Market Opportunities

Buyers' Corner: 1+1=3 - Why Buy New Construction?

In the last two years we have been advising our buyer clients who are concerned about "getting a good deal" to give consideration to buying a newly built home. Not only they would be getting a brand new home, with all the warranties and upgrades they select to their liking, buyers could be accessing a great opportunity to get some "free equity" in the short term. Let me explain why:

Generally speaking, new homes should be more expensive than pre-owned homes. Although homes do not depreciate as fast as cars or other consumer goods, certain elements of the home (like the roof and the air conditioning system) have a finite life. If you bu...

Tips for Buying Lender-Owned Properties (REOs)

by Alan Donald, Team Leader, BuyHomesInCharleston.com

Every buyer in this market wants a bargain! And while you may want to hit the jackpot by buying foreclosed properties – those homes that are offered as real estate-owned (REO), lender-owned or corporate-owned properties - it is essential to understand the differences between buying a “regular” listing and buying an REO.

Lenders are not in the business of owning real estate. Once they decide to foreclose on a home and on-sell it, they are looking for:

• More Money
• More Certainty
• Less Time
• Minimum Additional Investment

In addition, you should know that:

1. REOs are normally PRIC...

Are Lender-Owned Properties (REOs) Smart Options for Buyers?

By Alan Donald, BuyHomesInCharleston.com

It seems that one out of three properties in the Charleston Metro Area is either a SHORT SALE or an REO (*)

(*) An REO (Real Estate Owned) is a lender-owned property - a property that has already been through foreclosure and is being offered for sale directly by the lender after taking control of it. 

Normally these properties are offered at very attractive list prices, so many of those properties offer terrific buying opportunities. But, like the old saying says: "Don't judge a book by its cover", there may also be challenges associated with buying REOs. Here is a list of potential p...

This home seems like a great bargain!

Custom-built, with lots of upgrades, on a great lot, relatively easy access to I-526. Would make a great home for a Boeing executive! Only $125 per square foot!

BARGAINS OF THE WEEK

Many savvy buyers are stalking their prey as the real estate market tumbles down, supply and demand driving prices to market equilibrium.

Many people have lost their homes (whether because of a job loss, or high leverage), and although this is sad and affects whole communities, it also brings opportunity to buyers who may not have been able to afford to buy a home (or their ideal home) during the heyday of the real estate boom.

Market opportunities come in many shapes: Short Sales, Foreclosure Auctions and REOs (Real Estate Owned, Lender-Owned). Savvy buyers and investors are waiting for that opportunity to buy a real bargain-priced home that they can renovate or h...

HOME AUCTIONS Gaining Popularity!

In this "whacky" market that distressed sales are creating, it is sometimes very challenging to sell a home in a timely fashion. Short sales, REOs, foreclosures and "normal" listings are all competing for a share of the shrinking "buyer pie".

If a homeowner has a substantial amount of equity and wants to sell a home quickly, a PUBLIC AUCTION is a viable way of marketing a property, create URGENCY and obtain the MAXIMUM price that the market will bear. Auctioned properties are normally sold "no-contingency, as-is, where-is", which means that sellers don't need to deal with contracts that fall through over and over because of buyer financing, nor they hav...

Tips for Buying Foreclosures

These days it seems that most buyers want to:

a) Buy FORECLOSURES (it may be more accurate to say "DISTRESSED" rather than "FORECLOSED" properties); and

b) Make sure they take advantage of the extended TAX CREDIT for first-time and existing homebuyers which expires April 30th.

Invariably, every time I talk to a potential buyer, these two topics come out. And why not? Everyone is out there looking for "the best deal" - a home with no problems for a bargain basement price (buyers may be able to pick up a home for a fraction of its price from three years ago). And it seems that maybe 1 out of 4 new listings coming on to our MLS is either a "Possible Short Sal...

486 Mt. Royall, Longpoint Plantation, Mount Pleasant

This 3-bedroom, 2.5 bathroom home has been totally renovated! Kitchen with granite countertops, ceramic tile floor and stainless steel appliances; granite bathroom countertops; new roof shingles; new window.

Looking for a nice home in a great subdivision in Mount Pleasant? At $137 per square foot, this one is great value!

Belle Hall Plantation is one of the best known planned neighborhoods in Mt. Pleasant. Its convenient location, diversity of price ranges, community amenities and neighborly spirit make Belle Hall one of the favorite destinations for those who want to live in Mount Pleasant.This 3-bedroom, 2-bathroom ranch style home is listed at $245,000! I don't think it will last! Call me to schedule a showing today...

225 Mossy Oak Way - Click here for details...

Great Buy in Mt. Pleasant

This new listing hit the MLS today! 3 bedrooms, 2 baths, 1,472 sq. ft. in LONGPOINT subdivision. Listed at $218,000. Perfect for first time home buyers. Have any friends who may be interested? I'd be glad to help them buy it! More Details.

I think this listing is priced very well, Longpoint neighborhood is very nice, great schools, convenient location. Should sell very soon!

CALL ME TODAY TO ARRANGE A SHOWING!!

Is your family growing? Do you wish you had that extra bedroom or playroom to accomodate your needs?

The current "soft" real estate market is ideal for those who want to upgrade their home. While it is true that to sell your current home you will have to price it aggressively and possibly lose some of the potential capital appreciation, you will also pick up a substantial discount on the buyig side, with a higher value property.

So in the long run, you will be better off when the real estate market bounces back (it will- the basic economic principles are solid: more people, same amount of land...) because you will start from a larger base price...

You need to determine:

• What are you...

I use several "preferred" home inspectors regularly, because they have shown professionalism, subject knowledge, thoroughness and reliability.

Housemasters is one of those, they send me a regular newsletter with topics of interest. Their latest newsletter talked about the top 5 conditions that inspectors find in foreclosed homes, which I thought would be interesting to share. Here is a summary:

1. Mold - many foreclosed homes have the power disconnected or may have developed ongoing leaks that coupled with a boarded up or abandoned home creates the appropriate moisture conditions for mold to grow unabated, especially in the Lowcountry, where humidity levels are high. Black mold can creat...