, amenities, safety, and proximity to work or family. Take the time to visit neighborhoods at different times of the day to get a sense of the community's vibe and overall atmosphere.
Stay Flexible:
While it's essential to have clear priorities, staying flexible can open up new possibilities. Be willing to compromise on certain aspects, and don't be discouraged if your dream home doesn't check every box. Remaining adaptable will increase your chances of finding a home that meets most of your criteria.
Work with an Experienced Real Estate Agent:
Partnering with a seasoned real estate agent is one of the most valuable tips for homebuyers. An experienced agent brings market knowledge, negotiation skills, and a network of resources to the table. They can help you navigate the complexities of the real estate process, provide insights into local market trends, and guide you through each step, from house hunting to closing.
Attend Open Houses:
Attending open houses is an excellent way to get a feel for different properties and neighborhoods. Take notes, ask questions, and envision yourself living in the space. Open houses provide a hands-on opportunity to assess the condition of homes and determine if they align with your preferences.
Research Property History:
Before making an offer, research the history of the property. Check for any past or present issues, such as renovations, repairs, or property disputes. Understanding the property's background can help you make an informed decision and avoid potential surprises down the road.
Finding your dream home is a journey that requires careful planning, research, and the right guidance. By defining your priorities, setting a realistic budget, exploring neighborhoods, staying flexible, attending open houses, and working with an experienced real estate agent, you'll be well-equipped to navigate the real estate market and discover the home that perfectly suits your needs and aspirations.2023-12-28T10:45:00-07:002024-02-02T13:59:00-07:00Patricia Utseytag:jeffcookrealestate.com,2012-09-20:17917Preparing for Hurricane Season<img src="https://assets.site-static.com/userfiles/1451/image/JCRE_hurricane_season_1.png" width="700" height="500" />
<a href="https://www.weather.gov/ilm/hurricaneprepsc">South Carolina</a> is no stranger to hurricanes. The traditional season with the most hurricane activity runs from June through November with peak months being August and September. As potential storms threaten the Low Country, homeowners must be prepared to stay safe and to protect their property as much as possible. The best time to prepare is now. Here are the steps we recommend to prepare for the Atlantic Coast hurricane season.
Prepare an Evacuation Plan
You need to know where your family can go and how to get there safely before a storm strikes. Connect ahead of time with family or friends who could offer temporary shelter if you need to evacuate. Plan several routes to get there in case flooding or other damage closes one more more routes. Stay tuned to local weather forecasts and government announcements for evacuation notices, road closures, and other vital instructions. Use the following resources to help you prepare your evacuation plan:
<a href="https://www.ready.gov/evacuation">Ready.gov</a>
<a href="https://scemd.org/prepare/know-your-zone/">SC Emergency Management</a>
<a href="https://www.ncdps.gov/our-organization/emergency-management/emergency-preparedness/know-your-zone">NC Emergency Management </a>
<a href="https://www.weather.gov/">National Weather Service</a>
<a href="https://www.ready.gov/make-a-plan">FEMA: Make a Plan</a>
<a href="https://flash.org/how-to-make-a-family-disaster-plan/">FLASH: Family Disaster Plan</a>
<a href="https://www.fema.gov/about/news-multimedia/mobile-app-text-messages#Survivors">FEMA Mobile App & text for Shelter</a>
Assemble a Disaster Kit
You will need supplies in the event of evacuation or sheltering in place. The storm and its aftermath can leave you with no electricity, communications, or basic needs. Your disaster kit must have enough non-perishables, water, medicine, radios, batteries, flashlights, and other needs for everyone in your family. Remember to include your pets’ needs. Here are some resources to help you assemble a ready-to-go disaster kit:
<a href="https://www.ready.gov/kit">FEMA: Build a Kit </a>
<a href="https://flash.org/how-to-build-a-disaster-supply-kit/">FLASH: Assembling A Disaster Kit </a>
<a href="https://www.ready.gov/pets">Ready.gov: Prepare Your Pets for Disasters</a>
<a href="https://www.cdc.gov/disasters/hurricanes/before.html">CDC Hurricane Preparedness</a>
Prepare Your Home
Prepare your home in advance to withstand hurricane impacts. Trim trees and shrubs and remove any overhanging limbs from around your home or other buildings. Install storm shutters and impact glass. Seal outside wall openings. Investing in a sturdy garage door that can withstand hurricane-force winds can protect this highly vulnerable aspect of your home. Here are more recommendations for how to protect your home from storm damage:
<a href="https://www.fema.gov/fact-sheet/tips-prepare-your-home-hurricane-season">FEMA: Tips to Prepare Your Home for Hurricane Season</a>
<a href="https://www.youtube.com/watch?v=NykjdRaYLxg">FLASH video: Protect Your Home from Flood Dama</a>
Document Your Possessions
Make as complete a record as possible of all your possessions. Include photos, serial numbers, purchase receipts, and anything else that could help you if you must file a damage claim with your insurance company. We recommend scanning documents and storing images in a portable storage drive you can take with you if you must evacuate. You should also store copies in cloud-based storage for extra security.
<a href="https://cloud.google.com/storage">Google Cloud</a>
<a href="https://www.dropbox.com/features/cloud-storage">Dropbox</a>
<a href="https://www.box.com/cloud-storage">Box</a>
<a href="https://www.sync.com/">Sync </a>
Review Your Property Insurance
It’s always a good idea to review your insurance policies to be sure of what is covered in the event of a storm. Standard homeowners’ insurance may not cover some hurricane or flooding damage, so you should not be caught by surprise. Some zones require flood insurance and extra hurricane insurance is also a sound investment. Contact your insurance company and review your coverage with a local agent.
Learn more about Flood Insurance at <a href="https://www.floodsmart.gov/">floodsmart.gov</a>
Do you need <a href="https://www.investopedia.com/terms/h/hurricane-deductible.asp">Hurricane Insurance</a>?
<a href="https://www.jeffcookrealestate.com/">Jeff Cook Real Estate</a> wants everyone to be smart and safe during hurricane season. Take advantage of the information provided above and do not hesitate to ask for assistance with making your disaster plans. 2023-10-04T13:39:14-07:002023-10-04T13:47:36-07:00Patricia Utseytag:jeffcookrealestate.com,2012-09-20:15142What is a 3-2-1 Buydown Program?Many incentives exist to make homes more attractive to buyers. One that can be particularly interesting is a 3-2-1 Buydown Program. “A <a href="https://www.investopedia.com/terms/1/3-2-1_buydown.asp">3-2-1 Buydown Mortgage</a> is a type of loan that starts out with a low interest rate and rises over the next several years until it reaches its permanent rate.”
A new home buyer agreeing to a buydown mortgage would agree to a set price, but the interest rate during the first three years of the mortgage is graduated. In the first year, the rate is 3% less than the final, long-term rate; in the second year it is 2% less; in the third year it is 1% less. Beginning in the fourth year, the home owner pays the full interest rate for the remainder of the mortgage period.
As an example, for a 30-year mortgage at 5% interest, the interest rate would be 2% in year one, 3% in year two, 4% in year three, and 5% for the remaining 27 years.
Another benefit of this program is that it doesn’t have to be over 3 years. It can be over 2 or 1 years along with several other options the seller and buyer can negotiate.
Who Pays for a 3-2-1 Buydown Mortgage?
Of course, <a href="https://www.nerdwallet.com/article/mortgages/the-property-line-october-2022">someone pays for the privilege of lowered interest rates</a> and resulting monthly payments over the first three years of the mortgage. If not, the bank is essentially giving away money, which banks never do. Therefore, someone must subsidize the reduced interest rates, or cover the remaining portion (in the year you only pay 2%, someone else pays the remaining 3% in our 5% interest example above).
In the majority of cases, home builders or sellers pay this cost at closing. These funds are placed in escrow and are drawn out by the bank every month to make up the difference between the full loan payment and the discounted payment the homeowner pays.
In some cases, a third party will pay for a buydown. For instance, an employer that relocates an employee to a new location may pay for a buydown to help ease the financial burden of moving and purchasing a new home.
Who Benefits from a 3-2-1 Buydown Mortgage?
Both buyers and sellers can benefit from a 3-2-1 buydown mortgage, although buyers are traditionally viewed as getting the better end of the deal, especially if the seller or another party pays for the buydown.
Buyers save considerable money during the first three years
Buyers can use this period to buy now at a reduced rate, and either keep the already locked-in final rate or refinance for a lower one.
Buyers can use the monthly savings to manage initial expenses or set aside funds for repairs or remodeling.
Buyers can refinance before this buydown benefit is over and can apply remaining funds as a “credit” to closing costs or buying the new mortgage rate down.
One warning — buyers need to be sure they can afford the final, full mortgage payments and not place themselves in a financial bind.
For sellers, paying for a 3-2-1 buydown can help them sell their property faster, making it more attractive for buyers who are ready to purchase a home now. The buydown may be less than how much a price reduction would become if the home stayed on the market too long.
Many <a href="https://interlincmortgage.com/north-charleston">Charleston area lenders</a> are taking a fresh look at 3-2-1 buydown mortgages as interest rates have hit the highest point in two decades. Contact Interlinc Mortgage or a real estate professional from <a href="https://www.jeffcookrealestate.com/">Jeff Cook Real Estate</a> to learn more about this attractive incentive and if it could be an available option for you.
Interlinc Mortgage, Charleston SC
<a href="https://interlincmortgage.com/north-charleston">https://interlincmortgage.com/north-charleston</a>2022-12-13T07:43:24-07:002023-01-05T09:59:00-07:00Patricia Utseytag:jeffcookrealestate.com,2012-09-20:14201What You Need to Know About Title Insurance Among the several items you will encounter in <a href="https://www.jeffcookrealestate.com/buyers/what-are-closing-costs/">closing costs</a> during the home buying process is title insurance. Many people try to save all they can in closing costs and may ask to eliminate this item. Most lenders require this insurance when you purchase real estate, but title insurance for the buyer is optional.
Here’s what you need to know about title insurance and how it protects you and the lender.
What is Title Insurance?
“<a href="https://www.forbes.com/advisor/mortgages/title-insurance/">Title insurance</a> is a policy that covers third-party claims on a property that don’t show up in the initial title search and arise after a real estate closing.” This insurance protects you and the lender from financial loss in the event a problem arises with the title to your real estate after closing. This can even happen years after you purchase your home.
Before the closing date, your mortgage lender will contract a <a href="https://homebuyer.com/learn/what-does-a-title-company-do">title company</a> to perform a title search. This is a public records search that seeks to discover any liens, easements, or encumbrances that could prevent you from buying the home. If any third party (unknown heir, contractor, tax authority, lender, etc.) has an issue against the title, it cannot be bought or sold until the issue is cleared.
Problems that can arise and tie up a title during closing can include:
An unknown heir that was left the home in a will, but wasn’t previously discovered
An unpaid property tax bill; the tax authority can place a lien against the property
A contractor can place a lien if they claim an unpaid bill for renovations or repairs
An easement for access by a utility company can restrict how the property is used
Zoning ordinances that prevent certain uses of the property
Restrictive covenants by homeowners associations
Sometimes these issues do not come to light, for various reasons, until after the home has been purchased. What happens to these claims then? They do not simply go away. Title insurance protects you and the lender against surprises like these that could cost you a great deal of money.
What Does Title Insurance Cover?
The two types of <a href="https://time.com/nextadvisor/mortgages/what-is-title-insurance/">title insurance</a> protect both parties at risk in the home buying process: the lender and you, the buyer. One is generally required; the other is optional.
If a dispute arises after loan closing, title insurance protects the lender and you (if you purchased buyer title insurance) and provides for legal fees or other expenses required to settle the problem.
For example, it comes to light after closing that the state has a property tax lien against your newly purchased home. Title insurance would cover the legal fees and the unpaid tax bill. Or, if a neighbor claims a disputed easement against your property after the loan closing, title insurance would cover the legal fees to settle the matter.
Lender Title Insurance
Title insurance for the lender protects them against claims that could arise against the real estate they have loaned money against. It is typically required by the lender to cover their risk. The lender is covered for up to the loan amount until the mortgage loan is paid in full. Then, since their risk ends, so does their protection.
Buyer Title Insurance
Title insurance for the buyer is optional, but as a one-time expense at closing, it can certainly be worth the cost. Even the most diligent title company can make honest mistakes, and unknown circumstances can arise. Buyer title insurance protects you for as long as you own the property.
Get the Help You Need During the Home Buying Process
Don’t be left wondering about the home buying process. Jeff Cook Real Estate can provide all the guidance, information, and advice you need when seeking to buy a home in South Carolina. <a href="https://www.jeffcookrealestate.com/contact/">Contact us today</a> to connect with a licensed real estate agent with the skills and tools to make buying a new home a pleasure!
2022-08-10T09:45:00-07:002022-08-03T08:53:42-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:14199Why a Real Estate Consultation MattersBuying a home is a huge investment, and it can seem overwhelming, especially if you are a <a href="https://www.jeffcookrealestate.com/buyers/first-time-buyers/">first-time home buyer</a>. But even for individuals or families who have been through the process before, getting the details right can pose different challenges. A real estate consultation with a local real estate expert where you wish to buy a home is a vital first step in the purchasing process.
Learn more about why this consultation matters to you, the buyer, and what you should expect to accomplish in this important meeting.
Getting Acquainted with Your Local Real Estate Expert
You already know the value of having your own real estate agent working on your behalf when seeking to buy a home. But you want to get to know this professional on a more personal level, because this facilitates a better working relationship.
After all, this is more than working with a service provider for a once-off deal; your local real estate expert is your conduit for up-to-date information on area homes and other vital data you need in order to make the best purchasing decision.
Meet in a relaxed setting, such as a <a href="https://www.jeffcookrealestate.com/blog/moving-to-greenville-youll-love-their-coffee-shops/">local coffee shop</a> or restaurant, and spend time getting to know each other. Ask about their interests and family, and share your dreams for your perfect home. This is also the time to learn more about what the agent has to offer. Their knowledge, certifications, and skills will be valuable to you throughout the buying process.
Learning the Home Buying Process
A primary goal of the real estate consultation with your local real estate expert is to learn more about the <a href="https://www.jeffcookrealestate.com/buyers/step-by-step-buying-guide/">process they follow</a> in helping you purchase a home. Of course, you want to find the best home that fits your needs and desires for the best price possible. Ask them to explain how they will go about making this happen.
Some questions to ask include:
How will you create a custom search for the home we seek?
What is our primary method of communication with you?
What is your typical response time and level of access?
How will you facilitate scheduling home views?
What else is included in your role?
How do you interact with other professionals (inspectors, contractors, etc.)?
What else should I know about your role in the buying process?
What specifically do you need from me, the buyer?
Answering these and other questions clarifies how the process works and what you can expect from your local real estate expert. It also outlines what they expect from you and your role in the process.
Clarifying Expectations
Among the critical information you need to share during this real estate consultation is your needs and desires for the home you seek. You need to be clear about where you are in the process and what you <a href="https://www.jeffcookrealestate.com/blog/buying-a-home-wants-vs-needs/">must have, would like to have, and dream about</a> in a new home.
What are your top five priorities in a home?
What type of home are you interested in?
How much square footage is required?
What are your location considerations?
How many bedrooms and bathrooms do you need?
Is a yard or outdoor space important to you?
Are you looking for move-in ready, or are repairs or remodeling ok?
What is your price range?
Have you been prequalified for a mortgage?
Make a list before the meeting and answer these and other questions you think of, to help explain to the local real estate expert just what you seek in a new home. The more information you can share, the better they will be able to serve you in seeking, finding, and buying the right home that fits your parameters.
Are you ready to get started looking for a home in South Carolina? Jeff Cook Real Estate can help! <a href="https://www.jeffcookrealestate.com/contact/">Contact us today</a> to connect with a local real estate expert who can partner with you and make buying a new home as smooth as possible. 2022-08-03T08:52:00-07:002022-11-14T12:15:01-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:14049What Buying “As Is” Really MeansIf you’re looking to <a href="https://www.jeffcookrealestate.com/buyers/">buy real estate in South Carolina</a>, congratulations! The Palmetto State has some of the most beautiful homes and properties available anywhere in the United States, and there is nothing like living the Low Country lifestyle. But the excitement of buying a home can be overshadowed by confusion over the many avenues to making a real estate purchase.
Perhaps one of the most confusing is buying real estate in South Carolina “As-Is.” Let’s explore this option more thoroughly to see if it could work for you.
Buying Real Estate in South Carolina “As-Is”
A home for sale listed as <a href="https://www.rocketmortgage.com/learn/sold-as-is">an “As-Is” property</a> simply means the sellers do not want to invest any time or money into making repairs to the home before closing. That means that, as a buyer, you must agree to purchase the property “As-Is” — in its present condition. What you see (or can’t see) is what you get.
Of course, “As-Is” sellers must meet minimum disclosure requirements that are required by South Carolina law; more about that later. But in a general sense, you agree to buy the home without any changes whatsoever.
Now, while this may sound like buying “a pig in a poke,” as the old southern saying goes, there can be lots of reasons for this type of sale. Not every “As-Is” home listing is damaged or aged beyond repair. Sellers can choose this option for any number of reasons, including:
No money available to pay for repairs
Save money on making repairs
Need to sell fast because of a pending move
Wanting a cash offer to avoid lengthy mortgage process, so property is listed lower
Why Should I Buy Real Estate in South Carolina “As-Is?”
Some home buyers may find that purchasing an existing home “As-Is” is a good option. The wise home buyer can realize some significant benefits.
Lower Purchase Cost
In many cases, the <a href="https://www.ramseysolutions.com/real-estate/selling-a-house-as-is">seller’s desire to list “As-Is”</a> for whatever reason means you get a prime property at a much lower price than is the norm. Depending on what the home needs, you could purchase it substantially below the average price. Not only does this save you money, it can make for lower interest rates and mortgage payments. It could also allow you to borrow up to the full value amount of the home and use the extra money for repairs, renovations, or other needs.
Ideal for Property Flipping
Experienced contractors or house flippers that subcontract renovations can find “As-Is” real estate in South Carolina to be profitable projects. Ideal properties purchased with few serious problems are quite affordable to repair and flip for quick investment and return. Some that are priced low to sell fast can be acquired cheaply, meaning quite a large return on investment after simple, inexpensive repairs.
Make Repairs Your Way
There are some buyers who would prefer to be at the helm of any repairs, changes or renovations to a home they plan to occupy, and so buying a desirable property “As-Is” puts them in charge of any work. This allows you to make repairs your way, using contractors you choose and trust, while personally overseeing any and all work.
Faster Closing in Some Cases
Some “As-Is” properties are priced low with any repairs or changes offered in order to make them sell fast. The option for a <a href="https://www.jeffcookrealestate.com/blog/cash-offers-are-tempting-but-proceed-with-caution/">quick cash offer</a> is more feasible for the lower price. If a faster closing process is appealing to you as well, you could buy the “As-Is” property for cash and close the deal considerably faster than the normal process involving a lender.
Tips for Buying a Home “As -Is”
If you believe buying a home in South Carolina “As-Is” is a desirable option, follow these tips to do your “<a href="https://www.jeffcookrealestate.com/blog/buying-a-home-what-is-due-diligence-when-buying-a-home/">due diligence</a>” in every aspect.
Pay Attention to the Law
<a href="https://www.scstatehouse.gov/code/t27c050.php">South Carolina law</a> requires sellers to provide prospective buyers with a written disclosure statement that informs you of any known problems with the home or property. This statement can be delivered in person or electronically.
The South Carolina Real Estate Commission has a free <a href="https://llr.sc.gov/re/resources.aspx">sample disclosure form</a> you can download that lists all the areas that must be included in the report. The seller must answer "Yes," "No" or "No Representation" to each question.
The disclosure must include information about:
The water supply and sanitary sewage disposal system
The roof, chimneys, floors, foundation, basement and other structural components
The plumbing, electrical, heating, cooling and other mechanical systems
Any past or present, unrepaired infestations of wood-destroying insects or organisms
Applicable zoning laws, restrictive covenants, building codes and other land-use restrictions affecting the property, encroachments from or to adjacent property, and notices from a governmental agency affecting the property
The presence of lead-based paint, asbestos, radon gas, methane gas, an underground storage tank, hazardous material or toxic material, buried or covered, and any other environmental contamination
The existence of a rental, rental management, vacation rental or other lease contract in place on the property at the time of closing, and, if known, any outstanding charges owed by the tenant for gas, electric, water, sewerage or garbage services provided to the property the tenant leases
The existence of a meter conservation charge that applies to electricity or natural gas service to the property
If the property is subject to governance by a homeowners association
Pay Attention to the Home Inspection Report
In addition to the disclosure statement, you should carefully examine the report from a licensed and experienced home inspector. His or her report will provide a comprehensive view of the general condition of the home and its major systems. It may also include recommendations for further specific inspections if the home inspector detects more extensive deficiencies or problems. They may recommend:
A structural inspection
An HVAC inspection
An electrical inspection
A plumbing inspection
A pest inspection
A mold inspection
Any problems discovered by one or more of these specialists could mean substantial repair costs you may wish to avoid.
The <a href="https://www.jeffcookrealestate.com/blog/waiving-home-inspections-the-benefits-and-pitfalls/">home inspection report</a> will also detail recommendations for other, smaller repairs or deficiencies that you want to consider. Use this list for the next step.
Pay Attention to Repair Cost Estimates from Local Professionals
Armed with the home inspection report, sellers disclosure document, and any other inspection reports, obtain cost estimates from leading local repair and renovation professionals. We recommend getting at least five estimates for each repair for comparison. Depending on the time of year, some top contractors may be overly busy and unable to take the job, so you need some backup choices, too.
Use these price estimates to calculate a close approximate cost for any and all repairs, renovations or other changes you wish to make. Add this total to the sellers’ asking price to get a grand total for what you may be expected to spend. The “As-Is” property could end up being a real steal — or it could prove to be a real money pit. Only you know what you can/want to spend for real estate in South Carolina, and how much time you wish to invest. Be wise and weigh all the factors involved before committing to a contract.
Jeff Cook Real Estate can help when you’re looking to buy a home in South Carolina. Contact us today at 855-HEY-JEFF <a href="https://www.jeffcookrealestate.com/">or online</a> and speak with one of our talented and knowledgeable real estate professionals.
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2022-07-13T06:11:00-07:002022-07-12T13:19:17-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:13862Buyers Losing Purchase PowerIf you’re considering <a href="https://www.jeffcookrealestate.com/sellers/">selling your home in South Carolina</a>, it’s important to keep abreast of how the current real estate market is trending. Jeff Cook Real Estate pays close attention to markers that reveal the health of our local real estate market, and one of the most significant involves Buyer Purchase Power.
According to Investopedia, <a href="https://www.investopedia.com/terms/p/purchasingpower.asp">Buyer Purchase Power</a> is basically how much consumers can buy with a given amount of money. Consumers lose purchasing power when prices increase. They gain purchasing power when prices decrease.
When dealing with buying and selling real estate, each state has a Buyer Purchase Power Index (BPPI) that is calculated using the state’s average income and the mortgage interest rate. This number fluctuates because average income generally changes very slowly, while interest rates change constantly.
How Does Buyer Purchasing Power Affect Home Prices?
Buyer purchasing power is a major driver for home prices. As purchasing power increases, buyers are able to pay more for a home, and home prices rise. When buyer purchase power falls, home prices will generally decrease. The money is simply not available in many buyer’s budgets to pay top dollar for a home; they have to settle for less. In order to sell a home, a homeowner may have to lower their asking price.
The overall BPPI increased throughout 2019-2020 and into 2021 because mortgage rates declined. This raised buyer purchasing power, or a buyer’s ability to get more for their money. Accordingly, home sales increased and sellers enjoyed the freedom to demand higher prices. Indeed, some price wars were witnessed in the South Carolina housing market as prospective buyers attempted to outbid competitors for desired properties.
Why Are Buyers Currently Losing Purchase Power?
Many factors impact buyer purchase power. <a href="https://www.jeffcookrealestate.com/blog/whats-the-deal-with-interest-rates/">The Fed</a> has indicated that the <a href="https://www.fool.com/the-ascent/federal-reserve-interest-rates/">benchmark interest rate</a> will remain near zero through at least 2023, but some mortgage interest rates are climbing. There is trouble with sustaining a real jobs recovery. As of early 2022, the federal foreclosure suspension and the vast majority of state foreclosure moratoriums <a href="https://www.washingtonpost.com/business/2021/08/03/faq-foreclosure-moratorium-ending/">have expired</a>. All these factors have a negative impact on purchase power.
In the current real estate market, although it’s relatively easy to get your home under contract, not just any agent can get your home closed. Low inventory, high demand, and rising interest rates have made it challenging and stressful for sellers to sell their existing home and purchase another. An average of two out of every three homes make it to the closing table.
This is extremely important if you are a homeowner looking to sell your home. For every percent the interest rates rise, buyers lose 10 percent of their purchasing power. This means buyers who could have afforded a $300,000 home can now only afford the $270,000 home. But add this truth to the mix: low housing inventory and rising home prices make the $300,000 home worth $350,000.
In short, the buyer has now lost 30%-35% of their buying power due to the shifting market and interest rates.
Is Now a Good Time to Sell My Home?
Now is not only a good time to sell your home in South Carolina, but to be sure you close the deal. Jeff Cook Real Estate has the team with professional skills and knowledge to help buyers and sellers get the deals they need for their homes and property. <a href="https://www.jeffcookrealestate.com/">Contact us today</a> and ask to speak with an agent about listing and selling your home in South Carolina. 2022-06-21T06:02:00-07:002022-06-21T04:11:33-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:13597Renting vs. Buying a HomeChoosing whether to rent or become a homeowner is a huge decision that involves many moving parts. <a href="https://www.jeffcookrealestate.com/buyers/">Buying a home</a> has traditionally been part of the American Dream, nevertheless, you should investigate the pros and cons of renting vs. buying a home every few years, or especially as your life situation changes.
Renting or buying a home largely depends on three major considerations:
Your financial situation
Your lifestyle
Your personal goals
Obviously, some factors for either choice remain the same. Renting and becoming a homeowner provides you a place to call home and they both require a steady income to make rent or mortgage payments.
Let’s take a look at <a href="https://realestate.usnews.com/real-estate/articles/renting-vs-buying-a-home-which-is-smarter">renting vs. buying a home</a> to help you consider both options.
Renting a Home
Renting a home allows you to occupy a living space that is owned by another party. In exchange for your rent, you live there, house your belongings there, receive your mail there, entertain friends there, and otherwise act as if it’s yours. But it isn’t your property, and that can come with some caveats.
Depending on your landlord or property owner or manager, there may be strict regulations that govern how you live. For example, some rental properties don’t allow pets, smoking indoors, gas grills, loud parties or more than a certain number of guests or vehicles at a time. They may also reserve the right to inspect your home at any time, and may schedule maintenance tasks at inconvenient times.
However, renting does have its advantages. You are not locked into living there forever, or even for a long time. Once your initial lease is over, you can choose to renew it or move elsewhere. Your landlord handles all maintenance costs to the property, including any appliances provided, yardwork, pest control and more. Your housing expenses remain relatively stable, unless your rent is raised when you renew your lease. Over time, you can even move about and experience different locations or living conditions, to see what suits you for the long term.
Basically, you remain in a more flexible situation when renting. But you should realize that goes both ways. Just as you can decide to move on, your landlord can decide to sell the property out from under you, or just stop renting it, or raise the rent. You may save some money; but renting in some areas costs more than mortgage payment for a comparable home.
Buying a Home
Buying a home brings a sense of stability, as it is a more permanent arrangement. You can still move, but arranging to do so requires either selling the home and buying another, or renting your home and finding some other housing solution for yourself. Being a homeowner gives you complete freedom over your living space. You can <a href="https://www.jeffcookrealestate.com/living-room-planning-tips/">customize it</a>, smoke, house pets indoors, or throw lavish parties.
Owning a home comes with certain tax benefits, and some green energy solutions allow you to claim even more. Most home values increase over time, so your home is not just a place to live — it's an investment into the future. Building that equity means you are <a href="https://www.jeffcookrealestate.com/blog/market-update/">building wealth</a>.
Of course, this can be offset by maintenance costs, repair costs, closing costs and other taxes on the property. All these can vary greatly depending on location and other factors. Researching these possible costs is part of your ‘<a href="https://www.jeffcookrealestate.com/blog/buying-a-home-what-is-due-diligence-when-buying-a-home/">due diligence</a>’ before buying a home anywhere. Home values can also decrease in some areas, due to factors beyond your control.
Should You Become a Homeowner?
When considering the question of whether or not you should become a homeowner, consider the above pros and cons, and then return to the three major considerations we mentioned previously:
Your financial situation
Your lifestyle
Your personal goals
Are you financially able to purchase a home? You may be surprised to learn that buying a home can be more affordable than renting long-term. And, if you’re looking for an investment, home ownership is historically one of the soundest investments most people make in their lifetimes.
Does your lifestyle support becoming a homeowner? A fluid life that moves about often may dictate renting is the best option; however, if you plan to remain in the same locale for at least 5-7 years, there could be some home ownership options that are more affordable and more attractive.
What are your personal goals and how does that impact how you live? Growing wealth and building a stable base for family and career strongly suggests buying a home. A lifetime of travel and risk-taking may point to renting. But remember, everyone gets older and needs a base, a place to settle down and thrive. Buying a home can provide that stable place you need at this point in your life.
Why not call today and start a conversation with a local housing expert from Jeff Cook Real Estate? Our professionals know how to help people and families weigh the options and make the best decisions for their housing needs in South Carolina. <a href="https://www.jeffcookrealestate.com/">Call or send us a message online</a> today to schedule a conversation about your housing future.
2022-05-26T15:23:00-07:002022-09-27T06:16:11-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:13598What's The Deal With Interest Rates?If you’re currently looking at <a href="https://www.jeffcookrealestate.com/buyers/">buying a home</a>, you may be asking yourself this question. The Federal Reserve raised interest rates on March 16 of this year in an attempt to control rising inflation. What does this mean for buying a home? What if you already own a home?
The Federal Reserve and Interest Rates
In 1913 the government established the Federal Reserve to help <a href="https://www.wsj.com/livecoverage/federal-reserve-meeting-inflation-rate-may-2022">regulate the American economy</a> and prevent economic fluctuations and downturns. The Federal Reserve is sort of a central bank that distributes currency and makes policies about money.
A part of that is regulating the amount of money in circulation throughout the American economy and raising and lowering interest rates. The theory is, if interest rates are higher (costing more to borrow money), people and businesses will borrow less money and the economy flows slower, which is supposed to help lower inflation.
How Do Interest Rates Affect Buying a Home?
When the Federal Reserve raised interest rates, banks were forced to pay more interest to get money, which they, in turn, charge you to borrow money. This means that the interest on any loan from lenders, including mortgage loans, is now higher than before. The banks pass on the higher interest rates they are charged to you, the consumer.
How do interest rates affect buying a home? Higher interest rates cost home buyers more money over the life of a loan. A mortgage loan with as much as a half percent higher interest rate can add to your monthly payment and your overall cost, because you are paying more to the bank to borrow the money.
Should I Fear Higher Interest Rates?
Not necessarily. If you’re focused on <a href="https://www.jeffcookrealestate.com/buyers/">buying a home</a> right now, and you’re financially prepared with an adequate down payment, go ahead and buy the home you want or need. Interest rates fluctuate and the housing market changes often. While yes the interest rates are rising, interest rates are still extremely low compared to interest rates in the 1980’s and 1990's. Also, if you’re poised to make a cash offer, you need not fear interest rates at all. An experienced Realtor® can help you decide if you’re truly ready to purchase a home now. Remember, interest rates can rise again, making now the best time to buy for a while.
If you’re <a href="https://www.jeffcookrealestate.com/sellers/">selling a home</a>, you may feel confused about selling right now. The sense of urgency to sell before interest rates increase is due to the effect the increased rates have on potential buyers’ power. Buyers will have to pay more to borrow money, causing them to be able to afford less than they previously could have afforded so they will want to negotiate more for a better price. Again, a seasoned Realtor® can help you with those decisions, including how to price your home to allow for negotiating, how to set up your home for viewing to make the best impressions and more.
Although the fear may have been negated, there is still a sense of urgency if you are buying or selling. If you’re buying, your buying power is reduced with every increase to the interest rate meaning you may not be able to get as much house. For this same reason, the pool of approved buyers has potential to decrease, so if you've been thinking about selling, you may want to act soon in order to take advantage of having more qualified buyers!
Jeff Cook Real Estate is the premier real estate firm throughout South Carolina, with many programs for helping you when selling or buying a home. <a href="https://www.jeffcookrealestate.com/">Contact us today</a> and speak with a team member about your concerns. We’re glad to answer your questions and help you negotiate the ever-changing housing market.2022-05-24T13:51:00-07:002022-07-15T05:39:22-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:13418Why Do A Final Walkthrough? The final walkthrough before <a href="https://www.jeffcookrealestate.com/buyers/step-by-step-buying-guide/">buying a home</a> is more than a ceremonial observance. It is a vital step in the home buying process. Usually attended by the home buyer and their real estate agent, it is a room-by-room final inspection of the home. A first-time home buyer will surely want their agent present to help them look for anything amiss.
The final walkthrough determines that the home is in the same or better condition as when first viewed and that the seller has taken nothing from the home that should remain. The buyer should also make sure that any repairs due from the seller have been completed to their satisfaction.
It’s important to verify these issues before <a href="https://www.jeffcookrealestate.com/buyers/what-are-closing-costs/">closing</a>. After papers are signed, the house now belongs to you in its present condition. Finding out about problems later means it’s your responsibility to handle them. So, make sure you are thorough in your final walkthrough.
Your Final Walkthrough Checklist Before Buying a Home
The final walkthrough should not be rushed or based on memory alone. If you took pictures at an earlier viewing of the home, bring them with you and compare them to what you see now. It would also be wise to bring this checklist, or one you create yourself, to use as a guide. There may be many things you want to remember, so making a list will help you with your inspection.
Examine Any Promised Repairs
Keep a list of any repairs the seller promised to make and examine those repairs to see they were completed properly. You should also bring a copy of the home inspection report and check to be sure any repairs or items noted in the report have been handled. Test any newly installed appliances or components.
It’s also a good idea to ask the seller for any repair receipts or warranties for the repairs they made to the home. The warranty covers the repairs and this goes with the home. If something happens soon after closing, it should be covered by the warranty. This can save you time and money.
Review Space for Leftover Belongings
The final walkthrough is much easier in an empty house, so you want all the seller’s belongings to be removed. Note anything left behind and contact the seller about removing it. Also, check that any items the seller agreed to leave behind are still present and in good working condition. Contact the seller if there are discrepancies about any agreement.
Check Appliances and Fixtures
Run every appliance to ensure they are in good working condition. Run water through every faucet and flush every toilet. Look for leaks, drips, or signs of water damage underneath cabinets and sinks. Common things new home buyers may neglect to check include:
Opening and closing the garage door with any automatic controllers
Running every setting on the HVAC for a few minutes
Arming and disarming the security system
Running the garbage disposal
Testing the oven
Testing for smells from the oven or when running water
Checking water pressure in the shower
Testing the tub drain
Look underneath all sinks, cabinets, dishwasher refrigerator, and the toilet bases for signs of mold or moisture damage.
Review Security Measures
Open and close every window and door, ensuring they work smoothly. Test every lock. If the home has a security system, arm and disarm it. Open windows and doors while it is armed to check the alarm and each opening’s alarm sensor. Look for holes or tears in window screens and damaged weatherstripping.
Test Electrical Components
Bring your cell phone charger and plug it into every outlet to make sure they work. Make sure all outlet and switch covers appear secure and unbroken. Operate all light fixtures, doorbells, automatic garage openers and other automated features. Make sure you have the codes for any smart systems, security systems, and other programmable devices.
Inspect Outdoor Area & Structures
Your final walkthrough should also pay attention to the outdoor elements of your new property. Check to see that landscaping is still present and well-maintained. Inspect any fences and test the operation of any gates and locks. Be sure to closely inspect swimming pools and equipment, outbuildings, and other structures that are part of the property. Test the irrigation system, if one is present.
Be sure no items are left in storage sheds or outbuildings, particularly dangerous chemicals. This can include pool chemicals (unless the seller agreed to leave you any usable materials), paint, used oil, or old cleaning substances. These should be removed before closing.
Look for Evidence of Pests
Pests of various kinds can move in quickly after the seller moves out, so look for evidence of mice, squirrels, birds, and any bite marks on wood. Signs of termites may now appear after everything has been removed from the home. Check chimneys for birds or squirrels, particularly if the chimney has been unused for some time.
Handling Issues Found During the Walkthrough
Buying a home is a huge undertaking, so you want everything to be as agreed with the seller. Depending on the type of contract you have agreed to, there will be an opportunity for you to request repairs from the seller so that you can move into the home in the condition you would like for it to be in when you buy it. Your agent will walk you through the process and explain the ins and outs of how the contract works, and how to request repairs from the seller. Once agreed, the sellers will be obligated by the contract to follow through on their legal agreement to remedy your concern.
There may be instances where some items cannot be completed prior to closing. There are several options you can utilize to work out an agreement that works for all parties and still close on your new home! Some of these options include:
Delaying closing to allow time for repairs to be completed
Holding funds from the seller in an escrow account to cover repairs after closing
The seller pre-paying the vendor in advance for repairs to be completed when they can be scheduled
The final walk-through is a crucial aspect of the home buying process and allows for you to ensure that all agreed-upon repairs were completed prior to closing on your new home. Take your time during this final walk-through and ensure that everything is complete or that there is a plan in place for any items that were unable to be completed and your agent will help you remedy anything that is outstanding!
Jeff Cook Real Estate is the top Realtor® in the Carolinas and his team can make the home buying process simple and enjoyable. Are you a first time home buyer? <a href="https://www.jeffcookrealestate.com/">Contact Jeff Cook Real Estate</a> today for seasoned assistance through every step of purchasing your new home.
2022-04-19T15:11:00-07:002022-04-19T09:19:35-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:12808Cash Offers are Tempting, But Proceed with CautionIn today’s red-hot real estate market, with inventory low and demand high, it comes as no surprise that real estate professionals and their clients are seeing a best-case scenario play out within just hours of listing — cash offers that eliminate the uncertainty of buyer financing. In a competitive housing market, sellers are finding themselves fielding cash offers like never before as buyers try to avoid bidding wars.
There are two ends of the spectrum when it comes to cash offers, from low-end buyers looking to flip a property, to wealthy individuals who don’t need a mortgage with plenty of cash in the bank. While buyers are quick to accept cash offers since the stress of financing falling through is eliminated, there are some drawbacks that every seller should consider. While the advantages nearly always outshine the negatives of a cash offer, be aware of the potential pitfalls as well.
Quick Closing
Once there is a contract of sale in place, many sellers then begin the house hunting process for their new home. For many, the 60 to 90-day timeline from mortgage underwriting to closing is a welcome delay — buying them time to find their next house and have an offer accepted. However, cash offers move much more swiftly, with some closings happening in just two weeks. All your buyer needs to do is provide proof of funds, and the closing moves forward. If you’re a seller who needs to lock-in a buyer and know the final purchase price before placing an offer on your next home, that ultra-short timeline could leave you in limbo between homes.
Leaving Money on the Table
While there is certainly value in a cash offer in terms of ease and reduced stress, sellers should be careful to not undervalue their home simply for a cash offer. Research indicates that on average,<a href="http://ewfs.org/wp-content/uploads/2022/01/226.pdf"> sellers accept cash offers that are 11% lower than financed offers</a>. On high value properties, this translates to a significant amount of cash left on the table. The other consideration when it comes to valuing your home for a cash sale is the absence of an appraisal. Since it’s the mortgage lender that requires an appraisal to ensure the financed amount doesn’t exceed the value of the home, that step is skipped with a cash offer. With home values rising at unprecedented speed, sellers should do their homework to understand the current market value of their home before accepting a cash offer that might be significantly less.
Demanding Buyers
Cash buyers tend to be very inflexible, from providing only a few hours to accept their offer to demanding certain contingencies. They want to move quickly to prevent a seller from entertaining other offers, whether cash or financed. With a cash offer, buyers often feel they have the upper hand in negotiations, and will apply pressure to work within their timeline and meet their demands.
Despite the increase in cash offers, it’s still considered a non-traditional way to purchase a home. If a cash offer appeals to you, but is leaving you feeling uneasy, there are safer alternatives to get cash for your home and avoid the stress of dealing with a buyer.<a href="https://www.jeffcookrealestate.com/"> Jeff Cook Real Estate</a> can help you determine if a traditional or non-traditional sale is right for you, and if you decide to go the non-traditional route,<a href="https://www.jeffcookrealestate.com/sellers/jeff-cook-offers/"> Jeff Cook Offers</a> can assist in a stress-free way. Their team of real estate professionals can make a fair cash offer on your home with a sales process that offers less hassle and works on your timeline. They’ll simply schedule an appointment with you, you’ll agree on a sale price, and you choose your closing date. For a seller looking to take the stress and uncertainty out of selling their home, Jeff Cook Offers could prove to be the best option.2022-02-07T16:52:00-07:002022-02-09T06:46:32-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:12566Agent Highlight | Our Top Agents for Quarter 4<img src="https://assets.site-static.com/userfiles/1451/image/AgentBlogHighlight_DEC2021.png" width="1800" height="1015" />
Time to celebrate! Our agents are hard working and love what they do every day so we are taking a moment to recognize the teams and agents that have gone above and beyond. At Jeff Cook Real Estate, we make sure our clients come first and that each family we have the opportunity to serve feels comfortable and supported in their decisions. Congratulations to the top agents for the end of 2021!
The Ryan McHugh Team
Top Team at Jeff Cook Real Estate
<img src="https://assets.site-static.com/userfiles/1451/image/Ryan_Watermark.jpg" width="2160" height="2160" />
Ryan McHugh has been in the real estate industry for almost 4 years and his team has served over 90 families in the last few years. The Ryan Mchugh Team includes Janet McHugh and Tasha McHugh. Ryan views real estate as more than a career, “It’s a lifestyle. It’s my passion and I enjoy every aspect of it. Even the times when I need to be a critical thinker and help my clients through what may be a stressful situation. It’s rewarding to see families excited about moving into their new home and the kids getting to claim a bedroom. It brings me back to my favorite family memories.” Whether you’re relocating to South Carolina or simply moving across town, the Ryan McHugh Team offers a total solution for your family! The Ryan McHugh Team strives to ensure that your move is not only effective but affordable. Contact the Ryan McHugh Tea, at <a href="mailto:ryan.mchugh@jeffcookrealestate.com">ryan.mchugh@jeffcookrealestate.com</a> or call 843-226-5535.
Dena Espinoza
Rising Star at Jeff Cook Real Estate
<img src="https://assets.site-static.com/userfiles/1451/image/DenaEspinoza_7718.jpg" width="1000" height="1250" />
Dena Espinoza has been in real estate for less than a year and has already served over 8 families! Dena says her favorite part of being a real estate agent is helping families achieve their dreams of owning a home. A unique aspect of Dena’s interests includes helping families who are looking to relocate and sell their current home. Dena is our Rising Star because she believes in setting goals for herself to stay motivated. Dena says, “If you set your goals and go after them, in the end, you will be satisfied with a job well done and appreciative of your efforts all while overcoming any challenges along the way.” Contact Dena Espinoza at <a href="mailto:dena.espinoza@jeffcookrealestate.com">dena.espinoza@jeffcookrealestate.com</a> or call at 803-517-8857.
Cindy Nicholas
Top Listing Agent at Jeff Cook Real Estate
<img src="https://assets.site-static.com/userfiles/1451/image/OLDHeadshotTemplate.jpg" width="2000" height="2240" />
Cindy Nicholas started her career in real estate in 2017 and has helped a whopping 200 families! Cindy enjoys making a difference in the lives of the families she serves. She says, “The thing I like most about my career in real estate is putting people in a better situation than they were before, even those who didn’t believe it would be possible. One of my clients was a 68-year-old purchasing their very first home. It is such a special experience to me and there is truly nothing like it.” To contact Cindy Nicholas, email <a href="mailto:cindy.nicholas@jeffcookrealestate.com">cindy.nicholas@jeffcookrealestate.com</a> or call 843-847-1653.
Dalton Hunter
Top Buyer Agent at Jeff Cook Real Estate
<img src="https://assets.site-static.com/userfiles/1451/image/Dalton_Hunter.jpg" width="2160" height="2160" />
Dalton Hunter has had a successful career in real estate for over 3 years in the Charleston area. Dalton has served over 80 families and enjoys that he is in charge of the direction of his business. Dalton says, “My clients are so appreciative and help make what I do feel more rewarding. I’m so glad to have clients that can see the value in the real estate process.” To contact Dalton Hunter, email <a href="mailto:dalton.hunter@jeffcookrealestate.com">dalton.hunter@jeffcookrealestate.com</a> or call 843-991-3379.
If you’re interested in buying a home or selling your current one, give us a call at 855-HEY-JEFF.2022-01-04T14:00:00-07:002022-01-04T14:24:32-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:12397Waiving Home Inspections | The Benefits and PitfallsWaiving Home Inspections – The Benefits and Pitfalls
Home inspections are traditionally one of the many parts to buying a home. However, with the current real estate market in South Carolina and elsewhere across the United States, some buyers are choosing to waive the home inspection as a means to speed up the purchasing process and make their offer appear more favorable to sellers. While this may place you in a favorable position over other home buying contracts being offered, you need to understand the benefits and pitfalls.
What is the Benefit of Home Inspections?
<a href="https://www.investopedia.com/articles/mortgages-real-estate/08/home-inspection.asp">Home inspections</a> are intended to provide accurate information on the current condition of a home. This information is vital to both buyers and sellers. The major systems and areas of a home are inspected by a licensed, trained professional, usually with many years of experience in the construction industry. Home inspections can reveal serious problems with a home, as well as smaller issues that are more easily dealt with before or after a sale.
Common areas covered in home inspections include:
Foundation
Basement/crawlspace
Property drainage
Outer surface materials
Walls, ceilings, floors
Windows and doors
Electrical system
Plumbing system
HVAC system
Heating/furnace
Attic/inner roof components/insulation
Roof
Chimney
Appliances
Attached structures (porch, garage, etc.)
Safety issues
<a href="https://www.hgtv.com/lifestyle/clean-and-organize/common-problems-found-during-home-inspections">Serious problems</a> with any of these areas could mean costly repairs. Armed with this information, the seller may choose to make certain repairs and offer a lower price to compensate for the other, smaller issues. Buyers may choose to offer a lower price if they have to make repairs, or may shy away from the deal altogether to avoid costly, time-consuming projects.
The <a href="https://www.investopedia.com/financial-edge/0511/10-reasons-you-shouldnt-skip-a-home-inspection.aspx">most significant benefit of home inspections</a> is the advance information about the home’s condition. Buyers can negotiate and make a purchase deal armed with facts, and not get stuck with huge, unexpected repairs and monumental expenses down the road, after the purchase.
Why the Trend Toward Waiving Home Inspections?
The <a href="https://www.nerdwallet.com/blog/2021-home-buyer-report/">2021 Home Buyer Report</a> from NerdWallet indicated that about 21 million Americans planned to buy a home in 2021. The number of available homes in many locations, including the Southeast, is insufficient for the number of probable buyers. With slowdowns in construction due to COVID-19 and the ongoing supply chain problems, construction materials are scarce and at a premium, making new construction difficult to find and even harder to buy.
This means existing homes are going at a premium and going fast. Many home buyers have expressed frustrations with seeing a new listing for an existing home for sale and calling about it, only to learn it is already under contract. Desirable real estate is going fast – and buyers are doing whatever they can to make their offer more desirable.
Some measures buyers are using include offering premium pricing, as much as $20,000 or more, over the asking price to shut down bidding wars and lock in their offer. Others are making sure their financing is locked in and showing proof as a guarantee to the seller that the money is in hand, making for a quicker sale and closing.
Another trend has been to <a href="https://www.realtor.com/advice/buy/should-i-waive-a-home-inspection/">waive home inspections</a>. This eliminates one element of the selling/purchasing process to speed up the transaction. And, since the real estate boom is causing delays in everything, including home inspections, this can be a significant factor in closing a sale. While this trend actually began during the height of the COVID-19 pandemic for health reasons, it persists as a means to make a buy offer more attractive.
I’m Buying a Home – When Would I Safely Choose to Waive the Home Inspection?
Is there any time when <a href="https://education.bankerstrust.com/articles/what-you-should-know-about-waiving-home-inspections/">waiving home inspections</a> is safe, or even recommended? Most experts say no, that the small investment, even the delay in the process, is warranted because of the potential savings. Even new construction can have problems from hurried contractors, shoddy workmanship, safety issues, out-of-code issues and more.
If the real estate you are buying is new construction and comes with a builder warranty, it might be conceivable to skip a home inspection. Another situation would be buyers purchasing a home they have been renting for some time. They would already be familiar with the home and know of any major problems.
An experienced real estate investor or home flipper may feel confident skipping home inspections due to already planning significant renovations. Plus, many of these investors keep up to $50,000 in an emergency fund to handle the unexpected. They can still recoup their investment even with major repairs, especially in the current real estate market.
Get Seasoned Guidance When Buying a Home
Regardless of how many home buying contracts you have negotiated, it is always wise to get advice from a seasoned real estate professional. Specific questions like waiving home inspections can only really be answered accurately according to the unique situation, and a Realtor® is best equipped to provide answers.
Jeff Cook Real Estate can help you <a href="https://www.jeffcookrealestate.com/blog/buying-a-home-what-is-due-diligence-when-buying-a-home/">perform your due diligence</a> when buying a home in the Carolina communities of Myrtle Beach, Greenville, Charleston, Columbia, Rock Hill and Charlotte. Contact us today with your questions about Carolina real estate, home inspections, home buying contracts and more.2021-12-28T06:24:00-07:002022-01-20T06:45:41-07:00Lauren Browntag:jeffcookrealestate.com,2012-09-20:12395Home Warranties | How to Choose the Best Home WarrantyBuying a home is a huge investment and wise homeowners want to do everything possible to protect that investment. This is why South Carolina home warranties have become a popular means to provide added protection for a home’s major components and systems. Home warranties can even be an added bonus factor when selling a home. Follow these steps and do your due diligence when choosing the best home warranty for your needs.
The Difference Between Home Warranties and Homeowners Insurance
Many first-time home buyers and others unfamiliar with real estate can be confused about <a href="https://www.investopedia.com/home-warranty-vs-home-insurance-5081270">home warranties and homeowners insurance</a>. Most lenders require homeowners insurance when buying a home to cover the unexpected that could potentially damage their investment. Homeowners insurance covers damages caused by fire, winds, thefts, unexpected catastrophes or natural disasters.
Home warranties cover repairs and replacement costs of home systems and appliances that break down due to usual wear and tear. They typically include electrical systems, plumbing systems, HVAC, ductwork, appliances, hot water heaters and other standard components of your home. Since all these items to wear out eventually, and some can easily cost thousands of dollars to replace, South Carolina home warranties are an excellent investment.
What are My Home’s Specific Needs?
Before <a href="https://www.usnews.com/360-reviews/home-warranty">shopping for home warranties</a>, you need to do some research and discover your specific needs. Whether buying a home or considering the home in which you live currently, what are the systems and components that are prone to wear and tear and will eventually need replacement? What is the current state of your major appliances and systems? How soon could you begin having problems from routine use and wear?
Take note of special items in your home that may be outside the standard coverage for home warranties. For example, while your plumbing system and normal tubs/showers are likely covered in standard policies, hot tubs, spas and sauna tubs may require an add-on, increasing the price of your coverage. Other add-on items may include extra appliances like a stand-alone freezer or outdoor kitchen components, extra air conditioners, swimming pools and options like roof leaks.
What to Look for in Home Warranties
After compiling a comprehensive list of what your home needs to have covered by home warranties, its time to begin shopping around. Discover the companies offering South Carolina home warranties and note their plans, pricing and available services. Take plenty of time to read reviews and testimonials and compare ratings on <a href="https://www.homewarrantyreviews.com/guides/how-to-choose-a-home-warranty/">home warranty comparison websites</a>.
Ask around your circle of influence and see who you know that have already been through the process, the company they chose and why. Ask particularly about their experience when making a claim. Use this information to help you generate a shortlist of possible companies. Then ask for free quotes from your top choices. Quotes are just a beginning point; price isn’t everything. Be sure to research the following elements of their coverage. Don’t just believe what you’re told by a sales representative – get the facts in writing before committing to any home warranties.
Local Service Area
Be sure you know their local service area and that you are located easily within it. Some companies offering home warranties may appear at the top of Google but are not available in your state or local area. Look specifically for South Carolina home warranties by zip code to eliminate any misunderstandings.
Coverage Details
As mentioned above, be sure you read a listing of detailed coverages, including what parts are covered and if service is included. This information should also include any service or warranty guarantees. Some companies offer 30-day or up to 90-day guarantees on service and a year on parts. Get the details and see what is excluded. If you have add-ons, get a quote that includes coverage for them as well, including service details and pricing.
Cost / Available Discounts
Of course, the cost of available home warranties is a major factor for consideration, and only you know your budget and what you can afford. Sometimes companies will offer discounts if this is your first time buying a home, if you pay a yearly premium and for other reasons. Investigate all the available specials and discounts and see which company offers the best coverage for the most value.
Claim Fulfillment
Most home warranties have a waiting period before you can make a claim, usually at least 30 days. Inquire about how fast they react when you file a claim. Some companies respond within 2-5 business days and charge extra for a 24-hour emergency response. These details should be spelled out in the service contract. Be sure to note in reviews you read if any company has a bad record on claims fulfillment.
Customer Support
Do the home warranty companies on your shortlist offer 24-hour online claims or customer support? How fast do they respond to inquiries aside from service claims? Customer support is a key consideration when your home systems and major appliances are involved.
Service Contractor Network
Most companies selling home warranties work with an established service contractor network within their service area. These are typically licensed, insured and trained technicians that know their industry and have been in business locally for some time. Ask about who will be coming to your home to perform service calls and their level of expertise. Ask if you may choose an independent contractor of your choice, or if you are locked into their network.
Get Professional Help with Home Warranties and Buying a Home
Home warranties and other concerns when buying a home or selling a home can be confusing. Jeff Cook Real Estate can provide answers, information, resources and more to make the process much simpler and more enjoyable. <a href="https://www.jeffcookrealestate.com/">Contact us today</a> with your questions about Carolina real estate, home warranties and more. 2021-12-20T13:51:00-07:002021-12-20T05:42:40-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:12060Buying a Home | What is 'Due Diligence’ When Buying a Home?Many people are unschooled about the various aspects of buying a home. The purchase of a new home is likely the largest investment most people will ever make, so it pays to learn what you need to know before buying a home. One of the home buying terms you will hear often, is “due diligence.” What exactly does that man, and where does it fit into buying a home?
Due Diligence Defined
The most basic definition of “due diligence” is getting to know something – all about something – so that intelligent decisions can be made. Doing your “due diligence” when buying a home means investigating the various aspects of the property in question and the proposed deal.
One of the most common home buying terms you may hear is a “due diligence period.” This is the timeframe between entering a contract and actually closing the purchase deal that gives time to discover any defects in or around the property that you may want addressed. Often, you can cancel the deal during this time if too many problems are discovered.
In short, doing your due diligence as a new home buyer means getting to know everything possible about the property you are seeking to purchase. Let’s break that down into manageable chunks so you can see how “due diligence” applies.
Get to Know the Neighborhood
It’s important to become familiar with the area around your prospective new home. Bad neighborhoods, shady neighbors, nearby bothersome utility installations or factories and a host of other concerns can negatively impact a property’s value. Not to mention make it a miserable place to live. Talk to other area homeowners and as many neighbors as possible for an honest appraisal of the area’s reputation.
It is always wise to learn about any HOAs and their policies that affect your neighborhood or new home. Some can be very beneficial and keep property values high; others can be like living in a dictatorship. HOA fees, restrictions, membership regulations and more should be carefully investigated and considered as part of learning all you need to know before buying a home.
Get to Know the Property
If the location seems to be a good fit (remember – “Location, location, location!”), it’s time to begin your due diligence about the property you are interested in buying. A walk-through with the realtor and/or owners is a good place to start, but don’t expect to learn everything you need to know. Sellers often use this to “put their best foot forward” and showcase the best parts of the home. That’s nice, but you aren’t just buying the nice parts – you are buying it all. So, you need to dig deeper.
This can begin with the seller’s disclosures. Some states require sellers to disclose certain things about the house up front. For example, federal law requires that owners of homes built before 1978 disclose information about <a href="http://www2.epa.gov/lead/real-estate-disclosure">the presence of led-based paint</a>.
Seller’s disclosures become a part of your real estate contract. According to <a href="https://www.scstatehouse.gov/code/t27c050.php">South Carolina Code § 27-50-40</a>, sellers must provide potential buyers a written disclosure statement that reveals any known defects about the property. The law specifies nine different areas that must be covered, if defects exist.
It is also wise to pay attention to a pre-sale home inspection report. This report will contain any discovered problems with the home, as well as recommendations for other inspections of a more specific nature, if other problems are suspected. This can include a structural inspection, destructive pest inspection, radon gas inspection and even a <a href="http://www.consumer.ftc.gov/articles/0124-tests-defective-drywall">defective drywall inspection</a>.
Another key part of doing your due diligence is to obtain a land survey, or a copy of one recently completed. This can prevent serious misunderstandings later, like discovering that your neighbor’s inground pool sits partially on your property.
Get to Know Your Standard Protections
A local realtor from Jeff Cook Real Estate can help you understand more about the area and what specific insurance provisions may be required. In some areas, you may be required to obtain specific flooding insurance in addition to your homeowners insurance policy. Depending on how you plan to use the property, you may need other forms of property insurance.
Obtaining title insurance can protect you from hidden title problems that weren’t discovered during the initial title search. While rare, this can happen, including such items as errors or omissions in deeds, mistakes in examining records, forgery or undisclosed heirs that may be in line for an inheritance that includes your property.
Get Professional Help When Buying a Home
Doing your due diligence before actually purchasing a property can save you from numerous costly and time-consuming headaches. Learn what you need to know before buying a home. <a href="https://www.jeffcookrealestate.com/contact/">Contact Jeff Cook Real Estate</a> in North Charleston, South Carolina, when you need help with researching or buying a new home.
2021-11-07T12:49:00-07:002022-06-17T13:03:47-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:11854SC Real Estate | Best Golf Communities in South Carolina <img src="https://assets.site-static.com/userfiles/1451/image/JCRE_2.png" width="1200" height="800" alt="golf communities in south carolina" />
Among the most popular real estate choices in South Carolina are the numerous golf communities. Buying a home in a golf course neighborhood brings a number of perks and amenities for the avid golfer. Not only do you awake each morning to the pristine scene of nature and rolling greens just outside your window, you have ready access to high-end golf centers, pro shops, private instruction and unparalleled clubhouse camaraderie and amenities.
While South Carolina boasts numerous private golf communities with available real estate, you should examine the locations, courses and amenities of each before buying a home. Here, we provide a brief overview of just a few of the best golf communities in South Carolina. Of course, reviews are only a starting point. Contact each location to arrange a tour, or call us at Jeff Cook Real Estate for arrangements and more information.
Belfair – Bluffton, SC
Five miles west of Hilton Head Island and approximately 25 miles north of Savannah, GA lies the historic town of Bluffton. The Belfair Golf Community includes 1100 acres of beautiful property along the Colleton River. Deluxe is the word most used to describe Belfair, beginning with the two acclaimed Tom Fazio golf courses on the property. Set among scenic lakes, forests, wetlands and nature preserves, Belfair offers world-class golf, plus family-friendly amenities that include tennis, swimming, fitness facilities and a Bistro. Enjoy casual and fine dining at the clubhouse, as well as every imaginable tool and toy at the Golf Shop.
Daniel Island – Charleston, SC
Daniel Island is a planned community that encompasses an entire 4,000-acre island in the center of Charleston. Residents can enjoy over 20 miles of shoreline and over 400 acres of parks and green spaces, including more than 25 miles of leisure trails. The Daniel Island Club offers beautiful Lowcountry settings surrounding two 18-hole golf courses designed by Tom Fazio and Rees Jones. Swimming, tennis and other sports are also available, as well as fine and casual dining.
Fripp Island – Beaufort, SC
Nestled between Beaufort and Hilton Head lies the 3,000-acre gated community of Fripp Island. Boasting two championship golf courses, 3.5 miles of unspoiled Atlantic beaches and an on-site marina, this South Carolina golf community stands apart for Lowcountry elegance and style. Residents can enjoy an exclusive beach club, two golf club houses, racquet club, swimming pools, grocery store and multiple dining options, all without leaving the island. This is a perfect location for buying a home, whether you are seeking retirement real estate or a vacation property.
Kiawah Island, SC
No listing of prime golf communities in South Carolina is complete without highlighting the many exclusive and world-class golf course neighborhoods on Kiawah Island. Known as a golfer’s paradise, there are several luxurious golf communities on the island that include membership in the esteemed Kiawah Island Club, with access to the famous Ocean Course, recent host of the 2021 PGA Championship. There are seven premier golf courses in all on the island, with fabulous communities bordering most. Exclusive privileges and amenities are included in your golf community real estate and golf club membership.
Ready to Move to South Carolina?
Jeff Cook Real Estate can help you connect with real estate opportunities when seeking to buy a home at these or other golf communities in South Carolina. <a href="https://www.jeffcookrealestate.com/contact/">Contact us today</a> for information on what is currently available. 2021-10-27T14:27:00-07:002021-10-07T08:47:16-07:00Tally Nelsontag:jeffcookrealestate.com,2012-09-20:11852Buying a Home | What is an HOA?<img src="https://assets.site-static.com/userfiles/1451/image/JCRE_3.png" width="1200" height="800" alt="HOA" />
If you are seeking to buy a home in the communities of Charleston, Columbia, Greenville, Rock Hill, Charlotte or Myrtle Beach, you may encounter an HOA. While these non-profit, local organizations can have many benefits for their members, some people may find them overly restrictive and even invasive. Before purchasing real estate in any neighborhood, you should know more about HOAs and the specific contracts each may have for members. A representative from Jeff Cook Real Estate can help you get in touch with the leadership of specific HOAs so you can learn more about what they offer and require.
Why Do Homeowners Form an HOA?
HOA stands for Homeowners Association, and it consists of member homeowners in a local geographic area and elected leaders. The members voluntarily band together into this group in order to benefit the entire neighborhood or complex. HOAs can consist of single-family real estate owners, condo owners or other residents. Many modern, planned real estate developments include an HOA that is mandatory for its residents. Approximately <a href="https://ipropertymanagement.com/research/hoa-statistics">58% of homeowners</a> across the United States live in HOA communities.
Typically, an HOA’s overall purpose is to preserve and enhance a community’s property values. Most of the requirements established by an HOA deal with appearances, including individual property cleanliness, condition and repairs. Uniformity is usually an important guideline in many HOA charters.
The HOA often provides additional services for its members that are funded out of the monthly HOA fee. Use of some cooperative facilities like swimming pools, tennis courts or event buildings can be provided. Many condominium HOAs provide basic building maintenance, landscaping and lawn care, parking lot care and snow removal. Extra expenses for such items as tree trimming, parking lot repairs, roofing repairs or other major needs can be assessed to each member of the HOA, usually divided equally among them.
Members of an HOA elect a board of directors or a president to handle the organization’s affairs and finances. These leaders are also responsible to enforce the HOA’s guidelines among the members, as established in the HOA’s charter.
Should I Be Wary of Buying a Home Within an HOA?
An HOA can be a definite benefit in many ways to those owning real estate in the community. Your neighborhood’s property values will remain high and even grow as each member adheres to the guidelines and keeps their property shipshape. But you should be aware of some potential headaches with HOA membership.
Excessive Fees
The membership fees required by many HOAs can seem excessive. HOA fee increases actually <a href="https://www.trulia.com/research/hoa-fees/">outpaced home prices</a> between 2005 and 2015 by 17.3%. Be sure to closely examine the charter of any HOA in a prospective community to learn about their fees and benefits.
Restrictive Regulations
Many HOAs have <a href="https://www.investopedia.com/articles/mortgages-real-estate/08/homeowners-associations-tips.asp">strict regulations</a> about fences, types of fences or landscaping, colors of house and trim paint and even how many vehicles can be parked in the driveway. The HOA’s charter will spell out these restrictions, and also the penalties for violating them. The HOA’s leadership often has the authority to impose fines to force compliance.
Inept Management
Buying a home in a community with an HOA means you accept the membership guidelines and leadership. Sometimes the leaders of an HOA are inept or even corrupt; you could enter into in a bad situation without knowing it. This is a topic that should be closely investigated when seeking to purchase real estate in an area with an HOA.
Learn More About HOAs with Jeff Cook Real Estate
Jeff Cook Real Estate can help you learn more about local HOAs in communities throughout Charleston, Columbia, Greenville, Rock Hill and Myrtle Beach, South Carolina, or Charlotte, North Carolina. <a href="https://www.jeffcookrealestate.com/contact/">Contact us today</a> with your questions and needs concerning real estate. 2021-10-18T09:15:00-07:002021-10-07T08:47:26-07:00Tally Nelsontag:jeffcookrealestate.com,2012-09-20:11876Agent Highlight | Our Top Agents for Quarter 3<img src="https://assets.site-static.com/userfiles/1451/image/AgentBlogHighlight_-_Oct2021.jpg" width="9337" height="5264" />
Time to celebrate! Our agents are hard working and love what they do every day so we are taking a moment to recognize the teams and agents that have gone above and beyond. At Jeff Cook Real Estate, we make sure our clients come first and that each family we have the opportunity to serve feels comfortable and supported in their decisions. Congratulations to the top agents for Quarter 3!
Jason Husted Team
Top Team at Jeff Cook Real Estate
<img src="https://assets.site-static.com/userfiles/1451/image/JasonHusted_Xpressdocs.jpg" width="3412" height="3822" />
Jason Husted began flipping homes in 2014 and as his interest in the real estate industry grew, Jason received his license in New York and later in South Carolina. Since becoming a real estate agent, Jason Husted has been able to serve over 104 families with selling and buying homes. With Jeff Cook Real Estate, Jason has built his own team of agents, assistants, and content creators. Jason says his favorite part of being a real estate agent is the endless opportunities within the industry.
Congratulations to the Jason Husted Team!
Cherith Guest - Agent
Kyu Myoung - Agent
Austin Poirier - Agent
Robert Poirier - Licensed assistant & Content creator
Mackenzie Huff - Team Assistant
Blaine Vinson II - Content Creator
Contact the Jason Husted Team at <a href="mailto:jason.husted@jeffcookrealestate.com">jason.husted@jeffcookrealestate.com</a> or call 843-925-7600.
Kevin Johnson
Rising Star at Jeff Cook Real Estate
<img src="https://assets.site-static.com/userfiles/1451/image/KevinJohnson_Logo.jpg" width="3412" height="3822" />
Kevin Johnson reviewed his real estate license in April and has been working with Jeff Cook Real Estate ever since. Although Kevin is just getting his start in the industry, he has already served over 22 families, including 10 closed deals and 12 current pending deals! Kevin says, “My favorite part about working in real estate is establishing meaningful connections with the families I serve and exceeding their expectations with the service they receive. My goal is to create a positive real estate experience with my clients to change their perception of the industry and show them that there are agents who truly care about their needs every step of the transaction.” Kevin is certified to represent both buyers and sellers, and he also has experience with investors purchasing rental properties and multi-family residences. Contact Kevin Johnson at <a href="mailto:kevin.johnson@jeffcookrealestate.com">kevin.johnson@jeffcookrealestate.com</a> or give him a call at 803-447-9836.
Clayton Hall
Top Listing Agent at Jeff Cook Real Estate
<img src="https://assets.site-static.com/userfiles/1451/image/Clayton_Watermark.jpg" width="2160" height="2160" />
Clayton Hall has been a real estate agent with Jeff Cook Real Estate for over 4 years and has served over 50 families! Clayton and his fiance Whitney work together to serve families in Charleston and surrounding areas. Clayton says, “I genuinely work hard no matter what. I love that I basically get a new job every time someone chooses me to be their agent. It’s a humbling experience to help someone through a huge life decision such as selling their home and I enjoy working hard to prove myself to my clients.” Contact Clayton Hall at <a href="mailto:clayton.hall@jeffcookrealestate.com">clayton.hall@jeffcookrealestate.com</a> or give him a call at 843-494-7939.
Nancy Walsh
Top Buyer Agent at Jeff Cook Real Estate
<img src="https://assets.site-static.com/userfiles/1451/image/NancyWalsh.png" width="3412" height="3822" />
Nancy Walsh has been a real estate agent for almost 5 years and has served over 160 families! Nancy is endorsed by Jeff Cook himself and has been certified as a Ramsey Trusted Endorsed Local Provider. Nancy specializes in assisting your family buy or sell their home through any season of life! Nancy loves serving her clients; she says, “Helping my clients buy their new home is my absolute favorite thing to do. Seeing the look on their faces when they walk into their new home for the first time is magical. The feeling of helping a client win their new home in this competitive market makes all the hard work worthwhile.” Contact Nancy Walsh at <a href="mailto:nancy.walsh@jeffcookrealestate.com">nancy.walsh@jeffcookrealestate.com</a> or give her a call at 843-718-4285.
To learn more about how to prep your home for the market, <a href="https://www.jeffcookrealestate.com/blog/these-landscaping-tips-can-increase-your-home-value/" target="_blank">click here </a>to read about unique landscaping ideas. When you're ready to sell your home, call 855-HEY-JEFF! 2021-10-13T13:00:00-07:002021-10-14T13:22:27-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:11104FAQ: What is a Seller's Market?<img src="https://assets.site-static.com/userfiles/1451/image/Distinguished_House.png" width="2614" height="1744" alt="Blue House" />
A seller's market is a kind of market where the demand for a particular product exceeds the supply. A seller's market has certain specific characteristics where there is a shortage of products on sale. Therefore, the seller can determine the price of the product. In the real estate field, the demand for houses is more than the supply. This is expected when buying a home if the location does not have the number of homes available for sale to match the demand.
In such situations, the prices are usually competitive since buyers outshine each other on the price, and the highest price acquires the property. In a seller's market, the buyers determine the property's worth since they have bargaining power.
Seller's market
In a seller's market, the seller controls the market because the demand is more than the supply of property. The seller is usually at an advantage since they sell the property with the best deals because multiple buyers want to acquire the property. In this market, buyers have to make a faster decision to buy property.
Key factors that affect the seller's market.
The seller's market in real estate is usually affected by two main factors:
The season you want to buy the property and the level of investment growth in the specific location. There is a <a href="https://www.counton2.com/news/latest-news/south-carolina-real-estate-is-booming-during-the-summer-months/">peak season</a> for selling and buying property, and you should take advantage of that. For example, during winter, the demand is higher than the supply since many people tend to dispose of their houses during summer. Places with better opportunities and a high rate of employment have higher demand.
Signs of seller's market
The prices of homes are usually higher
When the demand for houses is higher, the possibilities of bidding wars will be higher. The bidding war is usually between the many buyers who want to acquire the property. It gives seller's higher bargaining power over the buyers.
Quick sale
Due to the high demand for houses in a seller's market, there will be limited properties in specific areas. A home sale is usually faster than in the buyers' market. The homes are generally unique and attract more buyers.
Limited homes for sale
The demand is usually higher than the supply of homes when it is <a href="https://www.jeffcookrealestate.com/blog/scrambling-to-sell/">time to sell</a>. The sale of houses is more, thus leaving a few homes for sale. To understand a seller's market, compare the number of places available for purchase and the number of houses previously sold.
Bidding
In the seller's market, buyers compete with each other during the buying process since there is a limited supply of property. The highest bidder outbids the other buyers making the price of the property go up.
Differences between the seller's market and buyer's market
The <a href="https://www.jeffcookrealestate.com/blog/faq-what-is-a-buyers-market/">buyer's market</a> is the opposite of the seller's market. In the buyer's market, the supply of houses in real estate is usually higher. The buyer has various properties to choose from, and the sellers have to convince the buyers to buy the property, unlike in the seller's market. In the buyer's market, buyers have negotiating power.
What kind of market are you in? No matter the market, Jeff Cook Real Estate has a team of experts who are ready to take on the market with you and help you win!2021-08-02T08:00:00-07:002021-11-01T06:08:50-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:11005Fun Learning Activities to Do With Your Kids This Summer<img src="https://assets.site-static.com/userfiles/1451/image/Family_Sports.png" width="1414" height="944" alt="Family Playing Sports" />
One primary goal for most parents during the summer holiday is to keep their kids' minds sharp and stimulated. The long summer holidays can affect learning in all subjects. Luckily, you can do many activities with your children during the summer from your own home to combat the brain drain. Here are some fun learning activities you can do with your children.
Obstacle Courses
A fun mind-stimulating game you can do for your kids is an obstacle course. You can set it up in a room in your house or even out on the patio or backyard. The best part is that you do not have to buy extra supplies. All you need is to be creative and use the products that you already have in your house. A typical obstacle course should have something to walk on, crawl under, jump through, solve a riddle, and there are endless possibilities of what you can add to make it your own. You can make it as challenging as you want so that it is suitable for your children.
Plant a Garden
An engaging thing to do with the kids this summer is to plant a garden with them in your yard. This is a way to incorporate some science lessons into your summer routine as you can discuss and monitor the growth of the different types of plants or flowers, the different processes involved, and the different species of plants you want to grow. There are numerous lessons you can bring to life in your yard, and you can even explore the <a href="https://www.jeffcookrealestate.com/blog/best-plants-for-your-garden-in-south-carolina/">best things to grow</a> for your location in South Carolina.
Rainy Day Plans
These activities are mentally stimulating for your kids and will give them things to do when they are cooped up inside. You can turn your bonus room into a fortress with cardboard boxes, sheets or blankets, and pillows or cushions. Find a common area in your house that you can begin building a lego castle and continue to expand on it all summer. Camp inside with your sleeping bags laid out in the bonus room or living room. All of these activities can be connected to studying <a href="https://kids.nationalgeographic.com/geography/states/article/south-carolina">history</a> as you explore historic battles, forts, castles, and journeys.
Hide And Seek
This is an old-school game that never grows old. The game involves one person closing their eyes and the other one hiding. The one who was closing their eyes then has to find the person who was hiding. This is a fun game that helps to improve the analytical skills of your child, not to mention practicing counting. The game helps young developing minds to be able to distinguish a viable hiding spot from a bad one. It is a game that the whole family can enjoy and you can make spin-offs of this to connect it to learning materials such as hiding in places that begin with a certain letter of the alphabet, practicing spelling and writing by making a list of the places you hide, or counting by different groupings like counting by 5’s or 10’s.
Sports
The other way that you can help in keeping your children’s brains active is through sports. According to research, sports are vital as they help execute important bodily functions and can be used to benefit various aspects of their lives. However, for this, you will need to involve other kids to make a team. That way, your child will learn the importance of group efficiency and working together.
Consider Your Home
All of these highlighted activities are fun learning activities that you can do with your child during the summer. However, you may feel that you do not have much room for some of these activities. As your family grows, perhaps it is time to look for a larger home, or a home with a bonus room or a bigger yard. If so, you should consider <a href="https://www.jeffcookrealestate.com/blog/new-listings-daily/">purchasing a house</a> to enable you to provide all that you want for your family. The agents at Jeff Cook Real Estate are prepared to help you sell your home, or find a new one that is exactly what you need.
2021-07-05T08:00:00-07:002021-07-06T07:08:07-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:10979FAQ: What Is a Buyer's Market?<img src="https://assets.site-static.com/userfiles/1451/image/House_and_Key.png" width="2828" height="1888" alt="House and Key" />
If you are a first-time homebuyer it is important to understand when it is the most advantageous time to purchase a home. In real estate, there is a buyer’s market and a seller's market. A buyer’s market means that homes are in abundance for sale with a limited number of buyers looking for homes.
Defining a Buyer’s Market
In a buyer’s market, the buyer has the power. Sellers are at a loss because they either need to negotiate and accommodate buyers or wait for the right buyer to come along. Sellers have a lot of competition to attract the right buyer, therefore it may be easier for them to offer incentives and <a href="https://www.jeffcookrealestate.com/blog/should-i-haggle-on-a-house-price-the-dos-and-donts-of-negotiating/">negotiate</a> with the homebuyer.
Signs of a Buyer's Market vs a Seller's Market
The key signs that indicate the type of <a href="https://www.jeffcookrealestate.com/blog/key-indicators-of-a-healthy-housing-market/">market</a> it is, are the length of time a home is on the market and the cost of the homes on the market.
In a buyer’s market, you will find that homes are listed for longer periods. While the homes are listed you may notice price drops in the cost of the homes. Sellers are more accommodating because there are more homes for sale than there are buyers.
On the other hand, in a seller’s market, there is a greater demand for homes than there are homes for sale. Homes might be listed one day and gone the next and the prices of the homes will continuously increase.
What This Means for Homebuyers
If you are a homebuyer in a buyer’s market, you have a greater chance of finding what you want in a home at the price that you want. Sellers understand that buyers can easily walk away unless they are willing to negotiate and/or offer incentives.
As a homebuyer, you want to be patient and take your time looking for a home. Make sure that you know what is on the market and compare properties. Look at how long a home is on the market. The longer a home is listed, the more power you will have with negotiating with the seller.
Several points can be negotiated when buying a home. This includes the cost of the home, contingencies, repairs, and seller concessions(closing costs). You have the power to ask for things to reduce the amount of cash that you need to come up with at closing or to reduce the price of the home.
You as the homebuyer are in control of the process. You have the power to ask for things such as extending deadlines for closing or <a href="https://whnt.com/taking-action/bbb-consumer-alerts/what-to-consider-when-hiring-a-home-inspector/">inspecting the home</a>. You can also negotiate the date that you take possession of the home. Sellers that are committed to the sale of their home are more likely to agree to these terms.
Bottom Line
This guide was intended to give you a better understanding of how the real estate market affects the process of buying a home when the buyer is in control. The bottom line is that the ball is in your court and you can get more value for your purchase.
2021-06-21T08:00:00-07:002021-11-10T06:04:45-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:10728Top 5 Places to Live in South Carolina<img src="https://assets.site-static.com/userfiles/1451/image/Family_Moving.png" width="2652" height="1770" alt="Family Moving" />
South Carolina's thriving economy, ideal year round weather, plenty of attractions, natural beauty, great food, and festivals makes it one of the best places to <a href="https://www.jeffcookrealestate.com/blog/countdown-to-move-out-checklist/">move</a> to if you are buying a home.
Best Places To Live In South Carolina In 2021
1. Myrtle Beach
If a resort town sounds like a place where you could settle down, Myrtle Beach may be the perfect choice for you. Myrtle Beach is relatively close (90 minutes of driving) to other South Carolina highly populated metro areas such as Columbia and Charleston.
This city features more than sixty miles of beaches, and along with that, it offers different water activities, including fishing, boating, swimming, and so on. Myrtle Beach attracts people who are looking for a relaxed and slower pace.
2. Charleston
Those who are already selling a home in Charleston know how great this city is. Wondering why so? Because it ranks among the best places to live in, year after year.
Those who are buying a home and already thinking about moving to South Carolina often choose Charleston because it has its own unique lifestyle.
Charleston architecture succumbed to a European influence. There are many museums, art galleries, venues, and so on. Charleston also offers fantastic healthcare.
What truly beautifies Charleston are cobblestone streets and its <a href="https://www.jeffcookrealestate.com/blog/historic-homes-in-charleston-sc/">historic homes</a>.
3. Columbia
Columbia is South Carolina's capital city and the most populated one. Although Columbia is not such a tourist attraction as other coastal cities, it still has plenty of stuff to offer.
One of the most popular things is perhaps Riverbanks Zoo and Garden. Other Columbia attractions include the Columbia Museum of Art, Congaree National Park, South Carolina State Museums, and the South Carolina State House.
Anyhow, one of the best things about living in Columbia is its location. As it is located in the middle of South Carolina, it is two hours from the mountains and two hours from the beaches, so you can have a bit of both.
4. Greenville
<a href="https://www.travelawaits.com/2658791/things-to-do-in-greenville-sc/">Greenville</a> has a couple of small colleges and is located at the foot of the Blue Ridge Mountains.
For those who prefer cooler weather but want to live in a metropolitan area, then Greenville is the best option to consider.
Greenville public schools rank very well in the entire U.S.A, and it is the most affordable city to live in and raise children.
5. Rock Hill
Rock Hill is only 30 miles away from Charlotte. It features 31 parks that draw a lot of outdoor enthusiasts and four recreation centers.
Winthrop University gives this lovely city a small touch of college town vibe. With plenty of celebrations and special events, this city has something to offer for everyone.
There are plenty of options for wonderful places to live in South Carolina, and when you are ready to move, Jeff Cook Real Estate is prepared to walk through the process with you. Our agents are experts on the top cities and neighborhoods in South Carolina. Call 855-HEY-JEFF to begin the process of finding your perfect home and to speak with an agent today!2021-05-17T08:00:00-07:002021-05-17T08:44:53-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:10659What to Keep for Taxes after Buying a Home<img src="https://assets.site-static.com/userfiles/1451/image/Homeowner_Taxes.png" width="2674" height="1783" alt="Taxes for Homebuyers" />
Buying your very first house is an incredibly large step, plausibly an overwhelming decision to make as a part of one's life. It is, however, a good investment and could signify the results of your fruitfulness and years of hard work. Financially speaking, being a real estate owner entails a more complicated taxation process than when you do not own a property. This does not mean it is all complex and stressful. Having your own home could also give you tax advantages, making you save more money than you anticipated. Here is everything you need to know about what is recommended when doing your taxes after purchasing a home, including the benefits of being a homeowner when it comes to taxes.
Tax Breaks
Homeownership offers numerous perks and introduces a new world of tax breaks. Before owning a house, the standard deduction is what you most likely have been claiming, but upon possessing a home you can opt to itemize deductions on your tax returns. Once you begin the process of itemizing, the things you usually pay can now earn you tax-saving deductions. Enumerated below are some of the tax breaks that will come to your attention after entering the world of real estate.
Interest on your mortgage
The <a href="https://www.jeffcookrealestate.com/blog/mortgage-payment-structure-explained/">mortgage</a> interest deduction is one of the largest tax breaks for most homeowners. You can withhold your investment's mortgage interest, with a few situational exemptions, like a yearly cap, for instance. The odds of this happening are low, nevertheless. A tax year usually ends in January, and afterward, you will have to expect your lender to point out the IRS form particularizing your annual interest paid. You have to ensure that you will also include further interest you funded since this is essential to your closing balance. These should be written on your settlement sheet for the house purchase. Lenders will also send the first months' interest of your loan. You may seek assistance from the person or institute who lent you the money to specify this to you. However, you have to add this to the sum of your interest when you do your taxes in case it is not included in your 1098.
Taxes on the properties
The cash you fund in local charges can be put under deductibles. If you have your taxes sorted out through a moneylender <a href="https://gofirstnations.com/what-is-an-escrow-account/">escrow</a> account, you will discover the sum on the form you submitted. Personal records through checks and transfers, among others, are what you will be having if you go directly to the tax authorities in your area. Furthermore, plausibly discoverable on the settlement sheet are the off chances that you repaid the vendor for any land charges they paid ahead of time while you claimed the home. Note that you also have to incorporate those installments.
Points to pay
Upon <a href="https://www.jeffcookrealestate.com/blog/process-of-buying-a-home/">purchasing</a> a home, you may need to pay "points." This charge is normally communicated as a level of the advance sum. If the credit is received by your home and the measure of points you pay is in accordance with your space, the points are deductible as "interest" so long as the money you paid at your closing through your down payment can be equated to the points.
The world of homeownership
Now that you are equipped with this knowledge, buying a house and immersing yourself in paying taxes, mortgages and loans is less "taxing" now, right? Sure, purchasing your first home can be quite an overwhelming decision initially, but through a guided mindset and a decent knowledge about the workings of taxation in the field of real estate, homeownership can go by like a piece of cake.
2021-05-10T08:00:00-07:002023-08-29T08:11:18-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:10610How are Millennial Home Buyers Shaping Trends?<img src="https://assets.site-static.com/userfiles/1451/image/Millennial_Homebuyers_Shaping_Trends.png" width="2880" height="1920" alt="Millennial Homebuyers" />
Having your own home is the dream for most people. Over the past century, housing is one of the invaluable investments made by individuals, couples, and even families. According to house marketing experts, in the dawn of the 21st century, economic stability and recovery have contributed to the influx of millennial homeownership. Despite 2018 statistics implying millennials' low interest in house investment, the pandemic and the post-pandemic era have shown shifting perspectives from Millenials about housing.
Home Affordability
Purchasing real estate and property is considered the most extensive undertaking people venture into. Many factors shaped millennial perspective towards <a href="https://www.jeffcookrealestate.com/blog/process-of-buying-a-home/">buying a new house</a> - trends are the driving variable that honed millennial homeownership over the past decade. Sustainable and smart features are also important factors to consider. In addition, affordable multifunctional and economic community spaces contribute to a drastic interest in house investment among the younger generation. According to the National Association of Realtors (NAR), millennials' digital advancement correlates to the surge of house marketing affecting real estate agents' perception towards their potential contribution to the housing sector.
Increasing Income
In contrast to the popular belief - millennials are workaholics, according to social experts. The caricature that set millennials as a demanding, entitled, and indolent generation has become an understatement in recent times. The pandemic may have hindered workplace and career advancement for the older generation, but millennials' practical expertise and knowledge in technology and trends have transpired. Studies analyzing work perception among boomers and millennials show drastic and significant performance output. Moreover, the rise of new industries and jobs has contributed to relevant talent in which millennials' proficiency is valued. Therefore, this results in higher income generation, maximized talents, and adaptability to 21st-century challenges, increasing the potential for extensive personal investments - homeowning.
Unbridled Optimism
The rise of the COVID-19 pandemic did not hinder optimism in the younger population. Research indicates that millennials tend to ignore the typical "doom and gloom." A generation forged by a relative mindset about <a href="https://news.duke-energy.com/releases/clean-generation-remains-duke-energys-focus-as-it-plans-to-triple-renewable-energy-this-decade">sustainability</a> and awareness has proved to be a generation inhibiting the most optimism. The only uncertainty for millennials is that they believe in a better future. Millennials are also considered risk-takers contributing to their experience seeing the worst and are prepared for potential risks and threats. This risk-taking mindset has resulted in a position where they can afford larger, more expensive investments than previous generations.
The Millenial Undertaking
Kids these days - millennials might take a lot of burdens, especially from the negligence of the past generations. However, their potential seems to be astute. As a generation honed by conservatism and a culture of social conditions, they tend to be committed to keen undertaking and bold investment. Thus, this represents fast segments in home owning and real-estate expenditures, as shown in recent statistics and research. Furthermore, <a href="https://www.jeffcookrealestate.com/blog/smart-home-features-to-add-to-your-home/">tech-savviness</a> and digitalization have made an impact on millennial's perspectives concerning the subject of personal investments.
2021-04-30T13:30:00-07:002021-05-10T10:04:05-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:10552What is Equity and How Do I Cash Out?<img src="https://assets.site-static.com/userfiles/1451/image/Home_Equity_JeffCook.jpg" width="4288" height="2848" alt="Home Equity" />
Equity is one of those terms that gets thrown around a lot, however, it can be confusing what it means in the world of real estate. We will walk you through all you need to know about equity and how you can cash out on your equity.
What Is Equity?
In simple terms equity refers to your assets minus your liabilities. So, In terms of home equity, this refers to you subtracting any mortgage as well as any other debt such as encumbrance tied to the home, from the value of your home. In this case, the home is the asset whiles the <a href="https://www.jeffcookrealestate.com/blog/budget-tips-to-relieve-the-stress-of-high-house-payments/" target="_blank">mortgage</a> with any other debt is the liability.
So, for example, if your house costs $152,000 and you paid for it with no mortgages or encumbrance or liens, then you own 100% equity of your home, which means you have $152,000 of home equity in your name. However, if your home costs $152,000 and you own a $52,000 mortgage with no other additional debt, then you have $100,000 in home equity.
What Are The Benefits Of Home Equity?
Owning home equity or paying off some of your mortgages comes with a lot of benefits, some of which include:
1. Appreciation
The value of your home tends to increase over time, so the higher your home equity, the more profit you can make off the home.
2. Leverage
The more your home equity, the higher the amount of money you can borrow against that equity. And as you will learn in the next section, having home equity gives exposes you to some loan opportunities.
3. It Alleviates Your Financial Burden
The more home equity you have, the more financial freedom you have. This is because having home equity saves you from certain financial obligations such as mortgage interest as well as property tax, which can save you some cash.
<br /><br />
How Do I Cash Out On My Home Equity?
If you won some equity in your home, you do not necessarily have to sell your home to gain access to your cash. There are various ways you can leverage the equity of your home, however, two of the most popular options include:
<br /><br />
Home Equity Line Of Credit (HELOC):
With a HELOC, you can borrow against the equity of your home. How this works is that you are given a line of credit of a <a href="https://www.banksc.com/calculator/credit-line" target="_blank">maximum limit</a> which you can borrow, however, you have the flexibility of borrowing how much you like and whenever you like given that it doesn't exceed the maximum limit.
When the loan is set up, you can borrow money for the next 10 years, and when the 10 years period expires, you will be required to pay off the loan together with the interest accrued within 15 years. However, the maturity period can vary from bank to bank.
Mostly, Home Equity Line Of Credit loans tends to have a loan-to-equity value of 80%, which means the lender will give you 80% of the value of your home equity. So, assuming you have home equity of $150,000, most banks will give you a line of credit of $120,000, and you can take out any amount from the $120,000 for the next 10 years.
Also, HELOCs have a floating interest rate, what this means is that it isn't fixed since it moves up and down with the market.
<br /><br />
Cashout Refinance/ Home Equity Loan:
This lets you take a large lump sum of money upfront and you will be required to pay this loan within a given period, however, with this, you will be required to pay a fixed monthly payment. Unlike the HELOC, the interest rate of a <a href="https://www.jeffcookrealestate.com/blog/what-you-need-to-know-before-applying-for-a-home-loan/" target="_blank">home equity loan</a> depends on how much money you borrowed, and it stays the same till the end of the loan. So, a cashout refinance is like a second mortgage. 2021-04-21T11:38:00-07:002021-08-30T12:07:59-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:10361Mortgage Payment Structure Explained<img src="https://assets.site-static.com/userfiles/1451/image/Untitled_design_23.png" width="800" height="524" alt="Mortgage Payment Structure" />
If you're like many new homeowners, you most likely write a new check every month for your mortgage without understanding how mortgage payments work. Mortgages <a href="https://www.jeffcookrealestate.com/blog/budget-tips-to-relieve-the-stress-of-high-house-payments/" target="_blank">can be stressful</a>, and many property owners have no idea how much interest rate or what they owe on the mortgage balance.
They spend a lot of their time attempting to acquire favorable loan terms, only to forget all about it once they buy their dream house. All homeowners need to at least have basic knowledge about their mortgage payments
So, what is a mortgage?
This is a long-term loan that is purposely designed to help home buyers purchase a house. Besides reimbursing the principal amount, it is also required that you pay the lender interest. The house, along with the land surrounding it, is collateral. However, if you want to own a home, you need to have more than this basic knowledge.
The four parts of your mortgage
1. Principal
The principal is the original amount given by the lender. This is the part of the reimbursements utilized to reduce the amount you owe. The bigger the balance, the higher the mortgage repayment.
If you chose the fixed-rate alternative, your principal reimbursement would be constant until you finish paying off the loan. There are plenty of details about your repayment on your amortization schedule. It is an analysis of each <a href="https://www.jeffcookrealestate.com/blog/here-are-the-types-of-mortgages-explained/" target="_blank">type of available payment</a>. Usually, a significant portion of the principal is reimbursed on the back half of your mortgage.
2. Interest
This is a percentage added to the loan balance as reimbursement to the creditor. Banks do not lend people funds expecting nothing in return. Typically, interest is the amount the banks charge on the principal amount.
3. Tax
As a home buyer, you must be prepared to make house payments in the form of property tax and mortgage repayments. Typically, the municipal taxes are arrived at depending on your house's value.
4. Insurance
Mortgages also include the buyer's insurance, which lenders need to cover any damage to the house, which is seen as collateral, together with everything inside it. Additionally, it covers particular mortgage insurance, which is a requirement if the buyer makes a down payment of less than 20% of the house's buying price. Generally, insurance is engineered to shield the creditor if the borrower is unable to pay back the mortgage.
Conclusion
Whether you're purchasing a home for the first time or utilizing customary funds to invest, it is vital to comprehend every factor of your mortgage. Begin by familiarizing yourself with the mortgage components and make sure any questions you might have, have been answered exhaustively. More knowledge about your mortgage repayment translates to <a href="https://www.jeffcookrealestate.com/sellers/jeff-cook-offers/" target="_blank">better decisions</a>.
2021-03-29T06:00:00-07:002021-05-27T07:23:28-07:00Hunter Cooktag:jeffcookrealestate.com,2012-09-20:10308When is the Best Time to Buy a Home?
Have you ever wondered if now is the “right time” to make a move and buy or sell your home? It’s important to take into consideration the interest rates and how they will affect your monthly house payment. The cost to wait to purchase a home or <a href="https://www.jeffcookrealestate.com/buyers/refinancing/" target="_blank">refinance</a> your current home loan could be significant if the interest rate increases.
Did you know that for every 1% increase in interest rate, you lose 10% purchasing power?
For example, if you wanted to buy a $300,000 house, but the rate increased by 1%, you could then only afford a $270,000 house in order to have the same monthly payments. You could see your monthly house payment drop by hundreds of dollars just by making a move quickly when interest rates are low.
Just imagine what you could do with the money you’re saving by locking in a low-interest rate!
Jeff Cook Real Estate understands that making a decision on your home is a big deal and we don’t take that lightly. Our team of experts stay up to date on local market trends and gives you the resources to make the best decisions on when to refinance, buy, or sell your home. Give us a call at 855-HEY-JEFF to speak with an agent today!2021-03-19T07:59:00-07:002021-03-19T11:01:59-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:10192Should I Haggle on a House Price? The Do's and Don'ts of Negotiating<img src="https://assets.site-static.com/userfiles/1451/image/Untitled_design_21.png" width="1200" height="794" />
When you are a first-time homebuyer, the process of <a href="https://www.jeffcookrealestate.com/blog/buying-a-home-the-documents-you-will-need/">home buying</a>, understanding home value and applying to get a <a href="https://www.jeffcookrealestate.com/blog/mortgage-payment-structure-explained/">mortgage</a> can seem both exciting and challenging at the same time. Perhaps you wonder if you should engage in haggling when it comes to the price of the home that you are interested in buying. Here we will present to you valuable insights regarding what to do and what not to do when you want to negotiate the price of the home you want to purchase. We will further mention the benefits, as well as the possible harms concerning negotiating the price of a home.
What to Do
Decide Clearly Which Home You Want to Buy
You should have a clear home in mind when you desire to negotiate the price. You should never negotiate the price of several homes at one time. Always wait to see how your offer for one home will turn out and then you can proceed to make an offer on another home if your offer is rejected.
Know Your Budget
Your offer should fit within your budget. Do not put an offer on a home that is higher than what you truly can afford. While you may want a certain home, you should never hurt yourself financially. Thus, sometimes you may not be able to get that expensive home that you desire. Your financial security matters.
Use a Real Estate Agent
A real estate agent knows how to guide you in the right direction in regard to negotiating the price of a home. The real estate agent will try to get you the best price for the home, while also ensuring that the homeowner receives a fair payment.
Benefits of negotiating the price of a home
You’re able to make a clear offer.
When you are negotiating the price of your home, this allows you to make a clear offer that you are comfortable with. This lets the owner of the home know that you are serious about getting the home.
Keeps you on track financially.
When you negotiate the price of the home you want to purchase, this helps to ensure that you are staying on track regarding your finances. You should never put yourself in danger of your finances by buying a home that you cannot afford. You can negotiate the price of the home according to what you can afford.
What not to do
Do Not Be Demanding
Do not come in with an arrogant and demanding attitude when you are negotiating. This will turn any homeowner or real estate agent off. No one will be interested in your offer. You will not get the home you want.
Do Not Make an Offer on a Home Without Being Approved for a Mortgage
Do not negotiate the price of the home you desire before being <a href="https://www.jeffcookrealestate.com/buyers/mortgage-pre-approval/">approved</a> for financing. It would be unfair to the homeowner and real estate agent for your offer to be accepted and then they find out that you do not have the money to buy the home.
Harms of negotiating the price of a home
You Could Come Off As Untrustworthy.
If you negotiate the price of the home at a price that is regarded as being too low, people may not trust your integrity. They may think your offer is unfair and is not acceptable for the projected value of their home. The homeowner may see this as an untrustworthy offer and refuse to negotiate.
Risk of Losing the Home
You may make a good offer. But the homeowners may not accept your offer. The homeowners could indicate that they are waiting to see the other offers. If someone else makes a better offer, you could lose your desired home.
In conclusion, if you follow these tips, you'll be able to place manageable offers on properties you're looking at without having to worry about the process! Life is full of negotiations, you don't have to let your forever home be an exception.2021-03-15T05:45:00-07:002021-05-27T07:55:45-07:00Hunter Cooktag:jeffcookrealestate.com,2012-09-20:9884Should I Use a Realtor When Buying New Construction?<img src="https://assets.site-static.com/userfiles/1451/image/unfinished_housing_frame.jpg" width="1200" height="800" alt="Unfinished House Frame" />
Buying new construction can sometimes be a daunting task. If you're <a href="https://www.jeffcookrealestate.com/blog/5-tips-for-first-time-home-buyers/" title="5 Tips for First Time Home Buyers" target="_blank">new in the real estate market</a>, you might not get it right due to the many processes involved. However, some people are still stuck on whether to look for a home by themselves or get the help of a realtor. The best way to go about this is by using a real estate agent who'll guide you throughout <a href="https://www.jeffcookrealestate.com/blog/process-of-buying-a-home/" title="Process of buying a home" target="_blank">the process</a>. Real estate agents have lots of experience in the industry and understand the market trends. Below are some top reasons why you should consider using a realtor when buying new construction:
Help You in Price Negotiation
Realtors have the necessary skills for negotiating prices of new constructions on the behalf of the buyer. Since most new constructions are quite expensive, you can save some money by giving a realtor the duty to negotiate on your behalf. Most builders usually give a base price for new constructions. However, if you need some customizations on the property, your realtor can help you in negotiation. In this case, you'll get a price cut from the initial price and you'll end up getting the necessary upgrades.
Knowledge of Market Trends and Patterns
A realtor always knows the best time you can buy a new home. Due to the wide connections that realtors have in certain areas, they're able to tell when there are likely to be great deals. Just like any other market, the real estate market has its demand and supply patterns. When the demand is higher than supply, you're likely to spend a lot of money purchasing a new construction because the prices will be higher and vice versa. Therefore, if you keep in touch with a realtor, you'll be updated on the best time to purchase a new property.
Property Inspections
Some people don't understand the importance of a new <a href="https://www.accuviewhomeinspections.com/2021/02/09/home-inspection-when-buying-a-house/" title="Home Inspection When Buying a House" target="_blank">home inspection</a> until they move into the property and find out that toilets, sinks, septic, and other fixtures aren't working properly. A home inspection is an essential aspect of the buying process. A realtor will help you to inspect a property before buying. Realtors have a better understanding of house parts where you're likely to find some underlying problems. The major issues, in this case, are usually associated with plumbing.
Finding the Best Builders
An experienced realtor understands the local market better. Therefore, if you want to get the <a href="https://www.jeffcookrealestate.com/blog/8-questions-you-must-ask-before-hiring-a-home-builder/" title="8 Questions You Must Ask Before Hiring a Home Builder" target="_blank">best builder with quality workmanship</a> and a good track record, you won't have to move up and down looking for references from your friends or colleagues. With the help of a realtor, your work will be just coming up with a home buying checklist stating the general layout that you want depending on your taste and preference.
In conclusion, these are some of the top reasons why it's essential to use a realtor when buying a new home. However, the truth is that you're likely to even spend more if you don't get professional help.2021-02-15T06:00:00-07:002021-02-16T07:57:59-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:9391How You Can Help Your Buyers Navigate A Seller’s Market<img src="https://assets.site-static.com/userfiles/1451/image/Great_Home_Buyers_Agent.png" width="1200" height="800" alt="Agent Helping Buyers in a Sellers Market" />
Most analysts would say that currently, <a href="https://www.jeffcookrealestate.com/blog/quarterly-market-report/">we are in a seller’s market</a>. The year of 2020 has been an interesting time, as the pandemic has negatively impacted much of the economy along with the cloud of uncertainty following the presidential election. Meanwhile, real estate has been surging. Much of this is likely due to the low interest rates, pent up demand following strict lockdowns during the spring, and some focus on moving to the suburbs and away from bigger cities.
For those buyers who have the urge to purchase a new home, there are a lot of factors in their favor right now, but also a few challenges to overcome including low inventory. On the other hand, while we’ve talked a lot about unemployment over the past few months, we have to consider that many people didn’t lose their jobs. In households where people stayed employed, they may feel like they’re financially secure enough to buy a home. Sellers are also finding that they’re getting multiple offers, many of which are well above their asking price.
So what can you do as their agent to best help your buyers during this time?
Be Productive & Decisive
If your clients are going to jump into a seller’s market headfirst, they’re going to have to be decisive as time is critical in these situations. Sometimes getting the home of their dreams is as simple as being first. If they want to see a home that goes on the market, don’t wait until the weekend for a showing - try to get in as soon as you can, or if that’s not possible, do a virtual showing. Be a productive agent who is sharp and responsive!
Submit a Clean Offer
During a seller’s market, it’s not a good idea to give an offer with multiple or any contingencies. This might actually make the difference between offers for a seller, so be sure to always put your client first, including protecting them.
(For example: maybe you get your loan completely underwritten. This means you go through the full loan process before you make an offer.)
Let Go of Perfection
Inventory is really limited right now, and demand is high. This makes it even less likely that buyers are going to find the “perfect home.” Sometimes it’s better to buy a good home and make it perfect rather than waiting for perfection to hit the market. There’s a very strong chance that even when inventory expands, the home they’re envisioning still won’t be available, so be sure they understand this possibility.
Be Disciplined with the Budget
When bidding wars are possible, and things are competitive among buyers, it’s easy to get carried away. Your client may get so emotionally attached to a house that they’re willing to go well beyond their budget. Refocus them on the original plan and revisit the reasons why that was the plan to begin with. Offering too much may get the house, but it’s going to create financial stress for years to come.
Offer More Earnest Money
Earnest money is a way to show the seller your clients are serious, but if the deal doesn’t go through you can get that money back. Usually, you’ll see buyers offering around 1%, but during a hot market, think about offering more. It shows that they’re more invested in the deal and less likely to let it slip through your fingers.
Cash Offers
If your clients have the option to pay with cash, that’s almost always going to win favor. Cash offers take out the element of financing contingencies, and they make for a simpler transaction, which is beneficial for buyers and sellers. A cash buyer also tends to be more serious, and when you buy with cash you’re not beholden to the lender through the closing process.
Great salespeople are excellent teachers, so educate your client about the milestones and potential obstacles that they can expect along the way. When you are informed and educated as a buyer’s agent, you bring specific<a href="https://www.rockethomes.com/blog/home-buying/top-4-must-haves-for-a-great-real-estate-agent"> skills</a> and a level of expertise that will make the entire home buying process run more smoothly.
To read more about Jeff’s Sales Tips, check out our <a href="https://www.jeffcookrealestate.com/blog/tips-for-succeeding-as-a-real-estate-agent/">other blog posts</a>. If you want free training and done-for-you marketing, visit <a href="https://www.jeffcookrealestate.com/careers/join-jcre/">JoinJCRE.com</a> or give us a call at 843-501-9786.
We are the first brokerage to offer a pathway to 100% commission as well as supply you with all of your business and leads.
2020-11-12T09:00:00-07:002020-11-12T09:10:45-07:00Matt Serratotag:jeffcookrealestate.com,2012-09-20:9234How to Shop For A Mortgage Company<img src="https://assets.site-static.com/userfiles/1451/image/Shopping_For_A_Mortgage_Company.png" width="1200" height="800" alt="Shopping For A Mortgage Company" />
For most people—especially first time home buyers—taking out a mortgage can be a scary thing. If you do your research and weigh your options, though, there's no need to fear! The fact you're on this page at all means you're headed in the right direction. Below, we'll take an in-depth look at how to shop for mortgage lenders.
Evaluate Your Credit Score
Mortgages are a loan like any other: interest rates will be higher if you have a poor credit rating. If you do have a poor credit rating, it's better to <a href="https://www.jeffcookrealestate.com/blog/how-to-improve-your-credit-score/">improve it</a> before applying for a mortgage, since you’ll want the lowest rate possible for these long-term loans.
Know About the Types of Mortgage Lenders
It's important to note that your bank is not always the best option for your mortgage - they may offer you low-interest rates if you're a long-time member, but don't just assume they're the best choice. Shop around!
Mortgage brokers are companies that shop for lenders on your behalf. They require you to pay a percentage of your mortgage - normally 1-2 %. This usually isn't worth it. With time and patience, you can find a great lender on your own.
Credit unions are funded by members, using deposits to make loans. If you're a member of a credit union, consider looking for mortgages through them as you might get lower interest rates.
Correspondent lenders fund their own loans but then sell them to a larger mortgage company, like a bank. Correspondent lenders may be able to negotiate with those larger lenders to get you a better deal.
Remember that which type you choose really depends on your individual needs.
Learn About the Types of Mortgages
There are two main <a href="https://www.jeffcookrealestate.com/blog/here-are-the-types-of-mortgages-explained/">types of mortgages</a>: fixed-rate and adjustable-rate.
Fixed-rate mortgages have fixed interest rates that never fluctuate over the life-span of the loan. These mortgages are better for people who think they’ll be in their home for a long-time or the full length of the mortgage.
Adjustable-rate mortgages have a fixed rate for a certain period of time but fluctuate after that period of time. These are a good option for people who think they'll sell the house after a few years, so they can get lower initial interest rates and save money.
Select A Few Lenders to Evaluate
Ask friends, family members, or your realtor for recommendations. The <a href="https://www.consumerfinance.gov/">Consumer Financial Protection Bureau</a> recommends contacting at least three separate lenders. By getting separate quotes from different lenders, you may be able to negotiate with one or the other as they lower interest rates to "win" your business.
Get Pre-Approved
Pre-approval means that a lender has evaluated your financial situation and determined you're a good fit for taking out a mortgage. This means that your offer may be viewed as more competitive. To <a href="https://www.jeffcookrealestate.com/blog/how-do-i-get-pre-approved-for-a-home-loan/">get pre-approved</a>, you'll need to provide the lender with your social security number, financial history, and salary info.
Wrapping Up
We hope these tips provide the help you need to take to secure your first mortgage. Take your time, do your research, and before you know it, you'll feel confident in shopping for a mortgage!2020-10-28T08:00:00-07:002020-10-27T13:49:01-07:00Matt Serratotag:jeffcookrealestate.com,2012-09-20:9226Countdown to Move Out Checklist<img src="https://assets.site-static.com/userfiles/1451/image/Countdown_to_Move_Out_Checklist.png" width="1200" height="800" alt="Countdown to Move Out" />
You turn the key, open the door, and you're finally in the house you'll soon call a home - not so fast, though. Before you settle in, you need to move your stuff there! Moving out can be a stressful time for most people, but it doesn’t have to be. If you plan accordingly, you might even enjoy the moving process!
Follow this 5-step plan for a <a href="https://www.thespruce.com/stress-free-move-2436680">stress-free experience</a> when it's time to move out. It all starts one month before the big day!
1. One Month Out
You have 4 weeks before you move out. No worries, there's not too much to do right now! This step is all about planning.
Walk around the house and do an inventory. Figure out what you're going to keep and think about donating everything that you won't bring with you to your new home.
Call your workplace and ask for time off in advance. Google moving or truck rental companies in your area and call them as well. Call anyone you must at this stage.
If you're renting your current house, think about potential repairs and make sure you do it before you move onto the next stage. No rush, though! You have 30 days!
2. Three Weeks Out
Everything is going smoothly, but now comes the physical exercise. Start collecting boxes, bubble wrap, and old newspapers to start packing!
Start little by little. Don't box your computer just yet, though! At this stage, <a href="https://www.jeffcookrealestate.com/blog/8-easy-packing-tips-that-will-save-your-time/">focus on packing</a> non-essential items. Wrap your books, season-specific clothing, and everything you won’t likely need within the next month.
Double-check with both your landlord, your moving company, or whichever friends you asked to help you on the big day.
Call your home insurance, cable, electric, and all other utility providers to prepare them to switch their services to your new home.
Place all essential documents - such as medical records, passports, and similar items - in one place. You don't want to be scrambling for your ID the day before you move out!
3. Two Weeks Out
You're starting to feel like a stranger in the house you’re in now, but don’t worry, you'll soon be there.
Call the moving or truck rental company and confirm for a third and final time. It might seem like too much, but you don't want to be left hanging on the day you move out!
Start packing essential things. Leave out only what you need for the next 14 days.
If you own any pets, check out our<a href="https://www.jeffcookrealestate.com/blog/a-guide-to-moving-with-pets/"> guide to moving with pets</a>!
If you have anything important in your hard drive (anything from family pictures to work stuff), make sure you back it up somewhere.
4. One Week Out
The big day gets closer and closer!
Now it's time to pack everything that you have. Take pictures of electronic stuff, such as computers, TVs, etc.
You should pack a small bag for yourself and any family members in your household. Do it as if you'd be going out on a holiday. A few changes of clothes, your phone charger, medicine, and anything else you might need until you're in your new home unpacking.
Donate everything that won't make it to your new home: food, clothes, medicine, old computers, anything!
5. The Day Before
The day before might be the hardest of them all. Take one last walk around the house and reminisce. Check and double-check everything is in place and you're not missing a thing.
Get plenty of rest, you need to be sharp for the next day. You’ll be in your new home before you know it!2020-10-21T08:30:00-07:002020-10-22T07:22:18-07:00Matt Serratotag:jeffcookrealestate.com,2012-09-20:8429Buying a Home as a Short Sale: What To Know<img style="display: block; float: right; margin-bottom: 30px; margin-left: 15px; width: 475px;" src="https://assets.site-static.com/userfiles/1451/image/how-to-buy-a-short-sale.jpg" alt="Buying a Home as a Short Sale: What To Know" width="475" />A <a href="https://www.jeffcookrealestate.com/blog/what-is-a-short-sale/">short sale</a> is a type of sale that occurs when a lender is willing to allow the homeowner to sell their home for a lower amount than what is owed on the existing mortgage. Short sales typically occur when a home has been devalued and the mortgage is larger than the actual market value of the home. Short sales were very common during the recession, though they can still occur today. Because short sales are not like standard sales, it's important to understand what's involved if you're thinking about buying a short sale home.
If you're a home buyer on a budget, a short sale may be a good deal. Short sales tend to be distressed properties, and buying a short sale can take a long time. If you have the patience to purchase a short sale and you understand what it means to buy a short sale property, then you may be ready to make this kind of commitment. Here's what you need to know.
What to Consider Before Buying a Short Sale
Short sales are typically sold for a price that is below market value. They're sold at a low price to compensate for the time and trouble the home buyer must go through to acquire the home. Short sales take much longer than standard sales because banks add a level of bureaucracy and lack of transparency that can slow the process by weeks or even months.
Sometimes, the discounted price is in line with the market value and not below it. The buyer must choose the price they offer carefully. If they make an offer that is too low, the bank is unlikely to agree to allow a short sale to go through.
Hire an Experienced Agent
Short sales are complicated processes. Throughout the short sale, there may be deadlines to meet and forms to fill out. In addition, each bank handles short sales slightly differently. The best real estate agent to hire when trying to buy a short sale is an agent who has experience with short sales. Working with an experienced real estate professional can help make the process simpler and less stressful. Working with an experienced real estate professional also helps ensure the process will be successful.
When seeking an experienced real estate professional, the home buyer should ask directly about the real estate agent's experience with short sales. Have they helped other buyers purchase short sales? Have they helped homeowners <a href="https://www.jeffcookrealestate.com/blog/how-to-sell-a-short-sale/">sell short sales</a>? How often? A real estate agent who has helped home buyers purchase many short sales in the past is the best person to hire for this kind of real estate transaction.
Check Public Records
Sometimes, short sales cannot go through because the bank has already filed a motion to <a href="https://www.jeffcookrealestate.com/blog/what-is-foreclosure/">foreclose on the house</a>. The best way to find out whether this has happened is to run a public records request.
A public records request will also reveal how much money is still owed on the mortgage. Knowing this amount can help the buyer gauge what the lender would expect to receive during a short sale. If there is a second mortgage on the house, this is also critical information. If there are two loans on the house, the second lender will expect to receive some money or the short sale may not go through.
This is another reason why it's very important to work with an experienced real estate professional. A good real estate professional can help the home buyer make the best offer possible. The amount offered to purchase a short sale home is a balancing act. Buyers must make an offer the lender (or lenders) will accept, while also avoiding overpaying for the property.
Qualify the Property and Seller for a Short Sale
Not all properties <a href="https://www.jeffcookrealestate.com/blog/qualify-for-short-sale/">qualify for a short sale</a>. Buyers who would like to make an offer on a short sale should start by ensuring that the property qualifies for a potential short sale situation. The following must be true in order for the seller to qualify for a short sale:
The seller must have no equity in the home.
The seller must be unable to repay the difference between the sales price and the existing loan(s).
The market value of the home must be below the amount owed on the house.
Sellers usually prove that they qualify to sell a home as a short sale by providing a hardship letter to the lender and a net sheet that lays out the homeowner's financial situation, as well as the justification for the short sale.
The home buyer can help ensure that the home qualifies for a short sale by requesting copies of documentation submitted to the bank. The buyer should also familiarize themselves with the bank's requirements to sell a home as a short sale. It's very helpful if the buyer and seller are both working with real estate professionals who are experienced with short sales. With two experienced real estate professionals working the case, it becomes much more likely the process will proceed successfully.
Submit Documentation and Purchase Offer
When the home buyer has decided that the home does qualify, it's time to submit an offer to the lender. The lender will want everything that a normal homeowner would expect to see from a potential buyer, including a sizable earnest money deposit and proof of funds. Being pre-approved is better than being pre-qualified.
Working with a bank can be difficult. Banks naturally take a long time to respond to most home purchase offers, so buyers should do everything they can to ensure their offer is strong. If they don't make a strong offer, it could be weeks before they find out they must make a better offer in order to be accepted. Buyers who are not sure what they need to do in order to make a good offer to a bank should work with their real estate professional. A real estate professional who specializes in short sales will be able to give the home buyer information they need in order to ensure they are making the best offer possible.
Be Patient
One of the most challenging things about buying a home as a short sale is the length of time it takes to <a href="https://www.thebalance.com/what-is-escrow-315826" target="_blank">reach the close of escrow</a>. Banks are notoriously slow at responding to short sale offers. A person who has decided to buy a home as a short sale should be aware that banks can take days, weeks or even months to respond to offers made.
Reserve the Right to Conduct an Inspection
Inspections are important when buying a short sale. Short sale homes are often in a state of deterioration when they go on the market, because financially distressed homeowners are often unable to keep up with maintenance. Conducting an inspection serves several purposes:
Helps the home buyer go into the purchase with open eyes
Serves as leverage when asking for a price reduction or repair concessions on the house
Helps the home buyer decide whether they're ready to buy the house at all
Some home buyers choose to do the inspection before making the purchase offer, to help them decide if they want to make the offer at all. Others wait till after. Either way, home buyers must cooperate with the current home occupant to coordinate the home inspection.
Short Sale Contract
Under normal circumstances, home buyers can be reasonably confident that the contract will not be canceled at unexpected times throughout the home buying process. This is not the case with the short sale contract. Sellers can cancel the contract for several reasons, including:
The house is foreclosed upon
They decided not to sell
The lender accepts a higher offer
The homeowner files for bankruptcy
Sellers may continue to accept offers beyond the point at which the initial buyer has made an offer. Lenders can choose the most appealing offer.
Pros and Cons of Buying a Short Sale
Short sales have their pros and cons, so anyone who is thinking about buying a home as a short sale should take this into consideration.
Pros
Homes sold as short sales are often sold for less than the market value (they're a good deal!).
Short sales often have less competition than other homes.
Cons
The process is complicated and can be canceled at various times throughout.
Short sales take a long time.
Short sale homes are usually distressed and sold "as is."
Essentially, short sales are a great way for the home buyer to save money on the purchase of a home, but it's important to work with a real estate professional. Working with an experienced professional can help alleviate the other problems that can come with buying a short sale house.
How to Buy a Short Sale in North and South Carolina
Below are some common questions that people purchasing a home in North and South Carolina often ask.
Q: <a href="https://www.jeffcookrealestate.com/blog/how-long-does-a-short-sale-take/">How long can I expect a short sale to take</a>?
A: Short sales take, on average, about four months. However, individual experiences may vary.
Q: At what point should I get the home inspection?
A: You can get the home inspection either before or after making an offer. Getting the home inspection before can help you make an informed decision before making the offer, but getting the inspection after the offer is accepted ensures that you're spending money on an inspection for a house you're likely to buy. Do not give up your right to inspection during the process.
Q: The seller has accepted my offer, but the lender has not. Is it true the seller may continue to send offers to the lender until lender has accepted one?
A: Yes, even after the seller has signed the offer from one buyer, if additional offers continue to come in, the seller may forward those offers to the lender until the lender accepts one. This is another reason why it's important to work with a real estate professional, as a good and experienced real estate agent can help make an offer that a lender is likely to accept.
Buying a short sale is a long, complex process. It can be hard to decide if buying a short sale is worth the extra time and effort because it depends on so many factors. Work with an experienced real estate professional to help make your home buying experience a success.2020-06-05T08:43:00-07:002021-08-30T12:22:19-07:00Thomas "Jeff" Cooktag:jeffcookrealestate.com,2012-09-20:8184How to Apply for a Home Loan<img src="https://assets.site-static.com/userfiles/1451/image/How_to_Apply_for_a_Home_Loan.jpg" width="800" height="443" alt="How to Apply for a Home Loan" />
The overall process of acquiring mortgage approval can get pretty confusing, especially for first-time home and property buyers. But the good news is, this article will guide you through the basic steps of applying for a home loan approval process. This guide will help you find the right home loan for your financial needs in the best possible way.
Step 1: Pre-Approval of Mortgage
Pre-approval is similar to pre-screening; this process determines if you're qualified for a home loan. It evaluates the financial capability of the lender, primarily his or her assets, debts, income, credit scores, and reports. During this process, the lending institution will inform you about the amount they're willing to give you, and they will also provide you with a pre-approval letter.
This is a crucial and beneficial step in the home loan approval process, as it narrows down your options. Without this step, you may end up wasting your time and energy by looking at house and property options that are way above your budget and financial capability.
Step 2: Home Searching & Offer
After you passed the pre-approval stage and were granted a certain amount of loan, you can now proceed on searching for a house that is within that cost. This stage allows little to no involvement for the home loan lender, as this solely and heavily rely on the real estate contractors and buyers.
The home loan lender then returns to the picture right after you've decided to buy a certain home. Right then and there, you'll be needing to move into the next stage of the home loan approval process.
Step 3: Application of Home Loan
Once you've finished the first two steps, now is the time to process your mortgage approval and apply for a home loan. The process may vary depending on where you live. However, most lending institutions comply with the standard form--the "Fannie Mae form 1003" or also known as the Unifrom Residential Loan Application.
In this type of application, information about the property will be asked, the type of home loan to be used, and information about the borrower will be asked.
Step 4: Processing of Mortgage
This stage involves the collection and reviewing of the submitted documents relating to the borrower and the intended property to be purchased. In here, the lending institution will be needing to review and ensure that all the submitted documents met all the needed requirements for the next step, which is the underwriting process.
The necessary documents may include:
Tax records
Home appraisal
Bank statements
Asset and income order
Credit report
Employment letters
Purchase agreement
Step 5: Underwriting of Mortgage
In this stage, an underwriter will carefully examine all the submitted documents given by the borrower, in order to make sure that the borrower has complied with all the guidelines and requirements for the approval of the home loan.
The three C's involved here:
Credit
Capacity
Collateral
The underwriter will evaluate if the borrower and the property match the criteria and eligibility requirements for the loan to push through. This stage also involves the review of the borrower's assets, debt-to-income ratio, credit history, and other financial documents that show the borrower's financial capability.
Step 6: Approval of Home Loan
After the evaluation of the submitted documents by the underwriter, the documents will be labeled "clear to close", which means that all the requirements for the home loan are met. This last step of the home loaning process involves the finalization of the borrower's monthly payments, loan terms, fixed amount to be paid, and other fees.2020-05-13T07:53:00-07:002020-10-21T12:29:10-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:71895 Important Things to Know About Your Home Mortgage<img src="https://assets.site-static.com/userfiles/1451/image/5ImportantThingstoKnowAboutYourHomeMortgage.jpg" width="450" height="300" alt="5 Important Things to Know About Your Home Mortgage" />
Owning a home is a big deal that requires proper and adequate preparation. You need enough finances but you also need the right knowledge about mortgages. You should learn about all the processes involved to have a smooth transition and own your home. Most people usually find solace in taking mortgages but sometimes that relief turns to grief especially if they take the mortgage without doing enough research. Here are some mortgage tips to make your home buying process simpler.
Credit
Although you don't need to have a perfect credit score, you still need a good enough credit. This is because the financial institution that will be giving you the loan will be taking a big risk by giving you the money. They need some sort of reassurance that you'll hold up your end of the deal. This is shown through previous proof of payments you've made. It is, therefore, a good idea to start by building your credit score before applying for a home loan. You don't have to perfect the score, you just need to make it good enough. Check out our helpful tips on <a href="https://www.jeffcookrealestate.com/blog/how-to-improve-your-credit-score/">How To Improve Your Credit Score</a>!
Special Mortgages
If you're a first time home buyer, you may have some trouble finding a good lender to give you a loan. Most first time buyers are young and therefore don't have a reputation when it comes to loan payments or a good background in terms of mortgages. First time home buyers can turn to special mortgages such as VA Home Loans for veterans and their families or Rural Housing Mortgages. These are mortgages that don't require the 20% down payment that some lenders implement as a mandatory part of the process. This means that you can own a home even if you don't have enough money as capital. Check your eligibility for a VA Home Loan <a href="https://www.veteransunited.com/v3/lp/?src=adw&adg=genhmtg&desc=eligibility&matchtype=p&gclid=EAIaIQobChMIhrv1tKjp6wIVBrLICh3dXgXBEAAYBCAAEgI5SfD_BwE">here</a>.
Refinancing
Mortgage rates usually change and that means that you can get a better deal. You just need to be careful about why you're refinancing. If done for the wrong reasons you can reap a lot of benefits. Only refinance your home if the mortgage rates are better or if you have improved your credit score. Second mortgages are also a good choice to consider if you have a good home value. Just make sure you weigh all the advantages and disadvantages before making your decision.
Closing costs
Buying a home involves paying for various costs that can take a financial toll on you. However, these closing costs may seem like small amounts but when you add them up they become too expensive. The best move is to ask whoever is selling the home to cater for those costs. They may include escrow fees, inspection costs, appraisal services, and insurance fees,
Mortgage testing
You don't have to delve into getting a mortgage straight away. You can opt for the option of <a href="https://www.jeffcookrealestate.com/blog/how-do-i-get-pre-approved-for-a-home-loan/">getting a pre-approved home loan</a>. Ask the lender if this option is available for you and make sure you get all the details such as the cost and eligibility factors. You should also find out whether you can borrow more and pay less.
Before getting a loan from any lender, make sure you find out important aspects such as the interest rates. This will help you prepare properly and as such, help you make the payments smoothly. 2019-12-04T10:33:00-07:002021-01-22T13:12:14-07:00Thomas "Jeff" Cooktag:jeffcookrealestate.com,2012-09-20:7188What You Need to Know Before Applying for a Home Loan<img src="https://assets.site-static.com/userfiles/1451/image/NeedToKnowBeforeApplyingforaLoan.jpg" width="450" height="253" alt="What You Need to Know Before Applying for a Home Loan" />
Whether you're taking out a loan to purchase a new home, or you're applying for a home equity loan (taking out a loan with your home as collateral), there are some important things you should be aware of ahead of time and keep in mind. Being well informed will help you make it through the process successfully, and also have more confidence.
It's important to do your research before applying for a home loan. There are a number of online resources with helpful information and advice, such as Zing! by Quicken Loans, or millionacres by Motley Fool. If you'd like professional help from experts, Jeff Cook Real Estate is a great company that can help you make the best decisions. Here we'll give you five important tips to get you started.
Raise and Maintain Your Credit Rating
This is something you'll want to be aware of well ahead of applying for a loan since it takes time to raise your credit score if it's gotten low. Your credit score is one of the key factors a lender will consider when determining whether or not to extend a loan and what interest rate you will pay. Many services and companies provide credit ratings, and you can find it online.
Once you know what your score is, you can determine whether you need to raise it. There are a number of <a href="https://www.jeffcookrealestate.com/blog/how-to-improve-your-credit-score/">ways to increase your credit rating</a>. A good first step is to look over your credit report and make sure there are no mistakes or inaccuracies. If there's anything on there that doesn't look right and it may be adversely impacting your credit, you should look into it. If you have a substantial credit card balance that you can afford to pay off, that will usually help your credit. It's hard to do a lot with short notice, but not opening new accounts or taking out other loans is very important if you're concerned about your loan application.
Avoid Changes in Employment
Having steady, reliable employment is a crucial consideration in the loan approval process. If possible, avoid making any major job changes prior to applying for a loan or during the process. They want to see that you have a job that you have and will stick with and that you'll have regular income to make payments from.
Create a Budget
Before you apply, it's important to have a good idea of what you can afford as far as monthly payments. You don't want to overextend yourself, and your application likely won't be approved if it doesn't look financially feasible. It's a good idea to put together a budget of all your income and expenses. Be sure to include everything, within reason; remember, it all adds up. Doing this is extremely important for determining how big of a loan you can afford to take out, and what type of house you'll be able to buy.
Prep for What You’ll Need
When making a loan application, financial institutions will ask you for quite a bit of <a href="https://www.bankofamerica.com/mortgage/learn/how-to-apply-for-a-mortgage/">information to aid in the review and decision</a>. This may include pay stubs, financial account statements, and tax filings. It's important that your taxes have been filed and that everything is in order. It relieves a lot of stress and hassle if you have what you need ready for when they ask.
Do Your Research & Choose Carefully
It's important to do thorough research so you know what you're getting into. As mentioned earlier, there's a wealth of helpful information online. Talking to a professional can be a good idea to get personalized assistance. You'll want to research the current housing market and be aware of current interest rates, which will help you know the best time to apply for a loan. You should also look around at different lending institutions to determine which ones have the best offerings and will provide the best service. Entering into a financial agreement with an institution of people you feel you can trust is really important, so take time to talk to folks.
The process can be a little intimidating, but if you do your research ahead of time, you'll find it's really not bad because you'll know what to expect. At the end of the day, this process is incredibly rewarding, especially when you are preparing to <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">move to South Carolina</a>!2019-12-04T10:26:00-07:002021-01-22T13:07:21-07:00Thomas "Jeff" Cooktag:jeffcookrealestate.com,2012-09-20:7025How to Make a Home Feel like 'Yours'Guest Blogger: Austin Winder
The moving process can be quite draining, so much so that it may take a while to truly feel at home. If you’re feeling as though you haven’t quite moved into your new place, don’t worry. With the following tips, your new house or apartment will have all the comforts of your old home.
Unpack ASAP
After taking on all the work that goes into packing and moving to a new home, it can be tempting to wait a while to unpack the unnecessary items. However, leaving boxes everywhere can eventually become stressful, and prevent you from truly enjoying your new home.
An easy way to start is by going room to room. Get the larger items like furniture arranged how you’d like them, and then move to the smaller, more fragile items once you’ve got a place for them. By breaking down the unpacking process to one room at a time, it makes it a much easier project to tackle. The quicker you’re <a href="https://www.northamerican.com/blog/view/all-blogs/2019/07/10/how-to-keep-your-move-organized-and-on-track">organized and on track</a> with the rest of your scheduled activities, the sooner you’ll feel like you are home.
Set up the Wi-Fi
A home without the Internet can feel particularly empty. Be sure to have your wi-fi set up immediately so you can spend time relaxing and watching your favorite shows or getting back into your regular work schedule. With you wi-fi up and running, you’ll feel less as though you’re in an unfamiliar and uncomfortable environment.
Decorate Your Home
As you continue unpacking and setting up your home as you like it, don’t forget to decorate. Bring out your favorite art pieces from your last home and start hanging them up. Similarly, don’t be afraid to go ahead and buy new artwork, signs, <a href="https://www.lovelyroses.com/home-collection">flowers</a>, or anything else that will help you express your personality in your new place. Check out these popular <a href="https://www.jeffcookrealestate.com/blog/2020-home-design-trends/">home design trends</a> for more inspiration!
Set up Outdoor Furniture
If you’ve moved into an apartment or home with a backyard, taking advantage of this open-air will help you feel more at home. When <a href="https://pergoladepot.com/outdoor-patio-design/" target="_blank">designing your outdoor patio</a> and garden, have a plan in mind for how you’d like the space to function, and fill in the gaps with foliage to provide a truly striking place to relax.
Invite Friends Over
What’s a new home or apartment without a housewarming? Celebrate this momentous occasion by inviting your friends and family members over to ring in this new step in your life. Whether you host a dinner party or have a game night, getting your old gang together will help you to feel like you belong in your new space.
If you’ve still yet to finish unpacking or painting, consider asking friends to come over to help you. Doing so will give you the opportunity to spend time with loved ones while getting a break from having to do all the work yourself.
Don’t spend another day in your new house or apartment feeling as though you are out of place. Put these five tips into practice or <a href="https://www.jeffcookrealestate.com/blog/5-diy-projects-to-tackle-this-weekend/">tackle these 5 DIY projects</a> to help transform your new space into the home of your dreams.2019-11-12T07:25:00-07:002021-01-22T12:50:19-07:00Thomas "Jeff" Cooktag:jeffcookrealestate.com,2012-09-20:6115Process of Buying a Home<img src="https://assets.site-static.com/userfiles/1451/image/Signing_form.png" width="2344" height="1562" />
Guest Blogger: Inan Sikel
The process of buying a home can be overwhelming, especially for those looking to purchase their first property ever. And with no prior experience whatsoever, it can become an especially daunting task. To help make this process a little less vague, below is a general timeline for the process of buying a home. Although it is subject to change based on your situations and experiences, we believe that this guideline can help you build an expectation of what your process may be like.
Aside from learning <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">why people are moving to South Carolina</a>, it is important to start your home buying journey by reviewing your finances to prevent yourself from over-reaching. This includes checking and/or <a href="https://www.jeffcookrealestate.com/blog/how-to-improve-your-credit-score/">improving your credit score</a>, how much cash you have available, determining your potential down payment, and getting an understanding of how much is realistically affordable for you. This will often differ between buyers based on their preferences and circumstances. Once an understanding of finances is reached, it is time to move forward and research both the mortgage industry and listings in your preferred areas of choice. This in-depth research will be important, as it will serve as your foundational familiarity and re-consideration of your commitment to the designated areas. A common example would be for those who commute to work to see if the area is near accessible public transportation. All in all, getting an understanding of the area is important in deciding if the location is truly in your best interest and even for understanding why a listed home is priced the way it is.
After you decide what areas suit your needs, the next step would be to create a list of features that you would like your home to have to help narrow down options when searching. It is important to understand that these features should also be separated by those that are necessary compared to those are simply wants. This distinction may help buyers in the untimely position of having to compromise when deciding between homes. Often or not, most people will hire a real estate agent to help when home searching becomes too much, but can also prove to be a wise decision considering their experience and knowledge of the area of interest.
Once the search commences, it is recommended to have home inspections completed to learn more about the home and get information about the neighborhood from those who live there and neighbors. When the decision is finally made, it's time to make the offer based on your planned budget. During this time, it is vital to stay active during the bidding process and stay on top of any paperwork that comes your way.
When winning, complete a final walkthrough and follow-up any requirements before closing day. Congratulations! Prepare to pop open the celebratory champagne bottles because you have just bought your very own property!
Check out some of these <a href="https://www.hgtv.com/lifestyle/clean-and-organize/10-best-kept-secrets-for-buying-a-home">best-kept secrets for home-buying </a>for more guidance during this overwhelming but worthwhile process.2019-10-21T06:37:00-07:002021-04-30T11:50:31-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:5945August 2019 Columbia Real Estate Market UpdateAs we have seen over the past several months, the interest rate drop from July 31 has not caused the upturn in sales that one would have thought it would. There is a lack of affordable housing and that lack, along with higher housing prices are affecting the number of home sales. First time home buyers are unable to buy at the higher price levels, even though the lower rates would be a help.
Here is a brief summary of the numbers from the August Columbia Market: and what they mean for anyone thinking of buying or selling.
New Listings - 1620 (up 8.3% from 8/18)
Rending Sales - 1346 (up 6.2% from 8/18)
Closed Sales - 1376 (down 1.4% from 8/18)
Days On Market - 50 (down 5.7% from 8/18)
Median Sales Price - $185,000 (up 11.8% from 8/18)
Percent of Asking Price Received 97.7% (up 0.3% from 8/18)
Months Supply of Inventory - 2.9 (up 3.6% from 8/18)
The number of new listings coming on to the Columbia market in August has increased from August of last year, and the number of days on the market is shortening. The number of pending sales has increased 6.2% and median prices are up almost 12% from this time last year. These statistics are all indicating that it is a great time to be a seller. This is obviously not great news for buyers. Additionally, the monthly supply of homes is only at 2.9, which is low, and sellers are receiving 97.8% of their asking price. If you are considering <a href="https://www.jeffcookrealestate.com/blog/why-now-is-the-best-time-to-sell-your-home/">selling your home</a>, do it now while interest rates are low and more buyers can afford to purchase. For more information on key indicators of a healthy housing market, click <a href="https://www.jeffcookrealestate.com/blog/key-indicators-of-a-healthy-housing-market/">here</a>.
Here at Jeff Cook Real Estate, we work hard to help you with integrity and honesty. We have many eager buyers wanting to purchase. It is an excellent time to give us a call to list your home. Call-855-HEY-JEFF today.
Stay up-to-date and check out the <a href="https://www.fortunebuilders.com/columbia-real-estate-market-trends/">most current Columbia market updates</a>!2019-09-23T11:21:00-07:002021-01-22T11:05:00-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5944August 2019 Greenville Real Estate Market Update There are multiple opposing factors and trends that are affecting the market in Greenville. The interest rate reduction from the beginning of the summer has not spiked sales the way one would have thought that it might have. Pending sales for the month are down by 55% and the number of days on market is up to 69 days.
The number of new listings has increased and closed sales have increased from last year at this time. Inventory is staying under a 5 month supply, which is still positive news for sellers. The median price is up almost 9%. There seems to be a demand for housing, but rising prices are preventing more people from buying.
Here is a brief summary of the numbers from the August Greenville Market and what they mean for anyone thinking of buying or selling.
New Listings - 1864 (up 8.7% from 8/18)
Rending Sales - 521 (down 55.0 % from 8/18)
Closed Sales - 1505 (up 10.7% from 8/18)
Days On Market - 69 (6.5% from 8/18)
Median Sales Price - $220,000 (up 8.9%% from 8/18)
Percent of Asking Price Received 98.1% (0% from 8/18)
Months Supply of Inventory - 4.7 (up 34.3 % 8/18)
The number of new listings coming on to the market is 8.7% higher than last August but has slowed from last month. Pending sales continue to trend down having decreased 55% to 521 homes. Home prices have gone up 8.9% from last year at this same time. The number of closed sales this August compared to last August has gone up 10.7% and the supply of inventory has gone up to 4.7 months. For more information on key indicators of a healthy housing market, click <a href="https://www.jeffcookrealestate.com/blog/key-indicators-of-a-healthy-housing-market/">here</a>.
If you are looking to sell your home, call Jeff Cook Real Estate because we are experts at pricing your home correctly in this type of market. If you are a buyer, you need one of <a href="https://www.jeffcookrealestate.com/blog/get-to-know-our-greenville-agents/">our experienced agents</a> on your side to help you navigate the market, call us at 855-Hey-Jeff.
Stay up-to-date and check out the <a href="https://www.rate.com/research/greenville-sc">most current Greenville market updates</a>!2019-09-23T11:18:00-07:002021-01-22T11:02:55-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5943August 2019 Charleston Real Estate Market UpdateIn general, the trends that we have seen so far this year are continuing, which means that there are fewer homes for sale and the prices are inching up. The lack of available homes is particularly evident in the lower price range, where there are most of the buyers who are looking to get into the market. Interest rates are low which is good but the lack of affordable housing is starting to impact the market.
Here is a brief summary of the numbers from the August Charleston Market: and what they mean for anyone thinking of buying or selling.
New Listings - 2,184 (down 0.9%% from 8/18)
Rending Sales - 1,893 (up 25% from 8/18)
Closed Sales - 1,800 (down 4.6% from 8/18)
Days On Market - 54 (up 17.4% from 8/18)
Median Sales Price - $285,000 (up 9.4% from 8/18)
Percent of Asking Price Received -96.2% (- 0.6% from 8/18)
Months Supply of Inventory -3.5 (down 12.5%% from 8/18)
The number of new listings in the Charleston area has remained almost constant in August, and the inventory of available homes has dropped to 3.5 months. This is, of course, not great news for buyers. The number of pending sales is up 25% from last year at this time, which again could be a benefit of the drop in interest rates. Along with this good absorption rate, the slow down in the rate of new listings coming on to the market will keep us in a seller’s market. The median sales price has gone up and the percentage of asking price received has stayed been hovering at around 96%. The month's supply of inventory has been edging downward, which means that it is a good time to sell your home. The home type that is most in-demand in our area is a 4 bedroom home priced between $200,000 and $300,000. For more information on key indicators of a healthy housing market, click <a href="https://www.jeffcookrealestate.com/blog/key-indicators-of-a-healthy-housing-market/">here</a>.
Here at Jeff Cook Real Estate, we have many more eager buyers wanting to purchase. If you are thinking of <a href="https://www.jeffcookrealestate.com/blog/scrambling-to-sell/">selling your home</a>, now is a great time to give us a call to list your home. Call-855-HEY-JEFF today.
Stay up-to-date and check out the <a href="https://www.rate.com/research/charleston-sc">most current Charleston market updates</a>!2019-09-23T11:15:00-07:002021-01-22T11:01:16-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5946Here Are The Types of Mortgages ExplainedThe easiest step when buying a home is learning <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">why people are moving to South Carolina</a>! On the other hand, homebuyers face an overwhelming decision when considering what type of mortgage loan is right for them. In this scenario, a single decision is enough to affect a buyer’s finances, and in the case of a rash decision, one that can negatively plague them indefinitely. If you’re in the process of deciding which mortgage loan is right for you, it is important to know the basic types of mortgage loans available. The following are popular mortgage loans to help you get a grasp on the information to help you decide which financing option is the one for you.
To start off, it is important for a borrower to decide if they want a <a href="https://www.investopedia.com/mortgage/mortgage-rates/fixed-versus-adjustable-rate/">fixed-rate or adjustable-rate mortgage</a>. A fixed-rate mortgage loan keeps the same interest rate throughout its term entirely, which means that monthly payments are predictable and will never change. On the contrary, an adjustable-rate mortgage loan will have an interest rate that will adjust over time, resulting in either increases or decreases in payments based on the adjusted interest rate. It is also important to note that there are also hybrid loan options, which start as loans that start off with fixed-rates for a period of time and then adjust from thereafter.
Furthermore, borrowers can decide between more conventional loan options or those insured by the government. A conventional home loan is a loan that is not insured or guaranteed by the federal government as opposed to <a href="https://www.usa.gov/mortgages">government-secured mortgages</a>, such as FHA, VA, and USDA/RHS mortgage loans, which are. One of two popular types of conventional loans includes conforming loans that fall within limits set by government agencies that back most U.S. mortgages, such as Fannie Mae or Freddie Mac.
The other types of conventional loans are non-conforming loans, which don’t meet the standards mentioned previously. For example, jumbo loans are one of those loans that don’t meet the standards of either mortgage agencies. Rather, these loans are much riskier for the lender as they are larger in size, which is why they have larger interest rates and resulting in bigger monthly payments. Borrowers must meet certain requirements, such as good credit and having a larger down payment, for jumbo loans to be appropriate.
Deciding on a type of mortgage is only one step in <a href="https://www.jeffcookrealestate.com/blog/how-to-apply-for-a-home-loan/">the home loan application process</a>, but it is so important to do your research on what options are available to you and what will best suit you. With a preface to mortgage loans available, consider all your financial planning budgets and homeowner needs to ultimately help you determine what mortgage loan is best for you. 2019-09-19T11:23:00-07:002021-01-22T10:58:08-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5949Nationally Ranked #10, Locally Loved #1! You have probably heard of Jeff Cook Real Estate, but did you know that we are now ranked the <a href="https://www1.realtrends.com/rankings/real-trends-1000-teams-by-sides-2019">#10 Top Real Estate Team</a> in the nation by Real Trends*. That’s correct - #10 in the Nation!
This is quite a remarkable achievement and one that you might want to take into consideration before you list your home.
You might assume that anyone can do just a good of a job as a top-rated team, but think again. Who will bring you a buyer? It is likely that the buyer for your home will not come from the local area. Since the Jeff Cook Real Estate Team is nationally recognized, they get thousands of buyers from all over the nation, not just from our local area. They have a large pool of qualified buyers ready to come to see your home now plus they get new potential buyers reaching out every day. An existing large pool of willing buyers will greatly increase your chances of finding the perfect buyer quickly.
Once you have a possible buyer, think about who is more qualified to negotiate the best deal for you? Who is more prepared to head-off any possible roadblocks? Who do you want on your side of the table working for you, with your best interests in mind? My guess is you would want a real estate expert with an entire support team behind them.
The Jeff Cook Real Estate team is a savvy, experienced team with robust marketing systems that bring in thousands of buyers each and every day. They also have an operations team that utilizes every option to expedite transactions. They have the knowledge and skills needed to get you the highest price in the shortest amount of time with the least amount of angst.
In addition to a national top 10 rankings, they are the #1 real estate team in the state of South Carolina! Jeff Cook Real Estate is now in Charleston, Columbia, Rock Hill, and Greenville! Now that you know more about the Jeff Cook Real Estate Team, give them a call at 855-Hey-Jeff.
Get to know <a href="https://www.jeffcookrealestate.com/blog/who-is-jeff-cook/">Jeff Cook</a> and <a href="https://www.jeffcookrealestate.com/blog/meet-the-sell-squad/">meet the team</a> that will get the job done!
We have the buyers!
*Real Trends, as seen in The Wall Street Journal2019-09-09T11:40:00-07:002021-01-22T10:50:59-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:59508 Questions You Must Ask Before Hiring A Home BuilderFew things feel as good as finally being in a position to have a home you can call your own.
It’s great if you choose to buy an existing house. It’s also just as amazing if you build an entirely new home. Deciding on <a href="https://www.jeffcookrealestate.com/blog/buying-a-home-vs-building-a-home/">whether to buy or build </a>is only the tip of the iceberg. If you go the latter route, however, you have to make sure that you put the project in the hands of a highly-capable home builder. After all, it is your home, and you would want nothing less than the best available home builders to work on it for you.
To <a href="https://oxlandbuilders.com/blog/post/6-tips-for-choosing-a-home-builder">find the right custom home builder</a>, you will need to interview several candidates for the job. So line them up, and ask them the following questions:
How long have you been building custom homes?
While experience is not a guarantee that a home builder is that good, more years in the business tend to mean that the builder must be doing decent work at the very least, or that builder wouldn’t have lasted that long. Besides, the longer the experience, the more knowledgeable about new home construction a builder would be.
Can I see your previous work?
A portfolio would be nice. Seeing in person the actual houses the candidate has built over the years would be even better. So ask the candidate if something like that can be arranged so you can see for yourself if you’re going to like that builder’s work.
Can you work where I want to build my home?
Assuming that the location of the build is in a remote location, you have to know if the candidate will commit to working there. Far too many projects have been put on hold because of the unwillingness of builders to do their thing in distant or hard-to-reach project locations.
How is your knowledge of relevant building codes?
One of the most frustrating parts of any construction project is the possibility of an already-finished structure being taken down upon the order of local authorities because it violated certain aspects of state and local building codes. To avoid this costly mistake, hire only home builders who are up to date on building codes.
Will you be working on other projects besides this one?
That question may sound like you’re implying that the candidate must work exclusively on your new home construction, but that isn’t really the case.
If the candidate you’re interviewing has a massive operation with lots of personnel and equipment, then you probably won’t have to ask this question. The builder will probably work on other projects simultaneously, and his or her company will be able to handle it. But if you’re talking to a builder with a smaller company, you have to make sure that the builder will commit to your project and its timetable, or your custom home will take a long time to finish. You wouldn’t want to be working with a small home builder who accepts every client that comes along but doesn’t have the resources to work on all of them at the same time.
If you take on this job, how are we going to communicate?
A candidate that plans to communicate with you by phone, email, or Skype is good, but one who has a software-driven system would be even better. Such systems make sending out progress reports and other pertinent project-related matters a lot easier.
Do you have insurance?
Insurance protects you from liability for any personal injury or property damage that might occur at the site of your new home construction, so never forget to ask a candidate if he or she has the right contractor's insurance policies. And don’t just take a home builder’s word for it. Always ask for proof of insurance.
Is your work guaranteed?
A one-year warranty is par for the course, but some home builders provide a structural warranty of up to 10 years.
These are just some of the most basic questions you need to ask before hiring a home builder. Building a home and <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">moving to South Carolina</a> will be one of the most exciting and fulfilling decisions you make, especially when backed up by the expertise of the Jeff Cook Real Estate team!2019-09-05T11:43:00-07:002021-01-22T10:45:08-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:59903 Steps Everyone Should Take if They Want to Own Real Estate by Age 30The term “adulting” typically describes the time in life when people assume more responsibility, and find it time to start making grown-up decisions. This time may include becoming steady in one’s career or relationship, paying bills you didn’t realize existed, and even considering purchasing your first real estate property! As scary as it may sound, and as many doubts as you may have about affording it, yes it is possible to own real estate by the age of 30! In order to do so smartly, it is crucial to do research and educate yourself.
If you are someone under 30 looking to purchase real estate, amidst the high priced real estate market, and potential student loans from college, you can still buy your first home or rental property! However, it is important to follow these three vital steps when starting <a href="https://www.jeffcookrealestate.com/blog/process-of-buying-a-home/">the home-buying process</a>. First things first, create a goal for your property. Next, quantify what your down payment will need to be. And lastly, make sure you do ample research on the real estate market.
Establishing your property goal price is important because it will allow you to determine what you can currently comfortably afford and what should be left for your dream house goals in the future. It’s important to decide if you’re looking for a residential property or a commercial property, and establishing whether it will be a place you reside or an income property. <a href="https://www.jeffcookrealestate.com/blog/why-are-people-moving-to-south-carolina/">Location</a> is also an important aspect of your property goal. Currently, the median value for a home in the United States is $226,800, according to <a data-cke-saved-href="https://www.zillow.com/home-values/" href="https://www.zillow.com/home-values/" rel="nofollow">Zillow</a>, but that can vary greatly based on location and the size of the property you are looking to purchase. Decide how much space you need, and how much you’re looking for before searching for a property. It is also imperative to consider the costs of utilities that may be associated with your property if you plan to live in it. Heating and cooling a smaller home is much cheaper and more efficient than heating and cooling one that has more space than you need!
Figuring out what your down payment will be is the next crucial step in the process. If you quantify how much money you are looking to put down, based on your established price goal, you will be able to <a href="https://www.daveramsey.com/blog/save-down-payment-while-renting">calculate how much you need to save</a>. If you know exactly what age you’d like to purchase a property by, decide how much money you will need to save each month before then to efficiently accumulate your down payment goal. This process of saving can occur much quicker if you are purchasing the property with another owner’s assistance!
The last step is to do your research on the real estate market itself in your desired area. This is imperative when purchasing a property. For example, researching the school district for the town you’re looking to move into can be vital to your search. Although a better school district may mean higher taxes, this may be something important to consider if you plan on starting a family or eventually reselling your home. Taking note of fixer-uppers on the market is also an important step in purchasing a property. Buying a fixer-upper is often overlooked, but it can be a great way to save money when purchasing your first property. If you’re deciding to go down the route of a fixer-upper, make sure you create a budget that incorporates both the price of the home and the renovations. Overall, these are three steps that young aspiring property owners should take to ensure that they can achieve their goal by the age of 30. With the proper planning and knowledge, your dream property by 30 is definitely attainable!
Ready to get start your process? Click <a data-cke-saved-href="https://www.jeffcookrealestate.com/c/Get-Pre-Approved/" href="https://www.jeffcookrealestate.com/contact/" rel="nofollow">here</a> to get pre-approved for a mortgage loan!2019-08-29T06:41:00-07:002022-10-20T21:19:34-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5997July 2019 Rock Hill Market UpdateThe general U.S. economic expansion continued into the start of its 11th year in July 2019. The average rate of growth in this expansion has not been as robust as the 1990’s expansion, at 2.3 per year versus 3.6 previously. During this 10 year expansion, the unemployment rate has dropped from 10% in 2009 to 3.7% in 2019. The economy is expected to continue to function well for the rest of 2019, but a mild recession is becoming more of a threat. As far as the Rock Hill Real Estate market is concerned, total sales and the number of available houses for sale has declined.
Here are the numbers from the greater Rock Hill/Charlotte area for July.
New Listings - 9,416 (down 15.3% from 7/18)
Rending Sales - 49,796 (up 1.6% from 7/18)
Closed Sales - 4627 (down 7.2% from 7/18)
Days On Market - 44 (0% from 7/18)
Median Sales Price - $247,000 (up 6.2% from 7/18)
Percent of Asking Price Received 96.6% (down 0.4% from 7/18)
Months Supply of Inventory 2.3 (down 14.8% from 7/18)
If you are considering selling your home, this is a great time to do that, as the demand for homes is strong and supply is low. For home buyers, especially those looking for entry-level houses, prices have risen and the number of available homes is low. The good news is that mortgage rates are still low, which helps greatly with affordability. For more information on key indicators of a healthy housing market, click <a href="https://www.jeffcookrealestate.com/blog/key-indicators-of-a-healthy-housing-market/">here</a>.
If you are a seller, <a href="https://www.jeffcookrealestate.com/blog/who-is-jeff-cook-and-why-is-he-in-rock-hill/">Jeff Cook Real Estate-Rock Hill</a> can assist you in setting the right price for your home, reaching many buyer prospects from in and out of the area, and in handling all the details of a home sale. If you are looking to buy, Jeff Cook Real Estate can help you get pre-qualified and present a strong offer so that you can purchase a home now before prices go any higher. Give us a call at 855-HEY-JEFF today!
Stay up-to-date and check out the <a href="https://www.rate.com/research-old/rock_hill-sc-29730">most current Rock Hill market updates</a>!2019-08-22T07:10:00-07:002021-01-22T10:01:37-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5995July 2019 Columbia Market UpdateThe general U.S. economic expansion continued into the start of its 11th year in July 2019. The average rate of growth in this expansion has not been as robust as the 1990’s expansion, at 2.3 per year versus 3.6 previously. During this 10 year expansion, the unemployment rate has dropped from 10% in 2009 to 3.7 in 2019. The economy is expected to continue to function well for the rest of 2019, but a mild recession is becoming more of a threat.
Here are the numbers from the Columbia area for July.
New Listings - 1785 (up 13.1% from 7/18)
Rending Sales - 1482 (up 13.8 % from 7/18)
Closed Sales - 1397 (up 2.9% from 7/18)
Days On Market - 49 (down 3.9% from 7/18)
Median Sales Price - $187,000 (up 9.8%% from 7/18)
Percent of Asking Price Received 97.9% (0% from 7/18)
Months Supply of Inventory - 2.9 (0% 7/18)
New listings are up 13.1 % and pending sales are also up 13.8%. Prices have risen and the number of days on the market has gone down slightly to 49 days. Sellers are still getting 97.9% of their asking price and months supply of inventory remains at 2.9. For more information on key indicators of a healthy housing market, click <a href="https://www.jeffcookrealestate.com/blog/key-indicators-of-a-healthy-housing-market/">here</a>.
It is a <a href="https://www.jeffcookrealestate.com/blog/why-now-is-the-best-time-to-sell-your-home/">great time to sell your home</a> in the Columbia area. If you are a buyer, you need to present a strong offer and act decisively when you find a home. At Jeff Cook Real Estate, we can make the selling or buying process fast, simple, and stress-free. Whether you are a buyer or seller, call Jeff Cook Real Estate at 855-HEY-JEFF for information about your neighborhood market, pricing and marketing your home correctly, lending options, and anything else related to real estate.
Stay up-to-date and check out the <a href="https://www.fortunebuilders.com/columbia-real-estate-market-trends/">most current Columbia market updates</a>!2019-08-22T07:07:00-07:002021-01-22T09:56:44-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5994July 2019 Greenville Market Update The general U.S. economic expansion continued into the start of its 11th year in July 2019. The average rate of growth in this expansion has not been as robust as the 1990’s expansion, at 2.3 per year versus 3.6 previously. During this 10 year expansion, the unemployment rate has dropped from 10% in 2009 to 3.7% in 2019. The economy is expected to continue to function well for the rest of 2019, but a mild recession is becoming more of a threat.
Here are the numbers from the Greenville area for July.
New Listings - 1842 (up 12.8% from 7/18)
Rending Sales - 635 (down 48.0 % from 7/18)
Closed Sales - 1314 (up 2.3% from 7/18)
Days On Market - 47 (0% from 7/18)
Median Sales Price - $224,000 (up 3.6%% from 7/18)
Percent of Asking Price Received 98.4% (0% from 7/18)
Months Supply of Inventory - 4.6 (up 35.3 % 7/18)
The number of new listings rose 12.8% to 1842 homes. Pending sales decreased 48% to 635 homes. Home prices have gone up 3.6% The number of days on the market to sell has stayed the same at 47. The number of closed sales this July compared to last July has gone up 2.3% months supply of inventory has gone up to 4.6 months. For more information on key indicators of a healthy housing market, click <a href="https://www.jeffcookrealestate.com/blog/key-indicators-of-a-healthy-housing-market/">here</a>.
Obviously, the supply of homes has increased relative to demand. The market is still considered a seller’s market because the month's supply of housing is still under 5 months. It will be interesting to see how the market performs during the month of August.
If you are thinking of selling your home, it is important in the market to price it correctly. The <a href="https://www.jeffcookrealestate.com/blog/get-to-know-our-greenville-agents/">real estate experts</a> at Jeff Cook Real Estate have the knowledge and experience to position your home well in this market. If you want to purchase a home, Jeff Cook can find you the best option. Visit us at 864value.com today!
Stay up-to-date and check out the <a href="https://www.rate.com/research/greenville-sc">most current Greenville market updates</a>!2019-08-22T07:03:00-07:002021-01-22T09:54:46-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:6002What Does Our Buy A Home, Give A Home Campaign Mean?!The Jeff Cook Real Estate Team has had great success and is continuing to enjoy increasing growth in the Carolinas. One of the core values of the company has always been “To stay humble and check your ego at the door”. Staying humble means to never take for granted the success you’re given in this world, to continue to always do your best and to be grateful. We are thankful to God for all He has given us!
Our success has enabled us to establish and fund <a href="https://www.jeffcookrealestate.com/blog/tis-the-season-for-giving-what-is-jeff-cook-cares/">Jeff Cook Cares</a>, a One Percent for Good program that we established in 2016. Jeff Cook Cares has partnered with <a href="https://fullercenter.org/">The Fuller Center for Housing</a>, to build housing for those that are homeless and living in poverty.
The Fuller Center for Housing was founded in 2005 by Millard and Linda Fuller, who also founded Habitat for Humanity in 1976. The Fuller Center for Housing is dedicated to eliminating poverty housing worldwide. The way our collaboration works is that each time someone buys a house, the individual agents can donate a portion of their earnings to Jeff Cook Cares, and then Jeff Cook Real Estate will match that donation.
These combined donations have been going to a Global Build project in La Florida, Peru, which is a small migrant area two and a half hours south of Lima. People move to La Florida from the mountains to try to find work as day laborers. Most of the dwellings they live in are made of reed panels with dirt floors, which don’t provide many shelters from the elements. The Fuller Center brings in teams of volunteers who construct simple brick houses of about 650 square feet in partnership with the local people, who perform some sweat equity. Each house provides the first permanent housing the Peruvian families have ever known. We are thrilled to report that our first house built with The Fuller Center has been completed. Melissa and her two children have just moved in and are no longer homeless. You can see a picture of the happy family below.
The Jeff Cook Real Estate team is a group of dedicated, knowledgeable real estate experts who can help you with your housing needs but who also do not forget to give to the greater good of the world. A part of each transaction you complete with us, helps to provide a home for a family in need. Call 855-Hey-Jeff to join in this great program. And remember, as <a href="https://www.jeffcookrealestate.com/blog/who-is-jeff-cook/">Jeff Cook</a> says, “ It’s impossible to be mad, stressed or angry and also be grateful”. Give thanks to God above for the roof over your head tonight!
<img data-cke-saved-src="https://ucarecdn.com/a44d9cc7-bb4e-435e-adb7-662a40f53d76/" src="https://ucarecdn.com/a44d9cc7-bb4e-435e-adb7-662a40f53d76/" />2019-08-12T07:17:00-07:002021-01-22T09:44:15-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:5952Jeff Cook Real Estate Your Neighborhood ExpertHave you seen our newest Billboards? We are featuring five of our actual clients who we have had the recent pleasure of helping make Charleston home and learning <a href="https://travel.usnews.com/Charleston_SC/Things_To_Do/">why Charleston is such a great place to be</a>. We wanted to share more of their stories with you.
Lauren and T.J., one couple on our billboards, wanted to sell their current house so they could take advantage of the equity they had built up and then move to a larger house. We sold their house in only 2 days, which gave them the freedom and confidence to make a very strong offer on the new house they wanted.
Stephen and Rachel were struggling with all their expenses. They felt they had to constantly work to keep on top of bills and had not taken a vacation in over three years. Jeff Cook’s team was able to get them a full price offer on their house. They were then able to get out from all their debts and take a few deep breaths. They scheduled a much needed vacation to the Northwest, to relax and look at possibly relocating there. With money in the bank, they now can consider different options and reevaluate their life goals.
Bill and Pam, members of the sandwich generation, were ready to sell the house that was no longer working for their needs. They wanted to “rightsize” to a house that made life easier and allowed them to be available for family members that needed their help. They now can spend more time with their grandchildren and help care for Bill’s dad.
Mauricio and Angela were moving here from outside the country. It was very important to Mauricio to provide well for his family, who were about to finally join him here. We helped him locate and purchase the perfect home for his wife and son.
Ernest and Alice relocated to the Charleston area from the East Bay area of California. They were tired of dealing with the congestion, traffic and high prices of California. They wanted to find their “forever home’ where they could enjoy the next stage of their life. We worked with them to make their relocation as seamless as possible. They are now enjoying a more relaxed lifestyle in a home that they love.
Whatever your story is, we are here every step of the way. <a href="https://www.jeffcookrealestate.com/blog/meet-the-sell-squad/">The Jeff Cook Real Estate Team</a> is great at matching sellers and buyers, quickly and efficiently. We know the local market and we have local experts in every neighborhood. We also have an incredible marketing operation that brings in thousands of buyers, not only from the local area but from all over the country. We are incredibly thankful to be under the leadership of <a href="https://www.jeffcookrealestate.com/blog/who-is-jeff-cook/">Jeff Cook</a> and to be a team that always gets the job done! Give us a call if we can assist you with any of your housing needs at 855-HEY-JEFF.2019-07-29T11:50:00-07:002021-01-21T14:33:19-07:00Cory Towler