Wednesday, January 22, 2020 / by Steve Smith
How Buyers Can Win By Downsizing in 2020
Home values have been increasing for 93 consecutive months, according to the National Association of Realtors. If you’re a homeowner, particularly one looking to downsize your living space, that’s great news, as you’ve likely built significant equity in your home.
Here’s some more good news: mortgage rates are expected to remain low throughout 2020 at an average of 3.8% for a 30-year fixed-rate loan.
The combination of leveraging your growing equity and capitalizing on low rates could make a big difference in your housing plans this year.
How to Use Your Home Equity
For move-up buyers, the typical pattern for building financial stability and wealth through homeownership works this way: you buy a house and gain equity over several years of mortgage payments and price appreciation. You then take that equity from the sale of your house to make a down payment o ...
Tuesday, January 21, 2020 / by Steve Smith
The 2 Surprising Things Homebuyers Really Want
In a market where current inventory is low, it’s normal to think buyers might be willing to give up a few desirable features in their home search in order to make finding a house a little easier. Don’t be fooled, though – there’s still an interest in the market for some key upgrades. Here’s a look at the two surprising things buyers seem to be searching for in today’s market, and how they’re impacting new home builds.
Homebuyers Are Not Giving Up Their Garages
The National Association of Home Builders (NAHB) recently released an article showing the percentage of new single-family homes completed in 2018. The data reveals,
64% of new homes offer a 2-car garage
21% have a garage large enough to hold 3 or more cars
7% have a 1-car garage
7% do not include a garage or carport
1% have a carport
The following map represents this breakdown by region:Evidently ...
Thursday, January 9, 2020 / by Steve Smith
Charleston Ranks as No. 1 Moving Location in the U.S.
According to recent data provided by Realtor.com, Charleston ranks No. 1 as the top moving destination in the U.S. In addition, in a study by U.S. News, Charleston received high scores for desirability, value, job market, quality of life and net migration. A Charleston moving location is obviously highly ranked, but specific features that the city offers make Charleston a truly desirable place to live.
Why is Charleston a Great Place to Live?
Charleston appeals to the beach lovers, history buffs, to food and hospitality lovers and to romantics alike. There is much to offer here:
Natural beauty abounds. Charleston has great beaches, parks and rivers to enjoy, with plenty of water sports.
Friendly and welcoming southern hospitality.
Lots of incredible food, including seafood and southern favorites.
A thriving economy, offering low unemployment and plenty of jobs in a great cross-section of indus ...
Monday, December 30, 2019 / by Steve Smith
Why You Shouldn’t “For Sale By Owner”
Rising home prices coupled with the current inventory in today's market may cause some homeowners to consider selling their homes on their own (known in the industry as a For Sale By Owner). However, a FSBO might be hard to execute well for the vast majority of sellers.
Here are the top 5 reasons not to FSBO:
1. Online Strategy for Prospective Purchasers
Studies have shown that 93% of buyers search online for a home. That’s a pretty staggering number! Most real estate agents have an Internet strategy to promote the sale of your home. Do you?
2. Results Come from the Internet
According to NAR, here’s where buyers found the homes they actually purchased:
55% on the Internet
28% from a Real Estate Agent
6% from a Yard Sign
1% from Newspapers
The days of selling your house by putting up a s ...
Thursday, December 26, 2019 / by Steve Smith
Year-Over-Year Rental Prices on the Rise
Looking ahead, 2020 is projected to be a strong year for homeownership. According to the Freddie Mac Forecast,
“We expect rates to remain low, falling to a yearly average of 3.8% in 2020.”
If you’re currently renting, 2020 may be a great time to think about making a jump into homeownership while mortgage rates are low.
As noted in the National Rent Report,
“the national rent index increased by 1.4 percent year-over-year.”
With average rents on the rise, this year-over-year increase may not sound like much, but it can add up – fast. The math on how much extra it will cost you over time surely doesn’t lie.
Here’s an example: On a $1,500 rental payment, an increase of 1.4% adds an additional $21 dollars per month to your payment. When multiplied by the twelve months in a year, it’s a $252 overall annual increase. The p ...