Friday, January 26, 2018

Buying a Home More Affordable Than Renting

buying a home more affordable than renting
ATTOM Data Solutions is the nation’s largest multi-sourced property database. ATTOM puts out many reports including a 2018 Rental Affordability Report. In this report, it shows that in 240 out of 447 U.S. counties analyzed for the report, purchasing a median-priced home is more affordable than renting a three-bedroom home by 54 percent.

ATTOM’s analysis also incorporated data about fair market rent from HUD, wage data from the Bureau of Labor Statistics and public record sales deed data from ATTOM. Below is a map showing where across the U.S. it is more affordable to buy than rent. In South Carolina, you will see most of the counties highlighted are green. Counties featured are Anderson, Pickens, Greenville and Spartanburg.



In Greenville, the 2018 rental affordability is at 30.2% where last quarter 2017 home affordability was at 29.0%. Mortgage rates are still at record lows.

Right now, it is cheaper to buy, but home prices are still climbing and are outpacing rental growth in most areas. In 76 percent of counties that have a population of 1 million or more, renting is more affordable. But here we are talking about Los Angeles County in California or Cook County in Chicago for example. The closest county to South Carolina would be Miami or New York City

Some other stats from the ATTOM report that average fair market rents rose faster than average weekly wages in 266 of the 447 counties analyzed. And that median home prices rose faster than average fair market rents in 263 of the 447 counties but average fair market rents rose faster than that in 281 of 447 counties

So, what does this mean for you? If you can buy, then now would be the time to do it. Home values will continue to increase as the economy grows stronger and inventory stays low. Builders are gaining confidence but are still not in full on build mode yet. With the strengthening of the economy comes the FED’s efforts to fight inflation by raising interest rates. As we all know that has a trickled down effect into mortgage rates. So, contact me today so we can find you a home. Then you will be sitting pretty when values and rates go up. There is nothing like getting some quick equity.

And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.

Saturday, January 20, 2018

Underwater Homeowners are Re-surfacing

 Underwater Homeowners are Re-surfacing
Corelogic®, the leader in providing global property information, has released a 2017 quarter 3 report on homeowner equity showing that homeowners have gained an average of $14,888 of lost equity back in their homes nationally.

If you are a homeowner who is what we call “underwater” on your mortgage because you purchased your home for more than it is worth now, you might find your head above water possibly this year. Depending on what part of the country you live in some homeowners are gaining more value.

Reviewing the Corelogic® report shows that South Carolina has a 4.1% negative equity share when compared nationally. The same Homeowner Equity Report also shows that South Carolina has had a $8,554 average equity gain when compared nationally. South Carolina is also showing the percentage of homes with significant equity at 81.9% statewide when compared nationally. The numbers are current as of October 2017.

Corelogic’s Chief Economist Frank Nothaft states that the increase in equity is a result of the increase in home prices which in turn drive up home values.

In additional Corelogic® is projecting growth for January 2018. Here is a quick video from Frank Nothaft, Chief Economist on his outlook.




Metro areas across the national with more available land and less building restrictions are the ones gaining in the real estate market. Home builders are gaining in confidence that they can build and not lose profits on homes. With the way Greenville is growing, I expect our real estate market and home values to continue to increase throughout 2018. Keep an eye on my monthly newsletter where I put in numbers for homes sold for each previous month.

And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.

Friday, January 19, 2018

SOLD - 405 Hampton Farms Trail, Greenville, SC 29617

405 Hampton Farms Trail, Greenville, SC 29617
405 Hampton Farms Trail, Greenville, SC 29617
Bedrooms: 4
Bathrooms: 2.5
Levels: 2
Square Feet: +/-2339
Type: Detached Single Family
MLS # 1359314
SOLD

Welcome to this tranquil home situated in a cul-de-sac that backs up to a wooded buffer. The rocking chair front porch greets you as approach this well kept home. This home accented with stone on the front porch and garage some features of this 2400HSF is 4 bedrooms and 2.5 bathrooms with Hardwoods in the Living and Dining Rooms, The kitchen has ceramic tile flooring beautiful granite counter tops, a tiled backsplash and a window overlooking the private backyard. The kitchen is open to the Great Room which has a vented gas fireplace and lots of natural light. Upstairs the Master bedroom get away is spacious with its trey ceiling, and then proceed into the master bath that has a large vanity area, 2 sinks, a jetted tub, separate shower, private toilet area, and walk-in closet. There are 3 other bedrooms, a nice walk in laundry room with window, and then off one of the bedrooms is an office space. The owner after the home was purchased had the following items added to enhanced the home. In 2014, the extra parking pad was poured, installed the light over the kitchen sink and cabinet and drawer pulls were installed. 2015 the Great Room picture window with side windows was installed bringing in a lot of natural light and blinds, 2016 the Dining Room the window with the palladium to include the blinds were installed, the tile backsplash in the kitchen, the receptacle and light switch plates were upgraded, 2017 the front porch vinyl rails were adorned. This home is located close to the Swamp Rabbit Trail, close to the Cherry Dale Shopping Center and downtown Greenville, not that long of a drive the Hendersonville/Asheville. Don’t miss out on this opportunity for a great home in a desired area.

For more photos and details, click the link below.

The interactive map below shows 431 Berry Shoals Rd but not necessarily the exact location of the lot itself. Directions: Take Poinsett Highway North, exit onto Old Buncombe Rd., Take left off the exit ramp , Turn Right. on Duncan Chapel Rd., Turn Left. on Watkins Bridge Rd., Turn Right into Hampton Farms Sub. then Right onto Hampton Farms Trail

Friday, January 12, 2018

Buying a Home May Be Easier than you Think

buying a home may be easier than you think
It seems that government regulations are losing up a bit when it comes to getting a home loan. Ellie Mae’s latest Origination Insight Report stated that the average FICO® score on all closed loans had dropped to 722 in November which is the lowest it has been since April 2017. This average included all approved refinance and purchase loans.

Better news is that millennials who are looking to buy can qualify with even lower FICO scores on FHA and VA loans. FHA refinance scores dipped to 645 in November with VA scores dropping to 700 to qualify.

A Millennial Tracker report posted by Ellie Mae showed that millennials purchasing in December had an average down payment of 4% with a FICO® score of only 684.

Ellie Mae’s Joe Tyrell commented that “with the average credit score dipping, lenders are extending credit to borrowers who may have had no previous access to the housing market.”

I would like to throw a caution out there that if you do have a lower credit score, do what you can to increase your score which means paying off outstanding debt. Don’t do a 2007 and get in over your head and become a short-seller because you can’t keep up with your payments. Our economy is growing stronger but slowly. With the new corporate tax cuts, you may be in a job where they will pass the savings on to you like Wal-Mart but then again maybe not.

As noted in my January newsletter, the average for a 30-year fixed rate mortgage rose to 3.99% this month compared to 3.90% for December. Professionals are predicted a steady rise in rates through 2018.

If you need a professional to look at your budget and help you decide if you can buy, give me a call and I can refer you to one. We all want you to be happy and secure in your new home.

And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.


Friday, January 5, 2018

5 Things You Should Do Now

5 things you should do now
The rush of the holidays is done. Now is the time when we clean and plan for the rest of the year. Here are five tips on how you can save money, time and future hassles in the coming year.
  • Organize. Now is the time to organize your holiday decorations while you are storing them away for the next year. Don’t just stuff them into cardboard boxes. Make a quick trip to the store and purchase some clear storage containers. Ones you can see into, so you will know what you put where. Trash anything that is broken or doesn’t work and shop after Christmas sales to replace what you can.
  • Deep Cleaning. Now is the time to deep clean the kitchen and maybe even the bathroom since you may have had guests over the holidays. Pull out your appliances and clean the kickboards. Scrub down the walls behind the sink area if you have one and behind the range since these are often the areas where grease and grime collect the most.
  • Project Planning. Now is the time to set up for your summertime projects. Plan what you will be doing and layout the designs. If you need to hire someone, now is the time to start getting bids. Contractors like to have their summer work lined up, so they know if they need to hire more employees. Help boost the local work force by planning now.
  • Schedule it! Now is the time to set up schedules for changing filters, cleaning the fridge, cleaning your dryer vent, vacuum cleaner, and any other items that need to be changed out each year.
  • Save Money! Best but not least, save money by shopping your after-holiday sales and get some fresh linens and towels for the new year. Weed out the linens and towels with holes and threads coming apart. Or you can change up your colors by replacing everything.
The past is 2017 now and 2018 is your future. Don’t waste time looking back unless it is to remember something that happened to help you learn a lesson. Now is the time to clean out your head and replace it with clear thoughts and plans for 2018. Forget making resolutions! Make decisions instead!

Happy New Year! 



And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.