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.
Buying a house can be a very confusing process. Getting a mortgage can also be a very confusing process. One way to increase your chances of success in both of these endeavors is to go speak to a mortgage lender early in the process and get a "pre-approval" letter or a "pre-qualification" letter. As a buyer, you will want to talk to your lender very early in the process to make sure you can even qualify for a mortgage and to also learn how much home you can afford. Knowing your limits from the very beginning will make your experience much less disappointing. Another primary reason to get one of these letter is that almost every single seller and their listing agent will require you to submit one of these letters with your offer in order to even consider your offer. The reason they do this is because they want to know that you've spoken to a mortgage lender and that you are prepared and capable of buying their home. I have see many, many transactions fall apart because the buyer did not speak to their mortgage lender early in the process only to be greatly disappointed when they are refused a mortgage or can not afford as much as they expected after finding their dream home. Remember me if you're interested in buying or selling residential, commercial or investment real estate in Charleston, SC.
There's been a lot of attention on For Sale By Owner listings lately. Because of the internet, a lot of sellers think that they will be able to post their house on some of the For Sale By Owner sites, put a sign in the yard and wait for their check rather than working with a Realtor to list their home and pay out a commission. Unfortunately, selling your home on your own is really difficult and there is a less than 10% chance of success for those that do so. The truth is that people who list their homes with a Realtor have a much better experience and almost always walk away with more profit than they otherwise would have. This infographic shows the data behind the positive results that those who list with a good Realtor will experience - the most important being the fact that listing with a Realtor almost always nets you more in the long run. Remember me if you're interested in buying or selling residential, commercial or investment real estate in the Charleston, SC area.