Interest rates add to Southern charm

In the past couple of years, living with mom and dad over the age of 18 has unfortunately become a reality for many American families. However, with the employment rate improving, people are now able to afford living on their own again. With the increase in gainful employment, more and more people are moving out of mom and dad’s house and venturing out on their own. Bloomberg News has reported the possibility of the housing market increasing by more than 50 percent even in the next year. The strongest sales growth was seen in the South, boasting a 10.1% increase since February.

As the spring season begins to peak, buyers are fortunate that they can enjoy some of the lowest rates seen in years. Mortgage rates have remained stable for quite some time, and remain low at 4.5% for a 30 year fixed mortgage and 3.75% for a 15 year fixed mortgage. Rates have been fluctuating around five percent for the past two years. With more and more buyers looking to strike while the iron is hot, some brokers are pricing their conventional loans pretty aggressively, which is another great plus for buyers.

Confused about when to buy? Get all the facts before you take the plunge. Call one of our real estate professionals today to get the inside track. Contact David Lever at 252-714-8827

The ugly truth about FSBOs

 

With the spring home buying season underway, many sellers are currently weighing their options on how to get the best deal for their money. Though their reasons for listing their homes may vary, the fact still remains that everyone wants to get top dollar for their property. The advent of available info on the internet has given some people a false sense of security, and many sellers are now venturing out on their own attempting to sell their property with a Realtor. Over 80% of FSBOs are eventually listed with a Realtor. While many Realtors do rely heavily on the internet to assist them in their transactions, they are still relying on many other traditional methods to sell your property. 

 

 

There are tons of FSBO assistance sites popping up that promise to “coach” you on the art of selling your home. What these sites don’t tell you is that FSBO sales, just like any other real estate transaction also depend heavily on the particular market conditions.  FSBOs may do okay in some cities where there is a lot of bustling traffic, but in this area of Eastern NC, tons of foot traffic to a FSBO property is just not realistic. Particularly in the spring, FSBO owners are throwing their hat into the ring at one of the most competitive times. Owners are better off spending their time finding a Realtor that can offer a multitude of exposure, and a ton of foot traffic.

 

Generally, FSBO properties have a tendency to be priced too high. Owners have a personal attachment to their property, and will wrongly assume that their property is worth more than other properties in that price range. It is important to have an objective opinion when pricing a property. An owner occupied FSBO will not have access to all of the comparable properties listed in their area, which results in inaccurate pricing on their part. It is also difficult for an owner occupied FSBO to see that the granite countertops you installed should not result in a $5000 price jump just because the owner thinks granite is the “end all, be all” to decorating success. What about buyers who prefer sandstone or tile? These buyers could care less about the granite countertops, and would not see your $5000 price increase as justified.

Listing a house as a FSBO is also time consuming. Showing a property can be an inconvenient drawback to listing your home without a Realtor. Even Realtors have to endure showing properties to people who are not serious buyers. Consider the time and scheduling coordination it takes to repeatedly show a property to buyers who may not even be qualified to purchase a home, or indecisive buyers who may look at over 100 properties before they may a decision to buy. Much of the time and energy spent on fruitless leads can be eliminated with the use of a Realtor who is able to work with buyers to pre-qualify for purchase hold Open Houses to weed out buyers who are not serious about purchasing your home. 

 

Realtors are held accountable by their licensing state so buyers may feel more comfortable working with a Realtor as opposed to an owner. Buyers also know that when they are working with a reputable Realtor that the property will be fully inspected, properly appraised, and all potential property defects will be disclosed. Their licensed Realtor will also have access to important professional information in which a FSBO owner will not necessarily have access. It is also a better situation for both the buyer and the seller to use Realtors to do the negotiations instead of dealing with one another directly. Negotiating is the stage in the transaction where many things go awry, so having an experienced Realtor with a knack for negotiating is always a plus. A professional agent in your market knows the trends, is in touch with your target market and can increase your traffic flow and potential for a better offer. According to the National Association of Realtors, eighteen percent of FSBO sellers indicated that preparing the home for sale was the most difficult task when selling without the assistance of an agent, followed closely by understanding and performing paperwork (16 percent) and selling within their desired time frame (15 percent). 

 

For more information on how David Lever Exclusive properties can help you sell your home contact us at 252-714-8827 or email us at dlever@leverandrussell.com

What you get for the money in Greenville NC

Greenville NC is an excellent place for people to consider purchasing a home. Unlike many other markets across the country, the real estate market in Greenville has been fortunate enough to enjoy steady growth. Because our city is currently expanding, there are opportunities for Realtors to find more options for homeowners. No matter what your price range may be, our real estate team is sure to find you the home that fits your needs.

$462,000-3601 Fair Oaks Court

4 BR/3 BA 3450

Beautiful, spacious home in the Ironwood subdivision. This home boasts an office, sunroom, bonus room, and many other upgrades such as heated tile floors and a gourmet kitchen.

$359,000-160 Foxcroft Lane

3 BR/4 BA 3168 sq. ft

Custom built jewel with 2 Master suites on main level. Formal dining and living, with office, great room, and rear screened in porch.

$249,000-1116 Katie Lane

4 BR/2 BA 2320 sq. ft

Spacious and comfortable in the Taberna subdivision. Split floorplan with Master downstairs. Attention to detail with hardwood floors, tile, and plush carpets.

$136,000-518 Primrose Lane

3 BR/2 BA 1401 sq. ft.

Family home in Craftwinds subdivision. Cathedral ceilings, Master with walk in closets and double vanity sinks, spacious backyard with deck for relaxation.

Call us today to set up an appointment to find your perfect home!

252-714-8827

Pricing to Sell!

There are many factors involved in pricing your home to sell. With the large amount of homes on the market, and the growing number of buyers looking to snag a good deal, it is important for sellers to look at the selling process as a business transaction instead of a personal activity.

One of the things that buyers absolutely need to think about is curb appeal. The National Association of Realtors says that 49% of buying decisions are based on curb appeal. With the growing number of houses on the market, curb appeal can be the deciding factor that makes your house stand out amongst the others in your area.  Realtors look at curb appeal as “outdoor staging”. While this type of staging may not necessarily put more dollars in your pocket, it may still prove to be beneficial in getting people’s attention, and getting them in the front door.

Another thing that many sellers overlook is keeping listing pictures current. A house with listing pictures from the winter months that is trying to sell in the spring may be overlooked due to concern that the house has been on the market for too long. Once people realize that a house has been listed for several months, they start to question why. Although it may be clearly just a coincidence, buyers tend to look negatively at homes that have been on the market for a very long time.

Consequently, it is essential that you and your Realtor work together to come up with the perfect price. Pricing too low may bring buyers who are not serious about investing in the home that you consider to be your jewel. And pricing too high may result in buyers overlooking your property for less expensive and very similar properties.

Though it may be a little difficult, it is important that sellers try and distance themselves from the emotional attachment to their homes. Buyers are not going to look at your property the same way that you do. To you, your home is filled with personal touches and memories. To a buyer, your home is simply a blank canvas amongst other similar canvasses. This is when having a good relationship with a quality Realtor is of the utmost importance. Your Realtor should be able to assess what your most important needs are when selling your home. They also need to be looking out for your best interest at all times. A good Realtor will sell your home at a price based on your immediate needs; not theirs. Your Realtor should be well verse in your local market, aware of the price and condition of other local properties similar to yours, recurring monthly expenses such as HOA fees and property taxes, and able to give buyers a good idea of what sets your home apart from others.

Contact us to find out how David Lever Exclusive Properties can help you sell your home. 

The importance of getting pre-qualified

Buying a home can be a mystery for some people; especially first time homebuyers. Many people get frustrated with the all the paperwork, forms, questions, and legal issues involved in purchasing a home. In addition to getting through the mountains of paperwork, is also important to understand how you can be a big help to your broker. Many first time homebuyers do not realize that the home buying process actually starts before you even take a tour of that first home. In order to make the process go a little smoother, it is important that you first go to visit your lender to get pre-qualified. 

To pre-qualify you for a loan, a lender calculates a loan amount you can receive based on information that you provide. Information includes your income, expenses and debts. If you add the earnings of a spouse or parent as a borrower, your pre-qualifying amount will be higher. The lender verifies your information via a credit report. The credit reporting agency acts as a neutral third party. Consider this a firm estimate of a certain loan amount.
Final approval depends on whether the property also meets requirements for a loan. Different loan types have different guidelines for qualifying ratios. Your lender usually will not recommend a loan product until you complete a loan application. However, once lenders determine qualification ratios, they have a preliminary idea of which loan types to recommend, and you now have a better idea of what types of homes to look for. This also ensures that you and your broker are not wasting your time looking at properties that you are unable to purchase.

Once you have made the decision to purchase a home, it is essential that you go over your credit history with a fine toothed comb. Many of us are unaware of our credit scores, and the items that appear in the report. Often times people find that many of the items listed on their credit report are inaccurate, or should be removed. Here are a few tips to maintain good credit and ensure that you are able to go through with the purchase of your new home:

1-Pay all of your bills on time. This sounds simple, right? Well, in these uncertain economic times, it may be a little more difficult for some people to do. If you expect that you may have problems paying your bills on time, then wait until you are more financially stable to apply for a loan. Lenders want to see consistent bill payments over a substantial period of time. If you find yourself having a hard time paying bills, be sure to talk with the lender or company you owe. They may have programs or suggestions that will help you avoid having your bill sent to collections
2-Don’t open new lines of credit while you are in the process of applying for a new loan. Wait until the home buying process is over with. Opening new lines of credit will potentially reduce your credit score, and if you do this before finalizing your mortgage, you many find yourself stuck with a higher interest rate.
3-Monitor your credit report. It is absolutely essential to approach your credit reports with eyes open wide. There are many times when people realize that information reported may be inaccurate. If you find items that are reported inaccurately or do not belong to you, contact the creditors and get the situation resolved as soon as possible.
4-Reduce your credit card debt. While credit cards help establish the history of your ability to pay, they can also hurt you if you are not careful. When applying for your mortgage loan, be sure to try and pay down your debt as much as possible. The more you pay down, the more credit you have available.

The best loans and mortgages are available to borrowers with FICO scores 700 and above. Experian, one of the major credit reporting agencies, reports that the average credit score is 693. To ensure that you do not miss out on the home of your dreams, be sure to pay attention to detail and protect your credit. Contact us today to find out how you qualify for the home of your dreams.

Preparing to sell: Taking care of your home during the winter months

Spring is right around the corner, and consumers are ready to pound the pavement looking for the next Open House. If you are thinking about listing your home for sale in time for the spring rush, it’s a good idea that you get prepared now. There are small things that you can do now in order to get your home ready to show. Just a few simple things each week can save you from being bombarded and strapped for time once showing season gets into full swing.

Winter lawn care: One of the things that buyers look for is a picture perfect yard. If your grass is dry or discolored if gives off the impression that the home has been abandoned, or that the owners have not taken care of their investment. One of the simplest things that you can do is to pick up any leaves that are in the yard. Leaves that are left in the yard for long periods of time can create unsightly dead spots in your lawn.

It is also important that you let your lawn “breathe”. Leaving clutter such as toys and equipment on the lawn will prevent the lawn from being able to breathe and absorb sunlight. 

Cosmetics: The first impression that a buyer gets is when they first drive through your neighborhood. You want to make sure that you never give them a chance to turn around and drive away without stopping to see the inside of your house. While small cosmetic changes may not dramatically increase the financial return on your sale, they may in fact have an impact on how fast you sell your home. Replace any broken or discolored shutters or overhangs, fix the screens in all of the windows, and make sure that your mailbox is in decent shape. By spending a few dollars at the hardware store, you could possibly change how fast your home is sold. 

Clear out that clutter:  It’s a good idea to go ahead and prepare your house for the first showing appointment. Depending on how long you have lived in your home, you may have amassed a great deal of clutter. Instead of going through the house and boxing up everything to go in the attic or in the garage, separate it and prepare to have a yard sale at the first sign of spring. Buyers who tour your home will want to see how much space you have. Filling up your garage or attic with tons of boxes does the buyer no good when they are trying to judge how large of a space you have. Do yourself a favor, and make sure that your garage and your attic are just as clean and neat as the rest of your house. Buyers will appreciate the extra time and attention that you put into showing off your space.

In a competitive market, it’s always good to stay one step ahead of the rest. Taking these small steps can make a world of difference, and potentially put more money in your pocket than you bargained for.

Historic interest rates give buyers hope

As we move into 2011 interest rates continue to remain low. The National Association of Realtors' Pending Home Sales Index reports that pending homes sales rose in November by 3.5 percent. With interest rates as low as 4.6%, what better time than the present to purchase a new home?

Buyers across the country are taking advantage of the opportunity to lock in low monthly payments that are sometimes lower than your average monthly rental fees. This also gives buys a chance to improve upon their credit history will building up equity in their home. However, many homebuyers are still skeptical due to the economic downturn in the US. But the coming year offers the promise of the creation of new jobs which will help stabilize the economy. For homebuyers who are still hesitant due to fear of losing their jobs or defaulting on their loans, economists suggest that homebuyers purchase a home that is equivalent to one week’s salary. This prevents the homeowner from getting in over their head in the case of unemployment or financial crisis. Homebuyers also need to take into consideration other bills such as taxes, insurance, and monthly maintenance fees when setting their budget for their new home.

Low interest rates also allow current homeowners to take advantage of the equity they have built up in their homes. Instead of relying on credit cards or emptying out savings accounts, many existing homebuyers have found that initiating a refinance or home equity loan at a fixed rate is a much better move. New homebuyers can add this advantage to the list of reasons why homeownership is a smart investment.

What many of the skeptics don’t realize is that there are many reasons why buyers sometimes default on their loans. Having a clear understanding of how much you can afford before buying a home can determine whether or not buyers default on their home loans. Having a Realtor that is well versed in current market trends can take the fear out of buying a home, and allow you to take advantage of the low monthly payments now available.

For more information on how you can take advantage of these historically low rates contact David Lever at 252-714-8827

http://www.davidhlever.com/