Rising prices creates rising equity

August 11th, 2017

Rising prices creates rising equity.  This is great news for current homeowners who are enjoying seeing their equity rise.  The math behind this is very simple.  You basically take your home’s current estimated value and subtract how much you owe on the home. This amount represents how much estimated equity you have created. If you are looking for more than an estimate, and want hard numbers, a full appraisal will be needed.

Equity is an important step for building wealth, and long term financial success. Every time you make a mortgage payment, you are building equity.  In addition, a mortgage payment can be seen as a way to force a savings plan.  When homeowners have built up equity, they have more options available.  Some homeowners may cash out and sell, some will stay in their homes building more equity, and some will refinance and use their equity for personal reasons.  The end result is that building equity offers homeowners more options.

According to CoreLogic’s  Homeowner Equity Report, the average American household gained over $14,000 in equity over the course of the last year, largely due to home value increases. Not bad.

The map below was created using the same report from CoreLogic and shows the average equity gain per mortgaged home during the 1st quarter of 2017 (the latest data available).  This map has been provided by Keeping Current Matters.

Rising equity

Rising equity

 

You can see why York County South Carolina is a great place to be.  Homeowners in York County are enjoying rising equity, at a great rate. Houses are on the market for a shorter amount of time than other several areas in the country.  South Carolina also offers close access to Charlotte, NC, which is a great financial hub and employment center. We have great things to offer.

All real estate is local. York County South Carolina has a lot to offer. Whether you want to visit the lakes, or be entertained you will not be let down. York County also has medical centers and higher education centers available. If you are thinking of making a move, give us a call. We have the deep community roots and network to help you find your next home. We can show you all of the beautiful areas of York County.

We would like to invite you to visit ArbieTurnerHomes.com. We specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Arbie Turner Homes Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://ArbieTurnerHomes.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

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More proof – It’s time to sell

July 28th, 2017

We have it, more proof that now is the time to sell your home.  The housing market and inventory availability are closely linked.  Right now, we are in a seller’s market.  The most common way to determine if we are in a seller’s or a buyer’s market, is the amount of housing inventory available.  A neutral housing market is seen as a market with a six month inventory available. We are currently at a four month level.  This means simply that we have more people looking for homes than what is normally available. In this market, a seller is likely to receive more than one offer. This simple knowledge means that there is more competition, which makes both sellers and buyers take action.

If you are a buyer in this market, Congratulations.   You have decided to take your financial future in your hands, and will be starting your journey.  Many studies show that home ownership is an important move towards personal financial wealth.  There are two things that you need right away after making this decision, a loan pre approval, and a real estate agent.  Both of these people are invaluable to your ability to getting in to your next new home.

If you are a seller in this market, Congratulations.  Recent National Association of Realtors illustrates that we are in a seller’s market, with less housing inventory available.  When there are less homes available, there is more competition for your home.  You are likely to receive several offers, and will be able to pick the best offer for you.

The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners, where they are asked about their expectations for home sales, prices and market conditions.  Below is an illustration provided by Keeping Current Matters utilizing the Confidence Index.

Days on market - Great time to sell

Days on market – Great time to sell

You can see why York County South Carolina is the place to be.  Houses are on the market for a shorter amount of time then several areas in the country.  South Carolina also offers close access to Charlotte, which is a great financial hub and employment center.

All real estate is local. York County South Carolina has a lot to offer. Whether you want to visit the lakes, or be entertained you will not be let down. York County also has medical centers and higher education centers available. If you are thinking of making a move, give us a call. We have the deep community roots and network to help you find your next home. We can show you all of the beautiful areas of York County.

We would like to invite you to visit ArbieTurnerHomes.com. We specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Arbie Turner Homes Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://ArbieTurnerHomes.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/ArbieTurnerHomes

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

Your American Dream

July 21st, 2017

What is the state of your America Dream?  Have you ever wondered how your pursuit of the American Dream is affected by where you live?  Do people who live in the South feel the same way about their American Dream as those who live in the North?  When we think about the iconic American Dream, do other people think of it in the same way?   Most probably we all perceive the American Dream as having employment which allows for the growth of wealth, including home ownership.

There is even a way to measure how strongly people feel about their ability to reach the American Dream.  All across America each state has different economic factors.  Forbes.com recently released the latest results of their American Dream Index, in which they measure “the prosperity of the middle class, and…examine which states best support the American Dream.”  The monthly index measures several different economic factors, including goods-producing employment, personal and commercial bankruptcies, building permits, startup activity, unemployment insurance claims, labor force participation, and layoffs.

The national index score was rounded out to 100.0 in January as a baseline for comparison and it rose the fourth straight month in a row to 101.8.

Alaska, coming in at 89.4, represented the lowest score on the index due in part to the recent collapse in oil prices. In contrast, Wyoming came in with the highest score at 115.1. The full results can be seen in the map below provided by Keeping Current Matters, utilizing Forbes.com data.

American Dream Index

American Dream Index

 

As you can see, moving to York Co. South Carolina is a good idea with a current reading of 103.6. Things are moving, and people are happy in York County.

All real estate is local. York County South Carolina has a lot to offer. Whether you want to visit the lakes, or be entertained you will not be let down. York County also has medical centers and higher education centers available. If you are thinking of making a move, give us a call. We have the deep community roots and network to help you find your next home. We can show you all of the beautiful areas of York County.

We would like to invite you to visit ArbieTurnerHomes.com. We specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Arbie Turner Homes Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://ArbieTurnerHomes.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/ArbieTurnerHomes

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

Great rates are good for sales

July 14th, 2017

Great rates are good for sales.  Some people do not realize that interest rates are still at historic lows.  In fact for many of us, our parents actually could have paid two or three times what we would pay now.  Yes the prices were lower, but the interest rates were much higher. Great interest rates also allow more people to jump into the market as well. When there are more people shopping for a home, competition is created effecting both price and inventories.

Did you know that the average interest rate in 2017 has been hovering around 4.0%?  This low rate has help buyers with affordability and rising housing prices. If you are looking to buy, waiting may not be a good idea.  There are experts predicting that interest rates will rise.  If you are waiting on the side lines trying to decide to buy, a prediction of raising interest rates is not working in your favor. Next year the average interest rate may be around 5%, which will affect your buying power.

Last week’s Freddie Mac Primary Mortgage Market Survey revealed that interest rates for a 30-year fixed rate mortgage have fallen to their lowest mark this year, at 3.88%.  This is great news for both buyers and sellers.  Now is the time to act, whether you are listing or getting your loan approval.  You will need a real estate professional on your side, let us help you find your next home.  We are dedicated to the happiness of our customers.

Below is an illustration provided by Keeping Current Matters.  You can clearly see that we are experiencing great rates.  This illustration also shows that rates may ready to move higher, just like predicted.  Please notice how you can see the movement trends.

Pretty clear to see why so many people are choosing to take the plunge land own their home. Before you renew your lease for another year, consider buying instead. Great rates make it hard to pass up the beefed up buying power available.

All real estate is local. York County South Carolina has a lot to offer. Whether you want to visit the lakes, or be entertained you will not be let down. York County also has medical centers and higher education centers available. If you are thinking of making a move, give us a call. We have the deep community roots and network to help you find your next home. We can show you all of the beautiful areas of York County.

We would like to invite you to visit ArbieTurnerHomes.com. We specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Arbie Turner Homes Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://ArbieTurnerHomes.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/ArbieTurnerHomes

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

 

 

 

The real cost of renting verse buying

July 7th, 2017

Have you ever wondered what would be the real costs of renting verse buying  your next home?  Whether you are a fist time home buyer, or re-entering the market knowing the real costs will allow you to make a better educated decision. The purchase of a home is a major financial commitment, one that will build your portfolio and over all wealth. Information is power, preparation is applied power.

One of the best way to be prepared is to obtain a loan approval from a lender.  During this process you will provide documentation to verify your income, assets and employment.  You will receive disclosures and a Good Faith to disclose the banks fees.  This is an important step and should not be skipped.  Your loan approval will also make your purchase bid a little sweeter since the seller knows you have already secured financing. Your real estate agent will be there to help you every step of the way, pushing for you.

When a bank is considering your loan, they may consider Freddie Mac’s classic four C’s.

  1. Capacity: Your current and future ability to make your payments.
  2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash.
  3. Collateral: The home, or type of home, that you would like to purchase.
  4. Credit: Your history of paying bills and other debts on time.

Once you have gathered the disclosures and loan approval, you are armed with precise financial information.  You and your agent are now ready to shop the local inventory.

Below is an illustration provided by Keeping Current Matters.  You can see that there really is no reason to continue to pay higher rents, the cost to own is less than most thought.

Cost of renting verse buying

Cost of renting verse buying.

Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!

All real estate is local. York County South Carolina has a lot to offer. Whether you want to visit the lakes, or be entertained you will not be let down. York County also has medical centers and higher education centers available. If you are thinking of making a move, give us a call. We have the deep community roots and network to help you find your next home. We can show you all of the beautiful areas of York County.

Click here to view featured property scroller.

To schedule a showing, just “click” on picture and complete form.

We would like to invite you to visit ArbieTurnerHomes.com. We specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Arbie Turner Homes Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://ArbieTurnerHomes.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/ArbieTurnerHomes

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

 

 

 

Great home renovation projects

June 30th, 2017

Great home renovation projects can certainly raise the value of your home.  Whether you are looking to list your home or stay in it for many more years, making smart renovation decisions is essential.  Once you start the journey to improve your home, you may find it ending differently than planned.   A contractor could find water or termite damage, or permitting may take longer than planned.  That is why is it important to have a professional on your side, and a clear vision of the end project.

There are plenty of resources available to get modern ideas on updating your home.  Some homeowners have a pretty good idea of what they are looking for, and how quickly they want it installed. Some homeowners are themselves craftsmen and are able to make improvements. Some homeowners have no idea what they want and need to gather ideas.  Home renovations do not need to be a challenge, there are people who can help you all the way.

There are some basics that we need to review:

  1. Use a popular contractor who can give you a written estimate.
  2. Get multiple estimates from different contractors, especially on larger renovations.
  3. Keep all receipts and track all expenses.
  4. Ensure all contractors are insured, bonded and have an active license.
  5. Track product or appliance warranties.

With every investment, there is a consideration for return.  No one wants to needlessly throw money down the drain on a renovation or a customization that is not going to raise the value of the house.

Below is an illustration that is provided by Keeping Current Matters, utilizing data from HomeLogic. We thought that this was a great graphic to easily point out which renovations have great return on investments.

 

All real estate is local. York County South Carolina has a lot to offer. Whether you want to visit the lakes, or be entertained you will not be let down. York County also has medical centers and higher education centers available. If you are thinking of making a move, give us a call. We have the deep community roots and network to help you find your next home. We can show you all of the beautiful areas of York County.

Click here to view featured property scroller.

To schedule a showing, just “click” on picture and complete form.

We would like to invite you to visit ArbieTurnerHomes.com. We specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Arbie Turner Homes Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://ArbieTurnerHomes.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/ArbieTurnerHomes

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

What is the best reason to list now?

June 23rd, 2017

What is the best reason to list now?  Plenty of us have played the waiting game when it comes to making the decision to list your home.  Sometimes it can seem like no one really knows, leaving you in the dark.   This cloudiness can stop  you from seeing the real important  reason to list now. When you can not see why you should act, it makes it hard to.

The first thing you should consider is to seek out a real estate professional in your area or the area you are relocating to. This is a very important step,  and you don’t want to be out there alone. There are a number of great reasons to hire an agent; scheduling, advertising, communicating and closing are just a few.  But there is another reason one that is sometimes looked over, and that is community knowledge.  Having an agent with deep community knowledge who can give you the background and activity level of each area.  That is why if you are looking to sell in York County, South Carolina, you should have us on your side.

The latest Existing Home Sales Report illustrates that we are currently at 4.2-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and 4.6% lower than a year ago.

The chart below, provided by Keeping Current Matters, shows the inventory shortages experienced over the last 12 months:

Housing Supply Shortage - List now

Housing Supply Shortage – List now

 

So there it is, the answer is simple.  There are simply more people looking for homes, than there are homes normally available.  This means is that there will be more people looking at your home when you decide to list.   You will not have so much competition now, driving more people your way. It is  great time to list your home.

All real estate is local. York County South Carolina has a lot to offer. Whether you want to visit the lakes, or be entertained you will not be let down. York County also has medical centers and higher education centers available. If you are thinking of making a move, give us a call. We have the deep community roots and network to help you find your next home. We can show you all of the beautiful areas of York County.

Click here to view featured property scroller.

To schedule a showing, just “click” on picture and complete form.

We would like to invite you to visit ArbieTurnerHomes.com. We specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Arbie Turner Homes Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://ArbieTurnerHomes.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/ArbieTurnerHomes

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

Interest rates and real estate

June 16th, 2017

Interest rates and real estate, how do they interact with each other?  Well they are actually in a close dance with each other, moving inventory levels and sales price.   Higher interest rates can lower demand, which can then lower price.  A lower interest rate can raise demand, which can raise the sales price.  The same old dance of supply and demand based on cost.

One of the bright spots in the current market is that interest rates are at a historic low.  This is great news for home buyers, prompting many to take the plunge.  In fact, a lot of people are shopping for their next home now.  This means that they have acquired a loan approval and are out actively looking.  This wave has created a housing inventory shortage, further pushing sales prices higher. We are currently at around a four month inventory available, when a six month inventory is considered a balanced market. If you have been thinking of selling, now is the time to act.

Attached is a great little graphic provided by Keeping Current Matters.  It clearly outlines the direct impact that interest rates have on sales price and the real estate market. They utilized information provided by Freddie Mac, a federal insurer.

 

It is really clear to see how interest rates can impact your monthly mortgage payment.  Take action now, so that you can get the most for your offer.

As you can easily see, rents just keep going up with no signs of slowing down.  If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.

All real estate is local. York County South Carolina has a lot to offer. Whether you want to visit the lakes, or be entertained you will not be let down. York County also has medical centers and higher education centers available. If you are thinking of making a move, give us a call. We have the deep community roots and network to help you find your next home. We can show you all of the beautiful areas of York County.

Click here to view featured property scroller.

To schedule a showing, just “click” on picture and complete form.

We would like to invite you to visit ArbieTurnerHomes.com. We specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Arbie Turner Homes Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://ArbieTurnerHomes.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/ArbieTurnerHomes

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

Rising rent make first time home buyers

June 9th, 2017

Rising rent make more first time home buyers. It is clear to see that one of the factors leading people to home ownership is rising rent.  For everyone, there will be a point when renting is no longer a good financial decision.  There are situations where people prefer the additional expense of renting verse owning.  One very common reason,  is simply not knowing how long they are going to stay in the area. Some people prefer to rent because of the ease of just calling someone for any repairs.  Still there are other people who are not ready to commit to the purchase of their first home.

But rent is on the rise.  In some areas, the rental market is on fire.  People are on the move, and demand is high.  Commerce, growth and demand are all pushing rent higher.  This is why is it not a good time to rent.  This may seem like a strange way to state it; people usually ask if it is the right time to buy. But if you are renting, you are subject to rent hikes as well. Inflated rates with no price guarantee only create uncertainty.

Stop paying someone else’s mortgage, which is what is happening when you pay rent.  You can pay your own mortgage, and reap your own rewards. Start building your financial portfolio by investing in your own home. Studies have shown, that owing a home is a very important step in building personal and generational growth.  Making your mortgage payment each month is a form of forced savings for the future, building equity.

The Census Bureau recently released their 2017 first quarter median rent numbers. Attached is a graph, provided by Keeping Current Matters, showing rent increases from 1988 until today.

As you can easily see, rents just keep going up with no signs of slowing down.  If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.

All real estate is local. York County South Carolina has a lot to offer. Whether you want to visit the lakes, or be entertained you will not be let down. York County also has medical centers and higher education centers available. If you are thinking of making a move, give us a call. We have the deep community roots and network to help you find your next home. We can show you all of the beautiful areas of York County.

Click here to view featured property scroller.

To schedule a showing, just “click” on picture and complete form.

We would like to invite you to visit ArbieTurnerHomes.com. We specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Arbie Turner Homes Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://ArbieTurnerHomes.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/ArbieTurnerHomes

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

Construction and Housing Inventories

June 2nd, 2017

Some real estate professionals say that the housing inventory shortage is one of the biggest challenges in today’s market.  That is why, if you are on the side lines and thinking of selling, now is the time. There are just more people looking for homes than homes available.  One reason for this is simple, people are just staying in their homes longer. There are several reasons why, and many articles available providing further details. The end result of the housing inventory shortage is less choices available for home buyers.  A normal balanced market has a six month supply of inventory, we are currently at a little less than four months.

There is a shining silver lining that can offer relief and choices for buyers.  Here is when new construction can save day.  There are great builders, with plenty of choices for all price points. Let us help you find great builders in York County, South Carolina.  http://arbieturner.newnha.com

Great News………Builder Confidence is Up!

The Housing Market Index from the National Association of Home Builders (NAHB)reveals that builder confidence increased last month.  This is great news for home buyers, because builders are building homes in all price ranges.  Several Builders specialize  in homes that fill the need for first time home buyers and people who want to down size. Great Builders showcasing patio homes, villas, town homes and condos.   There is literally something for every one and every family.

The graph below, provided by Keeping Current Matters, compares 2016 to 2017 new construction sales by price point. As you can see, builders are beginning to shift to prices more favorable to the first-time and non-luxury buyer.

 

We are in a big need for more houses and local builders are heeding the call.  Let us help you find a builder who can specialize in your needs.

All real estate is local. York County South Carolina has a lot to offer. Whether you want to visit the lakes, or be entertained you will not be let down. York County also has medical centers and higher education centers available. If you are thinking of making a move, give us a call. We have the deep community roots and network to help you find your next home. We can show you all of the beautiful areas of York County.

Click here to view featured property scroller.

To schedule a showing, just “click” on picture and complete form.

We would like to invite you to visit ArbieTurnerHomes.com. We specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Arbie Turner Homes Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://ArbieTurnerHomes.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/ArbieTurnerHomes

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC