National Housing Trends To Watch

Infographic Courtesy of Keeping Current Matters/The KCM Blog

Some Highlights

• At a national level, the housing market has shifted over the past year.
• There are more homes for sale, price growth has moderated, and homes are taking a little longer to sell.
• Do you want to know how your area compares? Connect with a real estate agent to go over what's happening locally and what this means for you.
  

What You Need To Know About Homeowner’s Insurance

Article Courtesy of Keeping Current Matters/The KCM Blog

Homeowner’s insurance is a must-have to protect what’s probably your biggest investment – your home. And while you never want to think about worst-case scenarios, the right coverage is basically your safety net if something goes wrong. Here’s how it helps you.

• Covers Repairs and Rebuilding Costs: If your home is damaged by fire, storms, or other covered events, your policy helps pay for repairs or even a full rebuild.
• Protects Your Belongings: Many policies can also cover personal items like furniture, electronics, and clothing if they’re stolen or damaged.
• Provides Liability Coverage: If someone gets injured on your property, homeowner’s insurance can help cover medical bills or legal expenses.

In the simplest sense, it gives you peace of mind. Knowing you have protection against unexpected events helps you worry less. And with such a big purchase, having that reassurance is a big deal.

And while your first insurance payment will be wrapped into your closing costs, you’ll want this to be a part of your budget beyond closing day too. That’s because it’s a recurring expense you’ll have once you get the keys to your home.

Here’s what you need to know to help you budget for this important part of homeownership today.

Costs and Claims Are Rising

In recent years, insurance costs have been climbing. According to Insurance.com, there are four big reasons behind the jump in premiums:

• More severe weather events and wildfires are leading to higher claims.
• Insurance companies are pulling out of high-risk areas, reducing options for homeowners in some states.
• Past rate increases haven’t kept up with the rise in claims.
• The cost to rebuild or repair homes has gone up due to higher material and labor costs.

Basically, disasters are happening more often, repairs cost more, and insurers have to adjust their rates to keep up. Data from ICE Mortgage Technology helps paint the picture of how the average yearly premium has climbed over the last decade (see graph below):

What You Can Do About It

Homeowner’s insurance is a must to protect your home and your investment. But with costs rising, you’ll want to do your homework to balance the best coverage you can get at the best price possible.

Homeowner’s insurance rates vary widely based on location, provider, and coverage. Shop around and compare quotes before settling on a policy. And don’t forget to ask about discounts. Things like security systems or bundling with auto insurance could help lower your insurance costs.

Bottom Line

When you’re planning to buy a home, it’s important to look beyond just your mortgage payment. You’ll also want to budget for your homeowner’s insurance policy. It gives you a lot of protection against the unexpected. And while it’s true those costs are rising, there are things you can do to try to get the best price possible.

What’s your biggest concern when it comes to budgeting for homeownership? Talk to an agent to make sure you’re set up for success.

2025 Lancaster County Property Reassessment

 The Information Below is Courtesy of the Lancaster County Assessor's Office

 Link to original information: LANCASTER COUNTY ASSESSMENT  INFORMATION

Lancaster County, SC (March 7, 2025) – The Lancaster County Assessor’s Office will conduct the county’s 2026 general reassessment of real property, which will take effect in June 2025. The county follows a five-year reassessment cycle.

South Carolina Code of Laws, Section 12-43-217(A), mandates: “Notwithstanding any other provision of law, once every fifth year, each county or the state shall appraise and equalize those properties under its jurisdiction. Property valuation must be completed at the end of December of the fourth year, and the county or state shall notify every taxpayer of any change in value or classification if the change is $1,000 or more. In the fifth year, the county or state shall implement the program and assess all property on the newly appraised values.”

 

When reassessment team members begin visiting properties, they will carry photo IDs and drive Lancaster County vehicles. Appraisers will visit residents’ homes to assess real property and take exterior photos and measurements to determine fair market value. No reassessment staff will enter any home.

 

Field assessments are expected to be completed in June 2025, and notices of new property evaluations will be mailed to property owners the first week of July 2025. These notices will also include details on how to appeal to the proposed assessed values. Please note: This is not a tax bill.

 

“The Assessor’s Office’s role is to establish fair market value for real property in Lancaster County, ensuring the property tax burden is shared fairly and equally,” Lancaster County Assessor Brad Carnes said. “This year, the Assessor’s Office is conducting a countywide reassessment of real property within its jurisdiction in accordance with state law, which requires reassessment every five years.”

 

If you have any questions regarding this mandated law, please contact the Assessor’s office at 803-285-6964 or assessor@lancastercountysc.gov

 

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For additional information on property tax re-evaluations, read this article which I published in November 2024.

WHY PROPERTY TAXES ARE GOING UP FOR NEW HOMEOWNERS

Why a Pre-Listing Inspection May Be Worth It in Today’s Market

 Article Courtesy of Keeping Current Matters/The KCM Blog

Selling a house comes with a lot of moving pieces, and the last thing you want is a deal falling apart over unexpected repairs uncovered during the buyer’s inspection. That’s why it pays to anticipate potential issues before buyers ever step through the door. And one way to do that is with a pre-listing inspection.

What Is a Pre-Listing Inspection? 

A pre-listing inspection is essentially a professional home inspection you schedule before putting your house on the market. Just like the inspections your buyer will do after making an offer, this process identifies any issues with the condition of your house that could have an impact on the sale – like structural problems, faulty or outdated HVAC systems, or other essential repairs.

While it’s a great option if you’re someone who really doesn’t like surprises, Bankrate explains this may not make sense for all sellers:

“While it can be beneficial for a seller to do, a pre-listing inspection isn’t always necessary. For example, if your home is relatively new and you’ve been the only owner, you’re most likely already aware of any big issues that could impact a sale. But for an older home, a pre-listing inspection can be very insightful and help you get ahead of any potential problems.”

The key is deciding whether the benefits outweigh the costs for your situation. Sometimes a few hundred dollars now can get you information that’ll save you a lot of time and hassle later on.

Why It May Be Worth Considering in Today’s Market

Right now, buyers are more cautious about how much money they’re spending. And they want to be sure the home they’re buying is worth the expense. In a market like this, a pre-listing inspection can be your secret weapon to make sure your house shows well. Here are just a few ways it can help:

• Gives You Time To Make Repairs: When you know about issues ahead of time, it gives you the chance to fix them on your schedule, rather than rushing to make repairs when you’re under contract.
• Avoid Surprises During Negotiations: When buyers discover issues during their own inspection, it can lead to last-minute negotiations, price reductions, or even a deal falling through. A pre-listing inspection gives you a chance to spot and address any problems ahead of time, so they don’t turn into last-minute headaches or negotiation roadblocks.
• Sell Your House Faster: According to Rocket Mortgage, if your house is listed in the best shape possible, there won’t be as many reasons for buyers to ask for concessions. That means you should be able to cut down on negotiation timelines and ultimately sell faster.

How Your Agent Will Help

But before you think about reaching out to any inspectors to get something scheduled, be sure to talk to an agent. Your agent will be able to give you advice on whether a pre-inspection is worthwhile for your house and the local market. Because it may not be as important if sellers still have the majority of the negotiation power where you live.

If your agent does recommend moving forward and getting one done, here’s how they’ll support you throughout the process.

• Offer Advice on How To Prioritize Repairs: If the inspection uncovers problems, your agent will sit down with you and offer perspective on what’s going to be a sticking point for buyers so you know what to prioritize.
• Knowledge of How To Handle Any Disclosure Requirements: After talking to your agent, you may decide not all of the repairs are worth it right now. Just be ready to disclose what you’re not tackling. Some states require disclosures as a part of a listing – lean on your agent for more information.

Bottom Line

While they’re definitely not required, pre-listing inspections can be especially helpful in today’s market. By understanding your home’s condition ahead of time, you can take control of the process and make informed decisions about what to fix before you list and what to disclose.

If you choose to skip this step, you may be just as surprised as your buyer by what pops up in their inspection. And that could leave you scrambling. Would you rather fix issues now or risk trying to save the deal later?