Spartanburg, SC

The South Carolina Supreme Court has ordered a halt to foreclosure proceedings. This order was made in an effort to allow home owners to be given additional time to qualify for the Mortgage Modification Program and potentially remain in their home and avoid foreclosure.

From a real estate point of view, this is a positive step that should help stabilize the current market. Not all, but many home owners will be able to remain in their homes and make their mortgage payments if they qualify for the program. This should have an impact in two ways; reduce current inventories of homes for sale and increase the average price of homes that are sold therefore increasing property values.

When you're moving, especially to a new area, it can be a pretty daunting task. You really need to have someone you can trust in your new location that knows the area and is qualified to answer all of your questions or at least get you going in the right direction. You also need to do your homework prior to the move. There are several key areas that will affect you bottom line in terms of money when purchasing your new home:

•· Learn about the culture of the new city's real estate market. It's crucial to know whether homes in the new location typically sell close to the asking price or substantially below. Know what items normally convey. Learn about local taxes as it's related to your purchase and make sure you investigate zoning and neighborhood use restriction.

•· Believe it or not you need to have an exit strategy when you purchase. You need to keep re-sale in mind. You may think you're going to stay in your new home forever, but things happen and plans change.

•· If you have a spouse who is giving up a job for the move you should act on this long before the move is scheduled to take place. If you need two incomes you need to be certain that your spouse is able to find employment.

•· Don't forget about the rest of the family. Learn about extra activities that are important to you and your family; sports, places of worship, medical facilities, commuting and transportation logistics; all the things that impact your daily activities.

•· Make sure that you work with an agent who you feel comfortable with and who can watch out for your financial and other interests. Navigating the maze of a new area can be challenging and you should have a relocation specialist in your corner.

By addressing some of the basic issues prior to your move it's certain to be a smooth transition and less daunting for sure!

According to the National Association of Realtors, 83% of home buyers and sellers used a Realtor. Based on their survey here are the benefits provided by the Real Estate Agent during the purchase:

Home buyers: 57% benefited by helping the buyer understand the process, 47% helped point out unnoticed features/faults with the property, 40% improved buyer's knowledge of search areas, 38% to negotiate better sales contract terms, 35% to shorten the buyers home search and 32% to negotiate a better price.

Home Sellers: 91% to list and market their home on the Internet, 75% to provide a broad range of services and manage most aspects of the sales transaction, 55% to negotiate contract price and terms and 20% to help price the home competitively and help get the home sold within a specific time frame.

These are just the highlights. Navigating in today's market can be challenging and you should have a professional on your side to help guide you.

If you plan on selling your home in the near future, there are a number of things you can do to "Spruce" up the home and make it more inviting to potential buyers. Most of these projects are not very expensive and can add a lot of "WOW!" to your home. New paint, updated light fixtures and bathroom fixtures as well as an inviting entrance and curb appeal can all help get potential buyers into your home.

As for additions and remodeling; they too will help position your home so it competes much better in today's market. However, don't expect to get all your money back from your investment. Latest statistics show that certain projects will bring you a greater return than others. Kitchens and Bathrooms lead the way with an 80% to 85% return on your investment. Depending on the age of your home replacement of windows will also net you 80% or more of your investment. Adding a deck to your home (here in the south) will net you 85% or more. In some price ranges, outdoor kitchens and water features will also give you a great return.

There are also those things you should not do. Adding a Back-up Power generator will only give you a return of 67% and updating a home office only 60%. Contrary to popular belief, adding a sunroom will only add 64% of the cost of your investment.

So, the answer is yes, but you need to pick and choose wisely!

When buyers look at purchasing a re-sale home they are always concerned about the condition of the appliances, plumbing, heating, air conditioning and other systems. And although the home has been inspected there is no assurance that something will not fail after the buyer moves in.

The Home Warranty covers most of these systems for the first year after the buyer moves in and is renewable from year to year. The warranty also covers the seller during the listing period, so if something does go wrong, you're covered too. Not only could this save you thousands of dollars, a home warranty gives the purchaser "piece of mind," making your home a more sound investment.