More and more agents are selling properties using “face time” with their buyers. In the past, buyers had to travel to see the property before they would ever consider purchasing. Using face time and turning the phone around allows a buyer to walk through a property with their agent, asking questions as they go. Some buyers never stepped foot in the property until closing. Continue reading
1513 Main Street • 843.842.8866
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Dear Friends, Clients and Fellow Associates~
I asked my good friend and financial strategist, David Crowell to put together some rates and thoughts of the market for your review. This guy is really the Guru of Finance and Strategy.
If you are even thinking of buying, refinancing or are simply researching real estate, fill out the Free Strategy Session Questionnaire and we will set up a free financial strategy meeting with David Crowell. His office will schedule a phone or in office appointment with you. You can fax this easy questionnaire back to 1-866-680-1137. If you plan on owning someday or own right now, you have everything to gain. (Be sure to ask him about his free refinance for life program for his clients when you meet!)
Enjoy this great fall weather…
Robbie Bunting & Jane Hyers
Dear Robbie,
I am taking a minute to give you my assessment of the real estate market. Obviously, as the largest lender in the area, we see lots of people, and we see lots of transactions. So this gives us a different perspective.
First, Market Values. Because a number of properties on the market are selling as a result of foreclosure and “short sale”, apparent values can seem extremely low. For example if someone in a $600,000 neighborhood is foreclosed, and the bank sells at $250,000, this causes enormous heart-burn. It does not however mean that everyone else’s home is now worth $250,000! It means that there is downward price pressure, but not a call to 911. Conclusion: A sensible buyer needs to be happy for the current bargain prices, but not be seduced into thinking that everything is a “steal”.
Second, Interest Rates. This is simple and often over-looked in this market. Rates are at ALL TIME LOWS . the government’s effort to push them down HAS WORKED. Property is roughly 25% less expensive to own due to rates alone than it was 3 years ago. Add that to pricing discounts of 20% across the board…..and you have a discount to the cost of ownership of 45%. This is truly amazing and not sufficiently emphasized.
Third, Availability of Financing. We have money coming out of our ears! We have jumbo loans up to $3 million! We have FHA financing for 1sttime homebuyers up to 96.5%, which coupled with the $8000 rebate is 100% financing.
There simply is NOT an availability issue. What is different? Pretty much the sole significant difference is that down payments for most homes (not first homebuyers) now need to be 20%. We find that there is virtually no borrower who cannot find the necessary down payment somehow or other.
Last, Over-all Assessment. We are busy as can be. Much of our time is spent helping folks who are heavily invested and need to lighten the load. But for anyone who is in the position to be a Buyer…..this is the very best of times. There is literally NO REASON for a potential Buyer to hold off at this time. Neither the pricing or the rates are going to improve. The thing that will improve is attitudes, and when they do, the pricing will be gone! The rates are good for another 6 months or so, and then they will be gone too when inflation starts to hit. So if you have anyone who is hesitant……let me tell them firmly that it doesn’t get any better!!
Anyway, hope this sums up my state of mind on a Monday morning! Best to all, David.
David Crowell
Senior Loan Officer
Mortgage Network, Inc.
1000 William Hilton Parkway
Suite 205
Hilton Head Island, SC 29928
Office: 843-842-4004
P.S. ~ We have attached a FREE FINANCIAL strategy session with the guru of financial strategy. Simply print it out by clicking a Free Strategy Session Questionnaire, please fill it out and fax it back to 1-866-680-1137. David’s office will call and schedule your session either in person or in office. Thank you.
The SC State Legislature determines to what owners property taxes apply. During the due and cry when voters were clamoring for property tax relief(Remember California’s Proposition 13?), the SC State Legislature granted resident homeowners an exemption from paying school operations taxes. To replace those funds, the State Legislature added a 1% sales tax that goes directly to fund school operations.
One problem is that the sales tax did not bring in as much money as the property tax relief granted to resident homeowners took away. The local school board looked into imposing what is called an “impact fee” on all new construction to divert some of the cost of building new schools; however, as it turns out, the State Legislature also prohibits school districts from imposing impact fees. The local district also does not have the authority to alter the sales tax rate. Finally, in an effort to send more funds to the poorest school districts in the state, the SC Legislature passed a law that allocated the state’sgeneral public education funds based on the relative “wealth” of each county. A county’s “wealth” is determined by looking at its total property tax base (i.e. the fair market value of all real estate in the county.) By virtue of its resort, beach oriented nature, Beaufort County was ranked as the”wealthiest” county. As a result, the local school district’s allocation of the state’s general public education funds went from a high of about $35 million to zero last year.
The bottom line is this: The Beaufort County School District is charged with educating about 20,000 students. The only source it has to increase revenues for operations is to raise the tax mill on commercial and non-resident property owners. The good news is that for the coming year, the school district has set the commercial and non-resident property owners at a level that is 10.2% LOWER than the year before! Because property values were re-assessed for the coming tax bills, the school district believes that those whose property values increased by no more than the county average (11.4%) will not have a tax increase for the coming year.
As there are far more “poorer” counties than there are “wealthy” ones, there are not enough votes to change the laws right now. Out of state owners should complain to the U.S. Congressman or Senator about how they are being discriminated for being an out-of-state property owner.
Hope this answers the question.
Bob Arundell
Tax Attorney and CPA
843-785-8040
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