Greenville Real Estate BlogRecently posted or modified blog posts in the category - Buying a Homehttps://www.thepropertybarllc.com/blog/Copyright ThePropertyBarLLC.com2023-08-28T09:39:40-07:00tag:thepropertybarllc.com,2012-09-20:17415Exploring the World of MortgagesIn the ever-evolving landscape of real estate, securing a mortgage is a pivotal step in the journey to homeownership. With numerous options available, it's essential to grasp the understanding of each mortgage type to make the best decision. It's always best to make the that best decision that suits your financial needs and goals. In this blog, we will delve into the most common types of mortgages, providing a comprehensive overview of their features, benefits, and potential drawbacks.<br /><br />The fixed-rate mortgage is a classic option that offers stability and predictability. With this type of loan, the interest rate remains constant throughout the loan term, typically ranging from 15 to 30 years. This consistency allows homeowners to budget effectively, knowing their monthly payments won't fluctuate.
<br />Unlike fixed-rate mortgages, ARMs (Adjustable-Rate Mortgage) have interest rates that fluctuate periodically based on market conditions. The initial period often comes with a lower interest rate, but after this introductory period, the rate adjusts regularly. Understanding the index, margin, and rate caps is crucial when considering an ARM.<br /><br />Backed by the Federal Housing Administration (FHA), FHA loans are tailored to help first-time homebuyers and those with lower credit scores. These loans often require a smaller down payment, making homeownership more accessible to a broader range of individuals.<br /><br />Exclusively available to eligible veterans, active-duty service members, and surviving spouses, VA loans provide a unique opportunity to secure a mortgage with favorable terms. With no down payment requirement and competitive interest rates, VA loans are a valuable benefit for those who have served our country.<br /><br />Ideal for homebuyers in rural and suburban areas, USDA loans are backed by the United States Department of Agriculture. These mortgages offer attractive interest rates and require no down payment, providing an excellent option for those seeking homeownership in eligible areas.<br /><br />As you venture into the real estate market, understanding the various types of mortgages empowers you to make a well-informed decision aligned with your financial situation and homeownership aspirations. Whether you choose the stability of a fixed-rate mortgage, the flexibility of an ARM, or explore specialized loans like VA or USDA, remember to consult with a trusted mortgage advisor to guide you through the process seamlessly. Once you have through that process, be sure to contact The Property Bar! We will be more than happy to assist you in house-hunting!2023-07-26T11:04:34-07:002023-08-28T09:39:40-07:00Ashley Robutag:thepropertybarllc.com,2012-09-20:17206Tips for First Time Home BuyersWhat is the first question you ask yourself when it comes to purchasing your home? Do I need to purchase a home? What is my credit score? Some of us are so scared of what our credit score could be, that we stop there and accept being renters! No! We cannot think that anymore and we won’t!
Let’s walk through the steps in getting your first home.
First, you must you check that credit to see if it meets the approval requirement, which is 620. If your credit needs improvement; it’s okay. Taking the steps to work on your credit is the most important step you could ever take on purchasing a home.
One way to improve your credit is paying your bills on time. If you have credit card bills, try getting the balance down 10% of the credit limit. If you do not have a credit card but need to work on increasing your credit score, you can apply for the for a secured credit card with a minimum of $300 credit limit. As mentioned before, pay on time to keep the balance low.
You’ve gotten your credit score up to a minimum of 620! You have figured out how much you can afford; now it’s time to find a mortgage lender. What’s a mortgage lender? A mortgage is the financial institution that loans you the money. It is highly suggested to do your research on what lenders suit you best.
You’ve been pre-approved to purchase your first home! Congratulations! Your final step would be making the Property Bar your agency to make your home-buying process, a success!
The Property Bar has the best agents to help you find the perfect home for you and/or your family! We are here to make your home-buying process as smooth as possible.
If you are looking to purchase a home, call The Property Bar at 864-609-4303. You may also email us: <a href="mailto:info@thepropertybarllc.com">info@thepropertybarllc.com</a>.
2023-06-23T10:52:29-07:002023-07-03T08:16:15-07:00Ashley Robutag:thepropertybarllc.com,2012-09-20:13818What Are the Options for First Time Home Buyers?If you’re looking to buy your first home, you’re likely balancing several factors. Because both <a href="https://www.keepingcurrentmatters.com/2022/05/17/why-rising-mortgage-rates-push-buyers-off-the-fence/">mortgage rates</a> and <a href="https://www.keepingcurrentmatters.com/2022/04/07/the-future-of-home-price-appreciation-and-what-it-means-for-you/">home prices</a> have risen this year, it costs more to buy a home than it did even just a few months ago. But that doesn’t mean you have to put your plans on hold.
If you partner with a trusted real estate advisor and hone your strategy, you can navigate today’s market and find the home you’re looking for. Here are two tips to help you get started.
Work with a Professional To Prioritize Your Wish List
If you’re having trouble finding a home in your budget that checks all the boxes, it may be worth taking another look at your lists of what you want and what you really need. <a href="https://www.nerdwallet.com/article/mortgages/fthb-affordability-q42021">According</a> to the latest First-Time Homebuyer Metro Affordability Report from NerdWallet, your <a href="https://www.keepingcurrentmatters.com/2022/04/04/balancing-your-wants-and-needs-as-a-homebuyer-today/">wish list</a> can have as much impact on your search as your finances:
“Your budget isn’t all that you need to be concerned about; your wish list and desired location may carry just as much weight.”
It’s all about prioritization. If you’re serious about purchasing your first home soon, be flexible in what you’re looking for to open up your pool of options. Partner with a local <a href="https://www.keepingcurrentmatters.com/2022/05/23/work-with-a-real-estate-professional-if-you-want-the-best-advice/">real estate professional</a> to better understand what’s available in today’s market and reprioritize your wish list. Remember, making a concession now doesn’t mean you’ll never have everything on your list. After you’ve moved in, you can always add certain features to make the home <a href="https://www.keepingcurrentmatters.com/2022/05/18/how-homeownership-can-bring-you-joy/">your own</a>.
Increase Your Search Radius To Consider More Locations
Some areas may have more homes within your target price range than others, but it may require you to be flexible on your location. For example, if you’re a <a href="https://www.keepingcurrentmatters.com/2022/04/06/remote-work-trends-mean-flexibility-for-first-time-homebuyers/">remote worker</a>, you may be able to expand your search radius. As Fannie Mae <a href="https://www.fanniemae.com/research-and-insights/perspectives/consumers-discuss-affordability-and-impact-remote-work-housing-preferences">explains</a>:
“. . . continued remote work flexibility is likely giving many the ability to live farther away in more affordable areas.”
The decision to search in places with a lower cost of living could help you find a home that fits your budget and checks the most boxes off your wish list.
Bottom Line
If you’re serious about purchasing your first home this year, revisiting your wish list and desired location can help. Work with a trusted real estate advisor to explore all the options in your local market – and beyond – so you can achieve your homeownership dreams.2022-06-14T11:03:00-07:002022-06-14T11:59:05-07:00Christian Cantytag:thepropertybarllc.com,2012-09-20:13817More Americans Choose Real Estate as the Best Investment They've MadeAmericans’ opinion on the value of real estate as an investment is climbing. That’s according to an annual <a href="https://news.gallup.com/poll/392330/record-low-say-good-time-buy-house.aspx">survey</a> from Gallup. Not only is real estate viewed as the best investment for the ninth year in a row, but more Americans selected it than ever before.
The graph below shows the results of the survey since Gallup began asking the question in 2011. As the trend lines indicate, real estate has been gaining ground as the clear favorite for almost a decade now:
<a href="https://files.keepingcurrentmatters.com/wp-content/uploads/2022/06/10135323/20220613-NM-Eng-1.png" class="lightbox-added aligncenter"><img loading="lazy" class="aligncenter wp-image-2083504 lazy-loaded" src="https://files.keepingcurrentmatters.com/wp-content/uploads/2022/06/10135323/20220613-NM-Eng-1.png" data-lazy-type="image" data-src="https://files.keepingcurrentmatters.com/wp-content/uploads/2022/06/10135323/20220613-NM-Eng-1.png" alt="More Americans Choose Real Estate as the Best Investment Than Ever Before | Keeping Current Matters" width="550" height="413" srcset="https://files.keepingcurrentmatters.com/wp-content/uploads/2022/06/10135323/20220613-NM-Eng-1.png 1000w, https://files.keepingcurrentmatters.com/wp-content/uploads/2022/06/10135323/20220613-NM-Eng-1-300x225.png 300w, https://files.keepingcurrentmatters.com/wp-content/uploads/2022/06/10135323/20220613-NM-Eng-1-768x576.png 768w" data-srcset="" sizes="(max-width: 550px) 100vw, 550px" /></a>
If you’re thinking about purchasing a home, let this poll reassure you. Even when <a href="https://www.keepingcurrentmatters.com/2022/05/20/dont-let-rising-inflation-delay-your-homeownership-plans-infographic/">inflation</a> is high like today, Americans recognize owning a home is a powerful <a href="https://www.keepingcurrentmatters.com/2022/03/22/the-many-benefits-of-homeownership/">financial decision</a>.
How an Investment in Real Estate Can Benefit You During High Inflation
Because <a href="https://eyeonhousing.org/2022/06/inflation-hits-a-fresh-40-year-high-in-may/">inflation</a> reached its highest level in <a href="https://www.bankrate.com/investing/inflation-hedges-to-protect-against-rising-prices/">40 years</a> recently, it’s more important than ever to understand the financial benefits of homeownership. Rising inflation means prices are increasing across the board, and that includes goods, services, housing costs, and more. When you purchase your home, you lock in your monthly housing payments, effectively shielding yourself from increases on one of your biggest budgetary items each month.
If you’re a renter, you don’t have that same benefit, and you aren’t protected from these increases, especially as <a href="https://www.keepingcurrentmatters.com/2022/02/25/the-difference-between-renting-and-owning-infographic/">rents rise</a>. As Danielle Hale, Chief Economist at realtor.com, <a href="https://www.realtor.com/research/weekly-housing-trends-view-data-week-apr-23-2022/">notes</a>:
“Rising rents, which continue to climb at double-digit pace . . . and the prospect of locking in a monthly housing cost in a market with widespread inflation are motivating today’s first-time homebuyers.”
When Inflation Has Risen in the Past, Home Prices Have Too
Your house is also an asset that typically increases in value over time, even during inflation. That‘s because as prices rise, the value of your home does too. Mark Cussen, Financial Writer for Investopedia, puts it like <a href="https://www.investopedia.com/articles/investing/060916/top-5-ways-hedge-against-inflation.asp">this</a>:
“There are many advantages to investing in real estate. . . . It often acts as a good inflation hedge since there will always be a demand for homes, regardless of the economic climate, and because as inflation rises, so do property values. . . .”
And since rising home values help increase your <a href="https://www.keepingcurrentmatters.com/2022/04/08/do-you-know-how-much-equity-you-have-in-your-home-infographic/">equity</a>, and by extension your <a href="https://www.keepingcurrentmatters.com/2022/03/28/a-key-to-building-wealth-is-homeownership/">net worth</a>, homeownership is historically a good hedge against inflation.
Bottom Line
Buying a home is a powerful decision. It’s no wonder why so many people view it as the best long-term investment, even when inflation is high. When you buy, you help shield yourself from increases in your housing costs and you own an asset that typically gains value with time. If you want to better understand how buying a home could be a great investment for you, connect with a local real estate advisor today.2022-06-14T08:04:00-07:002022-06-14T11:02:14-07:00Christian Cantytag:thepropertybarllc.com,2012-09-20:11890Greenville is one of the best places to live in America!<img src="https://assets.site-static.com/userfiles/1783/image/Untitled_4_x_2_in.png" width="474" height="237" style="display: block; margin-left: auto; margin-right: auto;" />
What’s it like to live in Greenville, SC?
Situated in the foothills of the Blue Ridge Mountains, Greenville has transformed from a blip on the national map to a bustling metropolis. The former textile powerhouse now has an influx of manufacturing jobs to thank for its growth, with companies like GE and Michelin moving in and infusing the town with new energy. The reinvigorated downtown serves as the focal point of the region, attracting new business, hosting an emerging culinary scene and housing what some call the crown jewel of Greenville: Falls Park on the Reedy.
Greenville encompasses big-city amenities without attracting the same unpleasantries that come with a more populated, urban metro area. The 10-block stretch of Main Street is lined with a variety of boutiques, restaurants, businesses and bars.
A low cost of living and mild temperatures year-round make Greenville desirable to many. Plus, being located steps away from the mountains without giving up any of the offerings of a developed region makes it easy to enjoy what nature has to offer.
See all the best places to live in South Carolina.
Want the full article? Please visit https://realestate.usnews.com/places/south-carolina/greenville
LH
2021-10-13T09:00:00-07:002021-10-13T07:10:35-07:00The Property Bartag:thepropertybarllc.com,2012-09-20:7247Is Getting a Home Mortgage Still Too Difficult?<img src="https://assets.site-static.com/userfiles/1783/image/Blog_pics.png" width="560" height="315" />
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.
What Has Happened to the Number of Mortgages?
Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.
Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.
The Effect on the Economy
The housing market is recovering at a slower pace than it should since less potential homebuyers are being offered loans. While the market is still recovering with positive trends, fewer buyers can create a strain on other economic factors like home goods or construction jobs. Bottom Line
After the housing market boom and bust, mortgage lenders became stricter in their lending standards. It is not impossible to get a mortgage loan, but it can still be difficult for potential home buyers. Stay on top of your credit and make sure you and anyone else who is applying are in a good financial position so you can be approved for a loan. It is important to research different companies and their requirements to ensure success in getting a mortgage.
2019-12-13T16:10:00-07:002020-11-12T10:01:40-07:00Tanesha Ducketttag:thepropertybarllc.com,2012-09-20:7245Common Things to Look Out for Before Buying Your Dream Home<img src="https://assets.site-static.com/userfiles/1783/image/3.png" width="560" height="315" />
It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually the reasons don’t have to do with money. Instead, home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.
These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.
2. What is the Trend with Home Values?
Our current economy and housing market is strong. That means home values and mortgage rates are increasing. If you are looking to purchase a home but want to stay within a budget, it may be in your best interest to move quickly. It is forecasted for these trends to continue in an upward motion, causing home values to continue to increase.
3. What About Current Mortgage Rates?
The ticket price is not the only thing you should be concerned with when purchasing a home. Mortgage rates are always changing and can have a huge impact on your monthly payments. Current trends show mortgage rates are rising. This is something to consider if you are debating the right time to purchase a home, since the rates may be even higher down the road.
Bottom Line
You and your family are the only ones who can determine the right time to purchase your dream home. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward. This budget may affect the amount of time you have to search for a home, since home prices and mortgage rates are increasing.
2019-12-13T16:10:00-07:002020-11-12T09:58:00-07:00Tanesha Ducketttag:thepropertybarllc.com,2012-09-20:7244Will Increasing Mortgage Rates Impact Home Prices?<img src="https://assets.site-static.com/userfiles/1783/image/2.png" width="560" height="315" />
There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.
This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.
A recent study by the John Burns Real Estate Consulting found mortgage rates have very little impact on the cost of the home. The housing market and price increases are affected by things like job growth in the area and rising wages. Coincidentally, these same factors are causing the rise in the mortgage rates since people can afford to take out more.
Bottom Line
As the economy progresses and strengthens, mortgage rates and home prices will fluctuate. It is a misconception as rates increase, home prices will decrease. Advances in the economy have shown that rates and home prices are more likely to increase together.
2019-12-13T16:10:00-07:002022-05-31T10:32:37-07:00Tanesha Duckett