Michael Johnson, Metro Charleston SC

Overrated Home Features - Top 5

Times change - People change! We can all look back on our lives and point to a few things seemed like a good idea at the time, but now seem just plain silly or unattractive. How about parachute pants from the 80's or MC Hammer pants from the early 90's? It is no different when we look at housing.

Yes, there actually was a time when that ugly green stove and that unattractive yellow tile that we still see in homes built in the late 70's and early 80's was a desirable. The trend of popcorn ceilings that we saw with every new home built until the turn of the century is now out of style.

Every buyer is different and each have different taste. Here is a list of what I perceive are the 5 most overrated items that people have paid for in the past but from which buyers today are largely less interested in paying for.

5. Marsh View - although not an item of interest in most of the country because of geography, this has been a big item for those along the southern Atlantic Coast. Now, if you have a tidal creek or body of water associated with the marsh that will allow you access to a lake or "deep water," this can be a huge selling point. But, many people just have the marsh and expect it to add a lot of value to the home. Buyers have gotten wise to the fact that having a marsh view sometimes just means enjoying the sometime rotten smell of bluff mud.

4. Garden Tub - back in the day, a home with a garden tub in the master bath was a luxury that many people (mostly women) had to have. Today, most buyers have come to realize that they never use that wonderful big tub and it just takes up too much space. When building a new home, many buyers have opted for the enlarged shower with several nozzels for water to shoot out from everywhere, which they feel is much more practical.

3. Pool - This use to be a big item for home owners. Now don't get me wrong there is still a good portion of the population that likes having a pool. But, a growing number of people either do not want to pay more for the home because it has a pool, or they are not interested in the pool at all. Why? Liability! The changes in tort lawsuits over the last 20 years has caused many to believe the liability and insurance costs of owning a pool is simply not worth it.

2. More Square Footage - who wouldn't want a bigger house? It's the American Dream! Over the last 50 years our family sizes in America have decreased but our homes have gradually gotten bigger. But, more and more home buyers are learning the hard truth that bigger is not always better. Home buyers are now taking into account the utility of the home (how it is used), the quality of home build, and how much the home will cost to run on a day to day basis (electricity, water, ..etc). Green initiatives that make a home energy efficient are also becoming a bigger concern with each passing year.

1. Golf Course View - I love golf! I'm not very good but I love to play. Because I'm not very good, every time I play I loose about 5 -10 balls (depends on the course). These MIA (missing in action) golf balls usually hit a house or fly into the yards of the people living right on the golf course. I am not alone in my level of play. Golf courses are filled with people like me! Living on a golf course seems like a cool idea but I know a number of people that live on a course that will never do it again because of bad golfers like me. Unless the home is situated in such as way on the golf course as not to get hit, just being on a golf course is losing its draw.

Wordless Wednesday

Southern Bloom

Photo take at Azalea Park in Summerville SC during the town's annual Flowertown Festival.

Other Blogs Posts:

Seven Reasons to Sell Your Home, For Sale By Owner (FSBO)!?

Is Now the Right Time?

How to Buy a New Construction House

Who is Seeing What? - Goose Creek Real Estate Showings Report

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How to Buy a New Construction House

New construction is a very appealing option to many buyers in today's market. It can be a little less expensive, especially in this market, to buy as apposed to a re-sale. Why? Because many builders can afford to reduce their prices and still make a profit whereas home owners who bought their home 3-5 years ago may not have the equity to drop their price as needed.

BUT.........

....there are several things you need to consider and questions you need to ask before you sign on the dotted line.

1. Am I Comparing Apples to Apples - by this I mean, are you making a proper comparison with the re-sale and the new construction house. Don't be fooled by the new construction ad that is equivalent in square footage and to the re-sale home but has a much lower price. More often than not that is a base model home that will require much more financing to possibly get the house to what you would like it to be. i.e. granite counter tops, wood floors, crown molding, etc.

2. Are the Neighborhoods Comparable - with this I am not talking about who lives in the neighborhood but rather what does the neighborhood look like. Many times a builder will come though and wipe out most if not all of the trees and then start building spec. homes. Most people want at least a little vegetation around them and older established neighborhoods are the ones that often offer this. Also, what are the amenities offered? Parks, walking trails, tennis courts, and community pool are all things you may or may not find in new construction areas. Always ask the question, "What is my HOA dues paying for?"

3. What Construction Phase is the Community in? Many neighborhoods build several phases over an extended period of time. It is important to know about how long the builder has until he completes the community. Why? Because it may determine how long you will need to stay in the home before you are able to sell it. If you are one of the first homes built in a neighborhood that will take 5 years or more to complete, plan on staying the duration. The last person you want to compete with when selling your home is the builder who can build the same plan for less money.

4. Don't Eat up Your Equity Before You Move In! The trap many buyers fall into is the lure of the really low priced new construction home only to find that when all the upgrades are added into the home they have paid much more than they originally wanted to pay. Set a limit on the amount you plan to use for upgrades and stick to them. Also note that there are many things that you may find cheaper to purchase from an outside source. i.e., kitchen appliances. In addition ask to tour the design center before making a purchase. Many new construction companies will have no problem with you doing this. This will give you an idea of what to expect.

5. The New Construction Agent is Not on Your Side! The agent that works for the builder is usually a nice person and although they mean you no harm, they are not your buddy and they are not working for you. Their job is to lookout for the builder. If only there were a way for you to have representation and not have to pay for it...hmmm.....oh wait there is a way!

Find your friendly neighborhood Realtor and ask them to go with you to ensure you are properly represented, and in most cases it is at no cost to you. Most builders will gladly pay our service fees so that you are properly represented. Most have one catch - you must either mention that you have a Realtor at first meeting or bring your Realtor with you at first meeting. Don't be fooled by the widely propagated myth that you will get a better deal without a Realtor. The only thing you will get by not having a Realtor is a lot of headache and quite possibly a higher mortgage payment every month.

For more tips on buying a new construction home or a re-sale home, contact Michael Johnson with Carolina One Real Estate.

Other Related Blogs:

Seven Reasons to Sell Your Home, For Sale By Owner (FSBO)!?

Is Now the Right Time?

Crowfield Plantation Real Estate 2010

Who is Seeing What? - Goose Creek Real Estate Showings Report

South Carolina Wildlife Expo in Charleston 2011

Looking for something to do this weekend in Charleston? The South Carolina Wildlife Expo will be here on February 18-20 2011, Friday, Saturday and Sunday. There are a ton of events each day. These include:

• The Ducks Unlimited Oyster Roast

• Busch Wildlife Sanctuary Show at Gaillard Auditorium
  

• Fly Fishing Demo

• Retriever Demonstration (Duck Dogs)
  

• Cue Camp with BlackJack BBQ

• Birds of Prey Flight Demo

Most of these events have a price tag associated with them so be sure and check out the website at www.sewe.com

If you are in the area and decide like many people that you would love to live here, give me a call (843-817-5299) or send me an email. I'd be happy to send you a list of homes in the Charleston area that fit your criteria.

Other Recent Blogs:

Charleston SC Homes Sold Statistics Jan 2011

Crowfield Plantation Real Estate 2010

Mount Pleasant SC Homes Sold Stats 2010

AFA Short Sale Process

HAFA (Home Affordable Foreclosure Alternatives) is a program that was initiated by the government for Fannie Mae, Freddie Mac, and US Treasury homes that need to do short sale. Below is a flow chart that helps the home owner and the real estate agent through the process of dong a HAFA short sale.

Here are a few definitions that will make this chart easier to understand:

1. Servicer - the company to which the borrower makes payments.
2. SSA (Short Sale Agreement) - the agreement outlines the roles and responsibilities of the servicer and borrower and provides key marketing terms.
3. RASS (Request for Approval of Short Sale) - the documents that the borrower submits to the servicer to request approval of a short sale contract based on a previously issued SSA.
4. HAMP - Home Affordable Modification Program

For more information about HAFA short sales in the Charleston, SC real estate market, please give me a call or send me an email. I'd be happy to sit down with you to determine if you qualify for this program.

Other Recent Blogs:

Why a HAFA Short Sale?

Charleston SC Homes Sold Statistics Jan 2011

How to Price a Home in Today's Market

Crowfield Plantation Real Estate 2010