Lake Wylie real estate is hot! hot! hot! Hey, everything around here is hot! hot! hot! It was 97 degrees yesterday, and I was seriously afraid of becoming a grease spot on the pavement.
Maybe we ought to cancel August next year. The weather is stifling, people in general are out of sorts, and the summer vacation mindset is basically over as schools have the month scheduled with open houses, registration, football practice, meetings, etc. Might as well be in school already! But I digress.
Real Estate. Hot. My phone has been ringing off the hook. I've shown lots of waterfront property in the past couple of weeks - - lots, river cabins, million dollar homes, the whole gamut.
What I continue to see, however, are buyer and seller expectations on different playing fields entirely. There has ALWAYS been a difference between what buyers want to pay and what sellers want to receive - - hence the need for negotiations. However, what I'm seeing now is buyers starting the bids at WAY below asking price - - sometimes 60 or 70%, vs the polite 90-95% that we were accustomed to a few years ago.
What I'm also seeing are buyers walking away after their first offer. That has happened more in the past 3 months than in my entire career as a real estate agent.
I think that the foreclosure sales in the area have tainted buyer expectations on ALL real estate pricing. Many buyers seem to think that sellers will accept lowball offers, and keep trying until they find a seller that will.
It's going to take some time to get back to business as usual. As more foreclosures work their way through the system and hit the market, prices will continue to be an issue. Waterfront homes most affected are those in the upper price tiers ($700,000+), as many in the foreclosure market are $1million+ homes that are being auctioned off in the $600,000+ range. It's tough to compete against those.
To see what has sold on Lake Wylie thus far in 2009, take a look at Recent Lake Wylie real estate sales on my website.
To read other blogs on Lake Wylie and Charlotte area real estate, Lake Wylie living, and Lake Wylie waterfront issues, visit my website, TheLakeWylieMan.com. Thanks!
Showing posts with label Charlotte real estate. Show all posts
Showing posts with label Charlotte real estate. Show all posts
Wednesday, August 12, 2009
Real Estate Terms & Abbreviations
Have you ever read a real estate ad that said something like, "Beautiful 2500SF WF home w/ 3BR/2.5BA, FROG." Before you begin worrying about reptile infestations, you might want to acquaint yourself with some basic real estate terms and abbreviations:
- AC - acres. Not to be confused with A/C, which is air conditioning!
- BA - bathrooms. A "half-bath" has a toilet and sink, but no tub or shower.
- BPO - Broker Price Opinion. Not an official appraisal, but a price based on an analysis by a real estate professional.
- BR - bedroom. Must have a closet and window to qualify as a bedroom.
- CPT - carport
- CVAC - central vacuum
- DOM - days on market. How long a property has been listed for sale.
- FP - fireplace
- FROG - Finished room over garage, also referred to as "bonus room".
- FSBO - For sale by owner
- HLA - Heated living area.
- Total Fin HLA - finished square footage.
- HOA - Homeowners association
- HSF - Heated square feet. Living area. Does not include garage, etc.
- MBR - Master bedroom
- MLS# - Identifies the property in the multi-listing service (MLS) used by area realtors.
- Owner Agent - The owner is the real estate agent
- REO - Real Estate Owned. Property has been foreclosed.
- Unf SqFt - unfinished square footage - potential living area. Does not include garage.
- W/D - washer/dryer
- WF - waterfront
- WV - waterview. If indicated "seasonal", water is visible only in winter!
Want to add to the list? If you'd like a term defined or want to contribute, please leave a comment! Terms and abbreviations vary by region.To return to my website: Lake Wylie Waterfront Real Estate
Thursday, March 19, 2009
Offer Accepted: Now What??
So you've submitted an offer on a house, and it has been accepted. Congratulations! Now, how do you make sure the deal closes on time, as painlessly as possible? If you have a good real estate agent, you can count on him to guide you through the process.
Visit my website's Lake Wylie area Preferred Service Providers to find recommended service providers. Read your purchase contract carefully, as it will contain key dates and action required. In general, though, this is what is required of the buyer:
1) If you're not paying cash, the first thing you need to do is apply for a loan! Loan application should usually occur within 3 days of signing the purchase agreement. It's best to contact at least three mortgage financing companies. The mortgage company is required to provide an "good faith" estimate of closing costs within 3 days of your application.
2) Select a closing attorney. Your real estate agent can send over required documentation that will be needed for the attorney to perform the title search and begin preparing closing documents. It is best to give the attorney as much time as possible, setting the appointment 3-4 weeks ahead of closing date. In today's market, loan applications can take a bit longer than they did a couple of years ago, especially for larger loans.
3) Schedule a home inspection, to be completed 2-3 weeks prior to closing. A home is one of the largest investments you'll make, so it is important to know everything you can about the condition of the house. If there are any necessary repairs or safety issues, you'll want to give the seller enough time to resolve these issues before closing. It is important to understand that "cosmetic issues" (paint peeling, worn carpet, rips in the wallpaper) are not required to be fixed by the seller, unless specified in the contract. Safety issues and other required repairs generally are the responsibility of the seller, unless otherwise specified in the contract (for instance, when a property is sold "as is"). You will want to attend the home inspection.
4) A wood-infestation survey (CL-100) is required by lenders. Some home inspectors can perform this duty, or can refer you to a qualified inspector. This should be completed 2 weeks prior to closing.
5) It is recommended that a survey of the property be made. The surveyor will verify property lines and make sure there are no infringements or other issues.
6) Occasionally there is need for a structural inspection, lead paint risk assessment (if property is built before 1978), well and septic inspections, or other environmental tests.
7) Your lender will set up an appraisal of the property.
8) Insurance: You will need to arrange for homeowner's insurance and let your lender know your provider information. Most lenders will pay the homeowner's insurance premiums out of an escrow account.
9) Home Warranty: Check the purchase contract for information about the home warranty. In some cases, the seller will provide a home warranty. For new construction, builders usually provide a year warranty. If no warranty is provided by the seller or builder, you may want to consider purchasing a home warranty to cover defects and repairs for a limited time.
10) Utilities: Contact utility companies a couple of weeks ahead of time to arrange services to be transferred to your name as of closing day.
11) Review HUD settlement statement: The day before closing, you should receive a copy of the settlement statement providing actual closing costs. You'll need to bring cash or a certified check covering the amount due from the buyer. Throughout the closing process, make sure there is good and timely communication between you, your lender, your real estate agent, and your attorney. Quick response to inquiries on everyone's part will help the closing go smoothly!
For all of your Lake Wylie Real Estate needs, visit my website. Sign up for free property updates, access buyer and seller resources, and explore homes and communities through virtual tours!
Visit my website's Lake Wylie area Preferred Service Providers to find recommended service providers. Read your purchase contract carefully, as it will contain key dates and action required. In general, though, this is what is required of the buyer:
1) If you're not paying cash, the first thing you need to do is apply for a loan! Loan application should usually occur within 3 days of signing the purchase agreement. It's best to contact at least three mortgage financing companies. The mortgage company is required to provide an "good faith" estimate of closing costs within 3 days of your application.
2) Select a closing attorney. Your real estate agent can send over required documentation that will be needed for the attorney to perform the title search and begin preparing closing documents. It is best to give the attorney as much time as possible, setting the appointment 3-4 weeks ahead of closing date. In today's market, loan applications can take a bit longer than they did a couple of years ago, especially for larger loans.
3) Schedule a home inspection, to be completed 2-3 weeks prior to closing. A home is one of the largest investments you'll make, so it is important to know everything you can about the condition of the house. If there are any necessary repairs or safety issues, you'll want to give the seller enough time to resolve these issues before closing. It is important to understand that "cosmetic issues" (paint peeling, worn carpet, rips in the wallpaper) are not required to be fixed by the seller, unless specified in the contract. Safety issues and other required repairs generally are the responsibility of the seller, unless otherwise specified in the contract (for instance, when a property is sold "as is"). You will want to attend the home inspection.
4) A wood-infestation survey (CL-100) is required by lenders. Some home inspectors can perform this duty, or can refer you to a qualified inspector. This should be completed 2 weeks prior to closing.
5) It is recommended that a survey of the property be made. The surveyor will verify property lines and make sure there are no infringements or other issues.
6) Occasionally there is need for a structural inspection, lead paint risk assessment (if property is built before 1978), well and septic inspections, or other environmental tests.
7) Your lender will set up an appraisal of the property.
8) Insurance: You will need to arrange for homeowner's insurance and let your lender know your provider information. Most lenders will pay the homeowner's insurance premiums out of an escrow account.
9) Home Warranty: Check the purchase contract for information about the home warranty. In some cases, the seller will provide a home warranty. For new construction, builders usually provide a year warranty. If no warranty is provided by the seller or builder, you may want to consider purchasing a home warranty to cover defects and repairs for a limited time.
10) Utilities: Contact utility companies a couple of weeks ahead of time to arrange services to be transferred to your name as of closing day.
11) Review HUD settlement statement: The day before closing, you should receive a copy of the settlement statement providing actual closing costs. You'll need to bring cash or a certified check covering the amount due from the buyer. Throughout the closing process, make sure there is good and timely communication between you, your lender, your real estate agent, and your attorney. Quick response to inquiries on everyone's part will help the closing go smoothly!
For all of your Lake Wylie Real Estate needs, visit my website. Sign up for free property updates, access buyer and seller resources, and explore homes and communities through virtual tours!
Wednesday, January 28, 2009
Square Footage - Understanding What's Included!
When comparing homes that are very similar in style, location, and level of finish, it is helpful to use square footage as a comparison factor. Real estate listings qualify square footage in a variety of ways: heated square feet, finished square feet, heated living area, unfinished square feet, unheated square feet, just to name a few! Depending on the region of the country, the terminology varies even more. In Florida, for example, you may encounter ACSF (air conditioned square feet.) It can become a bit confusing!
There are standard real estate guidelines used by realtors and appraisers for defining and measuring square footage in a home. Advertised square footage in real estate ads or on the multi-listing service should adher to these guidelines. Knowing these guidelines will help sellers understand how their home is measured, and will help buyers understand what is included in advertised square footage.
First of all, Finished Living Area is space intended for human occupancy. It must be heated by conventional, permanent systems. (Portable heaters would NOT qualify.) It must have floors and ceilings made of materials generally accepted for interior construction. Finally, it must be directly accessible from another finished area. If you had a finished laundry room only accessible from the garage, for instance, it would not be counted in finished living area. An enclosed porch would not be counted unless it had a permanent heating system.
Square footage for a home is calculated based on exterior walls. If possible, one measuring a home would measure the outside of a home, then subtract any unfinished areas (such as an attached garage). Sometimes it is not possible to measure from the outside, and so interior measurements are made. In these cases, the standard is to add 6" for an exterior wall, and 4" for an interior wall to calculate total square footage.
To qualify as living space, the ceiling height must be at least 7 feet. Often in bonus rooms or A-frames, upper level rooms have slanted roofs. In this case, only areas with at least 5' high ceilings are counted, as long as at least half of the room has a minimum of 7' ceiling. Any portion of the room with less than 5' ceiling is not counted in living area square footage.
Hallways, closets, and pantries are counted if they are part of the functional living space. If the furnace, water heater, or similar items are located within a small closet within the living area, that square footage is counted. However, if the furnace, etc. are in an unfinished "mechanical room" in the garage or basement, that area is not counted in finished living area.
Unfinished square footage should include those areas that are under roof and could be finished out for additional living space. This definition usually includes unfinished basements, or unfinished rooms above a garage (as long as it is accessible by a permanent staircase). A garage should NOT be included in the "unfinished living area". Generally, unfinished square footage descriptions should be clarified in the "comment/remarks" section of a listing.
If you have questions about the square footage calculations used on a property, ask your real estate agent for clarification. Finally,remember that cost per square foot is just one measure. Level of finish, upgrades (granite countertops, whirlpool tubs, etc.), condiditon of the home, location and/or view, and other qualitative measures need to be considered as well.
For all of your real estate needs, visit Lake Wylie Real Estate for property searches, newcomer information, community links, and virtual tours.
There are standard real estate guidelines used by realtors and appraisers for defining and measuring square footage in a home. Advertised square footage in real estate ads or on the multi-listing service should adher to these guidelines. Knowing these guidelines will help sellers understand how their home is measured, and will help buyers understand what is included in advertised square footage.
First of all, Finished Living Area is space intended for human occupancy. It must be heated by conventional, permanent systems. (Portable heaters would NOT qualify.) It must have floors and ceilings made of materials generally accepted for interior construction. Finally, it must be directly accessible from another finished area. If you had a finished laundry room only accessible from the garage, for instance, it would not be counted in finished living area. An enclosed porch would not be counted unless it had a permanent heating system.
Square footage for a home is calculated based on exterior walls. If possible, one measuring a home would measure the outside of a home, then subtract any unfinished areas (such as an attached garage). Sometimes it is not possible to measure from the outside, and so interior measurements are made. In these cases, the standard is to add 6" for an exterior wall, and 4" for an interior wall to calculate total square footage.
To qualify as living space, the ceiling height must be at least 7 feet. Often in bonus rooms or A-frames, upper level rooms have slanted roofs. In this case, only areas with at least 5' high ceilings are counted, as long as at least half of the room has a minimum of 7' ceiling. Any portion of the room with less than 5' ceiling is not counted in living area square footage.
Hallways, closets, and pantries are counted if they are part of the functional living space. If the furnace, water heater, or similar items are located within a small closet within the living area, that square footage is counted. However, if the furnace, etc. are in an unfinished "mechanical room" in the garage or basement, that area is not counted in finished living area.
Unfinished square footage should include those areas that are under roof and could be finished out for additional living space. This definition usually includes unfinished basements, or unfinished rooms above a garage (as long as it is accessible by a permanent staircase). A garage should NOT be included in the "unfinished living area". Generally, unfinished square footage descriptions should be clarified in the "comment/remarks" section of a listing.
If you have questions about the square footage calculations used on a property, ask your real estate agent for clarification. Finally,remember that cost per square foot is just one measure. Level of finish, upgrades (granite countertops, whirlpool tubs, etc.), condiditon of the home, location and/or view, and other qualitative measures need to be considered as well.
For all of your real estate needs, visit Lake Wylie Real Estate for property searches, newcomer information, community links, and virtual tours.
Subscribe to:
Posts (Atom)
