No more 0% financing! March 19, 2008

As of the end of March, 0% financing is pretty much a thing of the past.  At least for now….

I find it increasingly difficult to answer questions about mortgage rates and what is happening in the mortgage industry these days.  I pride myself on keeping on top of the latest trends and news, however I can’t keep up any more! I find myself referring clients to a trusted mortgage lender to answer their questions simply because things change on a weekly (sometimes daily) rate.

One of the changes coming at the end of this month will have a large impact on home buyers.  It is the going away of 100% financing.  For conventional loans you will need at least 3% down, for FHA loans I believe it is 1.5%.  Of course, there are options like the 80/20, but restrictions are much tighter and most will require something down now.

Personally, I do not think this is necessarily a bad thing.  Part of the reason we are in the situation with the foreclosure problem is that lenders gave loans to people who really couldn’t afford them.  As a Realtor, I think it is irresponsible to not at least discuss financing with your buyer.  Ultimately it is the buyers decision of what they can afford, but if your experience tells you someone may not fully understand the true cost of owning a home (ie. closing cost, taxes, repairs, insurance, etc..) these are things that should at least be discussed as a means of educating your buyers.  Perhaps if more Real Estate Agents took on this responsibility the market wouldn’t be in the shape it is in now?………

Downsizing your home March 16, 2008

This week-end I had the opportunity to work the Keller Williams booth at the Columbia Home and Garden show.  It has been a great opportunity to meet people from all different demographics.  We have a large banner that advertises our VIP First Time Home Buyer Program and one of the most common comments I have received is: “What if you are not a first time buyer and you need to just downsize instead”.

The trend has been since the 80’s to build these “McMansion” homes.  Growing up, I lived in a 1200 sq ft home that fit my parents and 4-5 kids at any one time.  Many people today would think that is impossible to do!  I do see the trend for extra large homes decreasing.  With a growing trend towards energy conservation and building “green”, many are electing to purchase a smaller home which is not as costly to maintain.  Or, once the kids have moved out of the house, they find that they just don’t need such a large home.

There are some terrific homes in the Columbia area under 1500 sq ft.  If you are downsizing and not looking for a large yard to maintain, there are several new garden home communities.  Or, if you like downtown living there are some terrific remodeled homes in the Elmwood/Earlewood/Cottontown areas that have tons of charm!  Either way, there are a lot of great options on the market right now.  Contact me to get a list of homes in the Columbia, SC area that will fit your needs.

Home for sale in Lexington, SC March 14, 2008

Located near everything in Lexington, in Mallard Lakes Subdivision.  Extras include 2″ blinds, window treatments, hard wood floors in kitchen, security system, sprinkler system, big deck on back (great for entertaining), plus much more! This home has been well maintained w/ new 80 gallon hot water heater installed within past year.  Only $139,900.

 Check out the virtual tour – click here

Pet Safety – Toxic Plants

Spring is just about here and with it comes enjoying the outdoors!  If you like to garden, this is an exciting time of year.  One thing you may not have thought about is gardening with animals around. 

If you have pets, you know that they tend to get into things they are not supposed to.  Chewing on grasses and other greenery is a natural activity for animals, in the wild it helps them with digestion.  There are several plants, however, that can be toxic and even deadly in cats and dogs.  While deciding what plants to add to your garden this spring, consider what your beloved Fido might get into, or before you bring that flower cutting into the house,  make sure kitty won’t get sick if she decides to taste it.Here is a list of some common plants & flowers that are toxic to pets.  For a more detailed list of toxic plants and for a list of non-toxic plants, you can go to ASPCA.org.  If you think your pet may have ingested a poisonous substance, contact your local veterinarian or the ASPCA’s 24-hour emergency poison hotline directly at 1-888-426-4435.

Toxic Plants

Aloe
Amaryllis
Avocado
Azalea
Bird of Paradise
Branching Ivy
Caladium
Calla Lily
Christmas Rose
Clematis
Cyclamen
Daffodil
Elephant Ears
Emerald Fern
English Ivy
Flamingo Plant
Foxglove
Gladiolas
Holly
Hyacinth
Hydrangea
Iris
Lace Fern
Lily of the Valley
Mistletoe
Morning Glory
Narcissus
Oleander
Onion
Rhododendron
Sago Palm
Tomato Plant
Tulip
Various Lilly Varieties
Yew
Yucca 

Market Statistics for Columbia, SC March 3, 2008

Whenever I meet someone and they find out I am a realtor, inevitably the conversation comes around to how “bad” is the market.  My response is that “it is all in your perspective”.  The market is actually pretty incredible right now. Market rates continue to be low and if you are in the market to buy, this is a great time!Here are some current statistics on the market for the Greater Columbia Area for the last quarter of 2007:

* Average List Price: $211,981

* Average Sold Price: $176,001

* Average Days On Market: 89

As of February 15th, 2008, there were approximately 4,695 single family homes active on the market in the Greater Columbia Area.

Each neighborhood is unique so your specific area will have different statistics.  Please e-mail me for a detailed market evaluation for your home. 

Staging a Home to Sell February 29, 2008

 Here is an article on staging that I included in my recent newsletter to my contacts:

If you’ve watched any of the home improvement channels, odds are you have heard about “staging”.  There are whole shows dedicated to the topic.  If you are considering selling your home, you may be asking yourself “Is it really all that important?”.  The answer is a big YES!  The facts are that in a buyers market, buyers have a large variety of homes to choose from.  Your home needs to be staged properly to stand out from the crowd.One big misconception I hear is that sellers feel their home is decorated nicely already.  Some have even had a professional decorator design their rooms.  The fact is, decorating and staging a home to sell are two very different things.  Decorating is bringing in your personal style and lifestyle into your living space.  Staging is highlighting your home’s strengths, downplaying it’s weaknesses and appealing to the greatest possible pool of prospective buyers.Here are some tips and tricks to help you in staging your home.  Of course, I would be glad to tour your home to help you decide what needs to be done!

* Make an Entrance—The outside of your home is the first thing buyers see.  You never have a second chance to make a first impression.  Fresh paint on the door, polish the handle & door knocker, sweep and clean the steps, place a seasonal potted plant on the landing.

* Conquer Clutter—The most important thing you can do to improve your home is to clear out, clean up and get rid of clutter. Rule of thumb: If you haven’t used it in 3 months, box it and store it away; if you have not used it in a year, get rid of it.  If you can’t get rid of it hide it

.* Less is More—A cluttered home can also be caused by too much furniture.  Often almost half of your furniture can be stored to give your home a clean and uncluttered no-fuss look.* Float Furniture—Often re-arranging furniture can make a room look a lot bigger.  By pulling furniture away from a wall you can make a space more warm and inviting

.* Let Light In—Natural light makes living space seem larger.  If you have old, heavy drapery, remove them and put up something light, airy and gauzy in its place

.* The basics—Perhaps the least expensive, but most important tip is to give the interior and exterior a good cleaning, touch-up paint and do basic yard work.

Adapted from HGTV.com article: 13 Home Staging Secrets

Keller Williams Family Reunion February 26, 2008

First of all, I am glad to be back after a long week of being down with the flu.  This was the sickest I’ve been in years!  Basically my entire life was on hold for a week, but now I’m back in business!

The week before I got sick I was very fortunate to be able to attend the Keller Williams Family Reunion in Atlanta, GA.  What is Family Reunion?  For the non-KW agents it is just a convention, but for those who are part of the Keller Williams family of agents, it is truly an experience.  No other company I know of has members across the country come together for fellowship, education and fun like Keller Williams.  So what are some of the big take aways I have from the week?  Here are a few:

• I made some terrific contacts across the country so I will be better equipped to help my clients re-locating to other areas.
• Technology – I continued to increase my knowledge of how to use current technology in today’s real estate market.  It is no longer enough to just put a home in the Multiple Listing Service and throw up a sign and wait for buyers to come.  The traditional advertising in “homes” books and newspapers are a waste of resources too.  Buyers start their home searches on-line, so a listing must be as visible as possible on the Internet.
• Staging – With the market shifting to a “buyers market”.  First impressions are essential.  If a home is not staged properly from the beginning, buyers will quickly move onto the next house on the block.

There is so much more that I’ve learned than I can put in one post.  In future posts I will share some of the details that I have learned about staging and getting a home sold in today’s market, so stay tuned!  Please give me a call if I can be of any assistance (803) 397-4996.

Hello world! February 7, 2008

This is my first entry into the blogging world.  A study in 2005 by the National Association of Realtors estimated that 72% of home buyers use the internet .  Two years later that number has only risen.  It only makes sense that as a Realtor I stay current with technology and reach out to cyberspace for networking.  If you are looking to buy or sell a home in the Greater Columbia, SC area, please send me an e-mail at twallace10@sc.rr.com.   

Future posts will include real estate related information such as:  Current market condition, tips for buying or selling a home, home maintenance tips, mortgage information, area information for Columbia South Carolina, etc. 

I would also like to extend an invitation to individuals in the Irmo, SC area.  If you are not already a member of a networking group, I an looking for individuals from all industries (mortgage lender, landscaper, pest control, printing, etc) to join a group I have recently established.  We meet every Friday @ 8am in Irmo.  Please send me an e-mail if interested.