Jeff Cook Real Estate BlogRecently posted or modified blog posts in the category - Real Estate Need to Knowshttps://www.jeffcookrealestate.com/blog/Copyright JeffCookRealEstate.com2023-08-30T11:56:10-07:00tag:jeffcookrealestate.com,2012-09-20:17666Unlocking the Power of EquityDo you want to learn more about the <a href="https://www.jeffcookrealestate.com/blog/what-is-equity/">equity</a> in your home? Building equity is an important aspect of homeownership as it helps you build your net worth and provides financial flexibility. Below, we'll explore different ways to build equity, discuss how equity can be lost, and explain why home equity is so important.
Building Equity
The simplest way to build equity is to keep paying your mortgage. Every mortgage payment you make reduces the amount of debt you owe on the home and therefore increases your equity. There is typically a balance of how much of your mortgage payment goes toward interest and how much goes toward principal debt. More money is applied to interest early in the mortgage, but every bit of extra you pay goes directly to reducing the principal and helping boost equity.
Another popular way to build equity is to make <a href="https://www.jeffcookrealestate.com/blog/budgeting-for-home-improvement-projects/">upgrades and improvements</a> to your home. Have you thought about finishing a basement or installing hardwood floors? Or perhaps something more significant like a kitchen or bathroom remodel, adding an additional room, or even adding a pool? Some upgrades are worth more in equity than others. For example, say you invest $20,000 cash into a kitchen upgrade. A better kitchen could actually increase your home's market value by as much as $50,000, therefore adding equity to your home.
If you don't want to make any big upgrades just yet, simply maintaining your home and taking good care of it also increases your equity. A well-cared-for home is a more valuable home, and more value equals more equity!
<a href="https://www.jeffcookrealestate.com/blog/why-should-i-refinance/">Refinancing</a> your home when the time is right could also impact your home's equity. A lower interest rate reduces the amount of money you owe back, and less debt means more equity! And if you want to get a jump start on your home's equity, consider making a large down payment. The closer you can get to 100% ownership, the better!
Losing Equity
Just as home equity can be built up, it can also be lost. Taking out a second mortgage or taking out home equity loans actually borrows against the equity in your home, therefore reducing the equity you have worked so hard to earn. It's important to carefully consider the risks and benefits of a home equity loan before taking one out.
Neglecting your home can cause you to lose equity as well. Failure to maintain your home can lead to costly repairs and decrease the value of your home, and in turn, your equity takes a hit. Unfortunately, there are also factors outside of your control that can impact your home's equity. For example, if home values in your area take a turn for whatever reason, this can cause a loss in your home's value as well, no matter how well you've taken care of it. Other economic factors like recession or high unemployment can also affect home values and potentially reduce your equity. Click <a href="https://jeffcookrealestate.hifello.com/lp/6406116bb6097d00193023d8">here</a> to see what your home is worth!
Why is Home Equity Important?
So we've learned about home equity, what it is, how it's earned, and how it's lost. But how about why it's so important? Ultimately, home equity helps you build your net worth and your financial foundation. It also can provide you with flexibility, since you can borrow against your home equity for unexpected expenses or to finance major moves like starting a business.
It can also provide a source of retirement income! If you choose to downsize or sell your home in retirement, the equity you have built up can provide a source of income to supplement your retirement savings. Did you know home equity can increase your borrowing power? Lenders may be more willing to offer you credit or loans if you have substantial home equity, which can help you achieve even more of your financial goals.
In conclusion, building and maintaining your home's equity is an important aspect of homeownership. By paying off your mortgage, making upgrades and improvements, maintaining your home, refinancing, and making a large down payment, you can set yourself up for long-term financial success. Just remember to carefully consider the risks and benefits of taking out a home equity loan and keep up with maintenance to avoid losing equity. Home equity helps you build your net worth, and provides flexibility, retirement income, and increased borrowing power - all of which are important for achieving financial goals.2023-08-28T11:30:00-07:002023-08-30T11:56:10-07:00Patricia Utseytag:jeffcookrealestate.com,2012-09-20:14199Why a Real Estate Consultation MattersBuying a home is a huge investment, and it can seem overwhelming, especially if you are a <a href="https://www.jeffcookrealestate.com/buyers/first-time-buyers/">first-time home buyer</a>. But even for individuals or families who have been through the process before, getting the details right can pose different challenges. A real estate consultation with a local real estate expert where you wish to buy a home is a vital first step in the purchasing process.
Learn more about why this consultation matters to you, the buyer, and what you should expect to accomplish in this important meeting.
Getting Acquainted with Your Local Real Estate Expert
You already know the value of having your own real estate agent working on your behalf when seeking to buy a home. But you want to get to know this professional on a more personal level, because this facilitates a better working relationship.
After all, this is more than working with a service provider for a once-off deal; your local real estate expert is your conduit for up-to-date information on area homes and other vital data you need in order to make the best purchasing decision.
Meet in a relaxed setting, such as a <a href="https://www.jeffcookrealestate.com/blog/moving-to-greenville-youll-love-their-coffee-shops/">local coffee shop</a> or restaurant, and spend time getting to know each other. Ask about their interests and family, and share your dreams for your perfect home. This is also the time to learn more about what the agent has to offer. Their knowledge, certifications, and skills will be valuable to you throughout the buying process.
Learning the Home Buying Process
A primary goal of the real estate consultation with your local real estate expert is to learn more about the <a href="https://www.jeffcookrealestate.com/buyers/step-by-step-buying-guide/">process they follow</a> in helping you purchase a home. Of course, you want to find the best home that fits your needs and desires for the best price possible. Ask them to explain how they will go about making this happen.
Some questions to ask include:
How will you create a custom search for the home we seek?
What is our primary method of communication with you?
What is your typical response time and level of access?
How will you facilitate scheduling home views?
What else is included in your role?
How do you interact with other professionals (inspectors, contractors, etc.)?
What else should I know about your role in the buying process?
What specifically do you need from me, the buyer?
Answering these and other questions clarifies how the process works and what you can expect from your local real estate expert. It also outlines what they expect from you and your role in the process.
Clarifying Expectations
Among the critical information you need to share during this real estate consultation is your needs and desires for the home you seek. You need to be clear about where you are in the process and what you <a href="https://www.jeffcookrealestate.com/blog/buying-a-home-wants-vs-needs/">must have, would like to have, and dream about</a> in a new home.
What are your top five priorities in a home?
What type of home are you interested in?
How much square footage is required?
What are your location considerations?
How many bedrooms and bathrooms do you need?
Is a yard or outdoor space important to you?
Are you looking for move-in ready, or are repairs or remodeling ok?
What is your price range?
Have you been prequalified for a mortgage?
Make a list before the meeting and answer these and other questions you think of, to help explain to the local real estate expert just what you seek in a new home. The more information you can share, the better they will be able to serve you in seeking, finding, and buying the right home that fits your parameters.
Are you ready to get started looking for a home in South Carolina? Jeff Cook Real Estate can help! <a href="https://www.jeffcookrealestate.com/contact/">Contact us today</a> to connect with a local real estate expert who can partner with you and make buying a new home as smooth as possible. 2022-08-03T08:52:00-07:002022-11-14T12:15:01-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:128812021 Real Estate TrendsKeeping up with current real estate trends can help you make wise decisions about property investing or when buying or selling your home. Jeff Cook is an astute real estate professional whose observations are valued and sought after by numerous parties throughout North and South Carolina. Here is a review of real estate trends, particularly the real estate market in SC.
General Observations
As far back as July 2021, buyers and sellers seemed to be on different pages. According to a <a href="https://www.forbes.com/sites/forbesrealestatecouncil/2021/09/02/the-2021-real-estate-market-predictions-for-the-final-quarter/?sh=6edd546e8690">September 2021 article in Forbes Magazine</a>, “Over half of buyers (64%) think it is now a bad time to buy. By contrast, an even higher percentage of sellers (77%) think it is a great time to sell.”
Indeed, throughout 2021, home prices were high, inventory was low, and competition was fierce. <a href="https://www.zillow.com/sc/home-values/">Zillow reports</a> that this was also true of the real estate market in SC. They report that South Carolina home values went up 21.7% from 2020 to 2021. A report on the Fifth District Economy by the Richmond Federal Reserve Bank indicates that <a href="https://www.richmondfed.org/~/media/richmondfedorg/research/regional_economy/reports/snapshot/pdf/snapshot_sc.pdf">SC home values appreciated</a> 20.8% over 2021.
Real Estate Prices
Many different factors contribute to the rise and fall of real estate prices, but the general trends we saw throughout 2021 were high demand and low supply, causing the consequent rise in housing prices.
For an example from the real estate market in SC, homes in Charleston averaged a price of $465,452, up 24.5% over 2020. They also spend about 11 days less on the market before being sold. About 31% of homes sold for above list price.
The market was indeed beneficial for sellers, primarily because of three contributing factors:
Millennials continue to leave urban areas for suburban and rural areas, preferring space and freedom to tight quarters. They can often find a larger property for less outside urban areas, but with fast access to all the amenities urban areas have to offer.
The pandemic opened up more opportunities for remote work, enabling people to live practically anywhere and still earn a comfortable living. Consequently, people and families are choosing to be more mobile, again, trending away from urban areas toward suburban and rural locations.
Supply chain issues continue to plague new home builds, and buyers are looking more toward purchasing existing homes instead of building their own.
Interest Rates
Reports from Freddie Mac indicate that interest rates in early 2021 were at all-time lows, in some areas as low as 2.74%. Of course, rates fluctuate daily according to a wide variety of factors. As recently as January 2022, Freddie Mac predicted that <a href="https://freddiemac.gcs-web.com/news-releases/news-release-details/freddie-mac-housing-remain-stable-rates-rise-and-prices-cool">mortgage interest rates will rise</a> throughout 2022 and into 2023, from an average of 3.6% in 2022 to 3.9% in 2023. At the same time, they predict that the market will remain stable even as prices taper off.
This seems right in line with the real estate market in SC. US Bank reports that as of February 9, 2022, <a href="https://www.usbank.com/home-loans/mortgage/mortgage-rates/south-carolina.html">average mortgage interest rates</a> for conventional loans on single-family homes in South Carolina were 3.875% with 3.946% APR.
Housing Inventory
Housing inventory is simply the number of homes available in a given market for purchase. Low inventory and high demand seems to be the prevailing conditions across the United States, including the real estate market in SC. The pandemic greatly slowed home sales in 2020, as families were reluctant to allow strangers inside their homes for viewings.
The past year (2021) saw this shifting as home sales rose appreciatively, and market experts predict that it will continue to rise into 2022. The Charleston Post and Courier reported in January 2022 that <a href="https://www.postandcourier.com/business/real_estate/sc-home-sales-climb-to-new-record-in-21-rising-interest-rates-could-temper-buying/article_f1e7cea0-758f-11ec-865e-77c1c093fa2c.html">South Carolina home sales set a new record in 2021</a> and is “expected to remain strong in 2022.”
This may model well for sellers, but continuing supply chain problems will certainly make existing homes for sale at a premium, posing difficulties for buyers across South Carolina.
State of the Real Estate Market in SC
In the report from the Richmond Federal Reserve Bank cited above, “Residential permitting activity fell 13.9 percent in South Carolina from November to December and fell 14.5 percent from its year-ago level. Meanwhile, housing starts in South Carolina fell 20.7 percent in December and were down 12.8 percent from December 2020.”
Mainly due to the supply chain crisis, new home construction is slowed significantly, which means demand for existing homes will remain high for the foreseeable future. Most experts see the pricing surge leveling out, which is good news for potential buyers and investors. Even with higher prices, home sales remain strong.
Many sellers enjoyed multiple offers on their homes, allowing them the luxury of raising their asking price and even fomenting bidding wars. Indeed, it has been a sellers market. But buyers have not been daunted from purchasing desirable properties. As the country has opened back up and families are largely back to work, home purchases throughout the real estate market in SC remain strong.
Are you looking to relocate to South Carolina? The real estate market in SC is littered with desirable and affordable homes for different sizes of families. Jeff Cook Real Estate can help you locate the perfect home for your needs. <a href="https://www.jeffcookrealestate.com/contact/">Call 855-HEY-JEFF</a> when you are ready to buy or sell.
2022-02-21T14:09:00-07:002022-02-16T12:05:57-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:11104FAQ: What is a Seller's Market?<img src="https://assets.site-static.com/userfiles/1451/image/Distinguished_House.png" width="2614" height="1744" alt="Blue House" />
A seller's market is a kind of market where the demand for a particular product exceeds the supply. A seller's market has certain specific characteristics where there is a shortage of products on sale. Therefore, the seller can determine the price of the product. In the real estate field, the demand for houses is more than the supply. This is expected when buying a home if the location does not have the number of homes available for sale to match the demand.
In such situations, the prices are usually competitive since buyers outshine each other on the price, and the highest price acquires the property. In a seller's market, the buyers determine the property's worth since they have bargaining power.
Seller's market
In a seller's market, the seller controls the market because the demand is more than the supply of property. The seller is usually at an advantage since they sell the property with the best deals because multiple buyers want to acquire the property. In this market, buyers have to make a faster decision to buy property.
Key factors that affect the seller's market.
The seller's market in real estate is usually affected by two main factors:
The season you want to buy the property and the level of investment growth in the specific location. There is a <a href="https://www.counton2.com/news/latest-news/south-carolina-real-estate-is-booming-during-the-summer-months/">peak season</a> for selling and buying property, and you should take advantage of that. For example, during winter, the demand is higher than the supply since many people tend to dispose of their houses during summer. Places with better opportunities and a high rate of employment have higher demand.
Signs of seller's market
The prices of homes are usually higher
When the demand for houses is higher, the possibilities of bidding wars will be higher. The bidding war is usually between the many buyers who want to acquire the property. It gives seller's higher bargaining power over the buyers.
Quick sale
Due to the high demand for houses in a seller's market, there will be limited properties in specific areas. A home sale is usually faster than in the buyers' market. The homes are generally unique and attract more buyers.
Limited homes for sale
The demand is usually higher than the supply of homes when it is <a href="https://www.jeffcookrealestate.com/blog/scrambling-to-sell/">time to sell</a>. The sale of houses is more, thus leaving a few homes for sale. To understand a seller's market, compare the number of places available for purchase and the number of houses previously sold.
Bidding
In the seller's market, buyers compete with each other during the buying process since there is a limited supply of property. The highest bidder outbids the other buyers making the price of the property go up.
Differences between the seller's market and buyer's market
The <a href="https://www.jeffcookrealestate.com/blog/faq-what-is-a-buyers-market/">buyer's market</a> is the opposite of the seller's market. In the buyer's market, the supply of houses in real estate is usually higher. The buyer has various properties to choose from, and the sellers have to convince the buyers to buy the property, unlike in the seller's market. In the buyer's market, buyers have negotiating power.
What kind of market are you in? No matter the market, Jeff Cook Real Estate has a team of experts who are ready to take on the market with you and help you win!2021-08-02T08:00:00-07:002021-11-01T06:08:50-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:10979FAQ: What Is a Buyer's Market?<img src="https://assets.site-static.com/userfiles/1451/image/House_and_Key.png" width="2828" height="1888" alt="House and Key" />
If you are a first-time homebuyer it is important to understand when it is the most advantageous time to purchase a home. In real estate, there is a buyer’s market and a seller's market. A buyer’s market means that homes are in abundance for sale with a limited number of buyers looking for homes.
Defining a Buyer’s Market
In a buyer’s market, the buyer has the power. Sellers are at a loss because they either need to negotiate and accommodate buyers or wait for the right buyer to come along. Sellers have a lot of competition to attract the right buyer, therefore it may be easier for them to offer incentives and <a href="https://www.jeffcookrealestate.com/blog/should-i-haggle-on-a-house-price-the-dos-and-donts-of-negotiating/">negotiate</a> with the homebuyer.
Signs of a Buyer's Market vs a Seller's Market
The key signs that indicate the type of <a href="https://www.jeffcookrealestate.com/blog/key-indicators-of-a-healthy-housing-market/">market</a> it is, are the length of time a home is on the market and the cost of the homes on the market.
In a buyer’s market, you will find that homes are listed for longer periods. While the homes are listed you may notice price drops in the cost of the homes. Sellers are more accommodating because there are more homes for sale than there are buyers.
On the other hand, in a seller’s market, there is a greater demand for homes than there are homes for sale. Homes might be listed one day and gone the next and the prices of the homes will continuously increase.
What This Means for Homebuyers
If you are a homebuyer in a buyer’s market, you have a greater chance of finding what you want in a home at the price that you want. Sellers understand that buyers can easily walk away unless they are willing to negotiate and/or offer incentives.
As a homebuyer, you want to be patient and take your time looking for a home. Make sure that you know what is on the market and compare properties. Look at how long a home is on the market. The longer a home is listed, the more power you will have with negotiating with the seller.
Several points can be negotiated when buying a home. This includes the cost of the home, contingencies, repairs, and seller concessions(closing costs). You have the power to ask for things to reduce the amount of cash that you need to come up with at closing or to reduce the price of the home.
You as the homebuyer are in control of the process. You have the power to ask for things such as extending deadlines for closing or <a href="https://whnt.com/taking-action/bbb-consumer-alerts/what-to-consider-when-hiring-a-home-inspector/">inspecting the home</a>. You can also negotiate the date that you take possession of the home. Sellers that are committed to the sale of their home are more likely to agree to these terms.
Bottom Line
This guide was intended to give you a better understanding of how the real estate market affects the process of buying a home when the buyer is in control. The bottom line is that the ball is in your court and you can get more value for your purchase.
2021-06-21T08:00:00-07:002021-11-10T06:04:45-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:10610How are Millennial Home Buyers Shaping Trends?<img src="https://assets.site-static.com/userfiles/1451/image/Millennial_Homebuyers_Shaping_Trends.png" width="2880" height="1920" alt="Millennial Homebuyers" />
Having your own home is the dream for most people. Over the past century, housing is one of the invaluable investments made by individuals, couples, and even families. According to house marketing experts, in the dawn of the 21st century, economic stability and recovery have contributed to the influx of millennial homeownership. Despite 2018 statistics implying millennials' low interest in house investment, the pandemic and the post-pandemic era have shown shifting perspectives from Millenials about housing.
Home Affordability
Purchasing real estate and property is considered the most extensive undertaking people venture into. Many factors shaped millennial perspective towards <a href="https://www.jeffcookrealestate.com/blog/process-of-buying-a-home/">buying a new house</a> - trends are the driving variable that honed millennial homeownership over the past decade. Sustainable and smart features are also important factors to consider. In addition, affordable multifunctional and economic community spaces contribute to a drastic interest in house investment among the younger generation. According to the National Association of Realtors (NAR), millennials' digital advancement correlates to the surge of house marketing affecting real estate agents' perception towards their potential contribution to the housing sector.
Increasing Income
In contrast to the popular belief - millennials are workaholics, according to social experts. The caricature that set millennials as a demanding, entitled, and indolent generation has become an understatement in recent times. The pandemic may have hindered workplace and career advancement for the older generation, but millennials' practical expertise and knowledge in technology and trends have transpired. Studies analyzing work perception among boomers and millennials show drastic and significant performance output. Moreover, the rise of new industries and jobs has contributed to relevant talent in which millennials' proficiency is valued. Therefore, this results in higher income generation, maximized talents, and adaptability to 21st-century challenges, increasing the potential for extensive personal investments - homeowning.
Unbridled Optimism
The rise of the COVID-19 pandemic did not hinder optimism in the younger population. Research indicates that millennials tend to ignore the typical "doom and gloom." A generation forged by a relative mindset about <a href="https://news.duke-energy.com/releases/clean-generation-remains-duke-energys-focus-as-it-plans-to-triple-renewable-energy-this-decade">sustainability</a> and awareness has proved to be a generation inhibiting the most optimism. The only uncertainty for millennials is that they believe in a better future. Millennials are also considered risk-takers contributing to their experience seeing the worst and are prepared for potential risks and threats. This risk-taking mindset has resulted in a position where they can afford larger, more expensive investments than previous generations.
The Millenial Undertaking
Kids these days - millennials might take a lot of burdens, especially from the negligence of the past generations. However, their potential seems to be astute. As a generation honed by conservatism and a culture of social conditions, they tend to be committed to keen undertaking and bold investment. Thus, this represents fast segments in home owning and real-estate expenditures, as shown in recent statistics and research. Furthermore, <a href="https://www.jeffcookrealestate.com/blog/smart-home-features-to-add-to-your-home/">tech-savviness</a> and digitalization have made an impact on millennial's perspectives concerning the subject of personal investments.
2021-04-30T13:30:00-07:002021-05-10T10:04:05-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:10480Home Insurance: What is it and Why do I Need it?<img src="https://assets.site-static.com/userfiles/1451/image/Untitled_design_26.png" width="2000" height="1333" alt="Home Insurance" />
New homeowners often hear about home insurance but don't have enough information about what it actually means, what it covers, and if they should even get one. So, let's start from the beginning.
What is Home Insurance?
Home insurance, also known as <a href="https://weinsuregroup.com/insurance/property/home">homeowners insurance</a>, or HOI, is a type of property insurance that can cover these four kinds of incidents:
Exterior damage,
Interior damage,
Liability
Loss or damage of personal possessions.
As you can see, all aspects of your home and/or your possessions can be covered by a policy. You are also covered against legal liability when a person not living with you is hurt while on your premises. When for example, slipping on your driveway.
Home insurance can be sold as a single policy or multiple-line policy. A standard policy usually insures the home itself along with the belongings inside of it.
Why do I Need Home Insurance?
Although no law requires you to take out a home insurance policy when applying for a <a href="https://www.jeffcookrealestate.com/blog/mortgage-payment-structure-explained/" target="_blank">mortgage</a> to buy real estate, mortgage lenders do require you to get it before they agree to finance your purchase. Their investment is therefore protected if the home is damaged, or destroyed by a natural disaster.
Apart from that requirement, it is a good thing to have one for exactly the reason listed above. The basic policy usually covers perils such as fire, lightning, explosion, smoke, windstorm/hail, vehicle collision, riot, and vandalism. The perils covered (and those not covered) will be listed in your home insurance policy.
Homeowner's insurance coverage can pay to fix or rebuild your residence and possibly other buildings on your property, such as a detached garage or a storage shed. If your possessions like furniture, TV, or even expensive china get damaged, the HOI can help pay to replace your assets.
How do Home Insurance Claims Work?
First of all, you should call your insurer helpline as soon as possible. If you for example make a claim for interior fire damage in your home and the claims adjuster estimates the cost to $5,000 to bring the property back to habitable conditions, you will be informed about your deductible cost which can be, say $1,500 according to the policy agreement. You will then get a payment of the excess cost, in this case, $3,500.
The higher the deductible, the lower the monthly or annual premium on the insurance policy.
What Happens if I Don't Have Home Insurance?
Not having home insurance <a href="https://www.jeffcookrealestate.com/blog/mortgage-payment-structure-explained/">can cost home buyers their mortgage</a> before they even get one. Aside from getting a mortgage, once you are an actual homeowner not having a policy can prove to be costly. Not being covered against natural disasters, of which some are happening more often than ever, can literally cost you the roof over your head.
<a target="_blank" href="https://www.insurancejournal.com/news/national/2013/05/14/291804.htm" class="editor-rtfLink">Surveys</a> about homeowners insurance coverage often reveal that first-time buyers but also existing homeowners are confused by what is and what isn't covered by their policy. Always make sure that you are aware of what is listed in your policy papers.
Home insurance is not something where you should pinch pennies. Inquire with your insurer about a homeowners policy sooner than later. 2021-04-12T09:30:00-07:002021-11-28T18:12:00-07:00Hunter Cooktag:jeffcookrealestate.com,2012-09-20:10205Why Should I Refinance?<img src="https://assets.site-static.com/userfiles/1451/image/Untitled_design_22.png" width="2750" height="1833" alt="Why Refinance?" />
Owning a house is most people’s dream. Though, a mortgage is not accessible to everyone, which makes owning a home quite a hassle. Many people don't even know the <a href="https://www.jeffcookrealestate.com/blog/5-important-things-to-know-about-your-home-mortgage/" target="_blank">important factors</a> that go into your mortgage. When you get a mortgage, you always have the option to refinance your mortgage after some time. Most of the time, refinancing turns out to bring more good than bad. Unfortunately, most people don’t understand the importance of refinancing a mortgage. Most importantly, they don’t know how refinancing a mortgage works. In that case, this article will explore the benefits of refinancing and touch base on how the whole process works.
The process of refinancing is less complicated than purchasing a home. Here is a snippet of the process;
1. Applying
You must present recent paystubs and prove that your credit score qualifies. Your lender will also look at your assets, debts, and bank statements
2. Lock in your interest rate
After approval, you have the choice to lock your settled interest rate before the loan closes. This might take a minimum of 15 days to a maximum of 60 days. You also can float your rate, which allows you to get lower rates and puts you at risk of getting higher rates.
3. Underwriting
At this level, your lender begins to verify your information to make sure everything is accurate. They also verify your appraisal to determine the value of your home. This determines the options available for you.
4. Home appraisal
This is when your lender uses an appraiser to estimate the value of your home. For better preparation, it would help if you keep your home at its best. You can also put a list of the upgrades you’ve made since you purchased your home. If your home value turns out to be the same or higher than the refinance amount, then your underwriting is complete.
5. Closing your loan
Once the underwriting and home appraisal are set, you can confidently close your loan. Your lender will then send you a closing disclosure that contains all the figures for your loan. Usually, this process is faster than closing for a house purchase. People on the loan and title plus a representative from your lender must attend the closing. After going through all the documents, you have to pay the closing costs, which are not part of your loan.
So, why should I refinance?
As a homeowner, it is an excellent idea to refinance your mortgage for one good reason – to help you improve your finances. For example, refinancing could help lower your mortgage interest rates, which, in turn, may reduce your borrowing costs. In simple terms, refinancing allows you to lower your monthly mortgage payments and create more flexibility on your monthly spending.
The Benefits of Refinancing Your Mortgage.
1. Reduces your interest rate.
A higher interest rate means you have to pay more on your monthly mortgage payments. Refinancing your mortgage can bring these rates down, which puts more money on your savings. Furthermore, a reduction in mortgage rates reduces your total interest costs.
When you bring your mortgage rates down, it is possible to qualify for another mortgage at a lower rate than your current payments. There are factors such as improved credit score that may help you be eligible for lower mortgage rates. Before refinancing, it would be best to shop around to get the best mortgage rate from a suitable lender.
2. You can alternate your payoff timeline when you refinance.
In the real estate industry, refinancing a mortgage can reduce your loan payment duration. For example, if you have 18 years left to repay your mortgage. In that case, if you land better, lower interest rates, you could reduce the repayment to 15 years. A shorter repayment period, however, may increase your monthly payment. To understand the relationship between the interest rate and your monthly payments, you can use the mortgage calculator to get the real-time values.
3. Refinancing can Change the type of loan you have.
When you refinance your mortgage, you have the flexibility to go back and forth between adjustable-rate mortgages and fixed-rate loans. With a fixed-rate loan, you stay worry-free from future increased rates. Alternatively, suppose you have an <a href="https://interlincmortgage.com/fha" target="_blank">FHA loan</a> that requires you to pay insurance premiums. In that case, you can choose a conventional loan that allows you to eliminate insurance costs.
4. Refinancing allows you to tap into your home equity.
If you own a significant portion of your home, you can direct that money on other expenditures. A good example is to use the money on home improvement, educational purposes, or paying off debt. Still, you have the flexibility to spend the money anywhere however you want.
Wrap Up.
To learn more about your options when it comes to refinancing on your house payments, visit our <a href="https://www.jeffcookrealestate.com/buyers/refinancing/" title="Refinancing" target="_blank">Refinancing</a> webpage.
Refinancing your mortgage is the best option you can use to save more by paying lower interest rates. Always feel free to consult a professional to get a better understanding of how the whole process works. Still, this information can help you understand the importance of refinancing your home loan.2021-03-19T10:00:00-07:002023-08-30T11:43:58-07:00Hunter Cooktag:jeffcookrealestate.com,2012-09-20:10192Should I Haggle on a House Price? The Do's and Don'ts of Negotiating<img src="https://assets.site-static.com/userfiles/1451/image/Untitled_design_21.png" width="1200" height="794" />
When you are a first-time homebuyer, the process of <a href="https://www.jeffcookrealestate.com/blog/buying-a-home-the-documents-you-will-need/">home buying</a>, understanding home value and applying to get a <a href="https://www.jeffcookrealestate.com/blog/mortgage-payment-structure-explained/">mortgage</a> can seem both exciting and challenging at the same time. Perhaps you wonder if you should engage in haggling when it comes to the price of the home that you are interested in buying. Here we will present to you valuable insights regarding what to do and what not to do when you want to negotiate the price of the home you want to purchase. We will further mention the benefits, as well as the possible harms concerning negotiating the price of a home.
What to Do
Decide Clearly Which Home You Want to Buy
You should have a clear home in mind when you desire to negotiate the price. You should never negotiate the price of several homes at one time. Always wait to see how your offer for one home will turn out and then you can proceed to make an offer on another home if your offer is rejected.
Know Your Budget
Your offer should fit within your budget. Do not put an offer on a home that is higher than what you truly can afford. While you may want a certain home, you should never hurt yourself financially. Thus, sometimes you may not be able to get that expensive home that you desire. Your financial security matters.
Use a Real Estate Agent
A real estate agent knows how to guide you in the right direction in regard to negotiating the price of a home. The real estate agent will try to get you the best price for the home, while also ensuring that the homeowner receives a fair payment.
Benefits of negotiating the price of a home
You’re able to make a clear offer.
When you are negotiating the price of your home, this allows you to make a clear offer that you are comfortable with. This lets the owner of the home know that you are serious about getting the home.
Keeps you on track financially.
When you negotiate the price of the home you want to purchase, this helps to ensure that you are staying on track regarding your finances. You should never put yourself in danger of your finances by buying a home that you cannot afford. You can negotiate the price of the home according to what you can afford.
What not to do
Do Not Be Demanding
Do not come in with an arrogant and demanding attitude when you are negotiating. This will turn any homeowner or real estate agent off. No one will be interested in your offer. You will not get the home you want.
Do Not Make an Offer on a Home Without Being Approved for a Mortgage
Do not negotiate the price of the home you desire before being <a href="https://www.jeffcookrealestate.com/buyers/mortgage-pre-approval/">approved</a> for financing. It would be unfair to the homeowner and real estate agent for your offer to be accepted and then they find out that you do not have the money to buy the home.
Harms of negotiating the price of a home
You Could Come Off As Untrustworthy.
If you negotiate the price of the home at a price that is regarded as being too low, people may not trust your integrity. They may think your offer is unfair and is not acceptable for the projected value of their home. The homeowner may see this as an untrustworthy offer and refuse to negotiate.
Risk of Losing the Home
You may make a good offer. But the homeowners may not accept your offer. The homeowners could indicate that they are waiting to see the other offers. If someone else makes a better offer, you could lose your desired home.
In conclusion, if you follow these tips, you'll be able to place manageable offers on properties you're looking at without having to worry about the process! Life is full of negotiations, you don't have to let your forever home be an exception.2021-03-15T05:45:00-07:002021-05-27T07:55:45-07:00Hunter Cooktag:jeffcookrealestate.com,2012-09-20:7720When is the Best Time of Year to Buy/Sell?<img src="https://assets.site-static.com/userfiles/1451/image/When_is_the_Best_Time_of_Year_to_BuySell.jpg" width="1600" height="1067" alt="When is the Best Time of Year to Buy/Sell?" />
The real estate industry is a big place. Brokers, realtors, real estate investors, homeowners trying to sell their homes--all of them are playing in the market to get the best rates in exchange for their properties. If you are one of those people, you would agree that this industry is great for individuals who want to flip and turn their real estate into money. But what if you want to sell your house and buy a new one? Is there a better way to do it? Is there a best time to buy and sell? Fortunately, there are good and bad days that you should consider if you are planning to sell your home for a new one.
According to a report disclosed by ATTOM Data, covering about 28 million single-family homes, the perfect time to sell a house is in June or during the first month of summer. If you will consider this month, you are likely to earn up to 9.2% premium from selling your property. You can also consider May, June, July, and August as the busiest months of the year. During these periods, there is a 40% home sales volume, equivalent to 2.1 million transactions. This data is backup by the National Association of Realtors.
If you would ask why summer is the best time to sell your home, it's because the weather is calm and they want to prepare for the next cold season. Homeowners are selling their homes during summer so that by the time the winter comes and the school days start, they will have a new dwelling place. Some people also say that it's the longer days that affect the selling activity of the sellers or homeowners.
Keep in mind as well that the worst time to sell your home is from October to December as this is the start of winter. During these months, seller premiums can be as low as 3.3% per the data of ATTOM. There's also a limited supply of properties in these periods because families are busy with school and the holiday season. People also prefer to stay at home when the days are shorter and the weather is colder. These factors greatly affect their selling and buying decisions. If you have experienced transacting in the real estate industry before, you would know that there is a decline in sales during this period.
And in case you are playing the part of a buyer here, the summer season is not the best time to buy if you are on a budget. Sellers usually price their properties high during this time as there is more demand for properties. From a buyer's perspective, you will want to buy a house when the premium is low like in the months of October to December. However, keep in mind that these are cold seasons. If you are planning to sell and buy a house for the purpose of upgrading before the wintertime, then you should still buy during the summer season. It all depends on your purpose for buying. 2020-03-05T10:41:00-07:002020-09-21T08:43:49-07:00Thomas "Jeff" Cooktag:jeffcookrealestate.com,2012-09-20:7507Key Indicators of a Healthy Housing Market<img src="https://assets.site-static.com/userfiles/1451/image/Key_Indicators_of_a_Healthy_Housing_Market.jpg" width="577" height="300" alt="Key Indicators of a Healthy Housing Market" />
People often look at the housing market as some sort of impenetrable and unconquerable force in the American economy. Does anyone besides Wall Street bankers actually understand the violent swings and dips of the housing market? Jeff Cook Real Estate certainly does! In this article, we are going to take a look at a key few indicators of a healthy and strong housing market, as well as relate that information back to the housing market in South Carolina. It is our hope that this information will provide you the confidence needed to approach difficult housing decisions.
Before we dive too far into the numbers, it’s important to understand that all statistics mentioned here are available locally and at no charge through a variety of avenues. If you can’t find the information from local resources, reach out to Jeff Cook Real Estate. We’re here for you to provide expert advice on all real estate markets.
The first indicator of a housing market’s strength and health can be found in the average sales price. In a healthy housing market, we are looking for rising average sales prices in conjunction with an increasing total sales number. In essence, that means that you want to look for a housing market where more houses are selling for higher prices. It seems pretty simple, doesn’t it? More often than not American housing markets will not be obviously moving upwards or downwards, and it’s for that reason that we need a few more indicators to truly and easily understand the health of a housing market in question.
Oftentimes a healthy housing market will have a tight inventory of homes available for sale. Think about it this way, if more homes are selling for more money, there should be fewer homes available for sale at the end of the day. If you are having a hard time finding out whether average sale price and totals sales are moving up or down, try to ascertain a more general idea of how many homes are available in that market. If there are hundreds of homes for sale, chances are the market is not doing too well.
Additionally, avoid markets where there are a high number of distressed sales. This includes foreclosures or bank auctions and is usually a negative indicator of a housing market’s health.
Finally, you can usually look at more macro statistics and concepts to round out your conclusion about any housing market in question. Statewide job markets are a very good indicator of overarching housing market health. If there are more jobs statewide, it’s likely the housing market is reaping the benefits of more money in the economy. At this very moment, this is true in the housing market in South Carolina!
A number of South Carolina cities including but not limited to Charleston, Greenville, Columbia, and Rock Hill are all experiencing relative housing booms. Reach out to Jeff Cook Real Estate today for more information, analytics, and expert advice. We hope this article has proved interesting and informational and we look forward to hearing from you soon.
2020-02-05T10:47:00-07:002020-09-21T08:52:42-07:00Thomas "Jeff" Cooktag:jeffcookrealestate.com,2012-09-20:7400Explaining Escrow<img src="https://assets.site-static.com/userfiles/1451/image/Explaining_Escrow.jpg" width="1600" height="1068" alt="Explaining Escrow" />
A financial arrangement whereby a third party regulates and holds payments of the money needed by two parties undertaking a specific transaction is referred to as Escrow. It means that such transactions are not only secure but also reduces the chances of losing your monies since payments are kept in a financially secure escrow account and only released when the two transacting parties come into an agreement under the supervision of escrow company. Escrows are particularly crucial in cases where some obligations are to be met, and the transactions involved are quite large before releasing the full payments. Take, for instance, a homeowner who wants to sell her home, and the buyer wants confirmation that the quality of home features under construction is credible and at the same time she is reluctant to invest massive resources and time without an assurance that she will receive payments after the project completion.
Why Escrow transaction vital before you purchase a home?
Before owning a home, it is wise to get help from experienced real estate agents who are in a better position to answer all queries concerning the home you want to purchase. Escrow transactions are not only safe but also ensures you are cautioned against the risk of buying a low-quality home at higher prices than the fair pricing due to fraud. It eliminates the legal complications associated with buying a home by creating a positive transaction atmosphere between the buyer and the seller. Owning a home is not only a complicated process but also involving substantial risks, mainly if you are hot fully prepared. The escrow process occurs between the time the buyer gets the house keys, and the seller receives the payments.
How can a real estate agent help you in case you close your mortgage loan?
Home Appraisal
Remember, after you close your mortgage loan, the financial institution offering the mortgage conducts its appraisal in which the buyer foots down the appraisal fee as a way of protecting the commercial interests if it will need to foreclose on the home buying terms. For instance, if the home value is lower in the appraisal report that the quoted price the mortgage lender is more likely to decline to offer financial assistance unless you opt to come with the remaining sums or your agent negotiate with the seller to lower the home pricing to that of the appraisal amount. However, your agent can try to convince the appraiser’s terms to come down to favorable pricing although this depends on the agent you pick. For instance, the Jeff Cool Real Estate agents are experienced in answering any questions on your behalf when you are owning a home, thus helping you meet the mortgage lender figures. For instance, our experienced agents can provide bonus material information to support that your home should be appraised at a higher value than at present. Arrange a second appraisal at fair pricing or outsource a different lender with a hope that the assessment will be in your favor.
The Bottom Line.
There is nothing to worry about as you try to comprehend every concept in Escrow transactions since your experienced agent will watch over the entire Escrow process. However, it is very crucial to grasp some basic Escrow concepts as you plan your homeownership strategy as it involves significant financial dealing.2020-01-15T09:47:00-07:002020-09-23T13:54:06-07:00Thomas "Jeff" Cooktag:jeffcookrealestate.com,2012-09-20:71955 Reasons Why Real Estate is Still the Best Investment You Can Make<img src="https://assets.site-static.com/userfiles/1451/image/5ReasonsWhyRealEstateisStilltheBestInvestment.jpg" alt="5 Reasons Why Real Estate Is Still The Best Investment" width="450" height="300" />
Guest Blogger: Mike Johnston
Real estate has always been one of the most stable investments in the world, providing novice investors a stable way to enter the industry and kick-start their career, and experienced investors to secure their assets and continue diversifying their portfolio. But that’s just the beginning, as real estate brings many more benefits to the table, especially for the investors who are working with an experienced buyer’s agent.
Investors who stay on top of the latest industry trends can seize lucrative opportunities in emerging residential and commercial areas, particularly in those that boast a high demand due to limited expansion and urbanization space. Having all of that in mind, let’s delve deeper into the reasons why real estate should be your primary investment option, and how it can make you rich.
Ideal for novice investors to ensure a high ROI
As an aspiring investor, your primary goal is to create a stable investment. In other words, your investment needs to be a successful one, even if the returns are not exactly what you have hoped for. It’s fine to land below your projected profit margin so long as you can break even in the end, but the good thing about real estate is that provides a unique opportunity to generate a high ROI from the get-go.
Due to the rapid urbanization taking place around the world and the increasing demand for residential and commercial properties, novice investors can find and flip properties quickly. This will allow you to sell the property faster as well, but also attract long-term tenants if you’re looking to establish a continuous income stream. Either way, real estate makes for the best first investment.
It’s a tangible asset with long-term value
Unlike other investment assets such as the stock market, forex, or God forbid, cryptocurrency, real estate is a tangible asset that will always be able to produce revenue. Sure, the socio-economic trends that prevail in your country and region will greatly determine the value of the property and the land you own, but you will nonetheless always be able to capitalize on your real estate assets one way or another.
Quite simply, even if you sell your home, you can retain ownership of the land underneath. Even if you lose the property due to an environmental catastrophe, the land you own will always bear tangible value – you can exploit it for its natural resources, for farming and production, and future construction projects. Unlike virtual assets, real estate is yours to control and mold into an affluent future.
The learning curve and barrier to entry are low
One of the greatest benefits of real estate for aspiring investors is that you can get a fair grasp of the industry quickly, and enter the marketplace without encountering any cumbersome roadblocks. Even though real estate is often touted as one of the most expensive investment assets, the reality is that barriers to entry can be pretty low if you’re experienced and smart enough not to invest your own livelihood.
With the help of in-depth <a href="http://thinkmoney.com.au/property-seminars/">property investment seminars</a> and a whole lot of networking, you can easily obtain the knowledge necessary to make your first investment a success. Complement your knowledge with a substantial loan you can pay off in a reasonable timeframe, and you have yourself everything you need to buy a property, flip it, and sell it for a significant profit. On the other hand, you can decide to rent the property and enjoy a steady influx of cash on a monthly basis.
Diversify your portfolio and secure your assets
If there is a vital lesson you need to learn from the very beginning, it’s that you need to diversify your portfolio over time in order to scatter your assets across a sector of industries and capitalize on multiple fronts. Whether you’re looking to start your portfolio-building with a stable investment, or if you’re a seasoned investor looking to secure their finances in a stable asset, real estate is the right way to go.
This is an excellent way to mitigate the risk that comes with making investments in highly volatile assets, such as cryptocurrency, and snag a lucrative property at half the cost if you look in the right place at the right time. All of this creates a closed investment loop in which your assets are not only protected but are also generating high returns.
Capitalize on substantial tax benefits
Depending on the country and region you’re investing in, you might be eligible for substantial tax write-offs. In the US, for example, you’re <a href="https://passiveincomemd.com/7-great-tax-benefits-of-investing-in-real-estate/">eligible for many tax deductions</a>, the likes of mortgage interest, cash flow from investment properties, operating expenses and costs, property taxes, insurance, and depreciation. You simply need to learn how the system works in your region, research the legislature, and work with an experienced lawyer to maximize the potential of your investment and save as much money as possible.
Final thoughts
Without a doubt, real estate is the most lucrative investment nowadays, and for a number of compelling reasons. Whether you’re just venturing into the market, or if you’re a seasoned real estate investor, your best bet is to put your financial assets towards commercial and residential properties.2019-12-05T07:17:00-07:002022-09-27T05:20:09-07:00Thomas "Jeff" Cooktag:jeffcookrealestate.com,2012-09-20:71895 Important Things to Know About Your Home Mortgage<img src="https://assets.site-static.com/userfiles/1451/image/5ImportantThingstoKnowAboutYourHomeMortgage.jpg" width="450" height="300" alt="5 Important Things to Know About Your Home Mortgage" />
Owning a home is a big deal that requires proper and adequate preparation. You need enough finances but you also need the right knowledge about mortgages. You should learn about all the processes involved to have a smooth transition and own your home. Most people usually find solace in taking mortgages but sometimes that relief turns to grief especially if they take the mortgage without doing enough research. Here are some mortgage tips to make your home buying process simpler.
Credit
Although you don't need to have a perfect credit score, you still need a good enough credit. This is because the financial institution that will be giving you the loan will be taking a big risk by giving you the money. They need some sort of reassurance that you'll hold up your end of the deal. This is shown through previous proof of payments you've made. It is, therefore, a good idea to start by building your credit score before applying for a home loan. You don't have to perfect the score, you just need to make it good enough. Check out our helpful tips on <a href="https://www.jeffcookrealestate.com/blog/how-to-improve-your-credit-score/">How To Improve Your Credit Score</a>!
Special Mortgages
If you're a first time home buyer, you may have some trouble finding a good lender to give you a loan. Most first time buyers are young and therefore don't have a reputation when it comes to loan payments or a good background in terms of mortgages. First time home buyers can turn to special mortgages such as VA Home Loans for veterans and their families or Rural Housing Mortgages. These are mortgages that don't require the 20% down payment that some lenders implement as a mandatory part of the process. This means that you can own a home even if you don't have enough money as capital. Check your eligibility for a VA Home Loan <a href="https://www.veteransunited.com/v3/lp/?src=adw&adg=genhmtg&desc=eligibility&matchtype=p&gclid=EAIaIQobChMIhrv1tKjp6wIVBrLICh3dXgXBEAAYBCAAEgI5SfD_BwE">here</a>.
Refinancing
Mortgage rates usually change and that means that you can get a better deal. You just need to be careful about why you're refinancing. If done for the wrong reasons you can reap a lot of benefits. Only refinance your home if the mortgage rates are better or if you have improved your credit score. Second mortgages are also a good choice to consider if you have a good home value. Just make sure you weigh all the advantages and disadvantages before making your decision.
Closing costs
Buying a home involves paying for various costs that can take a financial toll on you. However, these closing costs may seem like small amounts but when you add them up they become too expensive. The best move is to ask whoever is selling the home to cater for those costs. They may include escrow fees, inspection costs, appraisal services, and insurance fees,
Mortgage testing
You don't have to delve into getting a mortgage straight away. You can opt for the option of <a href="https://www.jeffcookrealestate.com/blog/how-do-i-get-pre-approved-for-a-home-loan/">getting a pre-approved home loan</a>. Ask the lender if this option is available for you and make sure you get all the details such as the cost and eligibility factors. You should also find out whether you can borrow more and pay less.
Before getting a loan from any lender, make sure you find out important aspects such as the interest rates. This will help you prepare properly and as such, help you make the payments smoothly. 2019-12-04T10:33:00-07:002021-01-22T13:12:14-07:00Thomas "Jeff" Cooktag:jeffcookrealestate.com,2012-09-20:6011Decor Styles That are Proven to Attract Buyers to Your House for SaleStaging a home has a lot to do with how fast it will sell. It also affects the price of your property, and decorating your home strategically is a proven way to get the potential buyers to seal the deal much quicker. Home staging is very much like designing a stage for play – everything is well-thought-out, carefully placed, and strategically arranged. The question is – how do you set the stage for a fast and lucrative sale? Let’s take a look at the list of decor styles that will get your property picture-perfect and help you get the best price.
Make a great first impression – start with the exterior
With first impressions becoming make or break, it’s getting increasingly difficult for homeowners looking to sell their homes to get their buyers’ attention. By simply taking a glance at the house’s exterior, buyers can predict what the interior is like. Therefore, maintaining an appealing exterior is just as important as keeping the inside of your house spotless. Landscaping plays an important role in buyers’ perception of your home, so be sure to tackle minor upgrades in the area surrounding your home, and consider making smaller updates for a well maintained, cared-for appearance. Swipe your front porch, prune your shrubs, and take some time to dress up your lawn to make the outdoor space appear spick-and-span. Get a new mailbox, paint the old, dreary-looking fence, and as the perfect finishing touch – paint your front door with a playful color to make it pop.
Play it safe – stick with a neutral color scheme
A little paint goes a long way, and even by simply<a href="https://www.jeffcookrealestate.com/blog/tips-on-painting-your-homes-interior/"> treating your walls to a fresh coat of paint</a> you can easily change the look of your interiors and create the perfect backdrop for your furnishings. However, selling your home isn’t exactly the time to go crazy with the paint and use all the colors of the rainbow. According to professional home stylists, it’s best to keep your color palette simple and neutral. Whites, off-whites, and grays are the perfect shades for homeowners looking to appeal to a wide range of buyers. The reason for this lies in the fact that buyers are generally drawn to spaces they can visualize themselves living in and your job is to create a story for your home by using hues that will tie the place together, uniting all the rooms into a cohesive whole.
Picture-perfect – use effective photographs on your online listing
Presenting your property in all its glory should be high on your priority list. However, making your home look impressive on your online listing isn’t so easy. We live in the digital age, the time when all it takes is some short scanning to decide whether we’re interested, and the first few seconds’ viewing can mean deal or no deal. Think about how you can create a digital representation of your property that will attract the buyers. Roll out <a data-cke-saved-href="https://missamara.com.au/" href="https://missamara.com.au/" rel="nofollow">cozy floor rugs</a> to conjure up an image of fun family nights, and include fluffy pillows for an added feeling of comfort. Hang interesting artwork to enhance the visual interest of your living space and add plants to make it feel lively. It’s all about making your living space look charming and inviting, and sometimes that’s all it takes to make the buyers want to see more.
Kitchen and bathroom – the two rooms that deserve more attention
Not all rooms are created equal, and while there are spaces around the house to invest in, you must be wise with where you choose to save, and what you decide to splurge on. Unsurprisingly, kitchens and bathrooms are rooms that are given special attention when preparing a home for sale. But why, you might ask, should we focus on improving these two rooms in particular? It’s simple – they’re two home upgrades that return the most at resale. However, improving these two rooms doesn’t always require spending a fortune and going as far as a full kitchen and bathroom renovations. Simply <a data-cke-saved-href="https://www.goodhousekeeping.com/home/decorating-ideas/tips/a26156/cheap-kitchen-updates/" href="https://www.goodhousekeeping.com/home/decorating-ideas/tips/a26156/cheap-kitchen-updates/" rel="nofollow">bring them up to scratch</a>, polish to perfection and you’re good to go. Scruffy kitchen cabinetry? Respray it and replace old handles. Dated bathroom fixtures? Swap your old showerhead for a rain shower. Sometimes, even the simplest of changes can make all the difference.
Establish an emotional connection – add homely details
Before you put your home up for sale, there is one more thing left to do, and that is – make it feel like home. Although putting your home on the market means depersonalizing your living space, going overboard can make your house feel cold and sterile. To avoid the clinical look, be sure to add a vase of fresh flowers here and there and add a couple of throw pillows and a blanket to make it look livable. Add a couple of white, fluffy towels in the bathroom, and set the table with a centerpiece to give an impression of warmth and create a space that looks cozy and welcoming.
<br />Ensuring a quick and profitable sale is no easy task, but with a few interior design styling tricks up your sleeve, you’re sure to present your house in from all its best angles without even hiring a professional home stylist. Use the tips above to turn your home into an awe-inspiring property and <a href="https://www.jeffcookrealestate.com/blog/scrambling-to-sell/">see how quickly you can sell your home</a>.
About the author: Lilly Miller is a Sydney-based graphic designer and a passionate writer. Loves everything about home decor, art history and baking. Shares home with two loving dogs and a gecko named Rodney. You can find her on <a data-cke-saved-href="https://twitter.com/heyoitslilly?lang=en" href="https://twitter.com/heyoitslilly?lang=en" rel="nofollow">Twitter</a>.
“Poetry creates the myth, the prose writer draws his own portrait.”
- Jean - Paul Sartre2019-08-05T07:23:00-07:002021-01-21T14:39:11-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:6013Real Live Realtor or Real Estate AppOur modern society loves all the conveniences that the world wide web and phone apps have to offer. With an app and a few touches of a button, we can have food delivered from our favorite restaurants, rides show up at our door to take us places, tickets to our favorite movies or concerts, coupons to our favorite stores, and even a dog-walker arrive on our doorstep. Modern technology indeed is a wonder and a splendid gift to humankind. So how about when it comes to real estate? Are the apps and websites taking the place of real live realtors? Let’s take a look at why we still prefer the human touch here!
Realtors have nearly instantaneous knowledge about listings. The <a href="https://www.nar.realtor/nar-doj-settlement/multiple-listing-service-mls-what-is-it">MLS website</a> is “THE” source of all listings. Online sites do have access to the MLS listings, but only as they are updated by third parties. Your local realtor, on the other hand, can find out instantly if the listing has any types of changes in status, such as pending, contingent, just-reduced or closed. With your local realtor, you won’t waste time inquiring about a property that could be unavailable. In many cases, a realtor knows of properties that are available but not yet actively advertised and can help you to become first in line for the home of your dreams. Your agent will even be actively working for you behind the scenes without you having to do any searches or inquiries on your own!
<a href="https://www.jeffcookrealestate.com/blog/the-questions-you-should-be-asking-a-realtor/">Realtors have a thorough working knowledge</a> of your local market. As a buyer, you may have your heart set on a particular neighborhood and then realize there is nothing in your price range. Your realtor knows which other neighborhoods in your area are comparable to what you are looking for and which may have a much better selection and pricing. Local realtors stay on top of what neighborhoods are currently trending and where new development is taking place. These hard-working humans can help you get the most for your money because they work all over our communities every day.
Agents can better inform clients and protect their interests, saving them money and potential heartbreak. Your real estate agent knows the properties that are for sale locally. They can protect the client by advising them if a home may need more work than first-time buyers or older buyers can afford or manage. The agent can instruct the buyer how to prepare a smart offer on a home that will keep the buyer in the running for the house but still have money for changes or repairs that will need to be made. Agents can even point out potential pitfalls with the financing or what to expect when you need to<a href="https://www.jeffcookrealestate.com/blog/how-to-improve-your-credit-score/"> improve your credit score</a>. Because your agent works the business every day they know the potential hazards and can save you time and trouble that you wouldn’t expect when acting alone on a website.
Real live realtors have the expertise that the average consumer does not. Every business has its specific lingo and forms. Using a realtor can help you avoid confusion with the language, mistakes on the forms, delays in the overall process, and will actively advocate for you when you don’t even realize there is a need for an intervention! They are highly trained individuals with your best interest at heart!
Realtors know everyone. Real estate agents are some of the best networkers in our society. We would do well to take lessons from them and be bold enough to reach out and make connections. Your real live agent knows brokers, attorneys, home inspectors, home stagers, interior designers, painters, roofers, window installers, landscapers, moving companies, and anyone else you may need as you buy or sell a home. You, as the buyer, will have their phone numbers and nearly 24-hour access to their wealth of knowledge. No website in the world can replace that kind of experience.
Realtors care about you! The personal touch of working with a human in person is a tremendous asset in the real estate adventure. Buying and selling a home can be very emotional and overwhelming. A great realtor will guide you, encourage you, reassure you during your search, and celebrate with you when you find the home of your dreams. Their job is to serve you, and when a great agent does this, you have a caring friend on your side. No website can offer the care and friendship that a personal agent can!
<br />In conclusion, I firmly believe that websites and apps can be handy tools and have their time and place in the business of real estate. They can be a great jumping-off point for exploring what is available and provide you an idea of what you can get in your price range. When considering all the benefits of using a real estate agent “live and in person,” however, I think you will agree that the human touch is the best choice! Contact an agent and let them know how they can begin helping you!
2018-05-31T07:36:00-07:002021-01-25T12:21:28-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:6017Home Inspection Day Part 2Welcome back! Hopefully, you found <a href="https://www.jeffcookrealestate.com/blog/home-inspection-day/">Home Inspection Day Part 1</a> extremely helpful, which means you're eagerly back for more. We're going to just right into the rest of our tips on how to make your home inspection day a walk in the park.
Take pictures, or roughly sketch, the cabinet layout in the kitchen. Do the base cabinets have shelves in them? How many drawers are in the new kitchen, compared to your current one?
Take note of counter space, including standing room. Will your beloved stand mixer/coffee station/bread machine/blender/knife block fit underneath the upper cabinets?
Do all the rooms where you want to have cable/satellite tv already have the necessary wall jacks?
Do you want to add dimmers to any of the overhead lighting fixtures? If so, how many dimmers will you need? Also, note what switch style is used in the house (traditional flip vs. rocker), and what color, so you can match.
How many exterior door locks - deadbolts locking doorknobs – will you need to re-key? If you know this, you’ll get a more accurate quote when you call a locksmith to book an appointment.
<a href="https://www.hgtv.com/lifestyle/clean-and-organize/20-clever-space-saving-solutions-and-storage-ideas-pictures">Planning to buy storage solutions</a> for closets, a laundry space, or the garage? Measure, measure, measure!
Measure your windows for replacement blinds or curtains. You never know when you might run into a great sale.
Are there power outlets in the garage?
How many spigots are on the outside of the house, and where are they?
Do you love how the current owners have the living room laid out and want to replicate the furniture placement? Take a picture, so you have an accurate memory of it.
Are you buying rugs for hardwood floors? Measure the space at floor level, between the baseboards, so you can look for rugs, or plan where your existing ones will live.
Note: If you are going to buy anything for your new home before you have closed, be sure you can return it if the deal falls through, and save the receipts. I know you don’t want to think about that happening, but you must remember that you aren’t closed until you’ve closed. You need to account for any built-in extension for closing that is in your purchase contract when thinking about returning items.
If you are 45 days out from closing, but the return policy is only 30 days, think twice about the purchase. Can you use the desired item in any home you might buy, or in your current abode? If so, you may want to take the risk.
We wish you smooth sailing all the way through closing, great sales, and generous return policies! Remember to give us a call at 855-HEY-JEFF for all your <a href="https://www.jeffcookrealestate.com/blog/new-listings-daily/">listing and buying needs.</a>2018-05-17T07:44:00-07:002021-01-20T14:44:59-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:6018Home Inspection DayAlso known as:
“The last time you’ll be inside this house until your final walk-through the day of closing.”
<br />Hooray for Home Inspection Day! You are getting a home inspection, right? Seriously – <a href="https://www.investopedia.com/financial-edge/0511/10-reasons-you-shouldnt-skip-a-home-inspection.aspx">don’t skip this step.</a> Now that we know you're getting a home inspection, we should talk about what your role is on the day of the inspection. I can hear you asking the screen, “What do you mean MY role? I’ve hired a professional to do the inspection. My role is to pay that professional."
Truth is, you should participate, if at all possible. If attending is impossible, due to scheduling conflicts, try to send a trusted friend or relative. No, I’m not joking. There are so many things to do and learn, during an inspection. Plus,<a href="https://www.hgtv.com/lifestyle/clean-and-organize/common-problems-found-during-home-inspections"> if the inspector finds problems</a>, they might like to show it to a set of human eyes, and not just a camera. It may also be the last time you get to enter the home before closing; this is particularly true if the house is still occupied.
What kinds of things can you do during the time your inspector is going over the home? I’m so glad you asked! Grab your large tape measure, a pen, a notebook, and let’s head to the inspection. We’ll have to move quickly, through these items. Prioritize the ones most important to you, in the event you aren’t done by the time the inspector is and ready to secure the home.
Write down the HVAC filter size(s), so you can bring fresh ones after you close.
<a href="https://www.jeffcookrealestate.com/blog/how-to-renovate-your-attic-on-a-budget/">Peek in the attic</a>. Is the space usable for storage? Is it floored? Is there a light?
Take pictures of things that you want to <a href="https://www.jeffcookrealestate.com/blog/what-you-need-to-know-when-buying-a-fixer-upper/">replace or fix up</a><br />
When you are standing in a home improvement store, in front of a fantastic sale display of bathroom light fixtures the week before you close, you’ll inevitably be unable to remember the mounting style of the existing ones in the house, or how many bulbs they have...only that you hated them.
Which bathroom had white tile, and which one had beige?
Measure the usable wall space in your rooms (exclude the space doors take up when in the open position, and account for door swing paths). This will let you plan at least some of your furniture placement, which is a big help on moving day.
Will your TV fit over the mantle, or will you need to come up with an alternate plan?
If it’s an older home, measure ALL of the doorways. In older homes, the doorway sizes can vary significantly throughout the home. It’s good to know in advance if you’ll have to saw your sofa in half to get it into the living room. You might prefer to buy something smaller*…or to be sure you know where your chainsaw, and duck tape, is on moving day!
Note any tight turns that might impact furniture placement.
Measure the opening of the fridge, if you will be buying a new one. Be sure to note if it is near a doorway and if it has trim. You don’t want the handles sticking out into a doorway unless you’re a fan of bruises and broken fridge handles.
Interior re-painting is not often included in contracts on pre-owned homes. Take note of how many pictures are on the walls. Will you need to do a lot of patching and touching up? Are there any scuffed/bumped spots (look at outward-facing corners) that will need some TLC? How is the paint on the outside of the front door holding up? Has the mailbox seen better days?
Check out our <a href="https://www.jeffcookrealestate.com/blog/home-inspection-day-part-2/">Home Inspection Day Part 2</a> for more helpful tips!2018-05-14T07:48:00-07:002021-01-20T14:44:10-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:6019Why We Offer Professional Photography“A picture is worth a thousand words.”
“You never get a second chance to make a great first impression.”
Have you ever heard either of these quotes? They’re true, aren’t they? Think of these quotes as you prepare to list your home. We’re in a day and age where home buyers turn to the internet first to search for homes. Typically, when a buyer is looking for homes online, they’re going to flip through all the pictures first before reading a single description of a home. You need to treat that thousand-word picture as the first impression of your home.
Many agents will walk through their client’s home and snap a few dark and grainy photos with their iPhone to upload into the MLS. Most of those listings don’t stand a chance of gaining traction. Some agencies do suggest professional photography, however, while the photos are clear, they do not always present the best angles. Make sure you choose a photographer who specializes in real estate photography.
We use <a href="https://charlestonrem.com/">Charleston Real Estate Media (CREM)</a>. CREM has heavily invested in ultra-wide-angle technology that showcases your home in the best light. Because we use our listing photos in so many marketing pieces such as advertisements, flyers, and portfolios, it is necessary that we have the best photos possible. So when you use us, professional real estate photography is included. Our listing coordinators will help you schedule a shoot and when the photos are ready, they will upload them to the MLS which will then be shared with all third party home search sites such as Zillow and Realtor.com.
<img alt="Screen Shot 2017-06-22 at 6.02.47 PM.png" height="349" data-cke-saved-src="https://lh3.googleusercontent.com/f2MINKpKDjc5YWLuhgN3cjY-E7MfttJiAhwAhaO7EnQIOp6fakEbgPIl8vullW4jYEvS2C_izjNnChEbtVQYmggHTh40rV9nZeTERHcbq3qt-qjMQ-yzdLvFc24cOpuprAUF5-01" src="https://lh3.googleusercontent.com/f2MINKpKDjc5YWLuhgN3cjY-E7MfttJiAhwAhaO7EnQIOp6fakEbgPIl8vullW4jYEvS2C_izjNnChEbtVQYmggHTh40rV9nZeTERHcbq3qt-qjMQ-yzdLvFc24cOpuprAUF5-01" width="523" />
Now that you’ve scheduled your photoshoot, it’s time to make your home photo-ready. Professional photos can’t work well if the image they’re portraying isn’t appeasing. Make your home feel welcome and open. The hardwoods should shine. All unnecessary items should be hidden. The kitchen and bathroom countertops should be tidied up. Consider bringing in a <a href="https://www.jeffcookrealestate.com/blog/tips-you-must-know-when-staging-your-home/">home stager</a> to make your home <a href="https://www.jeffcookrealestate.com/blog/2020-home-design-trends/">as appealing as possible</a> to potential buyers. If that’s not in your budget, invite a friend over who can give you an unbiased opinion on what kind of impression your home gives off. Interested to hear more about our complimentary professional photography and the rest of our top of the line listing presentation? Give us a call today at 855-HEY-JEFF!2018-05-10T07:50:00-07:002021-01-20T14:41:00-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:6024Southern Hospitality With AirBnbOne of Charleston’s finest characteristics is our residents’ undying commitment to southern hospitality. Charlestonians have so much rich history, culture, cuisine, and events to share with the world and Airbnb has made that so much easier to do. Many of our local friends have inquired about the possibility of sharing their homes through Airbnb so here are some great things to consider before proceeding on this hospitable adventure.
Before you list a home on Airbnb, residents need to contact the city’s Department of Planning, Preservation, and Sustainability to <a href="https://www.charleston-sc.gov/1840/Short-Term-Rental-Permit-Information">obtain a short-term rental zoning permit</a>. Prior to February 26, 2018, short term rentals were prohibited by the Charleston City Council. However, a task force was established to look into the possibility of allowing short-term rentals in the city, and here is what they are proposing to go into effect in April 2018:
Property owners must get a short-term rental permit.
Class 1 includes the Old and Historic District on the lower peninsula and only houses listed on the National Register of Historic Places are eligible for a short-term rental permit.
Class 2 is for the rest of the peninsula where only homes that are 50 years old or more can obtain short-term rental permits.
Class 3 will include the rest of the city beyond the peninsula where there will not be an age limit on the properties seeking short-term rental permits.
There will be NO whole-house rentals.
Property owners must be on your property while it is being rented out.
Property owners may not advertise with any signs on your property.
Property owners must have a general liability policy.
Property owners must update your Short-Term Rental permit each year.
*****For complete rules and explanations, be sure to contact your local city government office: Department of Planning, Preservation, and Sustainability.
Once rental permits are obtained, listing extra rooms on Airbnb becomes quite simple. Begin by visiting the AirBnb.com website and create an account. Next, select the tab that says Become A Host. Following the prompts on the screen will help you easily get your space listed in no time flat. Here’s what you will be asked:
Home Type. Select Apartment, House, or other. From there, it will ask you to narrow down the type of property from a list that includes a tiny house, townhouse, chalet, cabin, etc. and ask you to clarify whether the guest will have a private room, shared room, or the entire space.
Beds Available. The prompts on the screen will continue to help you describe your space by asking how many beds are available, the room arrangements, or common areas that could be used for sleeping.
Bathrooms. Simply list the number of available bathrooms and if they will be shared by yourself or other guests.
Address. Enter the address of your property. This is not shared with anyone until they are confirmed guests.
Amenities. Here you will let guests know what amenities they will have such as sheets, towels, wifi, TV, heat, air conditioning, pools, hot tubs, etc.
Pictures. Airbnb will guide you through the process of adding photos to your listing and providing an inviting description of your property. Plan some <a href="https://www.jeffcookrealestate.com/blog/5-diy-projects-to-tackle-this-weekend/">DIY projects to elevate your space</a> and make those pictures pop.
Additional Descriptions. This will allow you to add details to your description. Letting people know if your property is kid and pet-friendly, good for large groups, what attractions are nearby, what restaurants are popular, what parks/events are close, what kind of decor they can expect, and so much more.
Name Your Place. Give your place a catchy, descriptive title that will make it stand out from others like it!
Set You House Rules. The site guides you through this process easily. In our local Charleston area, you are required to supply guests with the local city regulations also, but this can be done through the attached documents.
Set Your Calendar and Prices. At this point, you are free to customize your own calendar. Airbnb will suggest prices that are comparable with other rentals in your area, but you are free to set your prices as you wish.
<br />If you follow all of these steps on AirBnb.com, you will be ready to host families from around the state, country, and even the world! Enjoy sharing Charleston’s unique southern charm, history, cuisine, and culture from your home while meeting great people. Be sure to follow all of our city’s regulations for your short-term rental so that all of our residents can continue to enjoy the <a href="https://www.jeffcookrealestate.com/blog/summer-staycation-in-charleston-sc/">sweet hometown feel of our beautiful city!</a>2018-04-19T08:01:00-07:002021-01-20T14:18:10-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:6022The Do’s and Don’ts of MovingWhen I think about moving from one home to another, I am completely overwhelmed and exhausted just from the thought. I’m sure many of you out there are the same; the idea of transferring ALL of your belongings from under one roof to the next causes tremendous stress and anxiety. And so, I decided to share with you some moving tips, things to do and not do, based on my very recent and firsthand experience relocating to our newly constructed home.
DO:
<a href="https://www.jeffcookrealestate.com/blog/countdown-to-move-out-checklist/">Start planning early</a>. Think about whether you want to use a moving company, or move everything yourself. Depending on the number of belongings you own or if you're <a href="https://www.jeffcookrealestate.com/blog/a-guide-to-moving-with-pets/">moving with pets</a>, it may be worth it to hire a well-reviewed and recommended company to do the hard work for you. Sure it may cost you a couple of hundred dollars an hour to have these men do the heavy lifting; however, the reduction in stress and physical work upon yourself may be worth it.
Find heavy duty boxes for packing belongings. Various businesses and stores, such as grocery stores, bulk retailers like Sams and Costco, liquor stores, etc., are just throwing them away! You are doing the environment a favor when you recycle them for another productive use.
Group like items together: this may come as a no-brainer, but in the rush of packing, you may find yourself just throwing this, that and the other in the same box. This kind of sorting will lead to an unpacking nightmare! Trust me, place all kitchen utensils together, all pantry items in the same box, all bathroom items in the same storage container. And LABEL each box and container!
If you are physically moving your belongings then PREMEDICATE. Seriously. It is going to be painful unless you are a bodybuilder or in the gym every day. The day after you are also going to be extremely sore. Having an anti-inflammatory on hand will ease the aches and pains. Pack some Epsom salts for a hot soak in the tub (if you’re lucky to have one) to soothe sore muscles.
BE PATIENT WITH <a href="https://www.jeffcookrealestate.com/blog/process-of-buying-a-home/">THE PROCESS.</a> It’s going to take an entire day or two, or even a week, depending on how much stuff you have. But know that eventually you will be finished, in your new place, and <a href="https://www.hgtv.com/lifestyle/real-estate/10-tips-for-settling-into-your-new-home">settled in</a> making memories inside your new home.
DON’T:
Procrastinate and pack everything on the day of the move; this will only overwhelm and frustrate you. Prepare in advance, packing what you can before the big day.
Get in the way of the movers! Or try to be friendly and make too much conversation with them, especially when they are moving heavy objects such as furniture. Just let them do their thing!
Pack your valuables, such as jewelry, money, and medication, on the moving truck. Take those items with you.
Keep everything: take this opportunity to purge. Get rid of clutter and any unnecessary items in your house. Those old clothes that have stayed inside boxes for years since the last move need to go to Goodwill. Seriously. Let them go.
Think you’re going to get it all done in one day. While you might get every item out of one house and into the next within the daylight hours, actually moving in, unpacking, and getting settled in is a process. So just embrace it! Look at it as a fresh start and a way to re-organize your life!
Now that you have some valuable moving do’s and don’ts, it is time to go forth and get moving! 2018-04-04T07:58:00-07:002021-01-20T14:00:48-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:6029Why Are People Moving to South CarolinaWith South Carolina being one of the fastest-growing states in the country, people here can't help but ask themselves, "Why is everyone coming here?" Could it be the southern hospitality and the shrimp and grits, or are people trying to trade their snow boots for Rainbow sandals? While it's probably a mixture of all things we southerners call reality, what is the true underlying reason so many transplants now call this place a beautiful state home?
The population in South Carolina reached 4.9 million for the year 2016. Today, the Palmetto State is now home to 5.09 million people, thus making South Carolina the 24th most populated state in the country. With cities such as Greenville,<a href="https://www.jeffcookrealestate.com/blog/south-carolina-monthly-focus-charlestons-great-outdoors/"> Charleston</a>, Beaufort, Hilton Head, and Mt. Pleasant, the reasonings become clear as to why South Carolina is a place people want to plant their roots. Seven months out of the year folks are wearing flip-flops and heading to the beaches and lakes for fun in the sun. The <a href="https://www.jeffcookrealestate.com/blog/charlestons-best-local-restaurants/">food scene </a>in South Carolina is nothing short of delicious, so much so that narrowing down all the places to dine is a common problem for folks here. Not to mention the birthplace of sweet tea can be found in historic <a href="https://www.summervillesc.gov/">Summerville, SC</a>, where the people are just as sweet as their tea.
If the large population increase and southern charm aren't convincing reasons enough to see what all the fuss is about, there are also some financial gains when you decide to relocate down south. The average house in South Carolina runs $121 per square foot and South Carolina also has lower sales tax than most other states; especially compared to those in the Northeast. Not to mention the cost of living is on average 13% lower than the national average cost of living. All of these benefits mean more money in your pocket and expanding that vacation bucket list!
The city of Charleston alone may be the cause of most of the population growth in the state of South Carolina. According to the Charleston Regional Development Alliance, the rate of population growth in Charleston nearly doubles the rate of population growth for the state itself. Also, being named ‘The #1 City in the U.S. and Canada' in <a href="https://www.travelandleisure.com/worlds-best/cities-in-us">Travel Leisure</a> for the 5th consecutive year seems to help aid the ever-growing population rate. With the cobblestone streets and pastel-colored homes, it's easy to see why so many people want to move to Charleston and the surrounding areas.
From the rich heritage and diverse culture to the natural beauty and economical benefits, it becomes pretty obvious why so many people want to plant their roots here in South Carolina. Whether you're looking to relocate to the upstate or to the Lowcountry, you'll find yourself feeling right at home under a crescent moon here in South Carolina.2018-03-19T08:13:00-07:002021-01-20T13:55:54-07:00Cory Towlertag:jeffcookrealestate.com,2012-09-20:6047Can You Really Trust the Zestimate?<img src="https://assets.site-static.com/userfiles/1451/image/Can_You_Trust_A_Zestimate.png" width="1200" height="800" alt="Can You Trust The Zestimate" />
When you’re thinking about selling your home, the first step is often pulling up Zillow and request your free home value. More often than not, the estimate that Zillow will give you, also called a Zestimate, will be a lowball. Occasionally it will also deceive you, giving you an estimate far above what your home is really worth. Regardless of the way the Zestimate falls, either price could be detrimental to the sale of your home.
The <a href="https://www.investopedia.com/articles/personal-finance/111115/zillow-estimates-not-accurate-you-think.asp#:~:text=According%20to%20Zillow%2C%20most%20Zestimates,the%20Zestimate%20will%20be%20off.">discrepancy in Zestimate accuracy</a> is occurring across America! There is currently a homeowner in Illinois, Barbara Anderson, who has filed a lawsuit against Zillow for low balling her home’s worth and creating issues with the sale of her home. She has been trying to sell her home for $626,000 but Zillow has published a Zestimate of her house for $562,000. Now anyone looking at her home on Zillow will submit a lowball offer to buy the home at the Zestimate price instead of the actual value of her home or assume the list price her home is outrageous and will pass it up, when in fact, other homes around here are selling for up to $726,000.
On the other end of the spectrum, one of my employees recently had an appraisal done on their home by a licensed appraiser. The report came back that the home was worth around $180,000. She tested out the free home value option from Zillow and received a Zestimate of $200,000. Had she not already been familiar with the inconsistencies of the Zestimate, she may have struggled to find an agent who would be willing to list the home at the price of the Zestimate, or she may have found an agent to agree only to run into trouble when offers start rolling in. A buyer would request an official appraisal from a licensed appraiser who would reveal that the home is listed much higher than the value of the home. In most circumstances, the buyer will back out of the deal, not wanting to pay more than the house is worth.
What does that mean for you? Remember, a Zestimate is only an ESTIMATE (not an appraisal) and does not take into account any improvements to your home and may even have some features of your home listed incorrectly. Let us help you fight the Zestimate accuracy discrepancies. We will come out to your home to give you a free home value consultation based on true, comparable homes. Then we can help you update the details of your home on Zillow so the Zestimate matches our evaluation.
Call us today at 843.501.0505 for your free home value consultation! And don’t forget, because we are the #1 real estate team in Charleston, we have the most technology and resources available and spend the highest amount of money on marketing that creates the highest demand for your home. This gets you the most amount of money in your pocket in the fastest time. At Jeff Cook Realt Estate, <a href="https://www.jeffcookrealestate.com/blog/how-do-we-get-the-right-price-for-your-home/">we can get you the right price for your home</a>. Don't rely on Zillow, get your <a href="https://www.jeffcookrealestate.com/blog/jeffstimate-a-home-selling-strategy-tool-thats-accurate-and-local/">Jeffstimate</a> today!2017-05-26T10:51:00-07:002021-08-30T12:42:02-07:00Thomas "Jeff" Cooktag:jeffcookrealestate.com,2012-09-20:6051 The Time is Now...<img src="https://assets.site-static.com/userfiles/1451/image/Buy_A_Home_Now.png" width="1200" height="800" alt="Buy A Home Now" />
Are you annoyed of hearing your neighbors through the thin walls of your apartment? Do your dogs need a yard to roam in? Are you tired of paying your landlord's mortgage? Have the kids moved out and left you with too much room? Is it becoming a pain to clean so much square footage?
Regardless of if you're a first time home buyer trying to get out of apartments and rentals, or a homeowner needing to upsize for a growing family or downsize once the children have moved on, now is the time to make your move.<a href="https://www.investopedia.com/mortgage/mortgage-rates/housing-market/"> Interest rates</a> have already increased by 1%. As I wrote last month, every 1% increase in a mortgage rate can reduce your borrowing power by 10%. Before the rate hike, let's say you were approved for a $200,000 home. After the hike, you can now only borrow $180,000. As the rates continue to increase, your loan will continue to decrease. The bottom is gone. We don't want you to be one of those folks that don't understand it or don't jump in time, and have to experience high rates or just not even be able to buy your dream home. Your credit score can greatly influence borrowing power as well. Check out our tips on <a href="https://www.jeffcookrealestate.com/blog/how-to-improve-your-credit-score/">how to improve your credit score</a>!
What does this mean for a home seller? The buyer pool is dwindling as people are finding out they can't afford as much of a home as previously thought. Say your home is worth $200,000. The buyer we previously mentioned who could have bought your home a month ago is now unable unless you are willing to take a $20,000 hit. Plus, if you are selling to buy another home, your borrowing power just decreased as well and you may need that $20,000 in escrow to put down on your new house.
Again, if you are on the fence, get off of it! If you are thinking about selling, <a href="https://www.jeffcookrealestate.com/blog/scrambling-to-sell/">do it</a>! Do it before you get double whammied, meaning that there will be fewer buyers because of the higher rates plus you'll be paying more interest to buy your next home. Let's talk and give us a call at 855-HEY-JEFF today!2017-01-09T12:02:00-07:002021-08-30T12:39:37-07:00Thomas "Jeff" Cooktag:jeffcookrealestate.com,2012-09-20:606112 Things You Should Know About Real Estate<img src="https://assets.site-static.com/userfiles/1451/image/What_to_know_about_real_estate.png" width="1200" height="800" alt="What to Know About Real Estate" />
The Lighter Side of Real Estate, a website geared towards the fun of real estate, recently released a video of the “12 Things You Should Know About Real Estate.” We love what they had to say and decided we’d like to go a little more in-depth with you about these topics.
1. A home is worth what a buyer is willing to pay.
You may think all the time and effort you have put into your home before listing it, even what you paid for it previously, makes it worth a certain price. Even an appraiser may come in before you list and say it’s worth close to a price you like. But at the end of the day, it is only worth what a buyer is willing to pay for it. They may think your upgrades don’t match up with the asking price. It may be that the home does need renovations and the asking price is too much to justify buying it and immediately pouring more money into it. A buyer would rather purchase a home at $125k, put $25k into it, and have it be worth $180k instead of buying a home at $180k that needs the same work of the $125k home.
2. Upgrades may not increase the value, but they’ll increase the chances of getting it sold.
Similar to what was previously stated, a buyer does not want to pay a certain amount for a home, then have to fork out more money afterward to upgrade the home or even upgrade at all. Most buyers in today’s market want move-in ready houses. Things that can turn potential buyers away before they even reach your front door are white appliances, vinyl flooring, wallpaper, carpet in common areas, and other popular items from 15 years ago. Unless you’re listing at a contractor price, then you’re good to go.
3. Cleanliness is godliness.
No house is ever going to be perfect, especially with a dog in the summer, but it is important to make an effort to keep your home as clean as possible during listing photos and showings. You want potential buyers to remember what they love about the home after they leave, not talking about how much of a mess your home was instead. Check out our <a href="https://www.jeffcookrealestate.com/blog/how-to-show-your-home-last-minute/">tidying tips for last-minute home showings </a>that will help you clean the most visible parts of your home in less than an hour!
4. Curb appeal is the first (and strongest) impression.
We all know what they say about first impressions. It’s hard for someone to change their mind after a bad first impression. Take a look at the front of your home. As a stranger, would you buy it? Just in case you’re biased, look next door. What about your neighbor’s home? Would you buy theirs? If no, imagine if they made it more presentable. Then would you buy it? Yes? Remove the kid's toys from the front yard. Hide the trash cans and recycling bin. Mow the lawn and trim the bushes, especially before your professional pictures are taken! But continue to maintain the lawn for showings, and for the chance that someone might just drive by and notice the for sale sign in your yard. If you have shutters, make sure they’re all still attached and if needed, slap a fresh coat of paint on them. And don’t forget to pressure wash! <a href="https://www.jeffcookrealestate.com/blog/4-things-to-do-to-freshen-up-your-curb-appeal/">Freshening up your curb appeal</a> even in the smallest ways can help you greatly in the long run.
5. Pet odor and clutter leave the longest-lasting impressions.
Just because we love our furry friends, doesn’t mean that everyone does. It’s hard to erase every piece of evidence that they exist in your home. No matter how many times you vacuum, there will be pet hair that you miss. Just make an effort. And if you can, hide their bedding and food bowls. Pet odor is extremely hard to hide, especially if you have a puppy learning how to be potty trained or a senile dog with a bladder problem. It might be worth your while to replace your flooring or offer a flooring allowance in the deal. For now, stick a few air wicks in each room.
6. Neutral paint and decor will always appeal to the masses.
Get rid of those dark colors and bright purple accent walls now! That will stick out like a sore thumb in your listing photos before a potential buyer even schedules a showing of your home. The first thought going through their mind is, “how many coats of paint is it going to take to cover up that hideous color.” <a href="https://www.hgtv.com/design/topics/neutral">Neutral is in</a>. Neutral is always in. As for decor, minimal is best. Go ahead and pack any extra decor that is unnecessary while you’re trying to sell.
7. Cheap fixes or updates will result in cheap (low) offers.
If you can’t afford to update the whole house, don’t. Trying to cover everything will result in cheap updates that the potential buyer will most likely want to have redone. If nothing else, as stated above, at least paint. A fresh coat of paint in the whole house as long is it is a natural color, is never wasted money.
8. Everything is negotiable.
Seriously. Everything is negotiable. While the refrigerator seems to be the biggest thing that buyers want or sellers note that it can convey with an acceptable offer, many other items have been negotiated. Blinds, curtain rods, curtains, furniture, even tractors. However, it is very important to make sure negotiations are done right and documented correctly in the contract.
9. Time is of the essence.
Because we’re in a seller's market, it is the perfect time for you to list your home if you’ve been considering it. Homes can barely be put on the market before there is a contract put on them. This being said, time is of the essence for buyers. If you fall in love with a house, you need to put an offer in now, and a good one at that. There’s no time to waste going home and talking about it or sleeping on it. That home might not still be on the market tomorrow.
10. Location! Location! Location!
There are two things people look for when searching for a new home, how far the drive is to work and which school district, even which school in the district, the home is located in. This is a tough hurdle to get over if you’re selling because jobs are so spread out across the Lowcountry so you can’t please everyone and even when you bought the home, it was zoned for a great school, it could get rezoned by the time you decide to sell. If you’re buying, you’re in luck because so many developments are coming in to cater to the new companies moving into the area, which also means that new schools are popping up everywhere.
11. Buyers notice things they want to change before noticing any updates.
Like previously said, it’s hard to please everyone. Even though you just spent $30,000 on an upgraded kitchen and $10,000 on a remodeled master bathroom, a buyer may be groaning because they’re not looking forward to having the carpets ripped up and hardwoods laid. Or, they just might not like the choices you made during the renovation process. One fail-safe move you can make is to allow a flooring allowance or paint allowance, therefore you’re not wasting the money while getting the home <a href="https://www.jeffcookrealestate.com/blog/scrambling-to-sell/">ready to sell </a>and they can pick out the details they like.
12. When priced right, it will sell.
Most buyers will look at an older home and think, why would I choose this home when I can get new construction for around the same price? It’s almost a losing battle. Except an older home will be move-in ready, have a bigger yard, won’t be located literally on top of the neighbor’s home, and my personal favorite to point out, it withstood Hugo. But you may have to list on the lower end of your price point to compete with those new construction homes.2016-07-15T07:44:00-07:002021-08-30T12:36:57-07:00Thomas "Jeff" Cook