Spartanburg County Home Showings for 2010

A precursor to Spartanburg home sales is the number of home showings in the Spartanburg market place.

This chart is a large sample of showings from an appointment setting service that schedules a significant amount of showings in the Spartanburg market.  Therefore, it can be considered an accurate sample size for the Spartanburg county home showing rate. Read more..

Home Buyer Tax Credit Extended to September 30, 2010

Home Buyer Tax Credit Extended for 2010

After a close brush with the deadline, Congress has passed an extension of the Home buyer Tax Credit closing deadline, the Home buyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010.  There is will be no gap between June 30 and the date the President signs the bill into law.

The National Association of Realtors (NAR) worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.

4 Bedroom Home with Pool on Cul-de-Sac Reduced $10,000

Here is possibly the best home purchase deal in Boiling Springs right now.

The facts:

4 Bedrooms, 2 Full Baths

Large Recreation Room

Cul-de-Sac Location

In-ground Swimming Pool with Brand New Liner

Freshly Remodeled and Painted, ready to move in

Excellent Location off Old Furnace Road in Boiling Springs

Price:  Just reduced $10,000 to only $119,900

Qualifies for 100% Government Financing!

The best deals sell the fastest and this bargain will not be an exception. If you know of anyone looking for a home with equity built into it do them a favor and let them know about this one.  It will sell soon at this price.

South Carolina State Housing Authority 2010 Program

The South Carolina State Housing Authority will be announcing a new program that they are starting on March 3rd called …”PALMETTO HERO”…READ BELOW FOR INFO:

TEACHERS – POLICE OFFICERS – CORRECTIONAL OFFICERS – FIRE FIGHTERS AND EMS

Here are the highlights of the lending program:

$7,000 REPAYABLE DPA (down payment assistance) AVAILABLE for Category I

$7,000 FORGIVABLE DPA AVAILABLE for Category II

5.125 % FIXED RATE for both Categories

$40 MILLION OF FUNDS WILL BE AVAILABLE

If you know of anyone that you think may benefit from this new government loan program, have them give me a call and I will get them started.  While $40 million dollars might sound like a lot it is amazing how fast these monies tend to go.

FREE Homebuyer’s Seminar in Boiling Springs

One of my preferred Lending Professionals is holding a home buying seminar right here in Boiling Springs at the library on Double Bridge Road.  The First Time Home Buyer and the Existing Home Buyer Tax Credits are set to expire on April 30, 2010.

The word on the street is that they will not be extended again this time.  Interest rates are set to start rising at the end of March about a half a point and about 1.5 points by the end of this year.  The current LOW interest rates and the unique tax credits available make NOW the best time to buy a personal residence since most people can ever remember.  The tax credit expiration rush is just beginning now and if it is anything like the buying rush we had in October of 2009 the best deals will sell the fastest.

The take away from all this is that if you know of anyone who is considering buying a home make sure they know the facts and trends.  My business is based on referrals from satisfied clients because I tell it the way it is and then do my best to for them.  Of course you only want to send your friends and family to people you can trust.  I work hard to be that person.

Here is Joyce Smith’s invitation for her Home Buying Seminar:

Have you always dreamed of owning your very own home, but you aren’t sure about your credit record?

No worries!  We are offering a FREE Homebuyer’s Seminar that is totally focused on finding hope and professional direction to be able to own your own home and experience the American Dream!

There will be TWO seminars available for you to attend!

Tuesday, March 9, 2010 – 6 to 8 PM – Boiling Springs Library

871 Double Bridge Rd, Boiling Springs

OR

Thursday, April 1, 2010 – 6 to 8 PM – Spartanburg Library: Main Branch

151 South Church Street, Spartanburg

Seating is LIMITED so call Rob Turchetta at 864-583-1995 to reserve your seat!

We look forward to seeing you there!

Local Real Estate Market Outlook for 2010

Ok, no crystal balls, no magic hats, and no talking to spirit beings here. Just market observations and educated guesses for the Spartanburg county real estate market for 2010. It seems everyone is wondering where the real estate market will go in 2010. I’ve read rosy reports from main stream news to pessimistic sell everything now and leave the county perspectives. While nobody knows for sure the direction, we can at least be clear about what forces are most influencing our local market and predict trends for the short term.

Driver #1, the Tax Credit
During much of 2009 home showings lagged 2008 for the first 3 quarters of the year. Then, boosted by the First Time Home Buyer Tax Credit home showings spiked beyond 2008 making the total year showings measure about equal to each other. The original deadline for the tax credit was in November ’09 and then congress extended the credit until late April 2010. Make no mistake this is having a big impact on home sales. Additionally, congress extended the 10% tax credit to include home owners who lived in their home for 5 consecutive years over the last 8 years. I’ve talked to many buyers in this category as well.

Driver #2, Interest Rates

There has been much debate among experts as to the direction of interest rates.  While almost all agree they will go up in the long term the uncertainty lies in WHEN they will go up.  This “expert” predicts interest rates to go up in June 2010.  If we assume this is the case then the monthly cost to borrow money to buy a home will go up.  For example, a $150,000 home at 5.0% interest for 30 years in $805 a month.  The same home at 7% will cost $997.95 per month, a difference of almost $200/month.  (does not include tax 7 insurance) This will result in a few things: 1) force many buyers to purchase lower priced homes, Read more..

Owner Finance Boiling Springs Home

As many Boiling Springs and Spartanburg homeowners face foreclosure or damaged credit for a variety of reasons sellers offering owner financing is becoming more and more common.  Owner financed homes in Boiling Springs range from expensive luxury homes to affordable simple homes to everything in between.

I’d like to highlight one Boiling Springs Owner Financed home here:

1088 Wilkins Ford Road, Inman, SC

For just a $467/month payment that INCLUDES your principle, interest, taxes, and insurance, you can own a 2 bedroom 1 bath home on 1 acre with a large shed equipped with electric. At a cost this low it rarely makes sense to rent and have nothing left to show for your money at the end of the month. By owning and financing your own home part of each payment goes to payoff the amount owed on the home.  This is called your principle payoff. If you decide to sell the home at some point you can pocket the difference between what you sold the home for and what you still owe on the property.  This is called realized equity.

For this Boiling Springs Owner Financed Home, or should we say Inman Owner Financed Home the land alone is worth at least half the selling price.  It is 1.01 acres of level, flat land.  Water and electric utilities are already run to the land and a septic tank is already installed.  These are costs often not thought about but connecting water service to your land can be thousands of dollars alone.

If your tired of paying rent but have credit problems or just keeping a budget consider this home before it is gone.  Oh yea, and owner financed homes also qualify for the First Time Home Buyers Tax Credit set to run out on 11/30/09.  Call me for help in finding an owner financed home in any price range.  Search for homes in Boiling Springs SC here.

$8,000 Tax Credit for Boiling Springs Home Buyers

Here is everything you need to know about the 10% (up to $8,000) tax credit available up to December 1, 2009.  You will get a good understanding of this program by reading the Q&A below.  Time is running out on this program.  Call me if you are considering buying a home and have questions.

Basic Information (source IRS website)

Q. What is the credit?A. The first-time homebuyer credit is a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008. For homes purchased in 2008, the credit operates like an interest-free loan because it must be repaid over a 15-year period.The credit was expanded in 2009 for homes purchased in 2009, increasing the amount of the credit and eliminating the requirement to repay the credit, unless the home ceases to be your principal residence within the 36-month period beginning on the purchase date.Q. How much is the credit? A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 ($8,000 if you purchased your home in 2009) for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $75,000 or more ($80,000 if purchased after Dec. 31, 2008, and before Dec. 1, 2009). Q. Which home purchases qualify for the first-time homebuyer credit? Read more..