Friday, February 23, 2018

Panic Not Required

panic not required

Remember the robot from the old sci-fi series Lost in Space. Whenever they neared danger the robot would wave his arms and say, “Danger, Will Robinson.” A lot of us use the same statement today when we hear about volatile situations. And the latest “correction” in the stock market was one of those situations.

People began speculation that the economy was in trouble and that we were headed for a real estate Armageddon again. I am here to tell you that the “correction” was just some people taking early profits on their investments. There are no indicators out there saying we are heading for another housing bust. In fact, it is just the opposite.

Chief Economists for several large companies are stating that warning signs that would be showing for a housing bubble just don’t exist right now. In fact, they are predicting a 5% nominal gain for the 4th consecutive year. National housing prices are at their highest since 2007 when the bubble burst.

The best investment you can make is buying a home right now. It is a long-term investment that will give you many returns for years to come. And once you decide to retire or move, home values will have risen once again, and you will be the one taking profit from the market.

Contact me today so we can get you in a house before housing prices rise again and mortgage rates follow. Again, no panic needed here.

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.

Monday, February 19, 2018

Don't Wait…House Prices Rising


 Don't Wait…House Prices Rising
While investigating this blog I came across some information on home buyer profiles and those aspiring to be home buyers. This information may be interesting to some of you who are thinking about selling your home.

The National Association of Realtors collected data throughout 2017 using their Housing Opportunities and Market Experience (HOME) report. This report monitors consumer sentiment about the housing market.

Of the consumer households in the U.S. that were surveyed during 2017, 63 percent of those who responded were existing homeowners, 28 percent of them were renters and 9 percent of them lived with someone else. Of the non-owners, 46 percent were 34 years or younger, 57 percent had an income of less than $50K and 41 percent of them live in suburban areas.

Ages for non-owners were 46 percent 34 years and younger. Nineteen percent for ages 35 to 44. Eleven percent for ages 45 to 54. Thirteen percent for ages 55 to 64 and then 11 percent for age 65 and over. Looking at these numbers the younger generation seems to be a bit timider about jumping into homeownership. Where the older baby boomers are already homeowners. So maybe marketing needs to be refocused on millennials and benefits to owning a home.

But then we look at the income for these non-owners and 57 percent of them are making under $50K a year. Thirty percent $50 to $100K and 14 percent more than $100K. With home values rising due to low inventory and market rebounding how do you convince someone to buy?

Another factor I looked at was location. For non-owners, 17 percent of them were in rural places, 40 percent in urban and 41 percent in suburban locales. So, is it time for the urban cities across America to revitalize if they have not already started? Seems that millennials want convenience and closer surroundings. They want to walk or take mass transit to work, walk or take mass transit to the grocery store and walk or take mass transit to entertainment. Just the fact that Uber has become a huge hit with the younger crowd should give us a clue.

Good news it that 58 percent of non-owners think that Q4 in 2017 was a good time to buy. And this carried across age, income and city size except for in the West region. When asked about why they haven’t bought they (56%) stated they couldn’t afford it. Maybe they need to hit up a financial advisor to assess where their money is going in terms of rent and what the real cost of home ownership would be for them. They might find out it is cheaper to own.

Eight in ten non-owners reported that owning a home was their American Dream. I will do what I can to help you become a homeowner without busting your budget. If you need insight or referrals to trusted professionals to discuss finances I can help. The time is now, interest rates are still historically low but not for long.

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, February 9, 2018

Get Approved for a Home Improvement Loan


Most of us during our homeownership will need to get a home improvement loan. Whether you need to remodel, add on to your home or finish up a partially completed project, you will need to qualify. Here are some steps to take before you start the process.
  1. Know your credit score. Here is your chance to get the low down on what has been happening with your credit. Know where you stand before you start the process. Use any of the FREE credit score options to get an updated report. Look it over closely and then repair any mistakes you find. The higher your score the better your terms will be on a loan. 
  2. Equity Evaluation. Take some time to evaluate how much equity you have in your home. The equity in your home will most likely be used to secure your loan. If your equity proves sufficient then you will need to prove you can pay back the loan on time. 
  3. Appraisal Time. Getting an updated appraisal is something that your future lender may require. Better to be prepared. It may also help you get a lower rate. 
  4. Project Estimates. Before you decide on how much to borrow get some estimates from local reputable contractors. Make sure to build in a corrective cushion in case they discover any issues once the remodel/construction begins.
Once you complete the four steps above, you can investigate any of the following loan options.
Home equity line of credit. This product will allow you to set up a specified limit. You will be able to use the funds as you need them and as you pay back the loan more funds will become available. Works like a credit card account.
  1. Home construction loans. Lenders are more cautious when giving out these loans and they require a higher precise qualification. This requires proof of good credit and financial health, comprehensive list of project details, an appraisal report, large down payment usually 20 to 25 percent, and working with a lender approved builder. 
  2. Home equity loans. A loan that uses your home as collateral and is based on an appraised home value. Requires good credit and has additional fees such as appraisal, origination, title and closing. 
  3. FHA 203(k) loans. This is a federally backed loan that was set up to revitalize neighborhoods. The borrower can purchase a property with the cost of repairs and upgrades included. Down payment is as low as 3.5 percent in most cases. 
Although I have provided a quick outline here, seeking professional advice or assistance in figuring out which products work best for you is the best path. Let me know if you need a referral.
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, February 2, 2018

Avoiding the Malady that Spring Brings



avoiding the malady that spring brings
You might think you are ready for it, but it often creeps up on you without you realizing it. I am talking about Spring! February is the time when the colleges start their spring break season and the groundhog lets us know if winter will truly end or if there will be six more weeks of punishment. But oh February, use this month to begin your preparations for spring. Here are several things you can do this month.

  1. De-muck your yard. Your yard is frozen but with warming temperatures it soon won’t be. Take the time now to plan to fill in those bare muddy spots with sod or seed, plants or paving materials. Check out what available ground cover would be for your area. Maybe add some gravel, decorative gardens and rocks, a new fish pond anything that might keep those recurring mud holes away.
  2. Spring cleaning motivation. Take time to clean up and organize your laundry room and storage shelves. It might even motivate you to set a plan for spring cleaning. As a kid, I always remember my mom announcing in February that it was spring cleaning time.
  3. Pay close attention to entrances and exits. What better place to start your clean up than to plan one for your foyer and other door areas in your home. These places often take the worst of what we bring into the house and don’t often get good treatment for it. Use February to clean up the winter gunk.
  4. Handy man or woman? Many handiwork companies often get an onslaught of new work in the spring. Beat the rush by making your plans and booking in February. There are all types of indoor fixes that can be done and a lot of exterior ones also. Maybe you really need a landscaping professional, go ahead and get on their calendar now. Bids don’t usually cost much if anything and the contractors will be excited about the planned work.
Hope these tips inspired you to set your planning in motion. Spring is a renewal of spirit, love (Valentine’s Day) and cleanliness. Set February as your new spring cleaning planning 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.