Mary Jane Freeman's Real Estate Blog | Greenville, SC | First Time Home Buyers, Foreclosures, Loan Modification, Short Sales, Housing Market

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Mary Jane Freeman
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    ABR®: Accredited Buyers Representative
    GRI: Graduate REALTOR® Institute

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Archive for March 2009

Be Sure to Take Advantage of the First Time Home Buyer Tax Credit!

Saturday, March 28th, 2009

Now is a better time than ever to be a Greenville first time homebuyer! As many already know, the new tax credit up to $8,000 is available to those purchasing their first home between January 1, 2009 and November 30, 2009. Don’t spend too much time thinking this over. This your chance as a first time homebuyer to find the perfect home you deserve. This tax credit is the boost every first time homebuyer has been wishing for to find the perfect home that fits. Take advantage of the first time homebuyer tax credit while you can.

The Greenville housing market is ripe for first time homebuyers. Our foreclosure rate hasn’t been skyrocketing like other states, but our home values have remained in a good average price range. There are countless options available for you on the market. Check out the information that the National Association of Home Builders have published about the tax credit to see what specific qualifications are to be considered a first time homebuyer. Don’t miss out on this once in a lifetime opportunity! It’s not every day the government offers an extra $8,000 towards your first home. Please feel free to contact me to answer any other questions you have about the Greenville area or the tax credit from the Stimulus Package. I will do everything I can to help you find the perfect Greenville home as a first time homebuyer.

Greenville Housing Market…Watch out for Foreclosures

Friday, March 13th, 2009

Americans everywhere are feeling the pinch of the recession. The real estate market in particular has taken a huge dive in the past three years. While this may not be so bad for first-time home buyers in Greenville, especially with the government’s $8000 refundable tax credit, homeowners are discouraged about their increasingly decreasing home values.

Home foreclosures are on the rise as well, with February hitting a new monthly high for number of foreclosures, as reported by Foreclosures.com. Foreclosures occur when the bank (or other secure creditor) repossess the home and attempts to sell it after the owner has failed to comply with their mortgage agreement. According to housingpredictor.com, each foreclosure damages the economy an average of $225,000, which is the amount of the average mortgage. With Greenville foreclosure numbers now at an all-time high, the current economic crisis will only worsen until we see improvements in the Greenville real estate market.

Short sale numbers are also rising. A short sale in real estate is a sale in which the proceeds from the sales fall short of the balance owed on the home’s mortgage. The Greenville lender agrees to accept less than the total amount due. Short sales are an alternative to bankruptcy and foreclosure in today’s economy. The impact on the seller’s credit is less than that of a foreclosure–short sales remain on a credit report for 7 years, but it is typically possible to obtain another mortgage 1 to 3 years after the short sale takes place.

As economic and housing market conditions worsen, Greenville residents are forced to rethink their spending habits. But things will get better. The purpose of investment, including real estate, is to invest for the long term, not just to make a quick buck and then pull out. The housing market it just like any other economy and will have its ups and downs over time. Its important to remember that for both the highs and the lows.

Can I negotiate the price of a bank-owned home?

Tuesday, March 10th, 2009

In real estate, all prices are negotiable or at least you can try to negotiate. However, the negotiation on a bank-owned home depends highly upon the bank itself. What banks are willing to do can vary from one bank quickly willing to negotiate price, while another might remain very firm on their asking price of the home. As in all real estate affairs, and especially bank-owned properties, it is best to work with a real estate professional.

Don’t Risk It–Get a Buyer’s Agent

Friday, March 6th, 2009

When it comes to dealings in Real Estate, especially with today’s complicated housing market, it pays to get in touch with a Greenville buyer’s agent. Having a buyer’s agent to guide you through the process of relocating to a new area, buying your first Greenville home, or even moving to a bigger home in the same neighborhood is very valuable and useful so that you are prepared and informed along every step of the way. A buyer’s agent will speed up the process of finding the right Greenville home and will guide you to the right places using the best resources.

Without a buyer’s agent, being on your own can be a complicated, confusing, and even frustrating process. When it comes to relocating to a different area, having an agent who knows the area can be priceless. The real estate market can be so different in various counties, cities, and states across the country. Anyone who is looking to buy in Greenville needs to be in contact with a good Greenville buyer’s agent who can teach them about the housing market, and help them find the right home and neighborhood that best fits their interests. Having a buyer’s agent who knows the pricing of homes in Greenville and can provide pointers to buyers concerning mortgages, maintenance, and insurance is key to finding your perfect Greenville home.

It is important to consider teaming up with a Greenville buyer’s agent so that you will have an agent who is working their hardest to benefit you, as the buyer, regardless of who the seller is. This way, you and your family will have the aid you need in finding the Greenville property that best suits your needs. If you are considering an upgrade by moving into a newer or larger home in Greenville, a buyer’s agent can assist you in determining the duration of time your home will be listed on the market, and what homes you can afford.

Don’t take the risk of going out there on your own. Find a buyer’s agent today who knows Greenville and is committed to finding you what you deserve.

Market Recap

  • Avg. Sales Price: $147,900

  • Avg. Days on Market: 70

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