Pricing your home correctly is essential to getting it sold. Here are some tips to help you get on the right path.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationThis week, I’ve got some great tips for you on how to price your home to sell. Every time I go on a listing appointment or get asked about a home’s worth, there's a process I employ for pricing my listings. Here’s an outline of the discussion, with timestamps so that you can skip ahead to the section(s) that interest you most:0:50- How to define your target market and buyer pool2:35- Why looking at comparables with the same features as your home is important3:30- How your motivation as a home seller can play a role in your final sale price4:30- The importance of not letting your ego get in the way of your price5:15- What will happen if you overprice your house?6:15- Why bringing in a lowball offer is a mistake7:00- Final thoughts on the kind of professional that will help you price your home correctlyI hope this information was helpful to you. If you have any other questions about pricing, selling your home, or anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

Columbia South Carolina Real Estate Podcast with Brent Downing

Advice for Pricing Your Columbia Home Correctly

If you’re wondering what the different approaches are to seamlessly buy and sell a home at the same time, here’s how.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationA seller situation that I’ve become fairly familiar with is that of the person who wants to sell their current home and move into another all at once. They often come to me with certain concerns and assumptions swirling in their minds, so I’d like to take a few moments to clear some of that up.   First, when you’re presented with a good offer on your home, don’t hesitate to act on it. Now, if you’re in the market for a specialty home, such as a lakehouse or one that possesses qualities not found in many other properties, you need to leap at the opportunity when a home like that hits the market to fend off competition.It’s unwise to assume that you’ll be able to carry a second mortgage while your current home is on the market without first checking with a lender.Aside from that, don’t operate under the assumption that you’ll be able to carry a second mortgage with ease while your current home is for sale. That’s simply not a wise assumption to make. My advice is to check with a lender to determine if you can juggle both simultaneously. Know that going under contract for a new home and selling your current home all in the same day is a pretty rare occurrence. In a few words, timing is critical. It’s important to prepare yourself for one of two things: If you sell your current home before finding your next, you’ll have to seek temporary housing. On the other hand, if you make a purchase while your home remains on the market, you’ll be left with two mortgage payments to make short term. If buying and selling simultaneously is a strategy that interests you, please give me a call. I can point you in the direction of some lenders that can assist you with questions of this nature, give you a market analysis on your home, and discuss what you can expect if you plan to enter the market soon. 

Be Well-Prepared If You Plan to Buy & Sell at the Same Time

Today we’ll be getting to the bottom of an important question: What are HOAs and how do they work?Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationWhether you’ve lived within one or not, you’ve probably got some questions about what HOAs are and how they work. In short, an HOA, or homeowners association, is an organization of homeowners that retains the right to create and enforce regulations, rules, and restrictions on a particular subdivision, condo unit, or planned unit development. These rules will vary between each HOA and may stipulate anything from the required size of homes to where you can park your vehicle. That said, there is a good reason for these rules. HOAs help the properties within them maintain a certain level of care. This, in turn, helps to protect the homes’ market values.You should be well aware of what you’re signing up for before you purchase any given property.Of course, an HOA can’t operate without funding. This is where the matter of HOA dues come in. Those living within an HOA are required to pay a certain monthly fee that will ultimately be applied toward the care and keeping of the neighborhood. If you neglect to pay this fee, however, the HOA is within their legal right to take action. They may even foreclose on your property. The bottom line is that you should be well aware of what you’re signing up for before you purchase any given property. This includes checking to see if it’s within an HOA and, if it is, what rules you’ll be expected to follow and what fees you’ll be expected to pay. In many cases, an HOA is well worth the cost. Even so, only you can determine what is best for you and your family—with the help of a trusted Realtor, of course.If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon. 

Everything You Need to Know About Homeowners Associations

Lake Murray isn’t going anywhere. Here’s what you need to know about the current state of the lake.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationWhether you've seen it during your lake home search or have simply driven by, you may be curious why Lake Murray's water is down so far. There's a good reason for the decreased water level, which I'll be sharing with you today.Every year during the winter, they usually drain the water down three or four feet from the summertime levels. This year, they decided to go down to eight feet below normal, which is 10 feet below full pool levels and 350 feet above sea level. As you can guess from these numbers or by looking at the lake, the shoreline is much lower than usual.However, don’t panic. Nothing’s wrong and nothing is happening with the dam. This is something that happens every three to five years, and they were actually supposed to do it last year. It helps owners maintain their shoreline, kill off unwanted vegetation, and more. At the end of February, we should have things back to normal.Nothing’s wrong with the dam, so don’t panic.Another thing I wanted to touch on was the Dominion buyout of SCE&G and how it affects the lake. As of now, there are no planned changes and I don’t think there will be any big changes in the future. If you have any questions for me about Lake Murray, Lake Murray real estate, or any other kind of real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon. 

What's the latest with Lake Murray? Watch this to see...

What’s going on in our real estate market right now? Find out in today’s market update.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationThere’s been a lot of speculation lately about whether our market is undergoing a slowdown. The truth is that while conditions are cooling significantly on the West Coast, the changes to our Columbia market have not been nearly as extreme. However, despite the slight slowdown we experienced in the fourth quarter, our market is still more active than what was true at this time a year ago. The Columbia market is still doing great.It’s important to understand what’s really going on when you hear about a market slowdown on the news or from other various sources. It doesn’t mean we’re undergoing some massive crash. All it means is that our market has become more balanced. Prices are leveling off, not going down, and the days on market are increasing, but these factors are nothing to panic about.Despite the slight slowdown we experienced in the fourth quarter, our market is still more active than what was true at this time a year ago.The point to take away from these recent changes is that buyers and sellers alike will need to slightly alter the way they approach their real estate goals. Of course, conditions do vary by price point, as well. The slowdown occurring in our luxury market is far more pronounced than what is true in lower price ranges. If you want to learn more about how to make the most of our current market, you can download our most recent buyer and seller guides here. All in all, it’s still very much possible to secure a great deal on our market. With the end of the year upon us, we hope you know how grateful we are for your continued support. Thank you, and have a happy New Year.If you have any other questions or would like more information, feel free to give us a call or send us an email. I look forward to hearing from you soon. 

Is the Market Really Slowing Down?

Our team is so thankful for you this holiday season. We hope your season is as merry and bright as ours.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationHappy Holidays! In the spirit of the season, our team would like to extend our warmest thanks to all of you for the amazing year we’ve had. Your continued support means so much to us. The success we achieved in 2018 wouldn’t have been possible without you. We look forward to continuing to serve our community and are excited to work with you all in the new year to come. Merry Christmas, Happy Holidays, and Happy New Year!

A Holiday Message to You

Contracts are a critical part of any real estate transaction, so it’s important to have an agent and attorney who know the ins and outs of your contract. Attorney Mark Thomas joins me today with some advice for you.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationI’m here with my favorite closing attorney and owner of the Thomas Law Firm, Mark Thomas. Mark and I have been doing business together since I first entered the real estate business. His job is to help the closing process go smoothly for our clients, and today he’s here to give you some pointers to think about when you buy or sell a house.Mark emphasizes how important it is to find an agent who understands your contract. You’ll have to rely on the contract as you move forward in the transaction, so your agent needs to be aware of what the contract says so that you don’t end up in a legal predicament that you can’t back out of. Tell your agent everything—including all your concerns and worries. Don’t wait until later down the road to mention that you’d like to alter something about the contract, as it might be too late to change by then; once it’s in writing and has been signed off, that’s it, unless changes can be agreed upon in writing, as well.According to Mark, one of the biggest misconceptions about real estate transactions is that they’re always going to be really complicated processes. It’s our job to simplify the process down to its nuts and bolts.Your agent needs to be aware of what the contract says so that you don’t end up in a legal predicament that you can’t back out of.People think it will take hours to get the necessary paperwork signed, but it really won’t; this is especially true for first-time homebuyers, who don’t really yet understand all the moving parts of the transaction. We will go through the papers with you and make sure you’re on board with everything and that there are no misconceptions about what’s going to happen moving forward. Whatever your concerns are, tell us about them, and we can walk you through them. There are no bad questions, and we are more than happy to answer any you have.It’s also important to have a capable closing attorney, like Mark himself. Some people think it’s advantageous to use the cheapest attorney they can find, only to find out later that they’ve messed up because they specialize in a different kind of law. If you don’t end up working with the Downing Team and Thomas Law Firm for your transaction, that’s fine—but it’s still important to find an attorney who specializes in real estate.  If you’d like to contact Mark directly, he can be reached by phone at (803) 799-0705, or you can visit his website at www.MarkThomasLawFirm.com. He’s the only attorney we work with because he is the No. 1 real estate attorney in the Midlands.If you’re interested in buying or selling a home and would like to work with experienced agents, please feel free to reach out to the Downing Team Real Estate Group. 

Simplifying the Legal and Contract Portions of Real Estate Transactions

Finding the right real estate agent is key to having a successful home sale. Here are a few tips to help you get started on your search.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationThis week I want to talk about a few of the things you should look for in an agent if you’re selling your house.The first and most obvious trait your agent should have is integrity. You want them to look out for your best interests, not just for themselves. Another thing to consider is competency. Does the agent have market knowledge and do they know how to price homes? Are they available when you need them? This is a service-based business, so you want someone who is responsible and available.There are three factors that are essential to selling any house: price, condition, and marketing. You want someone who does all of these things well. They should be able to tell you what your home is worth, what your competition is, and where they should price the home. Price is critical when selling.Your agent should be in constant communication with you.As for condition, you want someone who can walk through your home and let you know what buyers are going to think. They need to help you present your home at its best price.Finally, there are plenty of ways to market your home. You want an agent who is a great marketer. You don’t want someone who just puts a sign in the yard and prays that it sells. We put our homes on 500+ websites, run Facebook ads, and do plenty more to make sure your home is marketed its best.It doesn't stop here. For some agents, once they put a home on the market, their communication with the client is over. You don’t want that. You need an agent who is going to follow up with the people who view your home and follow up with you as well. They should be communicating with you regularly.There are so many hats that a good agent needs to wear well. This is the biggest financial transaction of your life, so you want to hire a pro that you can trust and who knows what they’re doing. We’re the No. 1 listing and selling company in Columbia because we wear all of these hats, and we would love to wear them for you. If you have any questions for us or you’d like to talk more about how we can help you sell your home, don’t hesitate to give me a call or send me an email. 

How to Choose the Best Agent to Help You Sell Your Home

Today I want to talk about how we help you price your home for your particular market.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationWe go on a lot of listing appointments in the Columbia and Midlands areas and are often asked, “How should I price my home?” Any time this comes up, I start first by taking a tour of the seller’s home while keeping in mind who the likely buyer is and what that potential buyer's options are. Also, what's the competition and what has sold recently?You need someone who has knowledge of the market and understands the supply and demand of your neighborhood.After I look at all of this, I'll look for homes on the MLS similar to the seller's home and compare them through the eyes of the buyer. I want to see how a buyer will objectively look at the home's condition, features, updates, etc. This helps me find a range that the home will sell in. Then, we can decide to price it high and wait for a buyer if the seller's not in a big hurry, or price it lower if the seller needs to move quickly.After a good agent has looked through your home, they will be able to provide you with a range of potential prices. If an agent comes with the average dollars per square foot for your neighborhood and says that your house is worth this amount, they’re not doing you a service. You need someone who has more knowledge of the market and understands the supply and demand of your neighborhood so that they can get you the best results.If you have any questions about this or if you're interested in learning more about buying or selling, please feel free to reach out to me. I look forward to speaking with you soon. 

What Price Should I List My Home At?

How will recent trends in the mortgage industry impact your buying or selling experience? We discussed the answer to this and other important questions during our recent interview with mortgage expert Randy Brown.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationRandy Brown, owner and CEO of Mortgage Options, joined me recently for a very informative interview about real estate financing. We work with Randy all the time, and we’ve always found his insight into the lending world to be very valuable. The first point we touched on in our interview was the current state of mortgage lending. According to Randy, rates have been going up since November of 2016 and aren’t showing signs of stopping. Right now, rates are nearly a point higher than where they were prior to the last presidential election. On a $200,000 home, which is the average price point in our market today, this 1% increase amounts to about $100 more each month for someone who purchased such a property with a down payment between 5% and 10%. Those looking to buy a home in today’s market must get pre-qualified with a local lender in order to be successful.With rates and home values both on the rise, buyers and sellers should adjust their real estate goals accordingly. Move-up buyers, specifically, should make their move as soon as possible. And the current lack of inventory means sellers should consider making their move, too. The bottom line is this: Those looking to buy a home in today’s market must get pre-qualified with a local lender in order to be successful. Having the guidance of a mortgage professional (and a strong real estate agent) will be essential as you navigate your move.If you’d like to get in touch with Randy, you can give him a call at (803) 732-5787 or visit his company’s website: www.scmortgageoptions.com. And, as always, if you have any other questions or would like more information, feel free to give we a call or send us an email. We look forward to hearing from you soon. 

Are You Planning a Move? Don't Wait Until Rates Rise Even Higher

Whether you should order a home inspection or not before listing depends on your situation.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationShould you order a home inspection before listing? The answer depends on your situation.  If your home was built in the 1940s or 50s, you should probably get an inspection just so you know what’s going on with it. The buyer will order their own inspection anyway, so you don’t want a huge mess of problems to arise suddenly and scare them off.If your home is old, you should probably order an inspection before listing.Aside from the general home inspection, I typically always recommend that sellers in our area order a termite inspection, unless you have a bond. I also recommend ordering a heat and air inspection, unless your home’s units are fairly new and you’ve been servicing them regularly. If your home is relatively new and you have been keeping it well-maintained, ordering an inspection is not as important. However, you still need to keep in mind that you don’t want any unexpected problems to pop up and make buyers think twice about purchasing. If you have any more questions about this topic or are thinking of buying or selling a home soon in our market, please feel free to reach out to me. I would love to help you. 

When Should You Order a Home Inspection Before Listing?

Bill Frehse, a top insurance agent, is here with me to discuss important information regarding homeowners insurance.Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationToday I’m at lunch with Bill Frehse, one of the top insurance agents in the state, to discuss what homeowners (and renters) should be thinking about: insurance.The most important thing to remember about homeowners insurance is to have a relationship with your insurance agent so you can sit down with them and make sure all your bases are covered.No matter the company, all policies have limitations, be it for theft, guns, sterling silver, jewelry, earthquakes, or floods. You need to talk about the documentation of your personal property so you can get reimbursed, and you also should discuss replacement coverage so your items don’t depreciate.You don’t need to meet often; every two or three years should do. Things change over time, so by the time that period passes, you could be over- or underinsured. If you don’t say anything, that will only continue. Take the bull by the horns and make sure you’re properly covered.The most important thing to remember about homeowners insurance is to have a relationship with your insurance agent.Like a real estate agent, it’s important for your insurance agent to know what your needs are. That way, they can tailor the policies to what you really need. Also like real estate, if you have a bad insurance agent, you’re in trouble. When it’s time to make a claim, you may be left out in the cold.The biggest mistake people make regarding homeowners insurance, according to Bill, is related to price. Many people want to get the best price, so when they go with a cheaper option, they usually get the short end of the stick. There are companies that don’t have a lot of assets behind them, and many agencies sell those options because they are cheaper. You need to be careful out there; if you can’t afford a quality company, then your options are limited. However, you can always pay a higher deductible in order to get a quality company.If you have any questions for Bill Frehse regarding homeowners insurance, he can be reached at his Charleston office at (843) 762-2005.For other questions regarding real estate, feel free to reach out to the Downing Group. We’d be happy to help. 

An Important Discussion About Homeowners Insurance

If you are a seller in our market, I will be answering a few common questions about our market and the home selling process that you may be wondering yourself. Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationHere are my answers to four common questions I have been getting lately from potential sellers in our market:1. With the market like it is, should I sell now or wait until next year?Homes in our Columbia market have been appreciating at a rate of 6% per year. Let’s say you are thinking of selling a house worth $200,000 and buying a house that costs $300,000. Which would you rather have appreciate at 6% per year—a $200,000 investment or a $300,000 investment? If you wait until next year to sell, you’ll be able to sell your $200,000 house for $212,000, but you’ll also pay $318,000 for that same house that originally cost $300,000.  2. Should I get a home inspection if I am selling?If you are selling a newer home, my answer is usually no, but that can depend on your situation. If your home was built in the last couple years, than you probably do not need an inspection. If it is 15, 20, or 25 years old and you have not done any maintenance on it in a long time, then you probably should get an inspection. If you are selling an older home, my answer is definitely yes. The bottom line is you do not want any issues to arise that may scare a buyer away once they are under contract, even if it is an issue you can fix. During the first 10 days of the due diligence period, the state contract that we use in the Columbia area allows buyers to walk away from the transaction for any reason. You do not want any issues to arise that may scare a buyer away once they are under contract.3. What repairs can I make to my house to make it more sellable? I usually do not recommend making any wholesale remodels, but you should definitely repair any issues the average buyer can spot from a mile away, like chipped paint or rotting wood on the exterior of the home. 4. Should I hire a professional stager before listing my home? Usually, my answer in this case is no—buyers typically have enough imagination to look past this kind of thing. You do, however, want to hire an agent who has a good eye for staging. When I look at a client’s house for the first time, for example, I will walk through it with them and give them advice on how to declutter it and make it more presentable. If you have any more real estate questions for me, please feel free to call me, email me, or message my team’s Facebook page. I look forward to hearing from you! 

The Answers to 4 Common Real Estate Questions

What’s going on in our local real estate market? It’s time to take a look at recent conditions and how they may impact your real estate goals. Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationToday I’d like to take a moment to update you on the latest developments in our market.Currently, our market remains red-hot. In fact, Zillow estimates that homes sold more quickly in 2017 than ever before. And homes this year seem to be selling even faster.The briskest business in the Columbia area is in the $150,000 to $220,000 price range. If your home falls within this category, this is good news. There is far more demand than there is available supply in this price range, so now may be the perfect time for you to trade up to a larger or more expensive home. Now may be the perfect time for you to trade up to a larger or more expensive home.However, not all segments of our market are seeing this same level of activity. The luxury market has at least a year's supply of inventory currently. Still, this doesn’t mean luxury homes don’t sell. In fact, last weekend, our team put two homes in the $500,000 to $750,000 range under contract in just one day. Some speculate that the tax bill may be fueling the uncertainty circulating around the luxury market, but I personally think current conditions are driven more so by an imbalance of supply and demand. If you have any other questions, would like more information, or are curious how current market statistics may impact your real estate goals, feel free to give me a call or send me an email. I look forward to hearing from you soon. 

How Is Supply and Demand Impacting Our Luxury Market?

 If you’re unsure about how the process of buying a home works, I have a general overview for you today. Buying a home? Click here to perform a full home searchSelling a home? Click here for a FREE Home Price EvaluationToday, I wanted to discuss the home buying process, from beginning to end. The first part of buying a home is choosing the right agent. Preferably, you should work with a Realtor who is a member of the National Association of Realtors. A good Realtor or agent will recommend you to get a pre-qualification letter from a lender. In order to ensure that you’re pre-qualified, make sure that you have no errors on your credit report and that your debt-to-income ratio is good.After you’ve been pre-qualified, create a list of needs and wants that you have for the home you want to buy. These might include school systems, location, the commute to work, the number of bedrooms, the size of the lot, the age of the home, and so on. There are pros and cons to each, and a great agent can help you sort through all of them.Once this list is created, it’s time to search for a home. You can look online, but your agent should also have direct access to the MLS (multiple listing service) and be able to tell which homes are available and which ones are already under contract. Many listings you find on popular real estate websites aren’t current or accurate. Your agent should help you figure out which homes best suit your wants and needs. They’re not there to cheerlead; they’re there to protect you and your interests.  When you find a home you like, your Realtor should find out everything they can about the home, either by consulting with the seller’s agent or by looking at property disclosures. If it’s determined that the home will be a good purchase, your agent should begin making an offer and negotiating the best terms and price for you. Usually, people want to have the contract be contingent on a few things like financing, appraisals, inspections, and so forth. If you have to sell your current home in order to move into the new one, the sale will be contingent on that as well. The first part of buying a home is choosing the right agent. When that’s completed, make sure that you get a great home inspector. A normal home will have a general inspection, an HVAC inspection, a pest inspection, and an inspection for other features like a pool or the septic system.While all of this is going on, you should be working with your lender to get them all of your paperwork in a timely manner. Also, be sure to protect your credit throughout this entire process. Don’t take on new debt, don’t miss any payments, and don’t quit your job. After you close, it’s up to you to make sure that your home stays in good condition. Everybody moves eventually, so diligent home maintenance is crucial if you want to get the most money for your home when it comes time to sell.I could go on at length about the details of this process, but this describes it in a nutshell.If you’re looking to buy or sell a home or have any other questions, feel free to reach out to us. We would be happy to help you.

The Home Buying Process, From A to Z

If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from the Downing Team - your professional Century 21 Real Estate Agents.

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Columbia South Carolina Real Estate Podcast with Brent Downi...

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