The Ponds in Summerville SC

There are a multitude of different types of neighborhoods in Summerville, SC.  But one development that has set itself apart is The Ponds.  Surrounded by natural beauty that only the Lowcountry can provide, it offers many amenities that other neighborhoods cannot while still offering moderately priced homes for sale.

Originally a rice plantation and farm dating back from the 1600's, the developers of The Ponds have preserved much of the character and beauty of the area.  For instance, the historic farm house was renovated and is now the amenities center for the neighborhood.  There is a non-profit conservancy which is dedicated to protecting the 1000 plus acres of woods and natural area surrounding the neighborhood.  Keep in mind that to this end, covenants and restrictions require a transfer fee on the sale of property within The Ponds in order to fund this organization.  The community enhancement fee, as it's called, is 1/8 of 1 percent of the gross sales price.

An 11 acre field, miles of walking trails as well as an ampitheatre at the foot of the 20 acre lake are just a few of the incredible amenities that this neighborhood has to offer.  Additionally, there is a community pool and pavilion as well as a relatively new YMCA near the entrance to the neighborhood.

Currently there are five different home builders within The Ponds offering a variety of price points.  Harbor Homes has plans that start in the 190's with prices for other homes and builders going well into the 300's.  Lots for custom built homes are also available.  All home plans are in keeping with the southern charm that Summerville and the Lowcountry are known for. 

Home sites are quite small with "row" style homes sitting on .07 or .08 of an acre.  Larger homes are typically on larger lots around .25 of an acre with a few custom home sites being larger.  On the one hand, yard maintenance is at a minimum for the home owner with smaller lots allowing time to simply enjoy the available amenities.  On the other hand, you have to really embrace the idea of community to live in a neighborhood like this.

Located within the sought after Dorchester 2 School District, The Ponds is just minutes from Historic Downtown Summerville with it's charming shops and restaurants.  Further up Main Street are all the big box stores and restaurant chains that most of us are familiar with.  Downtown Charleston and area beaches are an easy commute.

You can visit this site http://www.discovertheponds.com/ThePonds/ to get additional information on The Ponds.  Or feel free to visit my site to search the MLS for available properties within The Ponds or anywhere in the Summerville/Charleston area.  http://www.mariapettis.com/.

I am also available to answer questions or show property.  So please feel free to contact me directly if you wish.

Kind Regards,
Maria Pettis
Realtor, ePRO, SFR
Century 21 Properties Plus, Inc
(843) 860-3901
maria@mariapettis.com

Timing is Everything

Making a long distance move is a daunting event.  I work with many buyers who come from out of state.  They relocate to Summerville and Charleston for work, military transfers, to retire and some come just for the weather!

But no matter the reason, planning and timing your move can be difficult especially if you own a home in your current town.  When looking to relocate and buy a home in your new area, there are several things to consider.

First off, do you have work in your new home town?  Without it, you probably won't qualify for a mortgage.  Most lenders want to see at least 30 days of pay stubs from your new employer before approving a loan.  This can mean having to find some kind of temporary housing before closing on your new place. 

Some people like to find temporary housing anyway in order to learn the lay of the land in the new location.  It gives you the opportunity to explore different areas and neighborhoods first hand because there's only so much you can glean long distance from a computer and pictures.  If you haven't already done so, this is the time to start consulting with a realtor about the local market. 

Another consideration is... have you sold your old home yet?  In this market, most sellers will not accept an offer that's contingent upon you selling your home.  So it may be best to sell your current place first and then look for a new home knowing you are unencumbered by the old property.  At a minimum, you should wait until you have a solid contract on your current home before heading off to search for the new one.

Have kids?  The biggest concern most parents have is about schools.  Should you wait until the end of the school year before making the move?  Clearly moving over the summer may be easiest for some families, but I have also heard the opinion that moving during the school year can actually be a good thing.  The reason?  Your children will start in their new school almost immediately, giving them the opportunity to meet other kids right off the bat.  With clubs and other activities to get involved with, it may be the perfect way for them to make new friends quickly and acclimate to their new surroundings.  Parents know best, so a talk with your children, their current teachers and pediatrician may help you decide which is the best way to go for your child.

In my opinion, the bottom line is this...moving is never an easy or convenient process.  In order to get into the home of your dreams or make the move you've been dreaming of...you may need to be inconvenienced by finding a rental first or some other kind of temporary housing.  Or you may need to put your things in storage for a month or two.  Just keep in mind, those are all temporary things.  Keep your long term goals and dreams in mind and you'll see that it's worth the inconvenience in the end.

Lots of factors will dictate how things play out for each individual situation, but with the help of your lender, realtor and other professionals, you can figure out what will work best for you.

If I can be of assistance to you with your relocation to the Charleston or Summerville, SC area please don't hesitate to call or email.

Maria Pettis
Realtor, ePRO, SFR
Century 21 Properties Plus, Inc.
http://www.mariapettis.com/
(843) 860-3901

There's Nothing Short About a Short Sale

Most people have heard the term "short sale" in the news.  It's often talked about in conjunction with "distressed properties" and foreclosures.  But I often encounter buyer's who don't know exactly what a short sale is or how it works or how it differs from foreclosed properties.

So here's a simple explanation and then some things to consider about short sales...

A short sale refers to a home where the owner is upside down in their mortgage.  In other words, they owe more than it's worth.  So they are basically asking permission from their lender to sell the property for less than what's owed.  It means the bank takes a loss.

Sometimes banks will forgive the difference or "shortage" and other times they will require the home owner to sign a promissory note for the difference.  So if you are selling, it's best to consult an attorney and other professionals to provide you with accurate information and protect your interests.

Keep in mind though that a short sale does NOT mean that they will necessarily sell the house for less than it's worth.  Most banks will insist that the home owner (with the assistance of a real estate agent) try to get what ever is fair market value for the home at the time.  Over time, they may agree to price reductions until an offer is produced, but the bank can counter-offer back to the buyer for more.

Basically, there is nothing "short" about a short sale.  The time frame for closing on one of these properties has improved as the banks have gotten better at handling them.  However, there are never any guarantees.  Here in the Charleston, SC area a "normal" sale can take 30-45 days from the time you go under contract to the time you sit at the closing table.  However, with a short sale, it can takes weeks or even months to just get an initial response from the bank.  They may accept, reject or counter the offer.  So a short sale may not be the best option for someone who has a specific time frame for moving into a new home.

A foreclosure on the other hand is a property that the bank has already taken possession of.  The homeowner is already out of the picture and it is bank owned.  These properties can usually close in a more "normal" time frame of 30-45 days.  And here is where you can sometimes get a real deal because the banks want to get rid of these properties.

One thing in common between foreclosures and short sales is that the bank is already taking a loss on these properties.  Therefore, most of these homes are sold "as is".  When buying, I strongly recommend that you insist on making any home purchase contingent on the buyer's approval of a home inspection, but especially in a case where the home is being sold "as is".  This way if there is just too much wrong, too many costly repairs needed or it's more than you feel comfortable dealing with, you can back out of the contract without penalty.

Occasionally, you may be able to negotiate some repairs or get the bank to assist with closing costs.  You never know until you ask, but be prepared for a negative response to those requests.  Then if they agree, you'll be pleasantly surprised.

There are so many variables with short sales that it's imperative you have an agent who can assist you through the process.  Banks are insisting that if you are selling a home as a short sale that it be listed with an agent.  But even if you are the buyer, I recommend having an agent who has dealt with short sales before and can forewarn you of potential pitfalls and help navigate through the ever changing process.

I can't begin to cover all the ins and outs of distressed property sales here.  And every market varies.  So please consult the appropriate professionals to help you if you are considering buying or selling this type of property.  Of course I'm happy to assist if you are looking in the greater Charleston/Summerville, SC area.

Maria Pettis
Realtor, SFR, ePRO
Century 21 Properties Plus
maria@mariapettis.com
843-860-3901

Learn the Market When Relocating

Working in the greater Charleston real estate market means meeting a lot of folks looking to relocate here.  The reasons vary greatly from job transfers, military transfers, retirees and those looking for a warmer climate.  Often times, folks from other parts of the country are drawn by the idea of a lower cost of living.

There's a lot to research prior to making a move...what jobs are available?  how are the schools? what's the climate like? what kind of shopping and amenities are there?  what are taxes like?  But sometimes it seems that the most obvious question is overlooked until last...what is the cost of housing like?

I often get requests from people who say they are planning a move to the area and would like to start to see some listings.  I'm always happy to oblige.  But here's the thing, they often times have very unreasonable expectations about what you can get for your money in the Charleston area. 

For example, I once had a someone asking for a single family home on a large piece of property and it could be a little bit of a fixer-upper, but they wanted it to be on the water or with a water view.  What made this a difficult request to fill was the fact that they wanted to spend no more than $200,000.  Now, you can get a nice home for that price in this area, but waterfront is probably not going to happen.  This person really needed to learn the local market. 

Here's some things you can do to learn the local market and see if relocating makes sense for you...

First, take the time to talk to several lenders to see what you might be able to qualify for in terms of a new mortgage.  You'll need to discuss with them what your current income is, but MORE importantly, what your potential income in a new place would be, so you will need to do some research as to what employers in the area will typically pay if you have not already landed a new job.  But until you actually have employment there, most lenders will not approve a loan for you. 

Second, you need to ask yourself what's important to you in a home...aside from the obvious things such as square footage, number of beds/baths...do you need a garage?  (There are no basements here in the lowcountry, so for most people, this would be important.)  Do you need a large yard?  (Most newer subdivisions here have very small lots.)  How close do you want to be to shopping, an airport, highways, the beach?  (Being close to the beach here comes at a premium.  For instance, homes in Mt. Pleasant and other areas with easy access to the beach are much pricier than homes in Summerville or Goose Creek where the beach is a 40-45 minute ride.).

Third, contact one (or several) realtors in the area that you are considering moving to and get their take on things.  What does the type of home you want or need go for in this neck of the woods?  What alternatives are there?  Take the time to ask lots of questions about lifestyle, schools, taxes, amenities, commuting, traffic...anything of importance to you.

Lastly, if after all this research you feel this could be the place for you...schedule a visit to the area.  Not to house hunt, but to take a good look around for yourself.  Drive through neighborhoods, visit schools, pick up the local papers and pick up some of those magazines with listings of homes in the area.  If you've made a good connection by phone or email with a realtor, see about scheduling some time to meet them in person and further discuss your needs and get your other questions answered.

Following a process like this can seem time consuming, but with the internet at your fingertips much of it can be done comfortably from your own home.  And it will save you time and aggravation in the long run.

Visit these sites to help you research the Summerville and Charleston, SC areas!

For a free search of the entire Charleston area MLS with no registration required:
http://www.summervillerealestateonline.com/Search_MLS/page_1748693.html

For more on the buying process and a basic mortgage calculator:
http://www.summervillerealestateonline.com/Home_Buyers/page_2154263.html

For a cost of living comparison calculator from CNN (there are many others online as well):
http://cgi.money.cnn.com/tools/costofliving/costofliving.html



Maria Pettis
Realtor, ePro, SFR
Century 21 Properties Plus
http://www.mariapettis.com/
(843) 860-3901

Things To Consider When Buying A New Construction Home

Buying a home is always an exciting thing, but it's still an anxious time.  So much can happen...what will the home inspection turn up?  What will the seller's be willing to fix? Just how old is that HVAC and the roof for that matter?  Will it appraise?  So it's no wonder that in the Summerville, SC area where there are a lot of new developments going in, a lot of folks choose to buy new and eliminate some of that guesswork.

You pick your lot, you pick your cabinets, flooring, colors...and you sit back and wait to just move right in to that brand new house.  And these days with the market as it is, home builders are more willing to negotiate on the price, on upgrades and are just about always will consider paying some or all of your closing costs.

Seems like an easy proposition for the home buyer.  But there are things to consider when buying a new home that are a bit different than when you purchase a resale. 

What upgrades are worth paying for?
When you buy a resale home, it pretty much comes as it is.  If you don't like the light fixtures, you know you'll be the one who's going to go shopping and swap them out.  If you don't like the wall color, you'll be the one doing the repainting or stripping the wallpaper.  There's an understanding that you might  have to do some remodeling or redecorating to make the home your own.

In a new build, you typically get to pick certain features.  (Unless you're building custom, you'll be limited to the choices the builder gives you and you may not be able to make some changes such as moving walls or other structural things)  Should you put a ceiling fan in each bedroom?  Do you need a cable jack in every room?  We live in the South, do we really want that fireplace?  And it's further complicated by the fact that for many items, you'll be paying extra for it.  Even something as minor as adding an extra electrical outlet in the kitchen can cost you more.

What I always tell my buyers is this...think about resale value in case you ever need to sell down the line, but also consider putting in and paying for the things that are not easily added later.  A good example is that fireplace.  Yes, we live in South Carolina, but the truth is that the fireplace is a nice feature that a lot of people want.  Whether they use it or not, it becomes a focal point in the room.  And a lot of the newer homes have gas fireplaces that are cleaner and easier to use.  This isn't something you can add later without a lot of aggravation and expense so it's worth it to do it now.

Here are some other things that make my list:

1. Pre-wire for ceiling fans!  While the fixtures themselves are not so important, the wiring is.  Here in the greater Charleston area, people expect to see homes with ceiling fans in each bedroom and the main living area at least.  Even if you only put in an overhead light for the time being, future buyers would want to know that the home has been pre-wired for ceiling fans.  (Same thing for wiring for the garage door opener.)

2. Which brings me to the next thing...don't pay to upgrade to the lighting/fans unless you really love what the builder is offering.  Light fixtures are so inexpensive to do on your own and the big chain stores and specialty stores means many more choices.

3. Flooring...here's a big one...this is definitely much more of a personal choice.  Wood floors, real tile and upgraded carpet are always going to give you better resale value later on.  However, this is something you can add later as well.  My feeling is that if it means getting another upgrade you deem more important or if it puts affording your new home out of reach, then get the builder grade flooring now and upgrade later. 

4. A separate tub and shower in the master bedroom is a must.  It's pretty much expected in many newer homes and a lot of people want that garden tub.  Does it need jets? Not in my opinion, but a tub someone can actually fit in comfortably and soak in definitely is!  Also, if you have the space, opt for dual sinks in the master.  This can be a deal breaker for a lot of couples.

5. Don't under estimate the value of your lot.  Springing for the bigger lot premium could definitely be worth it if it means your home will back to protected areas, be a little larger than the others or offer more privacy in other ways.  Also consider if you are right next to the subdivision entrance or on the main thoroughfare or near a busy road.  You'll have better resale value if you keep to quieter streets and/or find that cul-de-sac lot that so many families love.

I think you get the idea.  So let me touch on one other important issue when buying a new home here in Summerville, SC.

Do you need your own agent representation?
The answer is yes, at least if you live in South Carolina where buyer's have the ability to "hire" their own agent under SC Buyer Agency rules. 

I "rescued" one buyer from a deal with a new home builder because they went in to the sales office without having their own agent.  This person thought the binder he was putting down on the lot was just to hold it until he could definitively make up his mind.  But the sales agent had him sign all the paperwork and without realizing it, he ended up in a contract to purchase. 

Keep in mind that the on site sales agent works for the builder.  They want to sell you a home.  And while I know many of these sales agents personally and know them to be honest and reputable, wouldn't it be good to know that you have your own agent looking out for your best interests?  That's not to say that you can't go it on your own, but with Buyer's Agency representation free to the buyer, why wouldn't you at least consider it?

That's my short answer.  For more information regarding how Buyer's Agency works in South Carolina, visit http://www.mariapettis.com/Home_Buyers/page_2154263.html or contact me directly for an in-depth explanation.

In a Nutshell
When buying a new home in a new development keep in mind the upgrades that are easy to do later and opt for the ones that would difficult or expensive if you were to do it yourself down the road.  Think about resale value and what other potential buyers might look for to help guide your decisions.  And when in doubt, consult an independent agent who can offer you suggestions and advise you through the entire process.

Maria Pettis
http://www.mariapettis.com/
(843) 860-3901
Century 21 Properties Plus
Summerville, SC

White Gables Subdivision - Summerville SC Real Estate

Featured Neighborhood - White Gables, Summerville, SC:

The White Gables Subdivision is located off of Central Avenue in Summerville.  It's a very easy, short drive into downtown Summerville where there's plenty of shopping including big box stores like Walmart, Target, Kohl's as well as plenty of locally owned shops with unique items in historic downtown.  There's also a huge variety of dining options as well.

White Gables was developed by Saussy Burbank home builders beginning around 2001, with some new construction going on even as of this writing, but most of the development is complete.

What many people love about White Gables is the many amenities...there's a architecturally pleasing clubhouse that's available for community use, a community pool, a couple of play areas, tennis courts, walking paths and a lot of open common areas some of which have ponds.  Along with the victorian and Charleston inspired style of homes, it makes White Gables a very aesthetically pleasing neighborhood.

A unique feature of White Gables is that detached garages are located to the back of each property and are accessed through alleyways. (There's a shot of an alley in the video) The idea was to leave the front of the property looking clean and neat with no driveways...just sidewalks to meander while your neighbors wave to you from the front porch.  But a complaint I sometimes hear is that the driveways are small.  Depending on the lot and your vehicle, it can become a bit of a challenge.

The yards are also small.  For many folks, the amenities offset this.  (I forgot to mention that there's a large open field which is great for playing a game of soccer or baseball or just letting the kids run around.) I've seen many yards landscaped in a lovely manner giving the feeling of a "courtyard" where you can sit and relax.  If you're looking for a large, private space to call your own this may not be the neighborhood for you.  On the other hand, I know many people, with their busy lives, don't want a big yard to care for and these yards certainly fit the bill.

The homes themselves are done in a charming style, some with big front porches, some with double porches and some with side porches or "piazzas".  Many floor plans are open which is what today's buyers are looking for.

As of this writing, homes in White Gables really run the gamut in terms of price...smaller homes start in the $120's with larger homes going all the way up to $300K.  Just remember, market conditions change frequently so it's best to consult an agent to see what types of homes are available in your price point.  There are some single story homes, but most are two story and not many offer master bedroom down.

Watch the video to get a feeling for the neighborhood and for additional information.  You can search White Gables homes for sale as well as other homes in the Summerville and Charleston areas on my website at http://www.mariapettis.com/.

And as always, feel free to contact me directly with questions or for further assistance.

Kind Regards,
Maria Pettis
Realtor, ePRO, SFR
Century 21 Properties Plus
(843) 860-3901
Maria@MariaPettis.com

104 Sparkleberry Ln, Summerhaven Real Estate

I recently listed this wonderful house in Ladson, SC which is near Summerville and Charleston. 

Actually the location is great!  It's a short hop to I-26 and a quick commute to Charleston Air Force Base, the Naval Weapons Station and the new Boeing site.

Shopping?  Take your pick!  Not 15 minutes to Northwoods Mall or loads of great shopping in Summerville.  Tanger Outlet Center is maybe a 20 minute drive at most.  And there is a grocery store, Walmart and other shops well within 10 minutes or less for your convenience.

The subdivision is called Summerhaven which was developed by Ryland Builders.  This is a great neighborhood with a community pool/club house, play park and walking trails.  And the best part is that these amenities are all around the corner from this home within walking distance!  Perfect for folks who like to be active in their communites or for families who like to get outside to play.

But lets talk about this terrific house itself!  Enter into a two-story foyer with shining hardwood floors.  How's that for a warm welcome home?!  To the right is a room which the current owners are using as a more formal living area, but it could be used as a formal dining room or office.  One of the best assets of a home is having flex space since everyone's lifestyle is a little bit different.  This way, you can decide the best use of this room for yourself based on your needs.

As you continue in, you enter the heart of the home...the bright family room which opens to a large kitchen.  There are plenty of corian counters and tons of storage in the big 42" oak cabinets.  There's also a large pantry.  But the thing sure to grab your attention is the large island which can comfortably seat 3 or 4 people AND has electricity! So it's great for both extra prep space or more casual eating.

Off the kitchen are sliders which go out to a large, fully fenced yard.  There's an oversized patio which gives you plenty of space for your grill and patio furniture...perfect for get togethers or just relaxing.

As you head upstairs you'll enter onto a very large, open landing.  Here you'll find a big linen closet adjacent to the bedroom area.

You'll see in the video that two of the bedrooms are clearly decorated currently as children's rooms.  The sellers are willing to paint both rooms a neutral color prior to closing at buyer's request.  The room currently decorated as a girl's room has it's own access to the hall bathroom (which has dual vanities I might add) and it's own walk-in closet.


Make a grand entrance through the double doors into the master bedroom!  A nice-sized room with it's own ensuite bathroom, it's a perfect get away space.  The master bath has dual vanities at a raised height which is a great feature no matter how tall you are.  You'll also find a large walk-in closet, another linen closet (can you ever have enough closets?) and a deep tub to soak in.
 
But one of the best features of this house, in addition to the master bedroom and kitchen, I've saved for last.  Talk about a great flex space!  The FROG (finished room over garage) is large and has it's own walk-in closet as well so it can serve as a fourth bedroom.  It's a bit separated from the other bedrooms so it would also make a terrific media room, play room or office.  Again, the choice is yours!
 
If you'd like more information on this fantastic home, visit 104SparkleberryLane.MariaPettisHomes.com or you can contact me directly.  Feel free to also visit my website at http://www.mariapettis.com/ to search other homes on the MLS, but I hope you'll add this one to your "must see" list.
 
Kind Regards,
Maria Pettis
Realtor, ePRO, SFR
Century 21 Properties Plus
(843) 860-3901
Maria@MariaPettis.com
 
.

Summerville SC Real Estate Market is Heating Up Thanks To Tax Credit!

Time is running out on the expanded buyer tax credit! Be sure you are under contract by April 30th and can close by June 30th!

If you are thinking about purchasing a home that's a short sale, be very careful in making your decision and be prepared for the possibility of missing out on the tax credit. The "short" refers to the financial aspect of the sale, not the length of time it takes. These transactions can take months and you are often in the dark much of that time. Things can change unexpectedly and suddenly when dealing with short sales. There are no guarantees with a short sale.

Talk to your Realtor for more information or feel free to contact me directly!

Maria Pettis
Realtor, ePRO, SFR
Century 21 Properties Plus
(843) 860-3901
www.SummervilleRealEstateOnline.com

Charleston Area is One of Five Real Estate Markets Expected to Fare Well in 2010

A recent article from Smart Money cites the Charleston, SC real estate market to be one of several expected to fare best in 2010.  The article suggests that the market here could even show a slight improvement over recent years.  Among reasons stated were the fact that housing prices never really got out of line with personal income levels and the arrival of Boeing in the Lowcountry could help foster jobs and growth.

It's my personal observation that we've seen an increase in activity from buyers.  The expanded and extended Home Buyer's Tax Credit which certainly made an impact on sales this past fall, may be an additional reason for the continued uptick in activity now.

To read the complete article, click on the link.  For additional information about the Summerville Real Estate Market and the Charleston Real Estate Market, feel free to contact me directly or visit my website.

http://www.smartmoney.com/personal-finance/real-estate/5-Markets-Expected-to-Fare-Best-in-2010/


Maria Pettis
REALTOR, ePRO
Century 21 Properties Plus
(843) 860-3901
http://www.summervillerealestateonline.com/
http://www.charlestoncarolinahomes.com/
www.youtube.com/summervilleschomes

REALTOR® Magazine-Daily News-Fannie to Offer Closing Cost Aid on Foreclosures

In this buyer's market, can it get any better for buyers? Apparently it can!

Fannie Mae is now offering to pay up to 3.5% in closing costs on foreclosures in their inventory! Check out www.HomePath.com for a list of available properties in your area. As of this writing there are 31 in the Summerville, SC area alone!

You can also use the equivalent amount for purchasing new appliances.

For more information, contact me or click the link to read more.



REALTOR® Magazine-Daily News-Fannie to Offer Closing Cost Aid on Foreclosures

Maria Pettis
REALTOR, ePRO
Century 21 Properties Plus
(843) 860-3901
mpettis@century21properties.com
www.SummervilleRealEstateOnline.com

So You Want to Buy A Home? But Are You Really Ready to Get Started?

The newly expanded and extended tax credit is opening the door for a lot of folks looking to purchase a home.  Interest rates are still low, there is a ton of inventory...it's a buyer's market!

 

You've browsed listings online, set aside some money for a down payment and closing costs, you're ready to roll! Right? 

Well, almost...

 

Do you know the very first step you should take before going out with your real estate agent to look at homes?  If you said talk to a lender, you hit the nail on the head. Unless you are one of the lucky few with cash to make your home purchase, speaking with a lender is the first real step toward getting that key to your new front door.

 

Many times I'm contacted by folks who are very excited to start looking for a home.  They tell me their wish list, all the things they want or need, the desired location, they talk about homes they've seen online, etc.  And I will ask a lot of questions as well so I can be sure to find the perfect place.

That's the fun part.  But then we have to face the reality of what these folks can afford.  So I will begin to ask questions that every home buyer should know the answer to...

1.  Have you been pre-qualified or pre-approved?

Many agents won't even put you in their car to go look at homes until you can show them at least a pre-qual letter from your lender.  This is just a general letter saying that based upon the information you've provided the lender, they feel you qualify for a mortgage amount of X dollars.  A pre-approval letter is even better and one that you will want to include with any offers you make.  This means you've actually provided certain documentation to the lender, they've checked your credit and basically they've approved you for your loan although it may be contingent upon providing other documentation or meeting additional criteria.

2.  What type of loan are you applying for and how much do you have for a downpayment?

This is important for you and your agent to know as well.  Different programs have different down payment requirements.  For example, FHA currently requires buyers to put down 3.5% of the purchase price.  VA loans can be up to 100% financing, however, you still have the option of putting money down.  A conventional loan may require as much as 20% down.

Say you are approved for a $200,000 loan and you have another $20,000 for a down payment.  That's a total budget of $220,000.  So you need to decide if you want to look at homes all the way up to your max of $220,000 or stick to a lower price range.  Which leads me to the next question...

3.  Did you get a breakdown of your monthly mortgage expenses at different price points?

Even though your lender may say you qualify for a $200,000 loan...what does that equate to in monthly payments and are you comfortable with that?  Have them include estimated insurance and taxes in addition to the mortgage amount because those expenses will effect your monthly payment as well. 

4.  Have you shopped around?

I always recommend talking with a few lenders.  Start with your own bank or credit union.  Your agent, family and friends may have people they can recommend as well.  Different places can offer somewhat different programs and certainly different rates.  Your interest rate can make a huge difference on the monthly payment...more so than a reduction of the price of the home in some cases.

Bottom line is...you really need to know if you qualify for a loan and for how much.  You want to be sure you are looking in the right price point so you are not wasting your time or your agent's time.  You may need to adjust your expectations up or down regarding the quality, location or condition of homes based on this information and your local market conditions.

I've come across folks whose credit may not be the greatest and so they are hesitant, perhaps even a bit embarrassed, to talk to someone about their loan options.  Any reputable lender will keep the information confidential.  And if you don't qualify for a loan now, they can often times make suggestions on how you can improve your credit score.  This can often be done over the phone and it won't cost you a thing.

The thing is, you won't know for sure unless you do it!  And it really is the essential first step to home ownership.

For more information or if you have questions, contact your lender or feel free to contact me.  While I am not a mortgage expert, I will do my best to answer your general questions or to point you toward resources where you can get the appropriate information.

Maria Pettis

Realtor, e-PRO

(843) 860-3901

maria@mariapettishomes.com

http://www.summervillerealestateonline.com/

Dos and Don'ts When Selling Your Home During the Holidays

It's the most wonderful time of the year!  The holidays are fast approaching and thoughts turn to holiday decorating, baking and gift getting.  It's an extremely busy time for most of us.  It tends to be a less busy time in the real estate world, but there are still always those out looking to buy or sell a home.

With that in mind, I just wanted to pass along a few pointers for those folks with their homes listed for sale  over the holiday season.  If you are still living in your home, then you know it's not easy keeping the place clean and "show" ready on a steady basis.  When getting ready for the holidays, it may make things easier to do some of the following:

Dos:
1.  Do scale back when decorating for the holidays....way back!  People still need to see the space and not your stuff.  A christmas tree is fine, but don't let it overwhelm the room.  That may mean having a smaller tree or putting it in a different space than you have in years past.   Keep other decorations simple and on the "generic" side.  Too many personalized items, photos or cards will keep buyers from picturing themselves living there.  Same for outside the home.  A few simple lights and a wreath or garland will look welcoming and "homey", but try to steer clear of all the giant blow up Santa's, Snowmen or a huge Menorah!

2.  Do stay organized.  Keep a calendar and arrange times for you to do your card writing, baking, gift wrapping, etc so you are doing one thing at a time.  It makes it easier to clean up should you get a call for a showing and helps keep the clutter to a minimum.

3.  Do secure your gifts and other valuables.  You should always keep your valuables and medications out of site for showings, but don't forget about both wrapped and unwrapped gifts too. 

4.  Do make your visitors feel welcome!  While you might not get as many showings this time of year, make the ones you do get count!  Put out a plate of fresh baked goodies, use cinnamon or other potpourri scents, put on soft music and just make things feel inviting!

Don'ts:
1.  Don't neglect the outside of your home.  In addition to scaling back on the decorations, keep the yard raked up, walk ways clear, etc.  Clean out the gutters and do paint touch ups where needed.

2.  Don't leave candles burning.  Use the new flameless candles to get the same effect or find other alternatives.

3.  Don't allow your agent to take photos with holiday decorations.  Again, the goal is for people to see the space and not how you decorated!  Plus, if the pictures are just left on the listing or internet posting after the holiday, they just look silly.  Insist on new pictures without the holiday decor immediately following the finish of the season if you do happen to have photos that show any seasonal decorations.

4.  Don't over emphasize religious beliefs.  It's best to keep your decor more neutral.  For example, you may celebrate Christmas or Chanukah, but others may not.  Use decorations that celebrate the more general holiday season.  Remember you are trying to sell your home and you want the home to appeal to EVERYONE.

5. Don't Stress!  Easier said than done, right?  But really...it doesn't have to be complicated and actually, scaling back might help you stay more organized, on task and alleviate some of the stress!

I often tell my clients that it's not convenient to sell your home because it just isn't!  But the holidays don't have to add to the inconvenience if you follow these basic guidelines.   Any folks that do come through your house will feel welcome and still able to see the best features of your home because you haven't covered them up with the all holiday trimmings.  And you are not missing out on potential buyers!

For more information or tips on selling during the holidays feel free to contact me directly at mpettis@century21properties.com or 843-860-3901.  And for information on the Summerville and Charleston, SC area feel free to visit http://www.summervillerealestateonline.com/

Best Wishes and Happy Holidays!
Maria Pettis
Realtor, e-PRO
Century 21 Properties Plus

Summerville SC Video!

Get a glimpse of beautiful Summerville, SC with this video!  Close to historic Charleston, two military bases, the new Boeing plant site and area beaches.  Summerville has a small town feel and lots of southern charm with all the modern conveniences!  This video doesn't even begin to cover all that Summerville has to offer!

For more information visit my site at http://www.summervillerealestateonline.com/  or contact me directly at mpettis@century21properties.com or (843) 860-3901

Kind Regards,
Maria Pettis
Realtor, ePRO

Happy Veteran's Day!

With two military bases within the Charleston area, it's pretty fair to say we are a military community.  Many active duty service men and woman are stationed at either the Charleston Air Force Base or the Naval Weapons Station.  Plus with our fabulous climate, our many conveniences and the natural beauty of the Lowcountry, lots of retirees call this area home as well.

I just wanted to take a moment to honor all the men and women, past and present, who have served this great country of ours.  I would like to also acknowledge my favorite veteran, my husband Mike, who served 20 years in the United States Navy!  You guys have a tough job that we can never say "thank you" enough for!

God Bless America and all of you who have served!

Maria Pettis
Realtor, e-Pro
843-860-3901
mpettis@century21properties.com
http://www.summervillerealestateonline.com/

Extention and Expansion of Home Buyer Tax Credit Passes!

Great news for both home buyers and sellers!  The House and Senate have now both passed the extension and expansion of the home buyer tax credit.  All that remains is for President Obama to sign it.

The previous tax credit for first time buyers remains intact.  These buyers will still receive up to $8000.  A first time buyer is defined as anyone who has not owned a home for the last three years.

The new bill has expanded the tax credit to include current home owners, who can receive up to $6500.  To qualify, current home owners have to have used the home being sold as their primary residence for 5 consecutive years out of the last 8. 

In either case, the income limits have been raised to $125,000 for single folks and $225,000 for married couples.  A binding contract must be in effect by April 30, 2010 and you will have until July 1, 2010 to actually close on the property.

The extension is great for home buyers for obvious reasons, but home sellers will also reap benefits.  The previous tax credit definitely seemed to help give a boost to the Charleston area real estate market over the last several months with many first time buyers looking for entry level, affordably priced homes.  The new extension/expansion will hopefully help the mid to upper level price range as well now that current home owners needing more space or looking to trade up are able to take advantage of the tax credit as well.  It could also help soften the blow for some folks who may have to sell at a slight loss in order to trade up.

For more information about the tax credit or the Charleston/Summerville Real Estate Market, please feel free to contact me. You can also read more at www.realtor.org/RMODaily.nsf/pages/News2009110501?OpenDocument&WT.cg_n=RMO&WT.cg_s=RSSDaily

Maria Pettis
Realtor, e-Pro
mpettis@century21properties.com
(843) 860-3901
http://www.summervillerealestateonline.com/

Charleston Welcomes More Boeing Workers!

Boeing announced this week that it has selected North Charleston for it's line of 787 Dreamliner jets.  Without a union presence and offering grants for start up costs as well as tax breaks, South Carolina beat out Washington State for the plant.  The Boeing board voted unanimously to build the operation in Charleston.

According to Boeing, this means about 3800 more jobs in the lowcountry.  But thousands of other jobs are anticipated as well from all the support companies that are needed to provide materials for the Boeing Dreamliners.  South Carolina unemployment is currently about 10% and it's hoped that Boeing will hire many local people, but there are sure to be those relocating here from out of state as well.

Either way, this could also give a boost to the local real estate market as people move into the area or make the decision to finally buy after landing what should be a good, steady job.  The first time buyer tax credit has helped spur some movement in the Greater Charleston market so this may be an additional shot in the arm to keep the momentum going.  There are still a lot of great homes on the market and rates remain relatively low which is also good news.

For more information about the Boeing operation coming to North Charleston you can visit the wall street journal link: http://online.wsj.com/article/BT-CO-20091029-723919.html

Maria Pettis
REALTOR, e-PRO
mpettis@century21properties.com
(843) 860-3901
http://www.charlestoncarolinahomes.com/

Coastal Carolina Fair Comes to Town!

One of the things I love most about living in Summerville, SC is the proximity to Charleston and the beaches.  There is always something going on somewhere.  Besides all the great restaurants, shopping and art galleries, there are all kinds of family and cultural events, festivals and fairs!

Speaking of fairs, one of the biggest is coming to Ladson beginning October 29th and lasting through November 7th.  After 53 years of doing this, you know they have it down pat, making it one of the best fairs around.

Of course there's the midway, with tons of rides and games.  But the fair has so much more to offer...

For instance, every night there is some sort of entertainment with names like comedian, James Gregory and country music group, Lady Antebellum among others. 

You could also check out the different equestrian events.  The list includes, bull riding, roping, jumping and barrel racing. 

Or you could enter one of the many competitions like the art shows, baking contests or the Star Search.  (Check the website for a complete list of competitions and information on how to enter.) My family and I like just wandering through the different exhibits, looking at peoples handiwork.  We also check out the many vendors...so many interesting items...it's a great way to start your Christmas shopping or find a unique gift for someone.

For my kids, being five year olds, one of their favorite things besides the rides is the petting zoo.  In the past there haven't just been the usual pony rides, but how about riding an elephant as well!

I have to admit though my favorite part has to be the food...so many choices!  Gyros, funnel cakes, burgers, candy apples...so much more to satisfy your taste buds.

The Coastal Carolina Fair is something we look forward to every year.  There's something for the whole family no matter what your age.  If you've been before, you know exactly what I'm talking about!  If not, you have to go check it out! 

Buy your tickets in advance to get a discount!  Visit http://www.coastalcarolinafair.org/ for schedules, ticket prices and info.

Maybe we'll see you there!

Maria Pettis
Realtor, e-PRO
http://www.summervillerealestateonline.com/
mpettis@century21properties.com
843-860-3901

Hope for Homes in Summerville and Charleston, SC!

There is HOPE FOR HOMES in Summerville and Charleston, SC!  If you are a home owner in the area and are falling behind on your mortgage payments or feel unable to keep up, then you will want to attend this special event THIS SATURDAY, October 24th at the North Charleston Convention Center.

Maybe you've lost your job or had some other reduction in income.  Or perhaps you've been hit with unexpected medical bills making it more difficult to keep up with your mortgage payments.  Whatever the reason, financial issues always cause a great deal of stress especially if the possibility of losing your home exists.

Come to this FREE event on Saturday and meet with certified HUD specialists who can offer budget and credit counseling, explain foreclosure prevention options and explain legal issues related to foreclosure.  These specialists can review your situation and help guide you in the right direction so that you can get back on track again. 

Don't expect any quick fixes though.  You'll need to listen closely to what the specialists are telling you and follow up with what is sometimes hard work.  But it could be the first step toward saving your home and getting you financially healthy again.

Visit http://www.hopeforhomescharleston.com/ to get a list of things you should bring with you and to get more details about the event. 

Don't Let The Holiday Cost You Your Tax Credit!

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

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.