Friday, March 30, 2007
Market is good in Charleston!
It's a great time to buy in the Charleston Area! The interest rates are still low and builders are offering incentives on standing inventory. The market slow down in other areas has created a mild buyers market in the Charleston Tri-county area. We are still seeing steady population growth and a solid job market increase with new industries moving in. Our market is somewhat affected with potential buyers having longer delays in selling their existing home in other states. Ready, willing and able buyers now have a better inventoy to select from. We simply have more builders, more homes and increased competition between the builders with incentives and price adjustments in some areas. We also have a few more resale homes in the inventory.
Wednesday, March 28, 2007
How Do You Choose a Color Palette?
How Do You Choose A Color Palette?
1. Start with the formal areas of the house: The living room, dining room and entry hall. Choose a color palette for those areas first, then pull one color from those areas. For example, take the red sofa and tone it down (say to burgundy) for your palette in more private spaces such as the den, office or bedroom.
2. Choose colors from the largest pattern in the space: If you’ve got patterned upholstery, an oriental rug or large piece of artwork, "pull" a color from the pattern. If you’re looking for a neutral paint color for the walls, look for the beiges and whites in the pattern.
3. Throw open your closet and study the color of your clothes: Most people buy clothes in colors they like to wear and think they look good in. Similarly, you should decorate your rooms in colors you look good in. If you don’t wear yellow, don’t get a yellow sofa.
4. Decorate your space from dark to light vertically: A real "cookbook" way to make any space look good without much risk, McCauley says, is to use darker color values for the floor, medium color values for the walls, and light values for the ceiling. "Any interior space replicates the outside world. The exterior environment is generally darker below our feet (the earth itself), medium valued as you look straight ahead (buildings/trees) and lighter values skyward."
5. Use the color wheel: In general, analogous color schemes—those that use colors next to each other on the color wheel, such as blue and green—are more casual and relaxing and work best in informal or private spaces. This is a good strategy for a bedroom, where you want to rest and recover. Complementary colors—those opposite each other on the wheel, such as red and green—provide more definition and tend to make rooms more formal and exciting. This is a good plan for areas where you plan on entertaining.
6. Use the rule of 60-30-10: "When decorating a space, divide the colors in the space into components of 60 percent of a dominant color, 30 percent of a secondary color and 10 percent of an accent color," says HGTV. The walls will most likely be the majority, the upholstery would represent the secondary color and accessories such as a floral arrangement or throw pillows would make up the rest. "Works every time!" "The colors are properly balanced and there is a shot of color (the 10 percent color) for interest."
7. Go with the architecture: If you have a small room in your house, don’t paint it white to make it seem bigger. Instead go with the architecture and paint it a rich, warm color to make it cozier. 8. Let your big rooms expand with light, let your small rooms wrap you up and nurture you.
9. Follow your own personal style: If you decorate honestly, other people will appreciate it because it’s you, even if they’d never decorate their own house in the same way. That means that if you want to make every room in your house red, white and blue, go for it. You can make any color look good as long as it’s your taste.
10. Whatever color scheme you choose, HGTV advises to put something black in every room. A black lampshade, a black box on the coffee table, a black picture frame. "The black clarifies all the rest of the colors in the room."
1. Start with the formal areas of the house: The living room, dining room and entry hall. Choose a color palette for those areas first, then pull one color from those areas. For example, take the red sofa and tone it down (say to burgundy) for your palette in more private spaces such as the den, office or bedroom.
2. Choose colors from the largest pattern in the space: If you’ve got patterned upholstery, an oriental rug or large piece of artwork, "pull" a color from the pattern. If you’re looking for a neutral paint color for the walls, look for the beiges and whites in the pattern.
3. Throw open your closet and study the color of your clothes: Most people buy clothes in colors they like to wear and think they look good in. Similarly, you should decorate your rooms in colors you look good in. If you don’t wear yellow, don’t get a yellow sofa.
4. Decorate your space from dark to light vertically: A real "cookbook" way to make any space look good without much risk, McCauley says, is to use darker color values for the floor, medium color values for the walls, and light values for the ceiling. "Any interior space replicates the outside world. The exterior environment is generally darker below our feet (the earth itself), medium valued as you look straight ahead (buildings/trees) and lighter values skyward."
5. Use the color wheel: In general, analogous color schemes—those that use colors next to each other on the color wheel, such as blue and green—are more casual and relaxing and work best in informal or private spaces. This is a good strategy for a bedroom, where you want to rest and recover. Complementary colors—those opposite each other on the wheel, such as red and green—provide more definition and tend to make rooms more formal and exciting. This is a good plan for areas where you plan on entertaining.
6. Use the rule of 60-30-10: "When decorating a space, divide the colors in the space into components of 60 percent of a dominant color, 30 percent of a secondary color and 10 percent of an accent color," says HGTV. The walls will most likely be the majority, the upholstery would represent the secondary color and accessories such as a floral arrangement or throw pillows would make up the rest. "Works every time!" "The colors are properly balanced and there is a shot of color (the 10 percent color) for interest."
7. Go with the architecture: If you have a small room in your house, don’t paint it white to make it seem bigger. Instead go with the architecture and paint it a rich, warm color to make it cozier. 8. Let your big rooms expand with light, let your small rooms wrap you up and nurture you.
9. Follow your own personal style: If you decorate honestly, other people will appreciate it because it’s you, even if they’d never decorate their own house in the same way. That means that if you want to make every room in your house red, white and blue, go for it. You can make any color look good as long as it’s your taste.
10. Whatever color scheme you choose, HGTV advises to put something black in every room. A black lampshade, a black box on the coffee table, a black picture frame. "The black clarifies all the rest of the colors in the room."
Friday, March 23, 2007
Would You Buy It at this Price?
Would You Buy It at this Price?
If you ask too much for your home when placing it on the market, you should ask yourself if you would pay this price yourself. The honest answer is usually "no." Yet, many homeowners overprice their property and then expect their Realtor to work a miracle and sell the home at the inflated price. Why do people price their homes too high?
*THEY COULD ALWAYS MAKE AN OFFER - This often quoted remark is a fallacy. Buyers don't make offers on homes they don't visit and they won't visit homes that are obviously overpriced.
*WE CAN ALWAYS REDUCE OUR PRICE LATER - The longer a home remains on the market, the less it sells for. Once a property gets market weary, buyers and Realtors begin to suspect there is something wrong with the house. The best time to price it correctly is at the outset. It will make a strong first impression and the word will get around that somebody had better buy it quickly before it is sold. So, if you are inclined to price it right, sooner is better than later.
*I NEED THIS MUCH TO BUY MY NEXT HOME - Your present home has a certain value regardless of how you plan to use the proceeds from its sale. If you put unrealistic expectations on the sale of your present home in order to get enough money to stretch into your next home, you will probably not be successful in selling this home and lose your opportunity to purchase the next one.
*ADVICE - When setting an asking price, remember to ask yourself if you would be willing to pay this price if you were buying your existing home, always ask for the latest market facts.
If you ask too much for your home when placing it on the market, you should ask yourself if you would pay this price yourself. The honest answer is usually "no." Yet, many homeowners overprice their property and then expect their Realtor to work a miracle and sell the home at the inflated price. Why do people price their homes too high?
*THEY COULD ALWAYS MAKE AN OFFER - This often quoted remark is a fallacy. Buyers don't make offers on homes they don't visit and they won't visit homes that are obviously overpriced.
*WE CAN ALWAYS REDUCE OUR PRICE LATER - The longer a home remains on the market, the less it sells for. Once a property gets market weary, buyers and Realtors begin to suspect there is something wrong with the house. The best time to price it correctly is at the outset. It will make a strong first impression and the word will get around that somebody had better buy it quickly before it is sold. So, if you are inclined to price it right, sooner is better than later.
*I NEED THIS MUCH TO BUY MY NEXT HOME - Your present home has a certain value regardless of how you plan to use the proceeds from its sale. If you put unrealistic expectations on the sale of your present home in order to get enough money to stretch into your next home, you will probably not be successful in selling this home and lose your opportunity to purchase the next one.
*ADVICE - When setting an asking price, remember to ask yourself if you would be willing to pay this price if you were buying your existing home, always ask for the latest market facts.
Wednesday, March 21, 2007
Rent- vs- Buy
Still renting? Get smart!
A college-educated single male 30-something with his own sole proprietor business, who has always been a renter, recently told me: "I don't think I really want to buy a house and, anyway, I can't afford to." He would like to have more financial independence but has no idea how to get it. Although his business regularly brings him in contact with real estate agents, some of whom he considers close friends, no one, apparently, had presented him with the wealth-building possibilities of buying a home...or the specifics of how to get from here to there and come out ahead.
Our hard-working renter, Joe, pays $1,200 a month in rent, which he easily covers with his income. Being single, and without the expense of responsibility for others, he drives a decent car, travels a bit, and has saved $60,000 cash, plus taken the maximum Roth IRA deduction every year, so he's starting to get his retirement savings going. His credit is very good. So why is he still renting? Because...
1. He's not sure he's going to stay here (although he's been here, renting, for 6 years);
2. Property values in this market have dramatically increased in the past 5 years and he's afraid he's missed the window of opportunity (but might not that indicate that prices will keep going up?);
3. He doesn't want to spend a lot more than he's paying in rent;
4. He doesn't know how he can afford a house because the median house price in our market is around $207,000.
5. He does not understand that TIME is on his side. The sooner you begin to invest in real estate, the more wealth you will accumulate over time. In 20 years from now, Joe will be in his early 50s. With the seemingly endless population growth, there is no reason to think demand for housing will decrease, especially in desirable places like Charleston, nor that values will do anything but rise.
What I suggested is this: Buy a house NOW (they keep going up in value). Since his business is doing well, he will probably continue to be here for at least a few more years. If he decides to move, he can 1. keep the property and rent the house and should break even on the mortgage and continue to take advantage of appreciation; or 2. sell the property when he moves and keep whatever profits tax free,(if he has lived in it for over 2 years) up to $250,000 profit per single person ($500,000 per couple), or 3. sell the property at a later date (when it is no longer his primary residence) as an investment and exchange the profit for another investment property in what is called a 1031 Exchange.
The benefits, besides the emotional satisfaction and freedom of owning one's own home, are many:
1. You are SAVING money into your own account, not throwing away money on rent. Historically, the payments made on a property, over 3 years or more, are typically recouped at closing, making your mortgage payments a sort of savings account. This does not include the wild appreciation of the past few years seen in certain markets.
2. Tax deduction of all mortgage interest payments. To be clear, this is not a straight deduction off the top of your income, but rather an itemized deduction. For example, if your mortgage interest payments are $1,500 per month, or $18,000 per year, you can deduct the $18,000 from your income. But be aware that if your standard deduction is, say, $9,000, you pick up an additional $9,000 and not an additional $18,000. This is important to factor, but usually, it's a significant increase in deductions, especially if you do not have a lot of other deductions. Talk to your tax advisor or get out the 1040 package and figure it out for yourself.
3. You are building EQUITY, NET WORTH & CREDIT worthiness.
4. You can take advantage of TAX FREE PROFITS.
5. You are starting on the road to long-term security and wealth-building.
**NOTE: it is possible to obtain an "interest only loan." This is not an adjustable-rate-mortgage (ARM) but, rather, a 30-year fixed wherein you can choose to pay the interest only. Since little of a mortgage payment is allotted to principle in the first 15 years of a 30-year mortgage, the monthly savings of the principle can make the difference between comfortably affording a property and being stretched too thin. While doing this does not pay down your principle, if your plan is to hold it for 2-5 years and your market is appreciating at least as much as your interest rate, and/or you improve the property over time, this could be a viable option. But as, always, careful analysis of various options and scenarios is advised.
For more information on real estate, and how you can qualify for and profit from home ownership or residential investment, please fell free to contact me via email at
erika@gaycharlestonrealestate.com or eperry@prucar.com
A college-educated single male 30-something with his own sole proprietor business, who has always been a renter, recently told me: "I don't think I really want to buy a house and, anyway, I can't afford to." He would like to have more financial independence but has no idea how to get it. Although his business regularly brings him in contact with real estate agents, some of whom he considers close friends, no one, apparently, had presented him with the wealth-building possibilities of buying a home...or the specifics of how to get from here to there and come out ahead.
Our hard-working renter, Joe, pays $1,200 a month in rent, which he easily covers with his income. Being single, and without the expense of responsibility for others, he drives a decent car, travels a bit, and has saved $60,000 cash, plus taken the maximum Roth IRA deduction every year, so he's starting to get his retirement savings going. His credit is very good. So why is he still renting? Because...
1. He's not sure he's going to stay here (although he's been here, renting, for 6 years);
2. Property values in this market have dramatically increased in the past 5 years and he's afraid he's missed the window of opportunity (but might not that indicate that prices will keep going up?);
3. He doesn't want to spend a lot more than he's paying in rent;
4. He doesn't know how he can afford a house because the median house price in our market is around $207,000.
5. He does not understand that TIME is on his side. The sooner you begin to invest in real estate, the more wealth you will accumulate over time. In 20 years from now, Joe will be in his early 50s. With the seemingly endless population growth, there is no reason to think demand for housing will decrease, especially in desirable places like Charleston, nor that values will do anything but rise.
What I suggested is this: Buy a house NOW (they keep going up in value). Since his business is doing well, he will probably continue to be here for at least a few more years. If he decides to move, he can 1. keep the property and rent the house and should break even on the mortgage and continue to take advantage of appreciation; or 2. sell the property when he moves and keep whatever profits tax free,(if he has lived in it for over 2 years) up to $250,000 profit per single person ($500,000 per couple), or 3. sell the property at a later date (when it is no longer his primary residence) as an investment and exchange the profit for another investment property in what is called a 1031 Exchange.
The benefits, besides the emotional satisfaction and freedom of owning one's own home, are many:
1. You are SAVING money into your own account, not throwing away money on rent. Historically, the payments made on a property, over 3 years or more, are typically recouped at closing, making your mortgage payments a sort of savings account. This does not include the wild appreciation of the past few years seen in certain markets.
2. Tax deduction of all mortgage interest payments. To be clear, this is not a straight deduction off the top of your income, but rather an itemized deduction. For example, if your mortgage interest payments are $1,500 per month, or $18,000 per year, you can deduct the $18,000 from your income. But be aware that if your standard deduction is, say, $9,000, you pick up an additional $9,000 and not an additional $18,000. This is important to factor, but usually, it's a significant increase in deductions, especially if you do not have a lot of other deductions. Talk to your tax advisor or get out the 1040 package and figure it out for yourself.
3. You are building EQUITY, NET WORTH & CREDIT worthiness.
4. You can take advantage of TAX FREE PROFITS.
5. You are starting on the road to long-term security and wealth-building.
**NOTE: it is possible to obtain an "interest only loan." This is not an adjustable-rate-mortgage (ARM) but, rather, a 30-year fixed wherein you can choose to pay the interest only. Since little of a mortgage payment is allotted to principle in the first 15 years of a 30-year mortgage, the monthly savings of the principle can make the difference between comfortably affording a property and being stretched too thin. While doing this does not pay down your principle, if your plan is to hold it for 2-5 years and your market is appreciating at least as much as your interest rate, and/or you improve the property over time, this could be a viable option. But as, always, careful analysis of various options and scenarios is advised.
For more information on real estate, and how you can qualify for and profit from home ownership or residential investment, please fell free to contact me via email at
erika@gaycharlestonrealestate.com or eperry@prucar.com
Tuesday, March 20, 2007
Why should I get pre-approved before buying a home?
Year ago, buyers didn't worry about financing their home purchase until after they found the home they want to buy. Once they had an accepted offer, they'd shop around for a week or so and then submit a loan application.
Sellers do not want to waste time when selling their home, buyers are now (most of the time) required to put in pre-approval letters with their offers on homes. This makes the buyer seem more stable, it gives greater influence in negotiating a purchase price, and can act quickly when they find a home they really love.
There are 2 parts to mortgage approval: 1) approval of the borrower, and 2) approval of the property. Mortgage pre-approval is a process whereby the borrower is approved for a specific amount of mortgage. This approval is usually only good for a specific amount of time. A property approval is one with satisfactory appraisal and a clear title report. Final mortgage approval also requires a purchase agreement that is signed by the buyer and seller.
If you'd like free advice on getting pre-approved, or for any questions...... give me a call!
See you tomorrow!
Sellers do not want to waste time when selling their home, buyers are now (most of the time) required to put in pre-approval letters with their offers on homes. This makes the buyer seem more stable, it gives greater influence in negotiating a purchase price, and can act quickly when they find a home they really love.
There are 2 parts to mortgage approval: 1) approval of the borrower, and 2) approval of the property. Mortgage pre-approval is a process whereby the borrower is approved for a specific amount of mortgage. This approval is usually only good for a specific amount of time. A property approval is one with satisfactory appraisal and a clear title report. Final mortgage approval also requires a purchase agreement that is signed by the buyer and seller.
If you'd like free advice on getting pre-approved, or for any questions...... give me a call!
See you tomorrow!
Friday, March 16, 2007
A Quick Clean!
By Emily LapkinSpecial to HGTV.com
"If it’s not dirty, don’t clean it," says Queen of Clean Linda Cobb. That’s the most important thing to keep in mind when it’s time to spruce up before someone stops by. Here is Cobb’s ultimate guide to a quick cleanup!
1. Take a laundry basket and go from room to room picking up things that don’t belong. Stash the basket in a closet or somewhere guests won’t look.
2. Next, tidy up the bathroom that guests will use. Wipe it up quickly, light a candle and make it look nice. Remember: That’s the room where they have the most time to sit privately, unobserved and look around.
3. Next if you have time, run the vacuum in the main rooms they’ll be in and fluff the pillows.
4. Shut the door on other rooms that will not be seen or needed to be used if they’re messy.
5. If it’s nighttime, turn on some lights. If it’s daytime, open up the shutters or the curtains or the blinds. A well-lit room looks cleaner.
6. Next, take a pan of water throw it on the stove throw in some cinnamon and cloves and let it simmer to give your house a nice, fresh scent.
For more great ideas on cleaning and decorating... go to....
www.hgtv.com/hgtv/ah_cleaning_tips_hints/article/0,1801,HGTV_3111_4514853,00.html
"If it’s not dirty, don’t clean it," says Queen of Clean Linda Cobb. That’s the most important thing to keep in mind when it’s time to spruce up before someone stops by. Here is Cobb’s ultimate guide to a quick cleanup!
1. Take a laundry basket and go from room to room picking up things that don’t belong. Stash the basket in a closet or somewhere guests won’t look.
2. Next, tidy up the bathroom that guests will use. Wipe it up quickly, light a candle and make it look nice. Remember: That’s the room where they have the most time to sit privately, unobserved and look around.
3. Next if you have time, run the vacuum in the main rooms they’ll be in and fluff the pillows.
4. Shut the door on other rooms that will not be seen or needed to be used if they’re messy.
5. If it’s nighttime, turn on some lights. If it’s daytime, open up the shutters or the curtains or the blinds. A well-lit room looks cleaner.
6. Next, take a pan of water throw it on the stove throw in some cinnamon and cloves and let it simmer to give your house a nice, fresh scent.
For more great ideas on cleaning and decorating... go to....
www.hgtv.com/hgtv/ah_cleaning_tips_hints/article/0,1801,HGTV_3111_4514853,00.html
Wednesday, March 14, 2007
Women Home Buyers
Interesting:
As a group, unmarried females purchased an avg. of 1 million homes last year. A Harvard study identified these findings of this buyer group in it's study; "Buying for Themselves: An Analysis of Unmarried Female Home Buyers".
As a group, unmarried females purchased an avg. of 1 million homes last year. A Harvard study identified these findings of this buyer group in it's study; "Buying for Themselves: An Analysis of Unmarried Female Home Buyers".
- The median age is 42 and median income is $37,000.
- They have been more likely to purchase condos than single-family homes.
- Three -quarters of the homes they purchase have cost no more than $200,000
- They are likely to compromise on a home's size and cost to get the attributes they want- but less likely to compromise on location or neighborhood quality.
These trends are starting to change as the group gets larger. More "single" women are building homes, and purchasing larger homes; 4% are now purchasing for over $300,000. Tap into the potential of this growing buyer market in 2007.
Saturday, March 10, 2007
Walk America
On April 28, 2007 I will be participating in a 5 mile walk for the March of Dimes Walk America. This is a great organization. Please sponsor me or anyone else that you know that is participating.
If you would like to sponsor me.... give me a call and I can tell you how. 452-1143
Walk America 2007
Walk for a special child in your life – a healthy baby a premature baby or a sick one. ... The March of Dimes is in the midst of a multi-year, multimillion-dollar campaign to address this growing ...
www.walkamerica.org
Check out the link for more information. Don't forget that you can donations are tax deductible.
Have a great day,
Erika
If you would like to sponsor me.... give me a call and I can tell you how. 452-1143
Walk America 2007
Walk for a special child in your life – a healthy baby a premature baby or a sick one. ... The March of Dimes is in the midst of a multi-year, multimillion-dollar campaign to address this growing ...
www.walkamerica.org
Check out the link for more information. Don't forget that you can donations are tax deductible.
Have a great day,
Erika
Thursday, March 8, 2007
Edisto Lane
Hello everyone! Just wanted to tell you about a great local band. You probably already know about them (unless of course you have been living under a HUGE rock). Definatley check them out whenever you get a chance, they have a wonderful following! Follow the link to learn more
Tuesday, March 6, 2007
Febuary 2007 Market
Overall, February 2007 was strong. There were 621 new listings in the city of Charleston adding to an inventory for a new total of 2361 properties on the market. 369 properties went under contract or were pending and 169 properties sold with an average price of $350,809. Sellers received 95.7% of asking price. The average days on market for homes that sold in February 2007 was 105 days. Last February , there were 263 properties that sold with an average of $334,757 and seller's received 98.09% of list price and an average days on market of 61 days. Properties that are selling are priced right and in excellent condition. Overall the Charleston market is strong despite national trends. To find out specific market conditions for your home or neighborhood, please contact Erika for a FREE no obligation analysis.
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