Clardy Real Estate Blog

Housing Market Expected To Balance Out

Tue, 17 Jan 2012 03:00:00 GMT

The good news is we see the light at the end of the tunnel and it’s not a train coming at us anymore. Mortgage rates are still very low and are expected to stay low throughout 2012. Over the past 5 years we’ve seen prices dropping and home owners wondering if they made a wise investment. In Oconee County, average home prices have dropped 12% and Pickens County has dropped 5% since 2007, which doesn’t sound like a lot given that places elsewhere are 25-35% less. There were 45 homes in foreclosures in Seneca this year that sold and 16 are still active. In Clemson/Central area 16 homes were sold as foreclosures and 6 are still for sale.

Right now there are 885 homes on the market in Oconee and 523 homes for sale in Pickens. If you are thinking of selling your home, it’s best to list it NOW before the Spring because you’ll have more competition in the Spring. If you currently have your house on the market, you should really get to your bottom price before Spring so that you’ll sell before all the new listings are competing against you.

Seventy-eight percent of recent home buyers said their home is a good investment, and 45 percent believe it’s a better investment than stocks. Given the current restrictive credit environment, many buyers were much more cautious about their purchase and stayed well within their means; recent buyers had higher incomes and used modestly higher down payments than buyers in the 2010 survey.

Sorrel Hoover
Realtor®, Assoc. Broker
864-449-4372
sorrelhoover@gmail.com

After Christmas Sail on Lake Keowee

Mon, 26 Dec 2011 18:27:00 GMT

What a wonderful time to buy on shores of Lake Keowee. Lake Keowee is surrounded by majestic mountains and is known by it's Emerald Green waters. Lot 15 in Shelter Cove offers .58 of an acre on deep water, Rip Rap Shoreline, wonderful mixture of hardwoods, and a lovely building site. This subdivision is very conveniently located in Seneca, SC.
Call Shane Clardy (864-710-6507) today for more information regarding this lot in Shelter Cove.

Shane Clardy
Realtor®, Broker in Charge
864-710-6507

Home Sales Increase Across The Country

Tue, 29 Nov 2011 10:33:00 GMT

The National Association of Realtors recently released their 2011 3rd Quarter Housing Report. In the report, they showed that combined sales of single family homes, condos and co-ops increased in EVERY state as compared to the 3rd quarter of last year. Here are the state-by-state numbers.

The next time someone says houses aren’t selling, ask them which state they live in and show them the chart.

The Perfect Season To Buy

Tue, 22 Nov 2011 11:54:00 GMT

There is still time to be in your dream home for the Christmas Holidays. One of the busiest times of the year, but the perfect time to buy that new home.

As a buyer shopping for a home you have great advantages:
1. Interest Rates are down
2. Sellers really don't want to have to put up and take down christmas decorations- they would rather go ahead and sell before the Christmas holidays
3. People are generally in good moods & in a more generous spirit
4. If there house is on the market in December- then they are serious about selling it.

Call Us Today So we can Help You Find A Home for the Holidays!

Local Realtor® Earns South Carolina Broker’s License

Tue, 08 Nov 2011 10:58:00 GMT

Sorrel Hoover
Sorrel Hoover, Realtor® with Clardy Real Estate has recently earned the South Carolina Real Estate Broker’s License. To qualify for her South Carolina Brokers License, Sorrel had to successfully complete 150 hours of advanced real estate principles and practices. In addition, the applicant must also have three years experience with a salesman’s license and successfully pass the SC state exam. Sorrel is an established Realtor® and loves to be involved in the community. She impresses clients and co-workers with her drive, determination and willingness to help. “Sorrel is very professional and goes above and beyond for all of her clients. We are extremely proud that she is apart of Clardy Real Estate,” said Broker In Charge- Shane Clardy.

Sorrel Hoover can be reached at Clardy Real Estate at 864-882-4864 or 864-449-4372, by email: sorrelhoover@gmail.com

A Nation's Strong Belief in Homeownership

Fri, 16 Sep 2011 03:00:00 GMT

Should You Buy A Home Warranty? Answer: Maybe!

Tue, 06 Sep 2011 03:00:00 GMT

As a Realtor, I always ask my Buyer if they would like a Home Warranty included in the purchase of their home. A home warranty wouldn't be necessary for you to purchase if you're buying a new construction home because it already comes with a 1-year warranty. However, after the first year, you have the option to purchase a home warranty with warranties covering your repairs a year at a time. You can continue to pay the premium each year, and then only pay a small fee for the service call if you have claims, usually a deductible of $55-75 per service call.

Most home warranty programs will cover what are considered “moving parts”: appliances, heating systems, air conditioning, some plumbing and some electrical, and hot water heater. However, most of the time the home warranty company will not cover issues related to poor maintenance of the home, or bad construction. Be sure, you carefully read the paperwork to understand exactly what to expect from your home warranty so you don't have any surprises.

Typically, a basic home warranty plan cost on average around $450, additional coverage can be added for in-ground pools, septic systems, water wells, etc. If you end up with a serious plumbing problem, or if your heating system breaks down, having the home warranty can save you money. If you had a $450 warranty with a $55 deductible, and you needed a new $1500 heating or cooling system, your home warranty policy would save you a lot of money.

Home warranties can provide peace of mind when you are living in an older home. Homes that are at least 10 years old, and that have not had any replacements to their “moving parts”, might begin to see more problems. I highly recommend getting a home warranty for the first year that you own an older home, just because you don't truly know how well the previous owner took care of the home. A home warranty would just be some added insurance.

Home Warranty Companies

There are many businesses offering this service so its best to compare home warranty companies. Some of the home warranty companies that are well-known, national and somewhat reputable companies include:

Sensible Home Warranty
Colonial Home Warranty
American Home Shield
Old Republic Home Warranty
2-10 Home Buyers Warranty
First American Home Warranty

If you're purchasing a home, you'll most likely have a home inspection completed. Based on the home inspection, you'll have a good indication if a home warranty would be a good idea. Your Realtor will be able to order the warranty for you and the warranty will be in place on the date of closing.

Sorrel Hoover
Realtor®

Clardy Real Estate
Cell: 864.449.4372
website: www.ClardyRealEstate.com

Should I Remodel Before I Sell?

Wed, 31 Aug 2011 03:00:00 GMT

To sell your home in today's market there are a few things you'll need to do to get it ready. But, the good news it doesn't have to cost a lot of money. There are some small improvements that you can do that will pay off big. Typically, Realtors advise homeowners to do as little as possible - perform touch-ups on floor tiling instead of replacing the entire floor; shampoo the carpets instead of replacing them. However, if the homeowner and their real estate agent determine that the condition of certain areas is deemed to be too poor, more extensive work may provide the greatest benefit.

A recent marketing company surveyed nearly 600 real estate professionals to discover which Do-It-Yourself home improvement projects give sellers the biggest return for their buck. Here are six projects under $1,000 (amounts are estimated) that made the list.

Cleaning and decluttering. Remove any personal items, unclutter countertops, organize closets and shelves, and make the home sparkling clean.

$290 Cost
$1,990 Return

Brightening. Clean all windows inside and out, replace old curtains, update lighting fixtures, and remove anything that blocks light from the windows.

$375 Cost
$1,550 Return

Smart staging. Rearrange furniture, bring in new accessories and furnishings to enhance rooms, incorporate artwork, and play soft music in the background.

$550 Cost
$2,194 Return

Landscaping enhancements. Punch up the home’s curb appeal in the front and back yards by adding bark mulch, bushes, and flowers and ensuring current plants and grass are well-cared for and manicured.

$540 Cost
$1,932 return

Repairing electrical or plumbing. Fix leaks under the sinks, remove any mildew stains, and ensure all plumbing is in good working condition. Update the home’s electrical with new wiring for modern appliances, fix any lights or outlets that don’t work, and replace old plug points with new safety fixtures.

$535 Cost
$1,505 Return

Replacing or shampooing dirty carpets. Steam-clean carpets, replace any worn carpets, and repair any floor creaks.

If your home needs a new roof, bite the bullet and do it. Even though most roofing tear-off jobs take one to two days, buyers shy away from buying a home if the roof needs to be replaced.

Overall, buyers want to buy a home that has no deferred maintenance, newer appliances, updated plumbing, electrical and heating (including a/c), modern conveniences and is ready to occupy. In today's market, your home has to stand out above the rest and the best way you can do that is to have it in move-in condition and lower the price.

Source: HomeGain’s 2011 Home Sale Maximizer Survey: www.homesalemaximizer.com.

Sorrel Hoover
Realtor®
Clardy Real Estate
Cell: 864.449.4372
website: www.ClardyRealEstate.com

Homeownership: Why Wait?

Fri, 19 Aug 2011 03:00:00 GMT

What is PMI and How Can I Not Pay It?

Tue, 09 Aug 2011 03:00:00 GMT

For many individuals and families who are looking at purchasing a home, or any other real estate, private mortgage insurance (PMI) can be a major cost factor. This kind of insurance is expensive and doesn't really help the borrower insure anything. Rather, it's a general requirement imposed on property sales by the lender. Buyers have options when it comes to private mortgage insurance, but not all consumers understand how this insurance works, and more home buyers just can't figure out their own specific requirements.

Wikipedia defines PMI in the US, is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage loan. It is insurance to offset losses in the case where a mortgagor is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property. Typical rates are $55/mo. per $100,000 financed, or as high as $1,500/yr. for a typical $200,000 loan.

In layman's term, it's part of your monthly mortgage payment that you pay to the lender if you are mortgaging more than 80% of the purchase price. PMI protects the lender if you should default on the loan, then the insurance would pay off the remaining amount of the loan. Typically, PMI is .05% of the mortgage loan and is not tax deductible. The PMI should drop off your monthly payments when you reach 20% principal on your loan. Contact your lender to see how much you still owe and if you've reached your PMI limit.

Some loan programs don't have PMI included in the loan and can save you money. For instance a Veteran Administration (VA) loan or an FHA loan will not have PMI included. If you wanting to get pre-approved for a mortgage, ask your lender about the different loan programs that don't require PMI or ways that you can get around paying for it.

If you currently have a mortgage and want to stop paying for PMI each month, contact your current lender and find out when the PMI will be removed from your payments or if you can pay your principal to 20% of your loan and have the PMI removed.

Sorrel Hoover
Realtor®
Clardy Real Estate
864-449-4372

The Price Is Right Game

Tue, 02 Aug 2011 03:00:00 GMT

I've been on alot of listing appointments that the Seller wants to price their home high and I've worked with lots of buyers making ridiculous low offers. Who's right?

Well, the true fact is that you'll get a majority of your showings in the first 45 days of putting your house on the market. If you've got your house priced right, you'll get lots of showings and hopefully offers. In the good ole' days, the saying for real estate was "location, location, location." Now the saying is "price, price, price." However, if you price your home too high, you'll get very few showings (and thus offers) because your home just won't compare to the other homes in that same price range or condition. Some Realtors will want to do a price reduction over a 3-month period and reduce your home price a few hundred (or thousand) every couple of weeks until they finally reach the bottom amount you'll take. But, what did that gain you by starting high? Well, for starters...3 extra mortgage payments! Then add the property taxes, utilities, the pain of keeping your house clean all the time, getting the pets out of the house for showings, the foreclosure down the street selling before yours and now it's a comparable, and the added stress that you can't move into your next chapter of life until your current house sells.

We all want your house to sell and we want it to sell quickly, but in our current Buyer's market, houses need to be priced right from the start. Buyer's today are very educated with all the technology at their fingertips. They can see what has sold recently, how much you paid for the place, how many days your house has been on the market, and usually find out your personal circumstances, too (i.e. estate sale, divorce, relocation, downsizing, etc ). If your house starts too high, you'll be on the market for a very long time and become like stale bread. Price it right and you'll be at the closing table sooner than you think.

Speak with your Realtor today to make sure you have your house priced right for today's market.

Sorrel Hoover

Realtor®

Clardy Real Estate

864-449-4372

Rent Prices Are Going Up

Mon, 25 Jul 2011 03:00:00 GMT

People often wonder whether it is better to rent or buy in the current housing market. The answer to that question is: “It all depends”. There are certain situations where renting short term probably makes sense. It may make sense if you are retiring to a different region of the country and are not yet sure where you want to set down roots for the next 25 years. It may make sense if you have a one year employment contract which will probably

require a move to another place upon termination. However, in most other cases, renting right now makes little sense for several reasons.

• Even though prices may still soften, waiting to buy makes no sense as the cost of owning a home may still increase.

• Mortgages may soon become much more expensive than they are right now.

• Owning a home is less expensive than renting a home in 72% of major U.S. cities.

• Rental costs are about to explode.

Let’s take a closer look at the last reason. We have often said that the cost of anything is based on supply and demand. The number of widgets for sale and the number of widget buyers together create the price for

widgets. That will also apply to rents. There is a much larger demand for rentals right now. The economy has forced many to leave their foreclosed homes and other buyers are afraid to plunge into homeownership.

At the same time, the supply of rentals is rapidly decreasing. Here is a graph from Calculated Risk showing the apartment vacancy rate in the United States: When supply is rapidly decreasing and demand is quickly

increasing, prices have only one place to go – and that is UP! That is exactly where rental prices are headed. Is now a good time to rent? We think not. You can buy a home today at a discounted price and get a 30 year mortgage at a historically low interest rate. You can set your housing expense for the next thirty years. On the other hand, rental costs are poised to increase for years to come.

In our local housing market, interest rates are below 5% and you can get approved with a credit score of 620 or better. A local Realtor can help you every step of the way in connecting you with a local mortgage broker that will get you pre-approved and on the path of homeownership.

Written by: KCM and

Sorrel Hoover

Realtor®

Clardy Real Estate

5 Things A Realtor Won't Tell A Seller

Mon, 18 Jul 2011 03:00:00 GMT

1. "Your home value has gone down." Nobody wants to hear that there house assets have lost value. But, if a seller purchased or refinanced since 2005 through 2009 your home value has decreased based on large supply-low demand for housing and a recession.

2. "Your house smells." This one is a very sensitive issue and we don't want to be the one to tell you that your house stinks. If you think it does, it probably does. I would advise you to ask a neighbor kid to come over and smell, they'll always tell the truth.

3. "All the upgrades you made will help you get chosen by a buyer." In today's market, buyers are expecting upgrades, but not paying more for them. It may help weed out your competition, but you're not going to get your money back. Unfortunantely, it's just becoming a standard for selling your home.

4. "Get out of the house for all showings and take your pets with you" Unless it is due to a medical reason, Realtors don't like it when homeowners are in the house because the buyers can't be objective, roam freely, or be nosy looking at your photos to see if they know you.

5. "You have a nice home, but it's really not anything special." We know you live there and have your emotions tied to your home, but as Realtors, we see hundreds and hundreds of home every year and trust me, yours is ... ok. There is absolutely no reason it should be priced higher than other comparable homes in the area. None. Zip. Nadda. In fact, if you want to sell in the current market, it should actually be priced a bit LESS.

I apologize if I've offended any Sellers, but as a Realtors we are doing everything possible to sell your home, but we need your help too.

Sorrel Hoover
Realtor®
Clardy Real Estate, Inc.
(864) 449-4372

Local Housing Market Update

Thu, 07 Jul 2011 03:00:00 GMT

Can you believe it, half of 2011 is already gone?! Another new school year is just around the corner and football season will soon be here, along with school shopping, homework that we can’t remember how to do, and carpooling to sport activities. Our real estate market is actually driven by the school year and homebuyers always want to be in the best area with the best schools. Fortunately, we live in a part of the State with some of the best schools and they’re improving academically and physically every year.

In fact, in Pickens County, RC Edwards Middle School will be updated and have lots of new classrooms and a new library by the end of the year. Daniel High School is well under construction, but is on schedule to be completed by August 2012. In Oconee County, Seneca High School is expanding the cafeteria, adding classrooms, a new agriculture building and an auxiliary gymnasium, they’ll be finished in August 2011. West-Oak High School is adding a large two-story academic wing that will increase science lab space and classrooms. Also included are an expanded cafeteria and a new front office that will enhance security on the campus, also be to ready in August 2011. Tamassee-Salem Middle/High will be expanded to allow for new band and chorus rooms as well as a connector corridor for the middle school and high school buildings. Construction is slated to begin in July 2011. Land has been purchased for the construction of a new Walhalla High School, however it will not be completed until 2015.

In the housing market we’ve had lots of new listings coming on the market everyday in our area. The good news is that the foreclosure inventory is dwindling and our traditional sellers do not have to compete with short sales and foreclosures as much this next six months. However, overall house prices have fallen from last year in Pickens and Oconee counties.

Here’s a snapshot of what is going on each area and the average number of buyers that have purchased in the last six months. Remember it's price, condition, or location that gets your house noticed.
Selling or buying a home can be very stressful, overwhelming, and emotional, but a great Realtor can help you every step of the way with making educated decisions about your sell or purchase. Contact a local Realtor today-(864) 449-4372.
Sorrel Hoover
Realtor®
Clardy Real Estate, Inc.

How To Make An Offer That will be Accepted

Thu, 23 Jun 2011 03:00:00 GMT

You have finally found the house of your dreams. It is priced right and is receiving a lot of attention from other buyers. You don’t want to miss this opportunity, so you are ready to put in an offer with a Realtor® from Clardy Real Estate immediately. What can you do to guarantee your offer is the one accepted? Financially, offers can be broken down into three categories:

1.) An All-Cash Offer
Obviously, a cash purchaser is always favored by any seller. In today’s real estate market, an all-cash offer is even more enticing. Last month, one in four real estate transactions were impacted by a low appraisal. An all-cash buyer eliminates the need for the bank appraisal.

2.) A Non-Contingency Offer
If you don’t have the cash reserves for an all-cash purchase, the next best thing would be to make a non-contingency offer. To do this you should be already pre-approved for a mortgage and have your current house already in contract. This gives the seller the confidence that you are already a qualified buyer who will be able to complete the purchase.

3.) A Contingency Offer
Some buyers start the process of looking for a new home before their current home is sold or under contract. This could be a big mistake. If you find the home you were hoping for (perfect for your family AND priced right), it will be very difficult to get your offer accepted because you are not actually qualified to buy. Asking a seller to wait for your home to sell is somewhat unreasonable in today’s environment.

Bottom Line
Unless you have the ability to purchase with cash, the best thing to do is to be pre-approved for a mortgage and have your current house already in contract before looking for the home of your dreams. That guarantees you will get the home you love at a price that makes sense.

Upstate South Carolina Home Search

Mon, 23 May 2011 03:00:00 GMT

With Just One Click on the above box- You can sign up to receive listings as soon as they hit the market in your desired price, and location you have been spending countless hours looking for.

Quit wasting your time searching the internet for listings that are passing you by and let our search engine do the work for you.

They come directly to your email box:)
So Don't Delay- Sign Up Today!

New Listing on 740 Windchime Way in Seneca!

Wed, 20 Apr 2011 12:46:00 GMT

740 Windchime Way
Seneca, SC

Located in Seneca, South Carolina this home for sale offers 2.5 acres placed in a wonderful country setting. With great craftsman curb appeal, 3 BD/2.5 BA, Elegant Kitchen w/ Stainless Appliances, Formal Dining Room, Open Air Deck, Screened in Porch, Full Unfinished Basement, this home is sure to please! Call Clardy Real Estate Today to See this home for yourself!

(864) 882-4864

Clardy Real Estate has adopted a Highway

Fri, 08 Apr 2011 14:57:00 GMT

We are excited to announce the adopt a highway program that we have implemented here at Clardy Real Estate. We wanted a chance to help keep Oconee County beautiful. What a great way to show our county that we as realtors want to continue to make this area a great place to live.

We think we are going to believe Grandpa

Tue, 22 Mar 2011 21:02:00 GMT

We Think We’re Going to Believe Grandpa

There are those currently debating the financial advantages of owning a home. Some are looking at studies and reporting that homeownership has never really been a great investment.

One of these people is Jack C. Francis, a former Federal Reserve economist and professor at Baruch College. He said in a recent CNBC article:

“For generations, parents and grandparents have been telling us that the way to get ahead was to buy a house and keep making payments with a fixed interest rate and after 20 or 30 years it would be way up in value and that was your nest egg in old age. You could either live in it rent free or sell it and use the proceeds to rent an apartment.”

The article goes on to explain the rest of Mr. Francis’ comment:

That was good advice until 2006 when home prices collapsed, he says, and it “may become good advice 10 years from now, but right now it’s not.”

Mr. Francis bases his conclusions on a study he completed which covered the years 1978 through 2008. In his study it showed that home prices increased annually by 5.7% and that the S&P 500 increased by 10.8%. Based on this information, Mr. Francis gives the following advice:

To students who come to him for guidance on whether to buy or rent in the near term, however, Francis has one word of advice: wait. “I keep telling them this is not the time to buy,” he says.

Let’s take a closer look at this conclusion.

1. We have our own study.

Mr. Francis did a study over a thirty year period which did not include the last 3 years. If we look at the same categories since January 2000 (covering one of the worst decades in American real estate history), we find that home values GAINED 42% while the S&P LOST 4.7%. It all depends on which set of data you choose to use.

2. The proper comparison is rent vs. buy.

All of these comparisons claim that putting your money into a different investment vehicle other than real estate might make sense. What they are not taking into consideration is that the investor will still have a housing expense. They will still need money for shelter. They cannot just take their money for shelter and buy other assets with it. A person can’t live in their 401k or their IRA. This leads us to…

3. In most markets today, owning is LESS expensive than renting.

Trulia recently came out with their Rent vs. Buy Index. The report shows:

that it is more affordable to buy than to rent a two-bedroom home in 72 percent of America’s 50 largest cities.

For more on this issue including a 50 city breakdown, click here.

4. Current mortgage opportunities may never be available again

The government has driven mortgage interest rates to all time lows. You can still get a 5% rate and guarantee it for 30 years. Both of these opportunities may soon disappear. Mortgage rates will increase as the economy improves and the Fed no longer feels pressure to keep rates low. The 30 year mortgage may soon be a thing of the past if suggested mortgage reforms come to be. You can lock in your housing expense for 30 years if you purchase. Renting is like having an adjustable rate loan with no cap that readjusts EVERY year. Which way do you think a landlord will readjust it?

For more on this, click here.

5. Most Americans see more to homeownership than financial value.

Last week, Fannie Mae released the National Housing Survey. The survey reported:

96% of all homeowners said homeownership has been a positive experience.
84% of Americans still believe that owning a home makes more sense than renting. Even 68% of renters believe owning makes more sense.
2 in 3 Americans believe that lifestyle benefits of homeownership (65%) are superior to the financial benefits (32%).

Bottom Line

There are more and more studies being done on the value of homeownership. We think we will trust in what our parents and grandparents said. Your mortgage payment is money you put into your savings. Your rent payment goes into the garbage.

Tips on How To Sell Your Home Fast In this Market

Tue, 08 Mar 2011 03:00:00 GMT

1. Don't make it Personal-
When you decide to put your home on the market, stop referring to it as "my home." "It's a property," or at the very least, "the house." You need to place some emotional distance as a home seller.

2. Tour the Neighborhood or area houses
Let your realtor take you around to comparable houses in the neighborhood or area. Focus on homes within your county that are similar properties & price. These are your competition. You want to be priced better & look better than your competition.

3. Follow the Sold Comps
"Comps" are the price tags on homes. Comp's tell you what they're actually getting and what the true home values are in your area. Your realtor can give you local comps, to help you price your home accurately.

And Remember-
"This Is A Great Day To Handle Those Real Estate Matters"