It's no secret that we're experiencing a seller's market. Sellers have much more leverage than buyers do in our current real estate market. Realtor Magazine recently published a very insightful article including data provided by Redfin.com that was gathered by surveying sellers. This post discusses some of the interests and concerns that those ready to sell their homes are facing and to what percentage they would agree. Remember me if you're interested in buying or selling residential, commercial or investment real estate in the Charleston, SC area!
The Charleston are's population has been burgeoning. Everyone knows it. It's partly due to the fact that our little city is so livable, but it is also due to the heavy influx of industry that we're currently seeing. I think new industry should be welcomed with open arms to strengthen our local communities. However, when you experience an influx of new residents, you will certainly see an affordable housing shortage. That has been the case here in Charleston recently. Unfortunately, house prices have skyrocketed and that has made many millennials unable to buy. They have to resort to renting and the rental rates in the area have been increasing just as aggressively as home prices. Today's post is about why it is impractical to continue renting in today's market. I know it isn't easy to buy a home, so we will follow the previous statements up with some information on how you CAN buy a home more easily than you think you can.
One of the most gut-wrenching parts of buying or selling a house is going through the inspection process. It can be nerve wracking. Inspections just happen to be one of those buzzed about topics that get a lot of attention- and rightly so. While the inspection is absolutely vital, the process is much different than most people would think. I always take a moment to explain to my clients that the inspection WILL look bad. No matter how great the house is. The inspector's job is to FIND problems. Many of these problems can lead to a larger issue at some point and the inspector wouldn't be doing his/her job if they didn't describe how problematic the issue is or could be if left unresolved. Inspectors also dace a lot of litigation. Inspectors are often blamed for issues that may arise after someone purchases a house even though it is usually not the negligence of the inspector that cause the problem not to be noticed. For this reason, most inspectors do their absolute best to make the buyer or seller aware of how problematic all issues are or can be. Houses are used products (unless you're buying new construction) and it is important to remember that there will be issues. The best you can hope for is that the issues are manageable and inexpensive. I have yet to see an inspection report come back 100% clean. And don't even get me started on codes. That's a whole other ball of wax. Beyond that, most inspectors are very systematic and procedural when doing their jobs. This post discusses 7 things that home inspectors wish home buyers and sellers knew. Remember me if you're interested in buying or selling residential, commercial or investment real estate in Charleston, SC!
Calculating your mortgage is a little bit more complex than just figuring out the principal and interest. Most shoppers do not figure their insurance and taxes into the equation when considering buying a property. The old acronym for your total monthly obligation is PITI (principal, interest, taxes and insurance). This blog post walks your through the process of how to figure out your entire monthly mortgage obligation (minus utilities, etc.). Remember me if you're interested in buying or selling residential, commercial or investment real estate in Charleston, SC!