Lake Greenwood and Greenwood Real Estate Updates

The difference between the cost of buying and the cost of renting used to be fairly close. More recently, the gap has widened, and the choice has become obvious. The percentage of income required to afford renting a median priced home has increased to 30%, and that needed to afford buying a median priced home has dropped to 15%. Before renewing your lease again, find out if you could use your housing cost to own your dream home in Greenwood! If you would like more information, please visit our website or contact us at (864) 341-7774 or lakegreenwoodproperty@gmail.com to discuss your next steps.

If you've decided to sell your Greenwood home and are working with a real estate professional to guide you through the process, you have been asked what level of access you want to provide to potential buyers. There are many levels of access you could provide to your agent to show your home, and the one you choose can make or break your ability to get your home sold. Below are brief descriptions of five different levels of access you could give a buyer:

1. Lockbox on the Door

This can allow buyers to see your home as soon as they are aware of the listing, or at their convenience.

2. Providing a Key to the Home

While your agent may need to pick up the key, there is very little delay in showing the home.

3. Open Access with a Phone Call

You allow showing with only a phone call's notice.

4. By Appointment Only

Some buyers may not be able to plan as far in advance as you require, or may be unable to wait to view your house.

5. Limited Access

In this case, the home is only available for showing during specific times on specific days of the week. This is the most difficult way to be able to show the your house to potential buyers. 

In a competitive market, being flexible in the access you provide to potential buyers can improve your chances of getting the price you are looking for, and most importantly, getting your home SOLD. If you would like more information on selling  and, please visit our website or contact us at (864)341-7774 or lakegreenwoodproperty@gmail.com to discuss your next steps.

Core Logic's latest Home Price Index revealed home appreciation in three categories: percentage appreciation over the last year, for the last month, and projected over the next year. Below are the maps for each category.

Past - Home Appreciation over the Last Year

Present - Home Appreciation over the Last Month

Future - Projected Home Appreciation over the Next Year

As you can see, homes across the nation are appreciating at different rates. If you are waiting for your home to appreciate more before relocating to a different state, be aware that the home you will buy in another state could be appreciating even faster. If you are planning on buying or selling your Greenwood home and would like more information, please visit our website or contact us at (864) 341-7774 or lakegreenwoodproperty@gmail.com to discuss your next steps.

With home prices on the rise and a low inventory of homes for sale in today's market, some sellers may consider selling their home on their own, known in the industry as a For Sale By Owner (FSBO). However, this is not a wise decision for most people when selling a home. Below are the top 5 reasons why.

1. Exposure to Prospective Buyers

According to recent studies, 88% of buyers use the internet to search for their dream home in comparison to only 21% who look at newspaper ads. Most real estate agents have a strategy in place to promote the sale of your home online. Do you?

2. Results Come from the Internet 

44% of buyers found the home they actually purchased on the internet, 33% by using a real estate agent, 9% from a yard sign, and only 1% from newspapers.

3. There Are Too Many People to Negotiate With 

If you decide to sell alone, you must be prepared to negotiate with the buyer who wants the best deal they can get, the buyer's agent, the home inspection companies, and the appraiser if there is a question of value. Using a real estate professional can greatly help you in all of these cases.

4. FSBOing Has Become More and More Difficult

There has been a dramatic increase in the amount of paperwork involved in selling and buying a home as a result of mandatory industry disclosures and regulations. This is one reason why the percentage of people FSBOing has decreased from 19% to 8% over the last two decades. This is the lowest recorded figure of homeowners choosing to sell alone since NAR began collecting data in 1981.

5. You Net More Money When Using an Agent

Many homeowners believe that by selling on their own, they can save the real estate commission. Simultaneously, the main reason buyers look at FSBOs is because they also believe they can save the real estate commission. However, the buyer and seller can not both save the commission. Also, the typical home sold by the homeowner sells for $210,000 while the typical home sold by an agent sells for $249,000. Of course, this doesn't mean an agent can get $39,000 more for you home, as studies have shown that FSBOs are more common in markets with lower price points. However, it does show why FSBOing may not make sense.

There are several reasons why you should not underestimate the importance of using a real estate professional when selling your home. Before you make the decision to FSBO, it would be wise to meet with a professional in your area to see what they have to offer. If you are considering selling your home and would like more information, please visit our website or contact us at (864)341-7774 or lakegreenwoodproperty@gmail.com.

The inventory of existing homes for sale is down 10.1% from last year. This explains the modest increase in sales, despite the huge buyer demand. This imbalance between supply and demand has caused the prices of existing homes to increase by 5.1%. If you are considering listing your home for sale, now could be an ideal time as many people are on the hunt for their dream home in Greenwood. In such a competitive market, it is important for both buyers and sellers to know how to play the real estate game. Read more in some of our earlier blogs, "Don't Underestimate the Importance of using an Agent When Selling Your Home" and "4 Tips for Success When Making an Offer." For more information, contact us at (864)341-7774 or lakegreenwoodproperty@gmail.com.

The National Association of Realtors, Fannie Mae, Freddie Mac, and The Mortgage Bankers' Association have all predicted that in the year to come, home sales will increase. This is great news for sellers in the Greenwood area, and for those who may soon purchase their dream home in our beautiful city.  Below is a chart that illustrates the expectations of each entity for this year and for 2017.

If you have been considering selling your house, now could be an excellent time to put it on the market as it is predicted that more homes will sell in the near future.  We urge you to take advantage of the information we have available on our website, and encourage you to consider the huge impact that having a real estate professional on your side can make during the selling process (read more in a previous blog). If you would like more information, contact us at (864)341-7774 or lakegreenwoodproperty@gmail.com to discuss your next steps.

     The latest Beracha, Hardin, & Johnson Buy vs. Rent Index supports the belief that housing markets nationwide remain a sound investment and reports that the U.S. housing market has continued to move deeper into buy territory. This quarterly report aims to inform its readers whether it is better to buy or rent a home in today's housing market. The index does this by examining the entire U.S. housing market, then isolating 23 major cities for comparison. Ken Johnson, one of the Index's authors, Ph.D., and Real Estate Economist and Professor at Florida Atlantic University explained that,"Housing prices, in general, continue to slow and when considered in light of the recent trends in the Buy vs. Rent index signal that ownership remains an excellent investment for the majority of Americans." For more information on why buying is much more financially appealing, view one of our earlier blogs about the net worth of homeowners vs. the net worth of renters.

     The index shows that while 15 of the 23 housing markets of major cities have moved further into buy territory since last quarter, some major cities including Dallas, Denver, and Houston remain in rent territory. In these markets, it is estimated that renting will top homeownership 70% of the time. However, Eli Beracha, Ph. D. and Assistant Professor in the T&S Hollo School of Real Estate at FIU, believes that home prices in these areas will begin to return to normal levels as residents realize that it currently may be better financially to rent. Therefore, home affordability in these areas will be restored.

     For the majority of our nation, it is more financially and socially sound to become a homeowner rather than a renter. If you are ready to own your dream home in Greenwood, you can protect yourself from rising rents by locking in your housing cost with a mortgage payment now. For more information on the current Greenwood Housing Market or any aspect of real estate, please browse our website or contact us at (864)341-7774 or lakegreenwoodproperty.com.

Once you've found your dream home in Greenwood, you want to make sure you make a good offer in such a competitive market so that your dream can become a reality. Below are "4 Tips for Making an Offer" covered by Freddie Mac in their latest Executive Perspective. 

1. Understand How Much You Can Afford

Understanding your finances is a critical step in making an offer. Getting pre-approved will let buyers know you are serious about buying and allow you to make your offer with the confidence of Knowing you have already been approved for a mortgage. You should also consider whether or not you are prepared to make any repairs that the home may require.

2. Act Fast

Inventory is low and competition is high in the current real estate market. Buyer demand has continued to exceed the supply of homes for sale, forcing buyers to compete for their dream homes. Make sure that as soon as you decide to make an offer, you get with your agent to take your next steps.

3. Make A Solid Offer

Make your offer stand out from the others. You may consider writing a personal letter to the seller letting them know how much you would love to be the new homeowner. Your agent will be able to help you tailor your offer in any other ways that will make it appealing to the seller.

4. Be Prepared To Negotiate

Your agent will be an important resource during the negotiation process, will provide guidance on any counteroffers, and will make sure that the agreed-to contract terms are met. If your offer is approved, Freddie Mac suggests that you get an independent home inspection so that you are aware of the condition of the home. If the inspection reveals any undisclosed issues, there is usually room to re-negotiate or to cancel the contract.

If you are ready to buy your dream home or selling a residential property, having a local real estate professional on your side is in your best interest to ensure that the process goes smoothly. For more information, please visit our website or contact us at (864)341-7774 or lakegreenwoodproperty@gmail.com.

     Homeowners want to sell their house for the best possible price with the least amount of hassles. However, the most important end goal is to actually get the home sold for most sellers. In order to sell a home for the best price with the fewest possible hassles, a seller should be aware of the importance of using a real estate professional.

     We understand that technology has changed the behavior of home buyers. According to the National Association of Realtors' latest Profile of Home Buyers & Sellers,  92% of buyers have used the internet to search for their dream home for the past 3 years. However, it was also reported that 95% of buyers that used the internet when searching for a home made their purchase through a real estate agent or from a builder or builder's agent.  Only 2% purchased their home directly from a seller whom the buyer did not know. 

     Buyers search for a home using the internet, but depend on a professional to find the actual home they will buy, to negotiate the terms of the sale & price, and to help them understand the process. Because there is so much information available about the current Greenwood Real Estate Market and markets all over the nation, more and more buyers continue to reach out to real estate professionals to "connect the dots."

     If you are considering selling your home, do not deny yourself the advantage of listing your home with a real estate broker. Buyers do not underestimate the role that real estate professionals play in the home buying process, and neither should you. For more information, please visit our website or contact us at (864)341-7774 or lakegreenwoodproperty@gmail.com.