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
Wednesday, February 3, 2010
Saturday, January 30, 2010
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
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
Friday, January 8, 2010
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
Thursday, December 3, 2009
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
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
Sunday, November 22, 2009
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
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
Wednesday, November 11, 2009
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/
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/
Thursday, November 5, 2009
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/
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/
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