Thursday, December 23, 2021

TIPS TO SELL YOUR HOME QUICKLY IN MYRTLE BEACH



Some homes in Myrtle Beach do not sell quickly. Some homes remain on the market for several months. Real estate professionals say that if a house doesn’t sell in six weeks, it is likely that there are problems with the location, price, or condition.

Collaboration with your  real-estate agent is an important factor home sellers need to consider. It is important to work with an experienced and trained real estate agent when selling a home. Your agent and you should be on the same page. You both have the same goal: to sell your house quickly.

 

It all comes down to location, price, and condition

Most home sellers don’t realize that home buyers can lose interest in a house after it has been listed for only a few months. The house can appear to be overpriced or flawed. They will usually move on to the next property and skip your listing.

This can be avoided by reviewing your listing and making necessary changes to the property’s price or condition. This is the best way to go. Remove the house from the MLS, and then make any necessary repairs or improvements. These improvements should be highlighted when you create a new listing.

When planning for repairs or renovations, work with your agent. Sometimes you don’t have to make major changes. Remember that staging and de-cluttering can make it easy to sell some Myrtle Beach homes.

You and your agent can reduce the house’s price if you feel that there are no other improvements or changes you can make to improve the property’s appearance. You should ensure that the price you choose is still fair. You can compare the prices of similar houses in the same area to help you determine a fair price for your home.

You cannot change the place. But, you can highlight the strengths of your home’s location. Is the home close to public transport? Is it safe and conducive for children with small hands? Make sure to mention any nearby attractions like parks or farmers markets in your house listing.

 

Collaboration with your real-estate agent

Myrtle Beach homes that sell quickly are those where the sellers and agents work together – from staging and decluttering to sales strategy and marketing. Your real estate agent and you must agree on all decisions. While you have the ultimate decision, it is important that you and your agent agree to discuss your options. Remember that you hired a professional Myrtle Beach real estate agent to help you sell your home. They have years of industry experience and are most likely to have the answers to every problem that comes with selling a house.

 

Looking for a real estate agent to help you sell your home? Call Full Potential Real Estate, LLC today!

 

Full Potential Real Estate, LLC

Myrtle Beach 29579

843-236-0203

Tuesday, December 21, 2021

WHAT ARE THE BENEFITS OF BUYING VS RENTING?



Many people find that owning a house is more practical financially and in terms of lifestyle than renting. Here are some top reasons why people choose to buy rather than rent. Find a Myrtle Beach Real Estate Agent to help choose the right home for you.

The Property can be used for any purpose you wish

You can paint the room of your child any color you like, change the floors from wood to carpet, and install a new chandelier in your dining room. If you choose to buy a new construction home, you can choose all appliances and interior colors. These home improvements can increase your property’s value. 

Appreciation Benefits

A home is a better investment than stocks because it gives you the opportunity to live in your home every day. The financial benefits can also be significant and may even outweigh stock investing. Because a home appreciates more quickly than stock investing, you will get the appreciation of the entire property’s value and not the gains from your cash investments.

Tax Benefits

When filing their tax returns every year, homeowners are permitted to deduct property taxes and mortgage interest. Property taxes are assessed at both the local and state levels for homeowners. If you’re married and filing jointly, you can deduct $10,000 in property taxes. You can also deduct $5,000 if married filing separately. The property tax deduction may be very beneficial depending on where you live. These tax benefits can make it possible to own a home that is as affordable or even cheaper than renting.

The Mortgage Costs remain the same 

Your mortgage payment will not change if you have a fixed-rate mortgage for your home purchase. Rent increases every year unless a renter lives in a rental-controlled area or building. This provides a lot more stability in the budget, as the mortgage payment makes up the majority of the owner’s housing payments. Owners and renters both have insurance, though renters don’t need it as much as owners. This can also affect the cost of other expenses. This fee can be tax-deductible, even though owners pay property taxes. Property taxes can increase as the home values. Ask your agent about the benefits of a Fixed-Rate mortgage. 

Forcible Savings

A homeowner who is making monthly mortgage payments will pay a portion to reduce their loan balance. This gives them more equity in the home. Each year, the average monthly pay-down keeps increasing. The monthly loan payment must be paid down each month. However, it is the owner who is required to make investments in their home. It’s like forced savings. Work with your buyer’s agent to stay within your budget. This will make sure you have extra savings. 

 

If you are interested in buying a home in the Myrtle Beach area, Call Full Potential Real Estate LLC, Today! 

 

Full Potential Real Estate, LLC

Myrtle Beach 29579

843-236-0203


Wednesday, December 8, 2021

THESE TIPS WILL MAKE BUYING YOUR DREAM HOME STRESS-FREE



Myrtle Beach real property will likely be the biggest investment you make in your life. It is important to ensure you have all the information necessary to make an informed decision.

Tips to make your Myrtle Beach real estate dreams a reality

1. Do your research about the area. You will need to research certain aspects of the area.

Are there quality schools? Even if your children are grown, it is important to think about the future resale potential of the house. A neighborhood with high test scores is an indicator that it is a great place for families.

Are there any convenient shops? You will need to think about traffic patterns in the Myrtle Beach region and how easy it is to get to nearby grocery and drug shops.

What is the crime rate in the area?

These are all indicators that the property you are looking at is a good Myrtle Beach investment.

2. Hidden assets make Myrtle Beach real property investments a smart choice over the long-term. You should look for homes that have central heating, air conditioning, and insulation. This will increase the resale price of your investment and will save you money on your electricity bill for the lifetime of your Myrtle Beach home. You will save money over the long-term by paying a little more for a home with these enmities.

3. Do not settle for less when you are looking to invest in Myrtle Beach real property. A home that’s perfect for you and your family is what you want. Perhaps you’ve even pinned photos of your dream home to Pinterest. This is a major decision you will need to make for many years. The purchase will impact your financial future and lifestyle. Don’t compromise on your dream. You will regret it if you settle for Myrtle Beach real property investment that isn’t exactly what you desire in order to speed up your process. Don’t rush to buy a deal if it isn’t exactly what you are looking for.

4. Consider your daily living expenses. It is simple to see the Myrtle Beach real property investment payment and compare it with your rent. This will allow you to assume that the cost is within your means. If you rent, you will need to pay taxes and insurances. You will pay more for utilities if you rent a house than if you rent an apartment or condo. You should also consider future repairs and maintenance.

When something goes wrong, you can’t reach for the phone to call your landlord.

Research the dues of your home owner association. Most condos and homes in Myrtle Beach are covered by an HOA. These dues should be included in your monthly expenses, even if they are due once per year. What restrictions can they place on your Myrtle Beach investment in real estate? Are they able to assess the property and determine if there are any issues that could affect the neighborhood, such as maintenance of common areas? What is their assessment? Unexpected assessments can be a real cost-cutter for your budget.

5. What are the average prices for similar homes in the area? Even if your dream home is exactly what you want, don’t overpay. Ask your Myrtle Beach agent about recent sales of similar homes. While you should consider adding features to the home such as a pool or hot tub, your offer on the property should not exceed the range of comparable homes that have sold in the same area.

Open houses are a great way to see the homes for sale while you’re looking for a home. Open houses are a great way to look at other properties in Myrtle Beach and find out what makes them a good investment. You will also get some great ideas for decorating your home. Open house hosts will highlight the unique features of the property and offer suggestions on other Myrtle Beach real-estate properties.

Myrtle Beach real property is a great way to fulfill your American dream. This is a major investment that should not be taken lightly. It can be difficult to find the right home at the right price. It is important to find a Myrtle Beach agent who will work for your best interests and know exactly what you want. Use the great advice in this article to help you live your Myrtle Beach dream home.

Call Full Potential Real Estate today for help with buying your dream home.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
https://fullpotentialrealestate.com


Monday, December 6, 2021

7 REASONS WHY YOU SHOULD CONSIDER BUYING A HOME IN WINTER



You might have never thought of it before but buying a home in the winter has its perks. It’s a bit out of the ordinary to go house hunting the middle of winter. As it’s not the most ideal time to be buying a home, but it does work. Of course, you can’t do this alone. You will need to find yourself a real estate agent for your hunt. But does it really work? Check out these seven reasons why you should go against the flow and start searching for a home in the winter.

A buyer’s agent is what you will need in case you wish to find a good deal

  1. There’s less competition – when you come to think of it, buying a house in the winter isn’t all too exciting. And with that comes less competition. In the summer, everyone is looking around trying to find a good spot to settle in. House hunting is often done when the weather is fine. Basically, you’ll have a lot of competition if you were to buy in the summer.
  1. Sellers are realtors are eager to make a sale – it’s not often that realtors and sellers make a sale in the winter. It’s not common practice for people to sell their property during this time. However, it’s a perfect time to take advantage of it. Your local Myrtle Beach real estate agent will be quite eager to make a sale during this time. Since there won’t be a lot of business this time of year, any realtor who wants to make money will be eager enough to cater to potential buyers despite the cold.
  1. Moving companies are available – if you’ve ever tried to move to another home in the summer, you already have an idea of how hard it is to find movers. On the other hand, it’s not as hard to find moving companies since not everyone wants to be moving out in the middle of winter. Of course, you will want to take advantage of this time. You just have to bear the cold, though.
  1. Sellers want to quickly close a deal – during the summer months, there’s a lot on the plate of everyone. It’s not the fastest time if you want to close a deal with a seller. On the other hand, it’s quite the opposite during the winter as most sellers prefer to close the deal before the holiday season.
  1. Extenuating circumstances – there could be a lot going on in people’s lives that may drive them to sell during the winter. However, when you do spot a seller in the winter that just means they are trying to get out as soon as possible. That’s the perfect time to get a good deal. Your realtor will make quick work of the transaction too.
  1. Better interest rates – buying a home before the end of the year is a smart way to lock in your interest rates. The following year, interests may rise, which would make it harder for your finances. However, the right timing, particularly in the winter, will give you better rates.
  1. Firsthand experience of what your potential home would be like – of course, if you see it in the winter, you’ve already seen how your potential home could be. When buying a home in the winter, don’t forget to find a good buyers agent. Getting the help of experts like Full Potential Real Estate can give you an advantage.

Call Full Potential Real Estate, LLC if you need the help of an experienced buyer’s agent who can help you find your dream home.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
https://fullpotentialrealestate.com


Wednesday, December 1, 2021

TIPS FOR FIRST-TIME HOMEBUYER QUALIFYING FOR A LOAN



Many potential first-time homebuyers put off applying for a mortgage because they believe it is too complicated and time-consuming. Many new mortgage programs were made available in 2021 so that first-time home buyers could qualify for loans much more easily. FHA loans are an FHA loan is a popular option for first-time home buyers to purchase a home.

First Time Homebuyer Options

FHA loans are popular due to their low credit requirements and down payment requirements. FHA loans are available to borrowers with bad credit scores below 500. However, a 10% down payment is required in order to qualify. A borrower who has a FICO score below 580 will not be approved by a lender.

If your credit score is less than 580, it’s important to first improve it before applying for a mortgage. A 3.5% down payment is required for FHA-insured mortgage loans if your credit score is less than 580.

Request a Copy of Your Credit Reports

First, you need to get copies of your credit reports from all three major credit bureaus. You can also visit annualcreditreport.com, which is a government operated site, to get a free copy of your report. This can only be done once per year.

Also, you should know your credit score. Visit the sites that offer free reports and scores. Credit Karma and Credit Sesame are good places to start.

Check Your Report For Errors

Once you have all three reports, review them one by one to ensure that no errors are found. If you discover any, contact the credit bureau immediately to file a dispute.

What to Look For:

  • Incorrect Employers
  • Phone numbers and addresses from the past and present
  • Incorrect account information
  • Accounts you don’t own
  • Late payments that shouldn’t be there
  • Credit Injuries Not Authorized

By contacting the credit bureau by phone or online, you can dispute incorrect information about your credit report.

Check your credit score

Your credit score is a key factor in securing mortgage approval. Before you apply for a mortgage, it is important to have a good credit score. Credit Karma, Credit Sesame and Credit Karma are two sites that will allow you to check your credit score free of charge.

Credit Scores can be improved

Resolve credit card balances. The amount of credit you have available is known as your credit utilization ratio. This is responsible for 30% your FICO score. You should pay off your balances in a amount that is less than 15% of the credit card limit.

Do not apply for new credit. A hard credit inquiry will be done on you once you apply for credit. This could lower your credit score. You may also be adding debts to your credit report which could negatively impact your credit score.

You must pay your bills on time – it is important to keep up with your payments. You must make timely payments if you plan to apply for a mortgage. It may be beneficial to set up auto-pay for your bills payments.

Be Preapproved Before you Go House Hunting

You must first get preapproved for mortgage financing before you begin your home hunting. A loan officer will assess your credit and verify your income, assets, and bank statements.

Most realtors will not show you houses until you have a preapproval letter. Most sellers won’t accept offers without the preapproval letters. It is easy to get a preapproval. In just minutes, you can get a preapproval. Important documents such as 2 years worth of tax returns, 2-3 month bank statements, proof that you have paid down, W2’s, and pay stubs should be brought.

Find out if you are eligible for an FHA loan

FHA loans are more flexible and suitable for first-time home buyers looking for a loan they can qualify for. FHA mortgages have a maximum loan-to-value ratio of 96.5%. This means that you only need to make a 3.5% down payment.

FHA Loan Benefits

  • Minimum credit score 580
  • 3.5% down payment
  • A down payment can be made as a gift
  • Programs for down payment assistance are available in many places
  • Low interest rates
  • Accepts higher ratios of income to debt
  • Available in fixed rate and adjustable terms

Decide your down payment options

The type of mortgage you receive will determine how much you’ll need to put down for your down payment.

Low or no down payment home loans are very popular for first-time home buyers who typically have less cash reserves. FHA loans only require 3.5% of the purchase price for down payments, which makes them a great option for first-time home buyers.

If you do not have 20% down payment, you can get mortgage insurance by taking out a conventional mortgage. Below are some down payment requirements for each type of home loan.

  • FHA Loans: 3.5% with a 580 credit rating
  • VA Loans – No Down Payment Required
  • USDA Loans – No Down Payment Required
  • 203k loans – 3.5%
  • Conventional loans – 5% to 20%
  •  Conventional97 – 3%

Hire A Reputable Real Estate Agent

A few home-buyers aren’t hiring a real estate agent when they first buy a house. Do not be one of these people. Remember that the buyer pays the realtor and that the cost of the house is already covered by the agent. A reputable and experienced realtor can help you navigate the home-buying process as well as negotiate a fair price. You can trust that he or she will look out for your best interests.

Budget for All Homeownership Costs

Apart from the mortgage, there are many costs involved in getting a mortgage. There are closing costs, mortgage insurance, homeowners insurance and HOA fees.

FHA loans require MIP (mortgage insurance) regardless of how much you have paid down.

Based on the amount of the loan and the down payment, the MIP for FHA loans can range from 0.80% to 1.1%.

If you have less than 20% down payment, a conventional loan is the best option. You don’t need private mortgage insurance, but MIP is required if you make at least 20%.

Calculate your debt to income ratio

The ratio of your monthly income to debt, or DTI, is the difference between your monthly income and your monthly debt payments. This includes things such as car loans and credit card payments.

The front-end DTI ratio, which is the ratio between your income and debt payments, excludes the mortgage loan, is the front-end DTI ratio. If you earn $5,000 per month and your monthly total payments are $1,000, your front-end DTI ratio would be 20%. Maximum front-end DTI ratio of 28%

The back-end DTI ratio (or income to debt payments) is your monthly income divided by your mortgage payment. If you have a pretax income of $5,000, and your monthly mortgage and debt payments total $2,000, your back-end ratio would be 40%. Maximum is 41% In some cases, however, the ratio may reach as high as 50%.

Look for Grants and Programs Available to First-Time Home Buyers

First-time homebuyers can take advantage of a variety of down payment assistance programs and grants. HUD offers several state programs to help first-time home buyers with the down payment.

Local programs can also be found on the websites of your localities. Some of these programs may require you to attend a homebuyer education class in order to be eligible.

HUD Programs

The U.S. Department of Housing and Urban Development created the Good Neighbor Next Door Program (GNND) to help law enforcement, teachers, and emergency personnel become homeowners. They provide them with 50% of the list price of HUD homes found at hudhomestore.com

HUD offers the One Dollar Program, which allows local governments to purchase HUD homes at $25,000 and below. These homes must have been on sale for at most 180 days. In an effort to revitalize their community, these houses may be offered to low-income families.

Learn What Loans are Available for First-Time Home Buyers

There are many loan options available for first time home buyers, including the FHA loan. Based on your situation, there may be other loan programs available that offer advantages over FHA home loans.

Conventional loan – If you have at least 20% down payment, then you should consider applying for a conventional mortgage. FHA requires mortgage insurance regardless how much you have down. You will not need to carry PMI if you have 20% down. This will save you thousands each year.

Conventional 97 loan – Fannie Mae created this type of loan to rival FHA loans’ low down payments. You can qualify for conventional 97 programs with a 3% downpayment and a 680 credit score.

VA Loan – If you are a veteran, you may be eligible for a VA loan. This mortgage option is the most straightforward. It doesn’t require mortgage insurance nor a down payment.

USDA Loan – This program was established by the US Department of Agriculture in order to help low-income homeowners in rural areas save money on their mortgages. You may be eligible if you live in an area that is eligible for a USDA Loan. The mortgage rate is only 0.35% and there is no down payment.

A 203 Loan – If you’re looking to purchase a fixer-upper, a renovation FHA loan (also known as a 203k Loan) may be available. A loan can be obtained to purchase a house that needs repairs.

Fannie Mae Freddie 3% down loan – Fannie Mae Freddie Mac are the largest buyers of mortgage loans. The conventional 97 mortgages were also launched by Fannie Mae and Freddie Mac. It is a 3% down payment program that allows them to compete with FHA loans.

FHA Energy Efficient mortgage or EEM – This helps borrowers finance the purchase of a home and gives them extra money to make energy efficient improvements.

Additional Important Information

Who are First-Time Home Buyers?

To be eligible for first-time home buyers, you must not have owned a home in the last 3 years.

Are You a Requirement for a Down Payment?

Some programs do not require a down payment, such as USDA or VA loans. Existing homeowners can also apply for them. A down payment is not required for any type of loan.

Which loan is best for you?

When it comes to home loans, first-time homebuyers have different requirements. One type of loan might be right for you, but it may not work for you.

FHA loans are the most preferred home loan for first-time homebuyers. FHA loans have lower down payments and stricter qualification requirements.

What credit score is required to be eligible for an FHA loan?

Federal Housing Administration requires that borrowers have a minimum credit score of 500 and a 10% downpayment. A borrower with a better credit score than 500, or at least 580, will be able to get the loan insured for 3.5% less.

The Key Takeaways

It doesn’t have to be scary to buy a house for your first time. Follow the above tips and work with a trusted Myrtle Beach loan officer and real estate agent to ensure that the entire process runs smoothly.

If you require professional help in purchasing a home, call Full Potential Real Estate, LLC

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-236-0203