As an agent working the Summerville Real Estate scene, I can tell you that I have worked with a lot of folks interested in that First Time Buyer Tax Credit. Even as of this writing (on October 11, 2009), I am being contacted by people interested in starting the search for their first home and wanting to close in time to qualify for the credit.
In order to receive the credit, a first time buyer needs to CLOSE on their home by November 30th! Time is short, but it can still be done if you move fast, are motivated and have an agent who is on the ball.
Here in South Carolina, it typically takes 30-45 days to close from date of contract. This is mostly to allow time to get your financing in order, but also to get your home inspections done. (If you're doing a cash deal, you can typically close much faster.) And closings are done by an attorney.
I just wanted to take a moment to remind people that November 30th falls on a Monday. And the Thursday prior is Thanksgiving! If you really want that credit, schedule your closing PRIOR to Thanksgiving which is November 26th.
Closing attorneys may find themselves busier than usual in November simply because of people trying to beat the tax credit deadline. Their offices may also be more lightly staffed much of Thanksgiving week. And of course, don't expect anything to happen the day of the holiday itself! Banks will be busy too and you need to know that the funds can be transferred on time to close the deal.
Sometimes things can come up at the last minute as well, pushing your closing back a day or more. Hopefully, this won't happen, but best not to wait til the last "hour" so try to schedule your closing as far in advance of the November 30th deadline as you can.
Better to be giving thanks for your new home and some extra cash then to be disappointed! Check with your agent, lender and lawyer to make sure you're on track to close in time!
Maria Pettis
REALTOR, e-PRO
mpettis@century21properties.com
843-860-3901
www.SummervilleRealEstateOnline.com
Monday, October 12, 2009
Sunday, October 11, 2009
To Be Or Not To Be? - Extension of the Tax Credit?
Summerville, SC real estate has been moving. At our office sales have been up significantly over the last several months and even the National Association of Realtors has reported that pending home sales are up for seven straight months now.
Many of the consumers that I have talked with are first time buyers who want to purchase before the November 30th deadline to qualify for the current $8000 tax credit. So it's no wonder that many of our government leaders including South Carolina Senator, Lindsey Graham, are pushing to not only extend the tax credit, but increase the monetary amount and open it to all buyers.
While I personally don't believe it's necessary to really raise the amount of the tax credit, I do think it would be important to open it up to all home buyers as long as the home was going to be their primary residence. It would make a huge difference to folks who have to move due to military or job transfers or have other life issues where they just need to sell and buy elsewhere. Or to those families who are looking to trade up for more space or to provide a better quality of life for their families.
It's no secret that the current tax credit has made a difference in getting first time buyers off the fence and into new homes of their own. Further proof of that is the fact that what's been selling around here in Summerville is mainly lower end affordable homes perfect for first timer's. So how is it that I read an article recently which suggested that the tax credit was a waste and should just be left to expire and die?
The article argued that no one buys a house just to get back an $8000 tax credit. I would actually agree with that, but that thinking is really missing the mark. People still buy houses to have a home, to put down roots, and if they plan on staying a while, as an investment. With the economy being so shaky, it's caused many to hold off on their home purchase. What the tax credit has done is give an extra INCENTIVE to move forward with the home purchase. And there is no doubt in my mind after seeing statistics, speaking with other agents as well as many, many consumers that the lure of that extra cash is a powerful thing.
There are no easy answers for our current economic situation and I don't envy the folks in government trying to fix this mess. The deficit is huge and growing still, but stabilizing the housing industry is vital to helping stabilize our economy. So for once, let's let the government put something back in the pockets of the American People as opposed to big businesses.
Many of the consumers that I have talked with are first time buyers who want to purchase before the November 30th deadline to qualify for the current $8000 tax credit. So it's no wonder that many of our government leaders including South Carolina Senator, Lindsey Graham, are pushing to not only extend the tax credit, but increase the monetary amount and open it to all buyers.
While I personally don't believe it's necessary to really raise the amount of the tax credit, I do think it would be important to open it up to all home buyers as long as the home was going to be their primary residence. It would make a huge difference to folks who have to move due to military or job transfers or have other life issues where they just need to sell and buy elsewhere. Or to those families who are looking to trade up for more space or to provide a better quality of life for their families.
It's no secret that the current tax credit has made a difference in getting first time buyers off the fence and into new homes of their own. Further proof of that is the fact that what's been selling around here in Summerville is mainly lower end affordable homes perfect for first timer's. So how is it that I read an article recently which suggested that the tax credit was a waste and should just be left to expire and die?
The article argued that no one buys a house just to get back an $8000 tax credit. I would actually agree with that, but that thinking is really missing the mark. People still buy houses to have a home, to put down roots, and if they plan on staying a while, as an investment. With the economy being so shaky, it's caused many to hold off on their home purchase. What the tax credit has done is give an extra INCENTIVE to move forward with the home purchase. And there is no doubt in my mind after seeing statistics, speaking with other agents as well as many, many consumers that the lure of that extra cash is a powerful thing.
There are no easy answers for our current economic situation and I don't envy the folks in government trying to fix this mess. The deficit is huge and growing still, but stabilizing the housing industry is vital to helping stabilize our economy. So for once, let's let the government put something back in the pockets of the American People as opposed to big businesses.
Thursday, September 17, 2009
102 Garden Ln - Summerville SC Real Estate
This cozy 3 bd/2 bath home was just recently listed for $99,000. While it could use a little bit of TLC, it has some great features that make it stand out from other homes in this price point.
The home was completely renovated about 10 years ago. Those updates included some lovely custom kitchen cabinets which are still in fabulous condition. The eat-in kitchen has french doors which lead to a really large, fenced-in yard. No "postage stamp" sized lot here! Plus there is a large shed out back that is only about a year old.
One of the best features in this home is the den or bonus room. It has fabulous floor to ceiling built-ins around a window seat and crown molding throughout the room. The room is a really nice size and there is a storage area off this room as well.
The master bedroom has a large closet and it's own bath. The other two bedrooms each have a large window for plenty of natural light.
This home is within the sought after Dorchester 2 School District. Summerville High School is within walking distance and other schools are very close by. There is a grocery store and shopping center up the street. Downtown Summerville with more shopping and access to I26 are less than 15 minutes away.
This is a possible short sale, but we are working with a professional short sale negotiator to help expedite the process. For questions or to schedule a showing please feel free to contact me!
Maria Pettis, Realtor
mpettis@century21properties.com
(843) 860-3901
The home was completely renovated about 10 years ago. Those updates included some lovely custom kitchen cabinets which are still in fabulous condition. The eat-in kitchen has french doors which lead to a really large, fenced-in yard. No "postage stamp" sized lot here! Plus there is a large shed out back that is only about a year old.
One of the best features in this home is the den or bonus room. It has fabulous floor to ceiling built-ins around a window seat and crown molding throughout the room. The room is a really nice size and there is a storage area off this room as well.
The master bedroom has a large closet and it's own bath. The other two bedrooms each have a large window for plenty of natural light.
This home is within the sought after Dorchester 2 School District. Summerville High School is within walking distance and other schools are very close by. There is a grocery store and shopping center up the street. Downtown Summerville with more shopping and access to I26 are less than 15 minutes away.
This is a possible short sale, but we are working with a professional short sale negotiator to help expedite the process. For questions or to schedule a showing please feel free to contact me!
Maria Pettis, Realtor
mpettis@century21properties.com
(843) 860-3901
107 Essex Drive Update - Summerville SC Real Estate
Hi Everyone,
I've blogged about this great home before. I just wanted to let everyone know that we just finished installing all new carpet in the four bedrooms upstairs. It looks fabulous!
The price was also reduced to $194,777 making it one of the best prices per square foot in the Irongate neighborhood and a really great deal. We have a very motivated seller who is willing to consider all offers.
There is a transferrable termite bond and a 1 year home warranty that goes with this home. And remember that the plumbing and water heater are all only a few years old.
This home has the traditional living/dining rooms, but has a family room open to the kitchen for that more "open" style of living that people love. Four true bedrooms and a large master allow for plenty of space.
The neighborhood is wonderful with larger lots, sidewalks and a community pool, plus mature trees and plantings.
The home needs some cosmetic updates, but that will just allow the new owner to put their own special touch on the place while increasing the value of the home.
Call me to schedule a showing today!
Maria Pettis, Realtor
Century 21 Properties Plus
mpettis@century21properties.com
(843) 860-3901
I've blogged about this great home before. I just wanted to let everyone know that we just finished installing all new carpet in the four bedrooms upstairs. It looks fabulous!
The price was also reduced to $194,777 making it one of the best prices per square foot in the Irongate neighborhood and a really great deal. We have a very motivated seller who is willing to consider all offers.
There is a transferrable termite bond and a 1 year home warranty that goes with this home. And remember that the plumbing and water heater are all only a few years old.
This home has the traditional living/dining rooms, but has a family room open to the kitchen for that more "open" style of living that people love. Four true bedrooms and a large master allow for plenty of space.
The neighborhood is wonderful with larger lots, sidewalks and a community pool, plus mature trees and plantings.
The home needs some cosmetic updates, but that will just allow the new owner to put their own special touch on the place while increasing the value of the home.
Call me to schedule a showing today!
Maria Pettis, Realtor
Century 21 Properties Plus
mpettis@century21properties.com
(843) 860-3901
Saturday, August 29, 2009
Summerville Home for Sale, Open House Today!
Hi Everyone,
If you missed last week's open house at 107 Essex Drive, here's your chance to swing by. Held open today, Saturday, September 29 from 11-4.
I've blogged about this home before, but just to let you know it's been freshly painted throughout and the price has been reduced to $194,777. It's one of the best priced homes in Irongate.
This is not another cookie cutter house. It has a fabulous floorplan, plenty of space and a great big fenced in yard. Not something you can find in newer neighborhoods. While it does need some updating, it provides and opportunity to move right in to a freshly painted home which is a blank slate to put your own stamp on.
Even if you can't make the open house today, please feel free to contact me for your own personal showing. The seller is motivated and we are ready for offers!
For more info check out the video on one of the previous posts here or contact me directly!
Maria Pettis
REALTOR, e-PRO
(843) 860-3901
mpettis@century21properties.com
If you missed last week's open house at 107 Essex Drive, here's your chance to swing by. Held open today, Saturday, September 29 from 11-4.
I've blogged about this home before, but just to let you know it's been freshly painted throughout and the price has been reduced to $194,777. It's one of the best priced homes in Irongate.
This is not another cookie cutter house. It has a fabulous floorplan, plenty of space and a great big fenced in yard. Not something you can find in newer neighborhoods. While it does need some updating, it provides and opportunity to move right in to a freshly painted home which is a blank slate to put your own stamp on.
Even if you can't make the open house today, please feel free to contact me for your own personal showing. The seller is motivated and we are ready for offers!
For more info check out the video on one of the previous posts here or contact me directly!
Maria Pettis
REALTOR, e-PRO
(843) 860-3901
mpettis@century21properties.com
Wednesday, August 26, 2009
Summerville SC Real Estate Market on the Upswing
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]
June Home Sales Rise 11%[1]
July's Home Sales Up 9.6%[1]
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!
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