There has been a lot of encouraging news regarding the real estate market lately. Economists are hopeful that things have finally hit bottom and are starting to turn around. Here are a few articles about the market on a national level, but the upswing in recent activity and sales here in the Summerville area would suggest things may be improving here as well.
June Home Sales Rise 11%[1]
July's Home Sales Up 9.6%[1]
Wednesday, August 26, 2009
Wednesday, August 5, 2009
107 Essex Dr. - Summerville Real Estate - UPDATED!
Hi Everyone! Here's the updated video of this beautiful traditional home located in Irongate!
Freshly painted and ready to move in. This home can close quickly as it's not a short sale or foreclosure. The homeower will also consider a carpet/decorating allowance with acceptable offer! Recently reduced this home is now priced at $199,977.
The large yard, wonderful layout and great neighborhood with mature trees and sidewalks mean you won't be stuck in another cookie cutter house in a cookie cutter neighborhood.
Contact me to schedule a showing or find out more information.
mpettis@century21properties.com or (843) 860-3901
Thanks for looking!
Sunday, July 26, 2009
Summerville, SC Rental/Real Estate Scam...Beware!
If you are thinking of renting a property in the Summerville/Charleston area, or really anywhere, please be aware of a scam that is being purpertrated on Craigs List.
The scam artist takes information about homes that are listed for sale and posts it on Craigs List as being for rent. They provide their own contact information and when someone calls about the "rental", the scammer gives an excuse of why the owner is out of town and all dealings must be handled remotely. They ask the prospective renter to fill out an application and send it along with first and last months rent. Once they receive the money, the scammer disappears and leaves the victim to find out that the property was never for rent in the first place and the scammer had no actual connection to the property.
If you are looking to rent be sure you are dealing with a reputable real estate firm, property management company or agent. This is easy enough to check with a few phone calls and/or internet search. If the person posting the property represents themselves to be the owner or someone assisting the owner, then you must proceed with caution.
Always be sure to visit and tour the home in person before sending any money. Asking for pictures is not enough because the scammer steals pictures and information off of whatever listing forum they found the property.
If you really must sign a lease before you make your move and cannot view properties in person (for example if you are moving to another state), contact a reputable real estate firm or property management company to assist you. It may eliminate some homes that are being offered for rent privately, but at least you can be sure that you will not be scammed out of your security deposit.
I personally know two fellow agents whose listings were the subject of this scam so this is no joke. Right now, it seems that these criminals are targeting Craigs List, but be aware when inquiring about rentals through the newspaper or other sites where anyone can post an advertisement.
The following link provides additional information about this story as well as where to report any suspected criminal activity.
http://www.popdecay.com/2009/07/real-estate-scam-uses-craigslist-to-lure-victims/
Kind Regards,
Maria Pettis, Realtor/e-PRO
Century 21 Properties Plus, Inc.
The scam artist takes information about homes that are listed for sale and posts it on Craigs List as being for rent. They provide their own contact information and when someone calls about the "rental", the scammer gives an excuse of why the owner is out of town and all dealings must be handled remotely. They ask the prospective renter to fill out an application and send it along with first and last months rent. Once they receive the money, the scammer disappears and leaves the victim to find out that the property was never for rent in the first place and the scammer had no actual connection to the property.
If you are looking to rent be sure you are dealing with a reputable real estate firm, property management company or agent. This is easy enough to check with a few phone calls and/or internet search. If the person posting the property represents themselves to be the owner or someone assisting the owner, then you must proceed with caution.
Always be sure to visit and tour the home in person before sending any money. Asking for pictures is not enough because the scammer steals pictures and information off of whatever listing forum they found the property.
If you really must sign a lease before you make your move and cannot view properties in person (for example if you are moving to another state), contact a reputable real estate firm or property management company to assist you. It may eliminate some homes that are being offered for rent privately, but at least you can be sure that you will not be scammed out of your security deposit.
I personally know two fellow agents whose listings were the subject of this scam so this is no joke. Right now, it seems that these criminals are targeting Craigs List, but be aware when inquiring about rentals through the newspaper or other sites where anyone can post an advertisement.
The following link provides additional information about this story as well as where to report any suspected criminal activity.
http://www.popdecay.com/2009/07/real-estate-scam-uses-craigslist-to-lure-victims/
Kind Regards,
Maria Pettis, Realtor/e-PRO
Century 21 Properties Plus, Inc.
Monday, July 6, 2009
Time is Running Out On the First Time Buyer Tax Credit!
That First Time Home Buyer tax credit that everyone is talking about is going to expire in a few months. In order to qualify, you need to close on your new home by November 30th of 2009. The amount of the credit is actually 10% of the purchase price of the home with a cap of $8000.
Who exactly is eligible and what does "First Time Homebuyer" mean? If you have never owned a home before or have not owned your own home within the last three years, you qualify as a "First Time Buyer". Your adjusted gross income should be no more than $75,000 for single or $150,000 if you file jointly. The home being purchased needs to be your primary residence, but it can be a single family home, condo or townhouse.
Unlike the previous tax incentive of $7500 enacted in 2008, this one does not need to be paid back. Unfortunately for those folks who purchased and received that original tax incentive, this new one is not retroactive, so you are stuck having to pay back that $7500.
So you qualify for the new incentive...should you get off the fence and start looking for your new home? That's only a question you can answer, but keep in mind the following points:
Interest rates are still at historic lows - The days of interest rates under 5% may be gone, but you can still get an amazing rate! If your credit is good, you will probably qualify for a great rate. And the rate can make a huge difference on your monthly payments and how much you pay over the life of the loan even more so than having the seller take a few thousand dollars off the purchase price.
There is an Abundance of Inventory - This means you have lots to choose from and sellers are much more willing to negotiate to get you to purchase their home rather than the competition's. So yes, it's still very much a buyer's market!
Prices Have Dropped - In some parts of the country home prices have declined significantly and are still declining. Don't let this scare you away! For a buyer, this means you can probably find a great deal. Just plan on being in your home for at least 5-7 years. If you are in it for the short term, it may not be the time for you to purchase, but it's great for anyone looking for a primary residence who plans to stay a while.
Still not convinced? Do some homework...
Talk to a lender or two to find out what you qualify for, what kind of rate you can get, etc. Most lenders will help you with this information with no obligation so I am surprised at the number of people who don't bother to make the call. This is key information in helping you decide whether or not you are ready to purchase!
Pull your credit report. You are entitled to one free credit report each year. Make sure you get reports from all three reporting companies: Experian, Equifax and TransUnion. Be sure to get your FICO score as well. Check your report over carefully and start working to either resolve any problems or improving your credit score.
Search the MLS. Either speak with an agent or do your own online search. For example you can search at www.Century21.com or if you live in the Charleston area try my website at www.SummervilleRealEstateOnline.com. Get a feel for what your money can buy you at various price points.
If your credit is good, your job is stable and you plan on living in your new home several years, then this may be the time to make the move! There is no crystal ball to predict the future, but chances are that the bottom of the housing decline is here or near. If you wait too long, you may find yourself looking at prices and interests rates that are on the rise and remember that the tax credit is only good until November 30, 2009!
So do your research and get going!
For additional information about the tax incentive talk to your lender or tax advisor. You can also visit:
http://www.federalhousingtaxcredit.com/
Maria Pettis
Realtor, e-PRO
Century 21 Properties Plus, Inc.
Summerville, SC 29483
843-860-3901
Who exactly is eligible and what does "First Time Homebuyer" mean? If you have never owned a home before or have not owned your own home within the last three years, you qualify as a "First Time Buyer". Your adjusted gross income should be no more than $75,000 for single or $150,000 if you file jointly. The home being purchased needs to be your primary residence, but it can be a single family home, condo or townhouse.
Unlike the previous tax incentive of $7500 enacted in 2008, this one does not need to be paid back. Unfortunately for those folks who purchased and received that original tax incentive, this new one is not retroactive, so you are stuck having to pay back that $7500.
So you qualify for the new incentive...should you get off the fence and start looking for your new home? That's only a question you can answer, but keep in mind the following points:
Interest rates are still at historic lows - The days of interest rates under 5% may be gone, but you can still get an amazing rate! If your credit is good, you will probably qualify for a great rate. And the rate can make a huge difference on your monthly payments and how much you pay over the life of the loan even more so than having the seller take a few thousand dollars off the purchase price.
There is an Abundance of Inventory - This means you have lots to choose from and sellers are much more willing to negotiate to get you to purchase their home rather than the competition's. So yes, it's still very much a buyer's market!
Prices Have Dropped - In some parts of the country home prices have declined significantly and are still declining. Don't let this scare you away! For a buyer, this means you can probably find a great deal. Just plan on being in your home for at least 5-7 years. If you are in it for the short term, it may not be the time for you to purchase, but it's great for anyone looking for a primary residence who plans to stay a while.
Still not convinced? Do some homework...
Talk to a lender or two to find out what you qualify for, what kind of rate you can get, etc. Most lenders will help you with this information with no obligation so I am surprised at the number of people who don't bother to make the call. This is key information in helping you decide whether or not you are ready to purchase!
Pull your credit report. You are entitled to one free credit report each year. Make sure you get reports from all three reporting companies: Experian, Equifax and TransUnion. Be sure to get your FICO score as well. Check your report over carefully and start working to either resolve any problems or improving your credit score.
Search the MLS. Either speak with an agent or do your own online search. For example you can search at www.Century21.com or if you live in the Charleston area try my website at www.SummervilleRealEstateOnline.com. Get a feel for what your money can buy you at various price points.
If your credit is good, your job is stable and you plan on living in your new home several years, then this may be the time to make the move! There is no crystal ball to predict the future, but chances are that the bottom of the housing decline is here or near. If you wait too long, you may find yourself looking at prices and interests rates that are on the rise and remember that the tax credit is only good until November 30, 2009!
So do your research and get going!
For additional information about the tax incentive talk to your lender or tax advisor. You can also visit:
http://www.federalhousingtaxcredit.com/
Maria Pettis
Realtor, e-PRO
Century 21 Properties Plus, Inc.
Summerville, SC 29483
843-860-3901
Thursday, June 18, 2009
153 Black River Dr - Lakes Of Summerville Real Estate - Summerville Home for Sale!
153 Black River Drive, Summerville, SC
Offered at $118,000.
2 Bedroom/2.5 Bath Townhome.
I have just listed this immaculate, move-in ready townhome in Lakes of Summerville. Just like new only better at this price! This is NOT a foreclosure or short sale so we can close quickly instead of waiting on lender approval for every little thing! AND still take advantage of the $8000 buyer tax credit!
This townhome is open and airy. Big windows let in lots of natural light. The kitchen is functional and open to the living area. It boasts a breakfast bar, 42" Oak cabinets, smooth top stove, dishwasher and double stainless sink w/disposal.
Just off the kitchen/dining area is a lovely sunroom. This was a builder upgrade and adds square footage and living space to this home. Also located in this area is a large storage closet. You can never have storage space!
A half bath with pedestal sink and a large coat closet round out the downstairs area.
As you get to the upper floor landing, you'll find the laundry area hidden behind bifold doors. Laundry upstairs where the bedrooms are located is a huge modern convenience! Next to that is an extra large linen closet.
The front bedroom is bright and has a walk-in closet, it's own full bath with an extra deep tub perfect for soaking in. The back bedroom also has a large closet and it's own full bath with the same type of extra deep soaking tub.
Lakes of Summerville is a lovely community of townhomes and single family homes. Part of the community is in Charleston County. This townhome falls within Dorchester County which means it is located within the much sought after Dorchester 2 School System. The community also has it's own clubhouse and pool.
Convenient to I-26, both military bases and shopping, Lakes of Summerville is a wonderful place to call home! In Summerville, SC you get all the small town feel with big city amenities...all your favorite big name stores, plus plenty of specialty shops unique to Summerville. Nearby you'll find Northwoods Mall and Tanger Outlet Center. Downtown Charleston and area beaches are about a 30 minute drive.
For more information on this beautiful, move-in ready townhome....visit:
153BlackRiverDr.SummervilleRealEstateOnline.com
or contact me:
Maria Pettis, Realtor
Century 21 Properties Plus, Inc
(843) 860-3901
mpettis@century21properties.com
Offered at $118,000.
2 Bedroom/2.5 Bath Townhome.
I have just listed this immaculate, move-in ready townhome in Lakes of Summerville. Just like new only better at this price! This is NOT a foreclosure or short sale so we can close quickly instead of waiting on lender approval for every little thing! AND still take advantage of the $8000 buyer tax credit!
This townhome is open and airy. Big windows let in lots of natural light. The kitchen is functional and open to the living area. It boasts a breakfast bar, 42" Oak cabinets, smooth top stove, dishwasher and double stainless sink w/disposal.
Just off the kitchen/dining area is a lovely sunroom. This was a builder upgrade and adds square footage and living space to this home. Also located in this area is a large storage closet. You can never have storage space!
A half bath with pedestal sink and a large coat closet round out the downstairs area.
As you get to the upper floor landing, you'll find the laundry area hidden behind bifold doors. Laundry upstairs where the bedrooms are located is a huge modern convenience! Next to that is an extra large linen closet.
The front bedroom is bright and has a walk-in closet, it's own full bath with an extra deep tub perfect for soaking in. The back bedroom also has a large closet and it's own full bath with the same type of extra deep soaking tub.
Lakes of Summerville is a lovely community of townhomes and single family homes. Part of the community is in Charleston County. This townhome falls within Dorchester County which means it is located within the much sought after Dorchester 2 School System. The community also has it's own clubhouse and pool.
Convenient to I-26, both military bases and shopping, Lakes of Summerville is a wonderful place to call home! In Summerville, SC you get all the small town feel with big city amenities...all your favorite big name stores, plus plenty of specialty shops unique to Summerville. Nearby you'll find Northwoods Mall and Tanger Outlet Center. Downtown Charleston and area beaches are about a 30 minute drive.
For more information on this beautiful, move-in ready townhome....visit:
153BlackRiverDr.SummervilleRealEstateOnline.com
or contact me:
Maria Pettis, Realtor
Century 21 Properties Plus, Inc
(843) 860-3901
mpettis@century21properties.com
Tuesday, June 9, 2009
Are You Covered? Flood Insurance Basics.
Well, it's hurricane season once again! But last year it wasn't a hurricane that made headlines here. A bad rain storm dumped approximately 9 inches of rain on the Greater Charleston area. This storm caused serious flooding in different areas stranding cars and damaging homes. This is called "the Lowcountry" for a reason and we do expect to have flooding on occasion in some areas. Buyers often ask me if certain homes are in a "flood zone". But here's the thing, according to local news reports, many of the homes that were flooded in this storm were not in high risk flood zones which begs the question, did these homeowners bother to get flood insurance? Sadly, many did not.
Here's what you need to know about flood insurance...
According to www.floodsmart.gov, the National Flood Insurance website, about 25% of all flood claims come from low to moderate risk areas. Our recent storm would seem to back that up. So no matter where you live, can you really afford to not carry flood insurance? The standard homeowner's policy does not include flood insurance so a separate policy is necessary. You can choose a policy that covers just the building, contents only, or both the building and it's contents. It's not as expensive as you might think with rates preset by FEMA, and if you need it (God forbid), it surely will be worth every penny.
If you live in a low to moderate risk area, you have the option of purchasing flood insurance. Is it a good idea? I would recommend it and just ask those poor folks that I mentioned in the opening of this blog. If you don't purchase the insurance and get into a fix like these folks, you could apply for goverment assistance to get back on your feet, but it will most likely be in the form of a loan and do you really need that on top of your mortgage and other bills as you try to rebuild your life after such an event?
If you are in a high risk or "Special Flood Hazard" area, then federal law requires you to purchase flood insurance and you will not be able to close on your home without it. Here in the Charleston area we have homes that fall into both categories so be sure to ask your real estate agent about the home you are interested in purchasing and then CONFIRM it with your insurance agent prior to entering into a contract. It's also important to note that there is a 30 day waiting period before flood coverage takes effect.
You may also want to see what your insurance company can provide in the way of wind and hail. This coverage can be costly, but you can keep your premiums down by choosing a higher deductible. Putting some money aside to use for your deductible, should you need it, can provide you with greater peace of mind and be a much needed umbrella on that windy, rainy day. Shop around for the best rate and terms, but also be aware that there is a wind pool overseen by the South Carolina Underwriting Association for those that can't find coverage in the regular marketplace.
Finally, I want to briefly mention that you should also investigate earthquake coverage as we actually have a fault-line running through the area. Yes! Here in South Carolina, believe it or not.
The Summerville/Charleston, SC area is a truly beautiful place to call home. Nature has blessed us with beautiful beaches, waterways and a temperate climate. But Mother Nature has a way of reminding us periodically that she is also a force to be reckoned with, so it's best we are prepared. Knowing your insurance options and getting the appropriate coverage is the first step in protecting your home. Talk with an insurance agent for expert advice and to get more details about what coverage and options are best for you.
For more info and additional resources, check out:www.floodsmart.govwww.fema.govwww.dnr.sc.gov/water/flood/www.scwind.com/index.html
Kind Regards,
Maria Pettis,
Realtor, e-PRO
Century 21 Properties Plus, Inc.
(843) 860-3901
MPettis@Century21Properties.com
Here's what you need to know about flood insurance...
According to www.floodsmart.gov, the National Flood Insurance website, about 25% of all flood claims come from low to moderate risk areas. Our recent storm would seem to back that up. So no matter where you live, can you really afford to not carry flood insurance? The standard homeowner's policy does not include flood insurance so a separate policy is necessary. You can choose a policy that covers just the building, contents only, or both the building and it's contents. It's not as expensive as you might think with rates preset by FEMA, and if you need it (God forbid), it surely will be worth every penny.
If you live in a low to moderate risk area, you have the option of purchasing flood insurance. Is it a good idea? I would recommend it and just ask those poor folks that I mentioned in the opening of this blog. If you don't purchase the insurance and get into a fix like these folks, you could apply for goverment assistance to get back on your feet, but it will most likely be in the form of a loan and do you really need that on top of your mortgage and other bills as you try to rebuild your life after such an event?
If you are in a high risk or "Special Flood Hazard" area, then federal law requires you to purchase flood insurance and you will not be able to close on your home without it. Here in the Charleston area we have homes that fall into both categories so be sure to ask your real estate agent about the home you are interested in purchasing and then CONFIRM it with your insurance agent prior to entering into a contract. It's also important to note that there is a 30 day waiting period before flood coverage takes effect.
You may also want to see what your insurance company can provide in the way of wind and hail. This coverage can be costly, but you can keep your premiums down by choosing a higher deductible. Putting some money aside to use for your deductible, should you need it, can provide you with greater peace of mind and be a much needed umbrella on that windy, rainy day. Shop around for the best rate and terms, but also be aware that there is a wind pool overseen by the South Carolina Underwriting Association for those that can't find coverage in the regular marketplace.
Finally, I want to briefly mention that you should also investigate earthquake coverage as we actually have a fault-line running through the area. Yes! Here in South Carolina, believe it or not.
The Summerville/Charleston, SC area is a truly beautiful place to call home. Nature has blessed us with beautiful beaches, waterways and a temperate climate. But Mother Nature has a way of reminding us periodically that she is also a force to be reckoned with, so it's best we are prepared. Knowing your insurance options and getting the appropriate coverage is the first step in protecting your home. Talk with an insurance agent for expert advice and to get more details about what coverage and options are best for you.
For more info and additional resources, check out:www.floodsmart.govwww.fema.govwww.dnr.sc.gov/water/flood/www.scwind.com/index.html
Kind Regards,
Maria Pettis,
Realtor, e-PRO
Century 21 Properties Plus, Inc.
(843) 860-3901
MPettis@Century21Properties.com
Wednesday, June 3, 2009
Just Listed! 300 Tram Blvd, Summerville, SC
Hello Everyone!
I just listed the cutest little house in Summerville! This 3 bedroom, 2 bath contemporary ranch style home is located in the Tramway Subdivision close to downtown Summerville, lots of shopping and is convenient to I-26 and both military bases. It is approximately 1440 sq. ft.
Almost everything that counts is like new in this house! Within the last three years the owner has replaced the roof, put in all new vinyl windows, all new interior doors, a new garage door with opener, new a/c unit outside, plus it has a brand new storage shed out in the back yard. Some cosmetic updating in the kitchen and baths would make this home like brand new!
Enter into the large living room with adjacent formal dining room. Be sure to notice the great woodburning, stone fireplace in the corner! The eat-in kitchen is next with a gas stove! The laundry room connects the two car garage with the kitchen which is perfect for bringing in groceries or taking off muddy shoes.
Three nice sized bedrooms all have large closets and the master has it's own full bath.
You have to check out the huge screened-in porch on the back of the home which overlooks the large fenced in back yard. Here you get a .25 acre corner lot so you are not on top of your neighbors! Plus there are no HOA fees in this neighborhood. Kids here will attend the brand new Cane Bay High School!
There is a one year home warranty and transferrable termite bond.
Visit 300TramBlvd.CharlestonCarolinaHomes.com to see more pictures and get more info!
Listed at $144, 500 this is a solid home ready to go and one of the best you'll see in this price range! Call to schedule your showing today!
Maria Pettis
Realtor, e-PRO
Century 21 Properties Plus, Inc.
(843) 860-3901
*Buyer to verify anything of importance such as square footage and schools.
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