30 Day Showing Contest!

Starting today and lasting until December 17th, 2009, any Realtor who shows 133 Darcy Avenue in Goose Creek, SC (MLS #2923883) to a qualified buyer will be automatically entered in a drawing for on-site computer service from Charleston Tech Support (up to 2 hours of service – a $170.00 value!).  Even if you don’t currently need computer help you will at some point, or you may know someone dear to you who needs it.  It also makes a thoughtful gift!

Contact Amy Nienstedt at (843) 425-9353 with any questions.

Good luck!

10 Tips for Buying a House

1.  Get pre-approved for a loan BEFORE you start previewing homes.  There are several reasons for this, but the most important one is that you want to be absolutely sure that you are approved to buy in the price range in which you are looking.  There is nothing worse than getting your heart set on a home, only to find out that you can’t truly afford it.  Getting pre-approved by a lender only takes a few minutes and is well worth the time.  Make sure that you are getting a pre-APPROVAL and not a pre-QUALIFICATION.  Anyone can get pre-qualified, but a pre-approval means that a lender has actually looked at all of your financial information and has approved you at a certain price range.

2.  Less is more.  What I mean is, buying the biggest, “best” home in the neighborhood isn’t always the right thing to do.  The largest house is only accessible to a very small group of buyers, and you don’t want to limit yourself when it’s time to re-sell.  Also, if all of the homes around you are selling for much lower than you bought your home for, you can expect that your appreciation would be limited.

3.  ALWAYS get a home inspection.  I can’t stress enough how important this tip is.  There are so many aspects that go into building a home, and sometimes things aren’t done right, or over time, certain things start to deteriorate.  Can you imagine buying a house without an inspection only to find that the roof is a leaky mess and needs to be completely replaced?  That is a several thousand dollar cost that is now YOUR problem, which could have been avoided by spending a few hundred dollars on the inspection.  There will always be something on a home inspection that is “wrong” with the house.  It may be something very minor (cosmetic, even), or it could be a crack in the foundation.  Don’t risk it!

4.  There’s more to owning a home than paying the mortgage.  Sometimes people forget to factor in “sleeper costs” into their monthly budgeting.  The mortgage will undoubtedly be the main cost, but don’t forget about things like property taxes, utilities, and homeowner’s associations dues.  Also, be prepared to pay for repairs, maintenance, and property tax increases.

5.  Start preparing for your purchase 6 months in advance by keeping your money where it is.  Don’t make any large purchases, open new credit cards or amass a lot of debt, or you will have a problem getting a loan.  Lenders like to see stability and reliability when looking at your credit profile.

6.  Try to take emotions out of it.  This tip is easier said than done.  I always ask my clients “do you like this house, or are you IN LOVE with it?” and we get a little laugh out of that statement.  But, the reality is that it is actually very easy to fall in love with a home.  Falling in love with a home automatically gives the seller the upper hand in a transaction because you’ve got your emotions tied up in it.  Remember, a home is an investment.  Try to take a step back and truly analyze the situation.  Are you in love with the home because of the paint color or the backyard?  Are you getting a good deal on a great home?  Try to stay calm and make a wise decision instead of letting your heart do all the talking.

7.  Get a survey!  Getting a survey is usually not required by a lender, but it is very important because you need to know where your property begins and ends.  Your property taxes are based on how much property you own, so it is best to have an accurate map.  Also, having an accurate survey in hand could save you from any neighbor disputes in the future.

8.  The art of bidding.  Bidding and negotiating is truly where a good Realtor shines.  Your opening bid should be based on what you can afford and what you think the house is worth.  Ask your Realtor to do a price per square foot analysis on the neighborhood.  This is a great equalizer and should give you a good idea of a the price where you want to end up.  Also, sellers see an oddball figure as a sign that you are a serious buyer.  Instead of rounding off your bid to an even number, spice it up and be specific with your number – this give the seller a signal that you have thought about your offer carefully.

9.  Don’t try to wait for the “bottom” of the market.  The truth is, the only way we will know that we’ve hit bottom is when we’re already on the way back up.

10.  Visit your potential new neighborhood often.  Drive through morning, noon and night to get a good feeling for what really goes on there.  Check out the schools – even if you don’t have kids, your buyers down the road might.  Do your grocery shopping at the local grocery store.  Drive your normal commute to and from the neighborhood to get a good idea of how long it REALLY is.  This may sound like overkill, but the last thing you want is to buy a home in a neighborhood that you THOUGHT you liked, only to find out that it’s really not for you.