Local Florence SC Blog | First Time Home Buyer, Foreclosure, Buying a Home

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John Rathbun
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Archive for March 2009

Best Time in History for First Time Home Buyers

Tuesday, March 24th, 2009

There has never been a time in history, in Florence, that was prime than now to buy a home, and especially for first time home buyers.

The inventory of existing homes is high. That means there is a great choice of homes to choose from and sellers may be more flexible in there selling price. Although home values in the Florence, SC community have held, some sellers are willing to discount more than usual to move their home more quickly.

Interest rates at their lowest in decades and will only stay down long enough for the housing market, nationally, to start recovering. Once the market has started on the upswing again, I feel that interest rates will climb back to more normal ones.

What many first time home buyers do not realize is that they can own their own home for less than they are spending for rent every month. Banks in the Florence market do have mortgage money available. Here is an example of typical home in the Florence, SC market. With a mortgage of $120,000, at 5% interest, the principle and interest payment every month would be $644.19 per month. Depending on the age of the home, this could purchase an 1100-1700 square foot home with 3 bedrooms and 2 full baths.

Now add the new FIRST TIME HOME BUYER TAX CREDIT of $8,000.00 and you have a once in a lifetime opportunity!

In my next blog, I will begin to explain how simple it is to use this tax credit.

Information on Being Ranked 5th by Site Selection Magazine

Friday, March 20th, 2009

Site Selection Magazine Ranks Florence, South Carolina 5th for 2008 ranking of top metropolitan areas, for new and expanding facilities in the United States.

Florence, SC 5th place ranking is for communities in the United States with a population of 50,000 – 200,000.

There were eight announced projects expected to create 1,500 new jobs and bring $161 million in new capital investment.

H.J. Heinz Co is building their first new facility in 30 years to produce “Boston Market” and other frozen meal entrees.

Monster.com, a customer care facility.

Dunline Rubber Products, endless preshrinking rubber belts.

Wellman Plastics Recycling – engineering resins/plastics.

Expansions announced in 2008 were:
McCall Farms – canned and frozen foods.

International Knife and Saw – knife and saw blades.

Assurant Specialty Property – insurance processing center.

GE Healthcare – MRI machinery

With established, well known employers such as Honda, and Roche Pharmaceutical, IREX Pharmaceuticals, Johnson Controls, two State of the art health care facilities (McLeod Hospital and Carolinas Hospital), Darlington Motor Speedway, and many others as important but too numerous to name, Florence, SC is first class city to grow and locate in.

Speed Cleaning- A Clean House Ready to Show in a Half-Hour

Wednesday, March 18th, 2009

De-clutter – Go through all key rooms picking up all clutter. Do not be concerned about where it should go. Put it all in a closet: catalogs, bills and newspapers, pet toys, handbags, shoes, sports equipment, stray DVDs, etc. 4 minutes

Wipe Down – use a small cleaning caddy with all the products and gloves.

Kitchen – Spray an all-purpose cleaner on kitchen counter top. Remove fingerprints from stainless-steel surfaces.

Dining room – Wipe down the dining room table and other surfaces like china cabinet or server.

Bathroom – Spray bathroom sink, vanity, counter tops with disinfectant. Clean mirror. Spritz all outside surfaces of toilet with disinfectant and wipe down. Using cleaner in water and toilet brush. Scrub under the rim and flush. 10 minutes

Dust – Dust coffee table, TV ( including screen), entertainment center, frames and collectables on display. Then dust the floors in the kitchen, living room, great room, bathroom. Finish up by defurring couches and chairs with a lint roller. 5 minutes

Empty – Clear out the sink and put dishes in the dishwasher. Empty waste basket in the bathroom and take out the trash. 2 minutes

Restock – Put out fresh hand towels, a box of tissues, and hand soap. Put out fresh place mats. 4 minutes

Display – Fluff and arrange throw pillows and push couch cushions that might be out of kilter. Make and instant centerpiece by throwing fruit or vegetables into a decorative bowl in the center of the dining room. 4 minutes

Green New Home Construction, Can I Afford It?

Monday, March 2nd, 2009

We see green homes advertised in national publications all the time. While it is debatable whether or not the earth is warming, I feel that it is our responsibility to be kind to the Florence environment when we can. While many “green” details cannot be retrofitted to existing construction, there are several simple ways to reduce your “utility footprint” on the world when building a new home in Florence. As a bonus, YOU SHOULD HAVE GREATLY REDUCED HEATING AND AIR CONDITIONING BILLS.

If you are planning to build your dream home in Florence, plan to ask your chosen builder about a few easy changes to the norm:

1 – Construct the outside walls using 2 X 6 studs instead of 2 X 4. The extra space will allow the use of R-19 insulation instead of the more common R-15.

2 – Insulate the attic with R-42 value product.

3 – Use Low E, argon insulated windows

4 – Consider a front loading washer. They use 50%less energy and 33% less water.

5 – Tank less water heaters reduce energy consumption by up to 40% by heating water only on demand and avoiding standby loss.

6 – A radiant barrier applied to the attic roof. There is emerging technology in attic roof coatings that will also reduce heat penetration in the Florence, South Carolina summers.

Above chart shows an actual Florence home built using these features, showing the 2007 utility bills. CONSIDER THE VALUE OF A FEW EXTRA CONSTRUCTION DOLLARS OVER THE MONTHS, YEARS, AND DECADES YOU WILL OWN YOUR NEW HOME IN FLORENCE.

Check out these sites to make your home more green: tankless hot water heater, radiant barrier, low-E Argon gas windows, front loading washing machines.

Market Recap

  • Avg. Sales Price: $164,657

  • Avg. Days on Market: 106

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