Real Estate Trends

We have some news to celebrate. Rock Hill’s Christmasville won the event of the year for the 3rd year in a row. It was top of the list for all events held in the state of SC! The website for Christmasville also won an award for top website about an event!!! Go ROCK HILL!

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Days on the market were up in 2009 over 2008 for our area. Statewide they were up 6.9%. In our Piedmont Regional, they were up 14.1%. We’ve gone from 135 days on the market average to 154 days on the market average. Now remember those million dollar houses that have been on the market for a year or two can skew those numbers.

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Click link to view video: 5 Tips to sell your home fast

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The view in January: November and December housing numbers all looked very good. Inventories are declining which is interesting because that’s going to have an impact on the price of homes.

Basically right now is the optimal time if your going to buy a house. If your a 1st time home buyer, you still have the tax credit. Free $8,000. If your an existing home buyer and have lived in your house 5 in the last 8 consecutive years. Free $6,500. Secondly, interest rates are starting to stabilize and maybe even starting to see a tick up in the interest rate numbers. That happened last week, I believe we are going to continue to see it through this coming week and maybe through the month of January based on what I’m hearing through the lenders. Now that’s all signs that the economy is improving. It’s going to start to impact the availability of money and where we go. If your trying to second guess and maybe get a better scenario, I don’t recommend it.

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1. Hanging on the fence for the market to improve or not buying at all. No one can see the future or where the market is going, so waiting for the BEST time to buy is pointless. If you’re financially ready to be a homeowner, it’s always a good time to buy for one reason or another.
2. Making an offer without a contingency. A “way out” is a smart move for home buying. If the home as an unfix-able problem, the appraisal comes in under the contract price, or you are denied financing, a contingency gives you the right to cancel the contract to purchase.
3. Not doing your homework. If you didn’t read the fine print or have your Realtor review all your paperwork with you, you may be in for an unexpected surprise at closing. Request a copy of the most crucial documents ahead of time and review them with your Realtor or Closing Attorney.
4. Not getting a home inspection. Even if you love everything about the home and you “see” nothing wrong. It’s a big mistake to presume that it’s trouble free. All homes have shortcomings, even new construction, so getting a professional inspection is key.
5. Falling in love with the first house. If you don’t preview several houses, you could miss out on a good deal or regret your purchase down the road.
6. Buying more than your budget can handle. A lender can tell you that you can afford a certain amount. But do they really know your other financial responsibilities. Only you do. As a rule of thumb, your mortgage payment should be less than 28% of your gross monthly income.
7. Buying an investment property or renovation project before looking into the costs. Don’t be fooled by the “deal” and remember that repairs can be an aggravation and expensive.
8. Not exploring the neighborhood. It may be your dream home but not your dream neighborhood. It should be a good fit for your way of life such as work commute, amenities, school districts, etc. A nice neighborhood will increase your home’s value, while a not so nice one will bring it down.
9. Not thinking long-term. It should feel like home to you and your family. Never forget that this is a large investment, it pays to think of resale in the future.
10. Not getting pre-approved by a lender. Know what price range you should be looking in. Not only does this let you know how much house you can afford, it lets sellers know that you’re serious and qualified.

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Welcome 2010! We at Rinehart Realty look forward to a positive and prosperous New Year!!

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REALTOR® Magazine-Daily News-Another Big Gain in Existing-Home Sales.

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