Category Archives: Buying a home

buying a home

How To Buy Your Dream Home During The Holidays

buying a homeMoving to a new home during the holidays can be a headache considering all your seasonal obligations and activities you have to attend to, not to mention the unpleasant weather conditions in several locations. However, there are several positives when it comes to buying a home during the holiday season making the hassle of moving well worth it.

Less Competition

The exact concerns that make holiday moving inconvenient tend to prevent people from searching for homes during that period. Although there may be fewer houses available at this time, there are also lesser number of home buyers and that means decreased competition for any house that meets your needs.

Motivated Sellers

Home sellers do not enjoy moving during the holidays any more than home buyers do. It is most likely that those who are selling their houses during the festive season have high motivations to do so. Maybe they have to relocate for a new job or perhaps their house has been on the market for way too long and they need to have the money from the sale before the year ends. Combine decreased competition with motivated sellers and you have an excellent leverage to obtain a better deal.

Lower Prices

Prices of houses have been increasing rapidly and this can be partly attributed to a general shortage in the number of homes in the market today. But, December has always been a month of lower house prices. Although it is not sure that this year will follow the same trend, you should still check out the home prices within your local market if you are looking to buy a home.

Faster Closings

All those involved in a real estate transaction during the holidays want to close the deal before the year is out. Buyers would like to settle in their houses and sellers, if they are moving, want to get it all done before the holidays. Lenders also want to include the loan on the books for the current year. Real estate agents, as well as brokers, would like to include their common on their income for the current year as well. Motivated parties need to make the closing process go as seamlessly as possible. However, you need to make sure that you do your part in terms of having all the necessary paperwork in order.

Better Interest Rates

Interest rates are near the all-time low. Although the average rate on a thirty year fixed mortgage has been increasing throughout the year, it is still well below 5%. As of date, interest rates are gradually decreasing as we near the holiday season, after reaching its peak at 4.8% in October. You can use online calculators to check how much you can save over the period of your mortgage with even a slight reduction in interest rates. You might be surprised at the amount you get to save. Keep in mind that your credit score will affect your mortgage rate and even prevent you from qualifying for a mortgage. You need to check your score and credit report.

Motivated Agents

Decreased activity in the real estate market implies that Myrtle Beach real estate agents are working with fewer clients. They have a lot more time to help you and with decreased sales commission available, they might be a bit more motivated to help you complete your purchase.

Related Seasonal Sales

Do you need a new furniture or perhaps other things for your new house? There are several seasonal clearance sales during this time of the year and you will surely find one that will help you give your new home a personal touch. Just be sure to avoid overspending.

These tips are not always applicable in every market and every year. However, the holidays commonly offer these advantages to potential homebuyers. Know the conditions in your local market and determine if you can find your dream home and get a chance to obtain a great deal during the process.

Call Full Potential Real Estate if you are considering to buy a home during the holidays.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-236-0203
http://fullpotentialrealestate.com

buying a home

Is A Buyer’s Market Forming In The US Housing Market 2019?

buying a homeThe economy of the United States is expected to grow between 3% and 5%. With employment going strong, wages rising, and house construction intact, an increasing number of Americans are buying a house. For buyers, it will be their first house. Uncertainty remains but that Millenial buyers will have a persistent demand for new houses in areas within between New York, Los Angeles, and Miami. Even Houston, Cleveland, Philadelphia, Pittsburg, and Chicago can turn out to be the darlings of 2019 as well as 2020 with several people seeking to buy a home.

Economy in California is growing health as well as in areas like Florida, Texas, New York, and Massachusetts. The return of high paying jobs next year will play a great role in the improvement of the US economy. This will encourage the housing market since Millennials in particular, will discover themselves having lasting high paying jobs.

Housing Prices

Many experts predict a flat housing market or a buyer’s market for the year 2019 and 2020. Taking into account the lack of housing availability, it may sound crazy to imply a buyer’s market is on the horizon in San Diego, Los Angeles, and the Bay Area. But things are actually changing. With an impeccable growth in home construction, this can make it the best time to purchase a house and a wonderful time to sell your house. In case mortgage rates grow a little, you must be considering buying in 2018.

Buyer Market Signals

  • Flattening house prices
  • Growing home construction
  • Stable US economy
  • Sales to active listings ratio well under 12%
  • Trade issues eases inflation

But because of the geopolitical uncertainty, 2020 election, trade transitions, rising mortgage rates, high home prices, and higher housing construction prices, home buyers will find it hard to buy in 2018/2019.

But with US companies getting a huge boost in sales in their own country and with lesser imported products, Americans will get to enjoy low unemployment, more access to home financing, and higher wages. It is all optimistic and positive for a strong housing market and maybe the best time to buying a home.

Millennials Hope To Purchase A House

An increasing number of US millennials, that large demographic group, are into their home buying years, with bigger budget, eager to make their first purchase and that will make sure you have plenty of competition. This demand from millennials can make 2019 the best time to sell your house.

When To Buy A House?

2019 is probably the best time for buying a home in Myrtle Beach or a condo. Housing stock on the US market now is not so hot right now but availability is expected to improve over the next few years. Mortgage rates as well as construction costs will increase however this may not be too painful up until 2020 where financing qualification and inflation may hurt prospective buyers.

In case the world moves into recession by 2020, that will just ease inflation problems in the US. The country’s economy will remain solid as more jobs move from China and back to the U.S. Overall, the prices of houses are not expected to grow that much and market crashes are quite unlikely to happen. That will make it a safer purchase for buyers and harder for sellers to obtain the best possible price.

Call Full Potential Real Estate if you are looking to buy a home in Myrtle Beach.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-236-0203
http://fullpotentialrealestate.com

first time home buyers

Tips For Qualifying As A First Time Homebuyer

first time home buyersCountless potential first time home buyers put off getting a mortgage because they think it is a long and cumbersome process. In 2018, a lot of new mortgage programs have become available so first time home buyers can qualify for a loan much easier than before. FHA loans are a commonly used first time home buyer loan for buying a home.

The primary reason why FHA loans are very popular is due to their low credit and down payment requirements. Borrowers who have a bad credit score of 500 can still qualify for an FHA loan with a 10% down payment. But, if the FICO score is below 580, no lender will approve a borrower.

In case you have a score of less than 580, you need to improve your credit score first before you apply for a mortgage. If you have a credit score of exactly 580, you will be required to pay a 3.5% down payment for an FHA-insured mortgage loan.

Get A Copy Of Your Credit Reports

The first thing you have to do is to obtain copies of your credit report from all three major credit card bureaus. You can also visit annualcreditreport.com, which is a government operated site, to get a free copy of your report. You can only do this on this site once per year.

You also need to know what your credit scores are. Go to the websites that provide you your reports and scores for free. A few good sites to visit are Credit Karma, Credit Sesame, and Wallet Hub

Check Your Report For Errors

When you have obtained all three reports, go through each of them to make sure that there are no errors. In case you find some, get in touch with the credit bureau right away and file a dispute.

What To Look For:

–    Incorrect employers

–    Previous and current addresses and phone numbers

–    Incorrect account information

–    Accounts that you do not own

–    Late payments that shouldn’t be there

–    Unauthorized credit injuries

You can argue incorrect information regarding your credit report by getting in touch with the credit bureau in writing, by phone, or online.

Check Your Credit Score

One of the deciding factors when it comes to securing a mortgage approval is your credit score. It is crucial to make sure that you have a high score before you submit an application. Credit Karma and Credit Sesame are some of the sites where you can check your credit score for free.

Increase Your Credit Score

Settle credit card balances – the amount of available credit that you are using is referred to as your credit utilization ratio. It is responsible for 30% of your FICO score. It is important that you pay down your balances to less than 15% of your credit card’s limit.

Don’t Apply For A New Credit – avoid applying for new lines of credit, loans, or credit cards. Once you apply for a credit, a hard credit inquiry will be conducted and reported to the credit bureau, which may lower your credit score. Additionally, you are adding debt to your credit report, which can affect your credit score negatively.

Pay Your Bills On Time – you have to pay your bills in a timely manner at all times. If you are going to be applying for a mortgage sometime soon, you have to make sure that you don’t make late payments. If it helps, set up auto pay for your bills payments.

Get Preapproved Before You Go House Hunting

Before you start your house hunting, you have to get preapproved for a mortgage first by speaking to a lender. A loan officer will evaluate your credit and confirm your income as well as your assets with your W2’s, bank statements, tax returns, as well as paycheck statements.

The majority of realtors won’t begin show you houses unless you have a pre-approval letter in hand. Furthermore, most sellers will not accept offers without the preapproval letter. Getting a preapproval is fast and simple. It can be done in just a matter of minutes. Be sure to bring with you important documents like 2 years of tax returns, 2-3 months of bank statements, proof of down payment, and W2’s and paycheck stubs.

Find Out If You Qualify For An FHA Loan

FHA loans have less strict requirements, making it perfect for first time home buyers who are looking for a loan that they’ll qualify for. The maximum loan to value ratio of an FHA mortgage is 96.5%, which means you just require a 3.5% down payment.

FHA Loan Benefits

–    Minimum credit score of 580

–    Low down payment of 3.5%

–    Down payment can be a gift

–    Down payment assistance programs are widely available

–    Low-interest rates

–    Accepts higher debt to income ratio

–    Fixed rate and adjustable loans are available

Determine Your Down Payment Options

The amount you need for the down payment when you buy a house will be based on the type of mortgage you get.

First time home buyers usually have less cash savings which make low or no down payment home loans extremely popular. FHA loans just need 3.5% of the purchase price as the down payment, making it a very attractive option for those who are buying a home for the first time.

You can avoid mortgage insurance if you don’t have 20% down payment by getting a conventional mortgage. Listed below are a few down payment requirements for every kind of home loan:

–    FHA Loans – 3.5% and a 580 credit score

–    VA Loans – No down payment required

–    USDA Loans – No down payment required

–    203k Loans – 3.5%

–    Conventional Loans – 5% – 20%

–    Conventional 97 – 3%

Hire A Reputable Real Estate Agent

There are a few first time home buyers who think they are doing themselves a favor by not hiring a real estate agent. Don’t be one of them. Always remember that the realtor is paid by the buyer, and the cost is already included in the price of the home. An experienced and reputable realtor will not just help you through the home buying process but also negotiate a good price on your behalf. He or she will always be looking out for your best interest.

Budget For All Home ownership Cost

There are several costs invoiced when it comes to getting a mortgage apart from the house. There’s the mortgage insurance, homeowners insurance, closing costs as well as the HOA fees.

MIP or mortgage insurance is required for FHA loans regardless of the amount you paid for your down payment.

MIP on FHA loans costs between 0.80% to 1% based on the size of the loan as well as the down payment.

In case you have a minimum of 20% as down payment, you must consider a conventional loan, which does not need private mortgage insurance or MIP if you pay at least 20% down payment.

Determine Your Debt To Income Ratio

Your debt-to-income ratio or DTI is the amount of monthly income compared to your debt payment obligations on a monthly basis. This will include things like car loans, credit card payments, and so on.

Front-end DTI ratio is the ratio of your income to debt payments, excluding the mortgage loan. For instance, if you have a gross income of $5,000 per month, and your total payments reach $1,000 per month, then your front-end ratio is 20%. The maximum front-end DTI ratio is 28%.

Back-end DTI ratio is the income compared to your debt payments after including the mortgage payment every month. For instance, if you have a pre-tax income of $5,000 and your mortgage loan and debt payments reach $2,000, then your back-end ratio is 40%. The maximum is 41%. But in some cases, this ratio can reach up to 50%.

Check Programs and Grants For First Time Home Buyers

There are several down payment assistance grants and programs for first time home buyers. HUD has several local state programs that provide first time home buyers help with their down payment when purchasing a home.

You will also find local programs on your counties or city website. A few of these programs might need you to take a home buyer education class for eligibility.

HUD Programs

Good neighbor next door program or GNND – was created by the U.S. Department of Housing and Urban Development to assist law enforcement, teachers, medical and emergency technicians to become homeowners by providing them 50%the list price of HUD homes that are found on hudhomestore.com

One Dollar Program – is offered by HUD allowing local government to buy HUD homes listed at $25,000 or below that have been for sale for at least 180 days for one dollar. These houses can be offered to families with low income in an effort to revitalize their neighborhood.

Know What Loans Are Availble For First Time Home Buyers

People who are buying homes for the first time have several loan options other than the FHA loan. Based on your current situation, you might be eligible for a few other loan programs that provide advantages compared to FHA home loans.

Conventional Loan – in case you have a minimum of 20% down payment then you have to consider a conventional mortgage. FHA will require mortgage insurance regardless of your down payment. If you have a 20% down payment, then you will not be asked to carry PMI, which will help you save thousands of dollars annually.

Conventional 97 Loan – this type of loan was created by Fannie Mae so as to compete with the low down payment offered by FHA loans. With only a 3% down payment and a credit score requirement of 680, you can be eligible for the conventional 97 programs.

VA Loan – if you are a Veteran, you can get a VA loan. It does not need mortgage insurance or down payment, which means this option is the easiest type of mortgage today.

USDA Loan – this program was created by the US Department of Agriculture to assist low-income home buyers in rural places of the country save money on their mortgage. If you are in a location that is eligible for a USDA loan, then you might be eligible. It does not need any down payment and its mortgage rate is just 0.35%.

203 Loan – in you are considering the purchase of a fixer-upper then there’s a renovation FHA Loan referred to as a 203k loan. You can purchase a home that requires repairs and obtains a loan for the purchase of the house and the cost of the home improvements and repairs required.

Fannie and Freddie 3% Down Loan – the two biggest buyers of mortgage loans are Fannie Mae and Freddie Mac. They launched a 3% down payment program referred to as the conventional 97 mortgages so they can compete with the FHA loans.

FHA Energy Efficient Mortgage or EEM – assists borrowers in financing the home purchase and provides extra cash to for energy efficient improvements on the property.

Other Important Information

Who Is Considered As First Time Home Buyers?

In order to be considered as a first time home buyer, you should not have any homeownership over the past 3 years.

Do You Need A Down Payment?

There are programs that do not require down payment like USDA and VA loans. However, they can also be obtained by existing homeowners. There’s no kind of loan specifically for first time home buyers that do not need a down payment.

Which Loan Is Best For You?

First time home buyers have different needs when it comes to home loans. A certain type of loan may be ideal for one but not suitable for another.

However, the most popular home loan that are used by most first time home buyers these days are FHA loans. They have low down payment requirements and less strict qualification guidelines.

What Credit Score Qualifies For An FHA loan?

The Federal Housing Administration requires a credit score of at least 500 and a 10% down payment. If the borrower has a higher credit score, at least 580, then they will insure the loan with only a 3.5% down payment.

Key Takeaways

Purchasing a house for the very first time does not have to be a scary experience. Just follow the tips discussed above, work with a reputable Myrtle Beach real estate agent and loan officer and the process will surely run seamlessly.

Call Full Potential Real Estate, LLC  if you need the professional assistance of a real estate agent in buying a home. 

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-236-0203
http://fullpotentialrealestate.com

buying a home

Top Fears Of Buying A Home Debunked

buying a homeYou would love to own your very own home. However, whenever you start going window shopping, you feel scared and cannot move forward. We understand. Buying a home is one of the biggest decisions you will make in your life. If there is one thing that home buyers have in common, it’s that they are fearful of something. However, these fears are usually just figments of your imagination. In case you are harboring some scary thoughts, listed below are some of the top concerns of home buyers and how to deal with them.

I Can’t Afford A House

Some home buyers are possessed by fears that their whole savings account would all be spent on their new home. They will never be able to go on vacations, buy new clothes, or eat delicious food ever again. The truth is you are not likely to drain all of your savings but of course, that will depend on what and where you plan to buy a house. There are countless loan programs out there today to help you and other first time home buyers with down payment assistance. Many of them don’t need a severed arm or leg just for you to get a mortgage. The best way of determining whether you can afford to buy a home is to contact a loan officer. You can also key in your debts, income, and other info on a home affordability calculator available online so you can see how much you can afford without going broke.

I Might Not Be Able To Buy The Home I Like

The current economy might lead a few home buyers to think that purchasing means they will end up in a version of a horror movie set – a windowless pit that has lots of exposed plumbing. Actually, interest rates are quite low, letting homeowners get an excellent deal and pay less throughout the course of their loan. Additionally, with the economy on a downturn, several fantastic properties are on offer for under value.

What If I Buy A Money Pit?

You might have seen that movie where the life and bank account of Tom Hanks got shredded due to an old house that disintegrated rapidly. That is just a movie and that means not all houses are money pits. Even if the property has some potential issues like a leaking pipe, for instance, there are many things you can do to protect yourself and your investment. Before you buy anything, you should first hire a reputable home inspector who will be able to look for signs of water damage or any plumbing or electrical problems. A home inspector will also give you recommendations on potential repair costs, which can give you leverage when negotiating a price for the house.

I’m Worried I Might Overspend

The asking price for a home might seem like a hefty amount of cash. However, always remember that it is what the sellers are asking for, what they actually get can be far from what they have expected. Your real estate agent will help you come up with a realistic offer. A good real estate agent Myrtle Beach knows the price points well in the areas where you want to buy a house and they can support them with historical data and comps. Because you can look for the prices of homes that just got sold in a certain area recently, it will be easier for you to find out what the neighbors have paid for their home and get a better idea before you make an offer.

It Is Safer To Rent

Sure, renting means you won’t be trapped in a single place, unlike homeownership. However, rent money just disappears and it won’t let you build any equity as time goes by. If you are in doubt, you can always use a rent versus buy calculator to know if it is better for you to rent or buy a house in your area.

Call Full Potential Real Estate if you are thinking of buying a new home in Myrtle Beach.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-236-0203
http://fullpotentialrealestate.com

buying a home

Fall Is The Best Time To Buy A House

buying a homeSpring and summer has long been considered as the best time for buying a home. Meanwhile, the other seasons, like fall, gets tossed aside. Some home buyers think that fall is more about Halloween and turkey dinners and less about house hunting. But contrary to what people think, fall is not only a great time to purchase a house, but it might just be the perfect season to look for your dream home.

Find Affordable Houses

When days turn crisp, the real estate market clears out, just like a beach following Labor Day. Many summer buyers have already found their dream home and that means, fall buyers will encounter less competition for the houses that are currently available in the market. A lot of people drops out of the market until after the New Year, which means fall buyers have more space to roam when visiting open houses. Although there might not be as many homes to choose from, you can still reap big rewards with a bit of patience and perseverance.

Worn Out Home Sellers

Sellers who have put up their homes in the market in fall are people who need to really need to sell their properties. This can serve as a leverage for the buyer when negotiating for a better price. In case you have had your eyes fixed on a certain property all summer, you are going to be in the driver’s seat as far as coming up with an offer that the seller won’t be able to refuse. The buyer will have more negotiating power for a house that’s been sitting on the market for a long time.

The Holidays are Near

Most home sellers are worn out following the summer selling season and they are likewise caught between a hard place and a real estate rock as the holidays come closer. In case they would like to move and settle down just in time to host Thanksgiving and set up their Christmas lights, they need to close, as soon as possible. So when buying a home in Myrtle Beach, be sure to use this pre-holiday period to your advantage by offering to assist them in vacating the place if they give you a good deal.

Year-End Tax Credits

Nobody wants to purchase a house for the sake of making their accountant happy. However, there is a sweet extra incentive too that makes the perfect time to purchase a house when it is almost the end of the fiscal year. On April 15 next year, you may get tax deductions including property tax, closing costs, and even mortgage interest to offset your taxable earnings.

More Quality Time With Your Real Estate Team

As the year comes to a close, less number of buyers mean you will have the full attention of your real estate lawyer, mortgage broker, real estate agent, and all the others who are part of your house hunting team. You will have the time to ask all the questions you might have regarding earnest money, title transfers, due diligence, and more.

Home Improvement Bargains

When you close on that house you found in the fall, you might want to upgrade your appliances. Fortunately, December is when big appliances, like stoves dryers, washers, and refrigerators, are at their cheapest. You will also find good deal on TVs and cookware.

Call Full Potential Real Estate if you the help of a professional real estate agent.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-236-0203
http://fullpotentialrealestate.com

How To Get The Best Deal On A Model Home

model home

Purchasing a model home is a bit like buying a vehicle that’s been used only for test drives. We all know that the dealer will offer that car at a discount. Builders will usually provide discount the cost on a model home, as well, even though nobody has ever lived in the house. There are several approaches you can take if you want to make sure that you get the best deal on the model home.

Check All The Model Homes For Sale If Possible

Builders usually sell off homes well before they are built according to the layout and appearance of the model home. It is sensible that they want the model to appear beautifully so they will spare little expense when it comes to decorating it. Many Myrtle Beach model homes include designer paint, free upgrades, as well as designer window coverings. Be sure to check them all out and then choose the model that has the best location, upgrades, and layout.

Hire Your Own Agent

When you are going to the office of a new home sale, be sure to bring your buyer’s agent from Full Potential Real Estate, LLC with you. There are some builders who do not allow your agent to represent you in case you come in unescorted the first time around. Most buyers do not even recall signing anything – and that is how smooth the representatives are at their sales offices. The sales agents of the builders is tasked to be the representative of the builder regardless of what they may tell you. Some of them will use tactics that will pressure you to sign a contract. Your buyer’s agent will represent you. He will be your fiduciary and obligated to look out for your interests. He has a responsibility to disclose all the good things and also the bad things about the deal.

Ask If Anybody Has Occupied The Model Home

This question does not necessarily mean that somebody has actually lived in the model home. Perhaps it was used as a sales office. Don’t forget to ask how long. Even though it is unlikely that the kitchen appliances have been overused, don’t be surprised if the bathroom fixtures are not in tip-top shape. All these details can be used to negotiate a lesser price for the model home.

Check The Comparable Sales

Your buyer’s agent will not be able to get comparable sales from MLS if the builder does not list there, and a lot of them don’t. However, you can still get the data from a title company. You might not be able to know which houses have been sold with what upgrades. The promoted sales price will mean very little. Check how many deeds have been mailed to the property address. How many were mailed on other addresses? This could imply that a few of the homes may owned by some investors, who are usually the first ones who will bail once the market plummets, and one of the reason you are purchasing in a new subdivision is to be close to other buyers who are similar to you and not by tenants.

Get Legal Advice Before Signing A Purchase Contract

You need to hire a real estate lawyer who can review your purchase contract before signing it. Standard purchase agreements exist to prevent people from getting sued however the language used on these agreements do not necessarily protect the homebuyer. Many of these contracts, which can run up to 100 pages, focus on protecting the builder.

Think Of Using Your Own Lender

Builders usually want to work with their own lender because they will keep them informed of your progress. It works something like a one-stop shopping on the builder’s part. However, that lender may not be able to give you the best interest rate or loan. Apart from that, the builder may even own the lending company.

Hire A Home Inspector

You should also hire a qualified and reputable inspector – this should not be anybody within the family or circle of friends. You have to get a real inspector. Be there when the inspection is conducted and be sure to ask all the questions that are running in your head. Defects are not only for old homes, even new ones can have them. Construction workers are humans and they can make mistakes.

Check The Reputation Of The Builder

When a buyer has had a very bad experience with a builder, that will spread like wildfire throughout a community. However, you will not know if that bad reputation is just an isolated experience or maybe the builder has a history of poor service. Whatever it is, be sure to check and of course, verify public records for any lawsuit.

Negotiate The Price

Leaving the furnishings in the model home is a standard practice. The artwork on the walls, the furniture, and things like that remain in the house – if you ask them to be there. You should let them know that you want to keep them without any consideration as well as without warranty when you are putting these things into the purchase contract. You must never be intimidated if the builder’s agent says the price is firm because it is rarely firm. You must learn how to negotiate home prices from a place of strength. Talk to your real estate agent, ask for recommendations.

Try To Purchase The Last Model Home

Watch out of closeout sales because in most cases they come with the best deals. You don’t have to worry that future home sales will carry lower prices. So, if possible, go for the last model home.

Call Full Potential if you are looking for a real estate agent who can help you buy a model home.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-236-0203
http://fullpotentialrealestate.com

Questions To Ask Before Buying A Home In A Hurricane Prone Area

buying a home

Several homebuyers are drawn to the distinctive culture possessed by beach towns. But what if the beach town where you are considering buying a home you like is also a hurricane zone? Your home will definitely be at higher risk of getting seriously damaged. So how will you know if the property that’s located in a hurricane zone, is worth buying? Here are a few questions that you need to ask yourself.

How much will you pay for insurance?

Whether a hurricane hits or not, you have to pay for insurance. Insurance rates run the gamut. According to the numbers provided by the Insurance Information Institute, in 2012, Idaho had the lowest premiums at $528 while Florida had the highest at about $2,084 per year. What does this mean? Before you begin searching for a house, talk to an insurance agent first. Although it may seem as if you are doing this backward, meeting with an insurance agent will give you an estimate of the insurance cost you need to cover every year.

Should I Buy A Property On The Beach Or A Few Blocks Away?

The location of the property that you wish to purchase will have a significant impact on your risk and premiums, even if you go with a house that is located just a couple of miles inland. It will all be based on the flood hazard locations defined by the National Flood Insurance Program’s Flood Insurance Rate Map. The spots that were considered as Special Flood Hazard Areas are places with the highest risk. They have a minimum of 1 out of 4 chance of flooding throughout a 30-year mortgage.

Keep in mind that you do not need to be close to the water to be considered in a flood hazard area, like the communities in Oklahoma and central Texas. So if you are house hunting together with your Myrtle Beach real estate agent, you need to take into account where each property falls on the map and their flood zone designation.

What Kind Of House Should You Buy?

According to the experts from Full Potential Real Estate, the house type you wish to purchase will also make a big difference since there are a few homes that were made to specifically stand up against hurricanes. Some of these houses are dome-shaped, which lessens the wind damage, while a few are built on stilts to lower risks of flooding. These houses might also obtain a much better rating from your chosen insurance company.

Don’t forget to ask your real estate agent to show you all the houses that were designed to withstand wind and water or if you prefer a conventional home, be sure to hire a reputable home inspector who can help set realistic expectations regarding the home’s capability to withstand a hurricane before you make an offer.

You may have lower insurance costs if the house you wish to purchase was built to code and can stand up against any hurricane or storm. In case the house is not up to code, you need to work with a contractor who can make improvements on the property. However, don’t forget to calculate the costs before you make any commitment. In case the insurance savings are not bigger compared to the cost to remodel, then the house may not be worth it.

In Case Damages Do Not Happen, What Will Be My Deductible?

Regardless of where you live, your homeowner’s policy will cover hurricanes. However, these policies are different depending on your financial responsibility in case you need to file a claim that is hurricane related. Although you might not be able to get yourself out of a hurricane deductible, you can still manage to cut costs by shopping around. Insurance companies offer different costs so be sure to obtain a minimum of three estimates before you finally choose a carrier.

Should I Also Have Flood Insurance?

You need more than a regular homeowner’s insurance if you live in a coastal region. Generally speaking, damages associated with high powered winds of tropical storms and hurricanes are covered by homeowners insurance. However, it does not include one major problem, flooding. You need to keep yourself protected by getting a flood policy. It will be issued by the National Flood Insurance Program. The policy will cover property damages if the toppled levees, as well as the heavy rains, have caused flooding to your house. Ask the insurance agent to explain everything about your insurance in detail. Be sure to ask questions if there is anything that you do not understand. If you don’t want to have any regrets, be sure to get a flood insurance.

Call Full Potential Real Estate, LLC if you want to know more about homes located in hurricane zones. 

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-236-0203
http://fullpotentialrealestate.com

Real Estate Myrtle Beach

Making Competitive Offer On Homes For Sale In Myrtle Beach

Real Estate Myrtle BeachIf you are a home buyer who has been checking out Myrtle Beach homes for sale but is having difficulties securing a real estate deal, you may have a problem with the offers you are making and submitting to sellers. Keep in mind that these offers are where you make your first impression to the seller. Although you have probably already met the seller, your proposal is where the seller will be able to get to know you and decide whether or not to sell the house to you.

If you want to make an irresistible and impressive offer to your sellers, here are some key points to remember.

  1. Consider what the seller wants. Every buyer and seller of homes for sale in Myrtle Beach wants to achieve a thing or two from the sale. You as a buyer primarily want to get the house. For you to achieve it, you need to make sure that the buyer achieves what he wants from the sale.

To know what the seller wants, you can ask for assistance from the listing agent. Ask questions that will help you determine the goal that the seller wants to accomplish from selling the house. For example, is the seller selling because he already closed a deal for a house that he has bought? If so, you will need to assure the seller that you will provide him with a clean and quick transaction so he can immediately move into his new home.

  1. Be ready to pay a competitive price. This is particularly true if you are buying in a highly competitive market, where you are likely to be caught in a bidding war. If you really like the house, think about making an offer that is slightly higher than the purchase price by the seller. Make sure your offer remains realistic and within the price range of similar houses in the same area. Enlist the professional assistance of a real estate agent to ensure that you are making the right offer that will look good to the seller but will not get you bankrupt.
  2. Inform the seller that you already have an approved mortgage loan. Your best weapon to make the seller say yes to your offer is to show him proof of your approved mortgage loan. This is especially true if the seller is looking to sell the house quickly. Having an approved loan means you are ready to buy the house and you are nearly halfway through the purchase transaction. Plus, it also tells the seller that you are done looking at homes for sale in Myrtle Beach and are genuinely interested to buy his house at the soonest possible time.

Give Full Potential Real Estate LLC a call today if you need professional assistance in buying homes for sale in Myrtle Beach.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
http://fullpotentialrealestate.com

buying a home in Myrtle Beach

Why Choose Older Homes When Buying A Home In Myrtle Beach

buying a home in Myrtle BeachIf you are considering buying a home in Myrtle Beach, you may want to look at an older home. Not only because there are lots of older homes for sale in the area, but also because these homes offer unique charm and timeless beauty. And more importantly, they are reasonably priced; some even offer significant discounts.

There are different types of older homes that you can consider buying. Most of them have unique historical features, adding to its timeless beauty. They also offer some distinctive qualities that are not present in ordinary homes, unless you choose to add them through a renovation. These distinctive features include exposed brick and crown molding.

When buying existing or average homes, location and price play a major role in the home buying process. A home buyer’s agent can assist you in finding the property that will suit your needs and preferences. There are attractive and affordable older homes that are located in neighborhoods that may not be appropriate in raising children or may be inconvenient when getting to and from your place of work.

It is worth noting that the total price value of an older home is not the only expense you will need to spend money on. Full Potential Real Estate, LLC highly recommend considering further expenses on renovation and repair when you buy older homes. The great thing is you can avoid spending a lot of money in buying an older home if you spend time researching the property and negotiating with the seller.

Always have the house inspected by a professional when buying a home

Whether you are buying an older home or a new home, it helps if you hire a professional to inspect the house before you begin negotiating with the seller. The home inspection will help reveal areas that need improvement and repair on the house. You can then include these as part of your negotiations with seller.

Aside from pinpointing problems in the house, a trained and licensed inspector will also check and test all the major systems and important elements of the house to determine its remaining lifespan. You will then have information and estimates on when repairs and/or replacements are due on the house’s roofing, HVAC system, electricity and wiring, plumbing and other systems. You can use all these details and information to decide whether or not pursue with buying an older home with or without the help of a real estate agent.

Think about doing a renovation

Having the house renovated after the purchase is very common when buying a home. This is especially true if you are buying an older home that is located in a desired and convenient neighborhood but the physical layout of some of the areas of the house is not suitable for you and your family.

This is not a problem nowadays because there are mortgage loans that include the costs of renovation into the financing. Just be sure to provide the mortgage lender complete information regarding the work that needs to be done to the house. It is recommended that you make arrangements for your loan approval early to give the lender sufficient time to review your proposal.

What’s great about having an older home renovated is that it does not only improve the quality and functionality of the house, it also helps to significantly increase its value, which is beneficial when you think about reselling the house after several years.

Be sure you work with a licensed and experienced real estate professional to help you find the best older home and guide you through all the aspects of buying a home.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
http://fullpotentialrealestate.com

Real Estate Agent Myrtle Beach

Buying A Home In Myrtle Beach Through Open Houses

Real Estate Agent Myrtle BeachOpen houses have made buying a home in Myrtle Beach, SC easier especially for first time home buyers. These open houses have become an integral part of buying and selling of houses for years. Many professionals believe it will remain to be an instrumental tool in the real estate industry for several years to come. However as a purchaser, are you getting the most from these open houses? Below are important things buyers should keep in mind whenever going to an open house.

1. Open houses allow you to learn more about the house and the current state of the market.

New purchasers and first time home buyers must make the most of open houses to get a feel for the marketplace. In today’s property markets, a buyer can begin to get a feel for prices and the market prior to committing to a representative using online search devices, mobile apps and the open home. Most significantly, open houses are a few of the best methods for a purchaser and real estate agent to begin a strong and lasting professional relationship.

2. It’s alright to decline signing in but always say hello and greet the agent.

It is a common scenario for agents to come and harass buyers whenever they go to open houses for the purpose of buying a home. What most buyers are not aware of when going to open houses is that it is alright to decline to sign in. On the other hand, it’s also typical courtesy to at least acknowledge and greet the real estate agent at the open house. Keep in mind that part of the job of the home seller’s real estate representative is to check out the people coming and going to the open house. Yes, they are there to primarily sell the house. But they are also there to keep the security and safety of the property. Thus, you should keep in mind to always be polite and say hello. Introduce yourself to the real estate agent from Full Potential Real Estate, LLC and if you prefer not to sign in, politely decline.

3. Open houses allow you to observe other buyers.

If you really want to buy the house, you should take time watching other buyers while you are in the open house. This will help you determine how much competition you have in the house or if you have competition. More specifically, if you see a lot of individuals walking in and out rapidly, there is probably some problems with the house. On the other hand, if you see purchasers asking the listing agent concerns and then discussing privately with their partners or real estate agents Myrtle Beach, it might be an indication that the house is well-priced and a “hot” listing.

4. Open houses give you an opportunity to ask questions when buying a home.

Do not forget that the listing agent and real estate representative who are present at the open house are direct lines to the seller. Thus, if you want to learn more about the house or the seller, you should not hesitate to ask the agents. Surely, they must know more than anybody about the home and the seller.

If it’s a competitive market, ask questions such as: “Why is the seller selling?” “Is there a specific day to examine offers or have you had a lot of showings?” In a sluggish market, ask how long the building has actually been on the market and what the seller’s inspirations are. An excellent agent will engage you since it’s good for his seller.

5. Open houses allow you to observe real estate agents before deciding to work with them.

When considering a new physician, legal representative or CPA, you don’t get to see them in actually working until you’ve actually hired them. When thinking about hiring a real estate agent, on the other hand, you can watch them carefully as they assist you or other people in the open houses. This, thus, allows you to make the right decision regarding choosing a real estate agent to work with. If you sense the representative could be someone you might want to represent you, ask some open-ended concerns, such as “How’s the market?” and “What areas do you cover?”.

Looking for real estate agents to work with you when you are buying a home? Call Full Potential Real Estate, LLC now.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
http://fullpotentialrealestate.com

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