Thinking of Selling Your Home Without an Agent?

 You may want to rethink that!


Hiring an Agent to Sell Your House May Cost You NOTHING!
Article Courtesy of Keeping Current Matters/The KCM Blog

There is no doubt that it is easier to sell your house when using the services of a local real estate professional. The agent will provide:

• Greater exposure to more buyers
• The skills of a professional negotiator
• A layer of protection from possible legal liabilities
• Professional guidance in navigating any pitfalls that may arise
• A level of safety while showing the home

There is no doubt that these services are valuable to any family that decides to sell. The only question is – how valuable? One of the main reasons For Sale By Owners (FSBOs) don’t use a real estate agent is because they believe these services are not worth the fee an agent charges. But, what if those services didn’t cost the seller a penny?
A study by Collateral Analytics, however, reveals that FSBOs don’t actually save anything and, in some cases, may be costing themselves more by not listing with an agent.
In the study, they analyzed home sales in a variety of markets in 2016 and the first half of 2017. The data showed that:

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.” (emphasis added)

Why would FSBOs net less money on their own than if they used an agent?

The study makes several suggestions:

• “There could be systematic bias on the buyer side as well. FSBO sales might attract more strategic buyers than MLS sales, particularly buyers who rationalize lower-priced bids on with the logic that the seller is “saving” a traditional commission. Such buyers might specifically search for and target sellers who are not getting representational assistance from agents.” In other words, ‘bargain lookers’ might shop FSBOs more often.
• “Experienced agents are experts at ‘staging’ homes for sale” which could bring more money for the home.
• “Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.” If more buyers see a home, the greater the chances are that there could be a bidding war for the property.

Three conclusions from the study:

1. FSBOs achieve prices significantly lower than those from similar properties sold by Realtors using the MLS.
2. The differential in selling prices for FSBOs when compared to MLS sales of similar properties is about 5.5%.
3. The sales in 2017 suggest the average price was near 6% lower for FSBO sales of similar properties.

Bottom Line

If you are thinking of selling, FSBOing may end up costing you money instead of saving you money.

Should I Buy a Home Now or Wait Until Next Year?

Infographic Courtesy of Keeping Current Matters / the KCM Blog

Thinking of Selling? You Should Do it TODAY!!

Thinking of Selling? You Should Do It TODAY!!
Article courtesy of Keeping Current Matters / The KCM Blog

That headline might be a little aggressive; however, as August 2017’s housing market data begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME TODAY!
In a recent article by CBS News, they explained that the number of existing home sales is shrinking, and Lawrence Yun, Chief Economist for the National Association of Realtors, said:

“There should be 3 million homes on the market right now…Yet, there are only 1.9 million.”

And this situation will be affected greatly by recent natural disasters. Yun continued by saying:

“Before the hurricanes I would have predicted 1.35 million in new-home construction in 2018…I’ll have to scale that down now.”

NAR, in their August 2017 Realtors® Confidence Index , indicated that:

“Amid sustained job creation and sustained historically low mortgage rates, REALTORS^® reported…that buyer demand is stronger compared to conditions one year ago… and that fifty percent of properties were on the market for less than one month when sold.”

The only challenge to today’s market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is only a 4.2-month supply of inventory, which is down from 4.5 months one year ago.

Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Contact a local real estate professional today to see if that is the case in your neighborhood.

SCCL NUMBER OF CLOSED SALES BY MONTH 2015-PRESENT

This chart can also be found by going to the UP-TO-DATE STATS FOR  SCCL tab above.   There are some great interactive charts at the same location.  Be sure to check them out!

4 REASONS TO SELL NOW

Infographic Courtesy of Keeping Current Matters / The KCM Blog

Remember that all markets are different, 

but much of this is true wherever you live!

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Mortgage Rates Strike New 2017 Low

Article Courtesy of REALTOR® MagazineDaily 
Real Estate News | Friday, September 08, 2017 

For the third consecutive week, the 30-year fixed-rate mortgage averaged a new year-to-date low.

“The 10-year Treasury yield fell 9 basis points this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate followed, dropping 4 basis points to a year-to-date low of 3.78 percent.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 7:

• 30-year fixed-rate mortgages: averaged 3.78 percent, with an average 0.5 point, falling from last week’s previous yearly low of 3.82 percent. Last year at this time, 30-year rates averaged 3.44 percent.
• 15-year fixed-rate mortgages: averaged 3.08 percent, with an average 0.5 point, falling from last week’s 3.12 percent average. A year ago, 15-year rates averaged 2.76 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.15 percent, with an average 0.4 point, rising from last week’s 3.14 percent average. A year ago, 5-year ARMs averaged 2.81 percent.

Source: Freddie Mac

SCCL COMMUNITY OPEN HOUSE

Carolinas HealthCare Merging With UNC To Form One Of The Largest Medical Giants In America

Article courtesy of Charlotte Stories

Carolinas HealthCare System and UNC Health Care have officially announced plans to create one of the leading non-profit healthcare systems in the nation, by merging a high-performing comprehensive healthcare system with a renowned academically-based enterprise, according to a recent press release.
 
Their signed Letter of Intent states that “UNCHCS and CHS will come together to create a new organization that blends the best of a high-performing comprehensive healthcare system with a renowned academically-based healthcare enterprise. The joint enterprise will provide solutions for healthcare’s most pressing challenges, including access and affordability, while offering unparalleled clinical expertise tied to a renowned academic enterprise and contributing to our region’s economic vibrancy.”

To read complete article, click below:
http://www.charlottestories.com/carolinas-healthcare-merging-unc-form-one-largest-medical-giants-america/

IS SOUTH CAROLINA A GOOD PLACE FOR RETIREES?

Map Source:  Kiplinger.com

For folks looking for great locations for retirement, here are some links to articles that you might find of interest regarding taxes.  Some are SC specific, while others make comparisons to other states.  There's lots to consider when making your decision about where it would be financially beneficial to call home in your retirement,  including income taxes, sale, use and motor fuel taxes, estate tax, and gift tax.  As you contemplate this important decision, be sure to consult with your financial advisor. 
 

This report on the 10 best states for retirees was something I posted at my blog in December 2015.
https://pooksscclnews.blogspot.com/2015/12/kiplingers-10-best-states-for-taxes-on.html

This article was published by AARP in June of this year.
http://www.aarp.org/money/taxes/info-2017/states-best-tax-breaks-retirees-fd.html

Here's some info from the SC Bar Association:

https://www.scbar.org/public/get-legal-help/common-legal-topics/south-carolina-property-tax-for-senior-citizens/ 

Here's some information from a group of financial folks at The Balance.  I am not familiar with this group, but their info on the best states for retiring is interesting.

https://www.thebalance.com/best-states-for-retirees-3193239 

No date on this posting, but it has good info regarding SC taxes.  Not familiar with this group, but they've been promoting the Carolinas since 1986.
https://carolinaliving.com/financial-matters/south-carolina-taxes
This source has lots of great information for those considering the Carolinas.  Additional link through this source:  https://carolinaliving.com/search?indexCatalogue=entire-site&wordsMode=AllWords&searchQuery=retirement 

Here's an older article I came across with some interesting information.  Like comps for houses, it should be more current, as a lot has changed since 2013 and they need to do an update.  But the info is interesting, none the less.  Gives an idea of things to consider.
 http://www.postandcourier.com/archives/south-carolina-a-top-state-for-retirees-due-to-tax/article_943d26f4-a483-58c6-8c3c-ffab8821d8a3.html