Lake Greenwood and Greenwood Real Estate Updates

As you can see, many buyers searching for their dream homes have turned to new home construction after 10% of all new home buyers stated that their reason for buying was that they were met with a lack of inventory of existing homes. The median home price decreased slightly from Septembers high of $314,100 to $304,500 in October. Also, several southern states, including South Carolina, saw a significant month over month jump in sales at 17.9%. Whether you are buying or selling, we can help you reach your goals in such a competitive market. For more information contact us at (864)341-7774 or email us at lakegreenwoodproperty@gmail.com to discuss your next steps.

As explained by Tulia's Chief economist, Ralph McLaughlin, "Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house." Here are five reasons why owning your dream home in Greenwood makes sense financially:

1. Mortgage payments can be fixed while rents increase.

2. Equity in your home can be a financial resource later.

3. You can build your wealth without paying capital gains.

4. A mortgage can act as a forced savings account.

5. Homeowners can enjoy greater wealth growth than renters overall.

If you are considering buying your dream home and would like more information on the Greenwood Real Estate market, you may consider discussing your next steps with the professionals before signing another lease. Contact us at (864)341-7774 or email us at lakegreenwoodproperty@gmail.com.

The NAR's REALTORS Confidence Index indicates the strength of the housing market based on a monthly survey sent out to over 50,000 real estate practitioners. The participants are asked about their expectations for home sales, prices, and market conditions. As you can see, homes sold in less than 75 days in our own state of South Carolina, in 60 days or less in 42 states, and in 30 days or less in 17 states. If you are considering selling your home and would like more information, contact us at (864)341-7774 or email us at lakegreenwoodproperty@gmail.com

Many home owners decide to wait until after the holidays to put their homes on the market. However, there are 6 great reasons not to wait to sell your home:

1. There are plenty of relocation buyers who may have kids and want to get them in their new schools after the holidays. Also, their companies are likely not concerned with holiday time.

2. Homebuyers who are looking for their dream home are serious buyers who are ready to make a purchase.

3. You will remain in control and be able to restrict the showings of your home to the times you want it shown.

4. Homes show better when decorated for the holidays.

5. There is less competition for you as a seller. Below is a listing inventory compared to the same time last year:

6. The supply of listings increases drastically after the holidays, meaning you will have much more competition. The demand for your house will lessen.

Waiting until after the holidays to sell your home may not be in your best interest. If you would like more information about how to get your home sold, contact us at (864)341-7774 or email us at lakegreenwoodproperty@gmail.com to discuss your next steps.

Halloween has come and gone. It is time to take the fear out of the mortgage process! Many potential buyers are concerned about mortgage qualification and shy away from jumping into the Greenwood real estate market due to their uncertainty about the buying process. We want to make the process more understood and put those fears to rest! 

In order to qualify for a mortgage in today's market, you'll need to have saved for a down payment (the average down payment was 11% last month, with many buyers putting down 3% or less), a stable income, and a good credit history. Throughout the home buying process, you will interact with several professionals who play important roles and will be great resources to you. Once you are ready to apply for a mortgage, there are 5 steps that Freddie Mac suggests you follow:

1. Find out your current credit history & credit score. Even if your credit is less than perfect, you may qualify for a loan. According to Ellie Mae, the average FICO score of all closed loans in September was 731.

2. Start gathering all of your documentation. You will need income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).

3. Contact a Professional. Your real estate agent can recommend a loan officer to help you develop a spending plan and determine what you can afford.

4. Consult with your lender. They will review your income, expenses, and financial goals to determine the type and amount of mortgage you qualify for.

5. Talk to your lender about pre-approval. A pre-approval letter provides an estimate of what you may be able to borrow and shows sellers that you are a series buyer.

By doing your research, reaching out to professionals, and making sure you are ready for the financial responsibility of owning your dream home in Greenwood, the mortgage process is much less scary. If you are considering becoming a homeowner and would like more information, contact us at (864) 341-7774 or email us at lakegreenwoodproperty@gmail.com.

The interest rate you secure for your mortgage has a big influence on your monthly housing costs. Below, you can see the average mortgage rate and payment by decade compared to 2016. 

As you can see, the 30 year fixed mortgage rates in the 1980s averaged in the high 12s, making the monthly principal and interest payment more than $2,000. Today, interest rates remain at historic lows. Now is a great time to lock in your housing costs by getting approved for a mortgage and protecting yourself from rising rents, or to refinance your current mortgage. If you are considering buying your dream home in Greenwood and would like more information about how to take advantage of today's mortgage rates, contact us at (864)341-7774 or email us at lakegreenwoodproperty@gmail.com to explore what the Greenwood area has to offer and to learn about the Greenwood real estate market.

The Greenwood Real Estate Market is thriving, and so are markets all over the nation. Below are seven graphs showing that now is a great time for real estate.

As you can see, distressed property sales have reached their lowest number since NAR began collecting data in 2008. This has caused sales to increase in every category except the $0-$100K price range. Also, interest rates remain at historic lows, making now a great time to buy your dream home in Greenwood! If you are considering purchasing your dream home and would like more information, contact us at (864)341-7774 or email us at  lakegreenwoodproperty@gmail.com to discuss your next steps.

In some areas of the country, the supply of homes for sale has been unable to keep up with buyer demand, causing prices to rise. Many have expressed concern over whether or not home prices are accelerating too quickly. However, the good news about rising prices is that they caused the average American home gain over $11,000 in equity over the last year according to CoreLogic's latest US Economic Outlook. The map below was created form this report and shows the average equity gain per mortgaged home from June of 2015 to June of 2016.

For those who are worried that the increasing prices are reminiscent of 2006, it is important to note that homeowners are investing their newfound equity in their homes and in themselves rather than depreciating assets. This is helping families put their children through college, invest in small businesses, pay of their mortgage sooner, or move to a new home that better suits their needs. CoreLogic predicts that by this time next year, home equity will have increased by another 5%. If you are a homeowner who is interested in taking advantage of their home equity by upgrading to your dream home in Greenwood, let's get together to discuss your options. For more information, contact us at (864)341-7774 or email us at lakegreenwoodproperty@gmail.com.