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Archive for the ‘Buyers’ Category

What You Must Know About Home Appraisals

Understanding how appraisals work will help you achieve a quick and profitable refinance or sale. Read

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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

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A small maze.

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I just read a post on Ronnie Bartles blog (http://www.bartlesandassociates.com/bartlebys-blog/2011/7/10/do-i-know-you.html) about the saga of Coco and her fiancée, first time home buyers. It made me stop and think about how things have changed over the past couple of years. Coco is not alone in her angst and customer service has all but disappeared. But there is hope!

My wife, Patricia, and I are Realtor*s and have helped a number of first time home buyers, and seasoned home buyers and sellers navigate through the real estate maze that is a fact of today’s market. We haven’t done this alone. We have a select group of service providers, that have mastered the maze, and we recommend them to our clients. As a team, we help our clients through the maze and bureaucratic red tape. No real estate transaction today is without stress, but we Team Up for Success and reduce the stress for our clients.

There should never be a reason for a home buyer to have to change agents, or home inspectors on any real estate transaction and then lose the deal after all is said an done. We cannot change the bureaucracy involved with bank owned homes, or short sales. But we can make sure that all the t’s are crossed and all the i’s are dotted. Team Up for Success is not just a slogan, it is how we approach our profession. If you have real estate needs, buying or selling, first timers or seasoned veterans, test us out! We want to Team Up for Success with you!

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Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

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I did a little research this past week on the real estate market in Mt. Pleasant and learned a couple of interesting things about the Mt. Pleasant real estate market. In the local multiple Listing Service (MLS) Mt. Pleasant real estate is in two sections; properties south of Hwy 41, and properties north of Hwy 41.

The total number of homes listed for sale in all of Mt. Pleasant (both parts of MLS and both attached and detached homes) is 1159. This is a moving target, so the numbers will be different slightly this week. Of those homes listed there are 264 that are listed as contingent, meaning their under contract but area in the process of clearing those contingencies. Of these, some may not clear all contingencies and will return to the active status.  The numbers show about 18.6% of the listed homes for sale in both sections of Mt. Pleasant are under contract.

A Mt. Pleasant detached home

Looking at the Median Prices provides some additional information that can be telling. For the area north of 41, the Median Price for all homes listed is $450,000, while the Median Price for the homes that are contingent is $315,000. A difference of $135,000 below the Median Price for all Listed detach homes. For homes listed in the south area below 41 the Median Price is $469,950, while the Median Price for the homes that are contingent is $372,500. A difference of $97,450 below the Median Price for all listed homes.

Attached homes have a lower Median Price, but show a similar trend. In the north area above 43, Median Price is $212,200 while the Median Price of contingent homes is $199,000. In the south area Median Prices for all listed homes is $229,945 while the Median Price for contingent homes is $156,500.

Some attached homes in Mt. Pleasant.

In all cases, the Median Prices show that the homes under contingencies have Median Prices well below the Median Price for all listed homes, both attached and detached. Since these homes are active contingent, the Median Price reflects the listed price at the time the home was classified as active contingent in MLS. The actual price paid is not reflected in any of these numbers.

The take away is that in this market, homes need to be price aggressively or buyers will look to properties that are! Buyers have more choices and will not look at homes that are not aggressively priced. A professional real estate agent knows the local market and is in the best position to help their clients price their homes competitively for that market.

We are professional Realtors and know the market in Mt. Pleasant. If you have questions about real estate in Mt. Pleasant, or you are looking for help buying your next home, or selling your current home, call us. If you know someone who may have questions, have them call us. Patricia can be reached on 843-425-0953. I can be reached on 843-364-9509. You can also sign-up for the most comprehensive Market Snapshot available at our website at www.MarkandPatriciaFuchs.com.

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I’ve read a lot about the real estate market overall and got to thinking about the business of real estate. While the reports in the news are national trends and may highlight a few locations that prove the report, the seldom, if ever, report on the real estate market in Mt. Pleasant, SC. The real estate market in Mt. Pleasant is not the same as the real estate market in Charleston, or North Charleston. So I thought I’d take a snapshot of the last three months using homes above 2500sf, with 4 bedrooms and 2.5 baths. I selected that size because many sections in the north part of Mt. Pleasant have covenants that set the minimum square footage that can be built. So this report is skewed to the north part of Mt. Pleasant. Here are the numbers:

  Total Highest Lowest Median
Sold Homes 61 $803,000 $155,000 $375,990
Homes For Sale 157 $2,499,000 $229,000 $375,000

The average selling price was 96% of the listing price at the time of sale. Of course, that is an important point…at the time of sales! The real estate industry looks at the age of a listing  and represent this by the number of days a property has been listed for sale. That is important because it may show that a property was listed at a higher price when it was first listed. Some may have had several price reductions before finally selling. The 61 homes sold during the last three months had an average number of days on the market of 492! How likely would you be to accept and offer of 96% of your listed price if your home had been on the market for 492 days?

Which of these products would you buy?

There are a couple of things that we can take from this information. We are emotionally tied to our homes,  ascribe value to that emotion and price our homes accordingly. I’ve done it and so have many other real estate professionals. It is a hard lesson to learn, but what was our home becomes a commodity when we list it for sale. It is a product at that point and needs to be priced to compete with comparable products. The 61 houses that sold were competing with the 157 that are also listed.

Listing your home is a business transaction. If you take the emotional part out of it, you have a product. Regardless of why you are selling your home, when you list it, it has the best opportunity to sell quickly if it is priced at or below the market, within the first month. After that first month it begins to age on the market. We know how to get homes sold and work as a team with our clients.

Email us for our free Market Snapshot. Patricia@MarkandPatriciaFuchs.com, or Mark@MarkandPatriciaFuchs.com. You can also visit our website and sign-up for our Market Snapshot. www.MarkandPatriciaFuchs.com It is the most comprehensive Market Snapshot available.

It is FREE! No obligation and no strings attached. Sign-up today!

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Picture of the "Gingerbread House" i...

Image via Wikipedia

As a real estate professional it is very easy to allow your time to be consumed by your work. Especially when working short sales…now there is an oxymoron! Short sales are a fact of life these days and for the foreseeable future. They can take an enormous amount of time to get done whether you are representing the buyer or the seller.
It can also be emotionally draining for everyone involved. It is difficult to keep in mind that it is simply business. On the sellers side, there can be the emotion of failure and with the banks asking for more and more documentation, it can feel as though someone believes you are withholding information.
On the buyers side there can be a different set of emotions. Families want to be settled in their home. As they started the process, they heard 45-60 days at least, but wanted 30-45 days. The agent has to keep in constant communications with them to help them to see that there is light at the tunnel.
Dealing with clients and banks in short sales make controlling your schedule a challenge.  This week we are taking a time-out on the IOP at Palm Seasons. Great weather! Great friends! And an absolutely great family!

Sometimes you just need a time-out!

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NFC Champions 2010 - New Orleans Saints

Image by Maitri via Flickr

The end of the work week is here. Happy Friday! Last night saw the season opener of the NFL. It feature a rematch on last seasons NFC Championship game between the Vikings and the Saints. There was a big build-up and plots and sub-plots being offered all week-long. Finally, the game between the New Orleans Saints and the Minnesota Vikings. It was not as exciting as the build up, but the Saints managed to win in a 14 – 9 game.

Patricia has been working with clients trying to find a nice home for a young family. After a false start, we think they have found a very nice home in which to raise their children.

Have you noticed that sometimes the occasions that are supposed to be the happiest are also the most stressful? Friends of mine have worked hard to prepare for their daughter’s wedding. If you’ve ever been involved in organizing a wedding of any size, you can sympathize with them. No matter the size of a wedding, the work is in the details! This is not a big wedding and it is not a small wedding. Family members are coming from various places and they need to e accommodated. Of course there always seems to be some disagreement to contend with. Things were simpler when families lived in the same town, or within a few miles of each other.

As I think about these three things, I think they have some things in common. There is a degree of stress in each. They all go through a cycle of sorts. And the stress of the cycle  produces the result.

First is the concept. The concept for the Saints and Vikings was the schedule from the NFL. For the family looking for a new home it was the decision to move. For the wedding, it was the question and the answer. Then the planning or the searching, followed closely by executing the plan. In the case of the football game planning includes a multitude of media, equipment, and practice for each team. The family has identified the area and neighborhood and is searching for the right home. The engaged couple worked on the guest list, selected a venue and may have directed others as delegates to handle details.

All of the build-up and stress leads to the event, a football game, a house closing or a wedding. What happens next…well, the season is young, the search may be ended, and the wedding is in the near future. There will be more to tell and those stories will wait to be written.

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