Ron Moore The Home Team Pros

Have you ever stopped to consider the irony of it all? When the housing market was hot with escalading hosing prices, buyers couldn't wait to jump on board. With multiple offers coming in, buyers were willing to pay above asking price to get the home of their choice. When it's a buyer's market with deals galore out there, buyers go into hibernation. Go figure! In a seller's market, buyers fall all over themselves to make a deal. In a buyer's market, sellers just don't seem to be able to give their homes away.

Buyers, take a good look at what the market has done and is doing over the past five years in the Greater Florence Region of South Carolina. True, this year's housing market is the worst of the five but it isn't that far off from 2004 sales. What makes it look so much worse is the number of homes on the market. They have been going up steadily over the past five years and until 2007, sales were keeping up pretty well with the listings. In 2008, however, listings spiked by nearly 20% while sales decreased by 23% year over year. That has created a 9.8 month inventory in the local housing market, which should be a buyer's delight. So, where are the buyers?

To really understand what's happening in the Florence housing market, take a look at my last blog titled Lets Make Some Money! I have a chart there that illustrates the monthly ratio between listings and sales for 2008. Those figures point toward a possible bottoming out of the slumping housing market. Spring will let us know for sure. But here's the problem. The best deals for buyers are before the market turns, not after. If you're a serious home buyer but taking a "wait and see" attitude, you're going to be looking back at the bottom instead of buying into it. That'll cost you a lot of money!

www.RBMoore.com Mailto:/Ron@RBMoore.com

"It's a buyer's market! It's a buyer's market! It's a buyer's market!" It doesn't seem to matter how loud or often we shout it out, there still aren't many buyers. But if you have been thinking about buying a new home in Florence South Carolina or the Greater Pee Dee Region of South Carolina, this is one of the best buying opportunities in the past 50 years. As you can tell from the 2008 market summary chart I prepared, there are some very interesting patterns beginning to develop that suggest it's time for buyers to get off the sidelines and take advantage of market conditions.

The first thing I want you to notice is that the widest gap between homes listed and homes sold in the Greater Florence market was last April. At that time there was well over a full year's inventory homes, which clearly shifted negotiation leverage to the buyer. For many reasons (the decrease in new construction inventory being one), we may not see that wide of an inventory gap during this downturn again.

Secondly, notice how the gap has narrowed and begun to stabilize, signaling a potential bottom in the housing market. Currently there is a 9.8 month inventory to choose from. If that figure holds through Spring (when most new sellers enter the market place), then I will be more optimistic about the beginning of a housing recovery in 2009. If that happens while you are sitting on the sidelines, you will watch the best buying opportunities pass you by.

There is an old saying in real estate that says, "You make money when you buy a house not when you sell it." The savviest of buyers are making money now! By the way, if you want to take advantage of current market dynamics to purchase a newly construction home, you better not wait too much longer. This inventory is steadily shrinking as fewer and fewer builders pull new housing permits. Your best opportunity to make money here will be over the next six months.

For more information about the Florence housing market, go to my blog titled Florence Market Looks Good for Buyers. In this blog you'll find a chart of month to month ratios between listings and sales in our area.

www.RBMoore.com Mailto:/Ron@RBMoore.com

In this blog post I would like to spotligh some of the services at McLeod Regional Hospital in Florence, South Carolina. I think you'll find the article introductions interesting and will want to click on the links to see the full article. While on the McLeod site, feel frre to navigate and survey their many services. You'll soon learn why McLeod is so highly rated.

The Cutting Edge of Radiation Therapy Delivery -- McLeod continues to be a forerunner in South Carolina with the most technically advanced equipment in the state. For current cancer patients and future patients, McLeod Regional Medical Center announced in 2003 the availability of a new cancer treatment system, which delivers very precise radiation to cancerous tumors without harming healthy tissue or organs near the tumor. Treating cancer patients in the Pee Dee with this technology places McLeod in the forefront with a number of hospitals on the "cutting edge" of radiation therapy delivery.

Follow this link to read more.

Best Home Care You Will Have -- McLeod Home Health provides quality health care for patients outside a hospital setting who require extended care after being released from the hospital. McLeod Home Health has assembled a team of skilled health care professionals, such as nurses, physical and occupational therapists, and social workers, to address each patient's individualized care plan.

Follow this link to read more.

McLeod Center for Advanced Surgery -- Technology and the people come together in the McLeod Center for Advanced Surgery and its OR of Tomorrow. These fully digital surgical suites are designed to create a virtual cockpit for the doctor, enabling control of all devices, access to images and information, and ?virtual' consultation using the Internet, with colleagues down the hall, or across the country. McLeod is partnering with two leaders in the surgical equipment industry -- Getinge and Storz. The first of these surgical suites will be open next spring. Additional suites will open in 2006. But what is "Advanced Surgery"? It generally encompasses one of four areas: Minimally Invasive Surgery, Interventional Radiology, Surgical Navigation and Robotics

Follow this link to read more.

Follow this link to visit McLeodHealth.org

www.RBMoore.com

OK, I know I'm going to get hammered by my colleagues for this post. I know that there are many arguments why every Realtor should feel free to sell new construction. And that's fine. I just believe that every new construction home buyer deserves better. Let me explain.

First, too many Realtors don't know much about how to build a home. Now I know that's not necessary to sell one but it is important if you're going to provide professional help to a buyer -- before and after the sale. I believe that any agent wanting to sell new construction should become certified as a new home specialist (CNHS). It's not hard and isn't very expensive. Short of that, my advice to new home buyers is that they don't use a Realtor who isn't certified.

Secondly, many Realtors don't seemingly know the difference between a spec home and a custom built home when it comes to pricing. When agent don't realize that there is a reason why it cost $10 to $50 more for a custom home, it creates impossible expectations and makes meaningful negotiation impossible.

Thirdly, most agents don't know the standards set by their state for residential builders. Most states have printed books that are free for the asking. Far too many have never seen one let alone read one. Every new construction buyer should expect that their agent not only have a copy but be thoroughly familiar with it's contents.

Fourthly, most agents don't have a clue as to what a builder's responsibilities are after the sale of a home and, therefore, don't know how to help their clients when problems arise. If you're a buyer interested in purchasing a new construction, here's what I'd tell you to do. Ask the agent you're working with what a builder's responsibilities are after the sale. Then call the state's residential builder's commission and ask the same question. If the answers are significantly different, get another agent!

For Realtors, none of these are insurmountable problems to overcome. A little time and training is all it would take. So if you want to be a professional new home sales agent, take the time and get the training!

For new construction buyers, however, the problem is much more easily resolved. Find a certified new home specialist (CNHS) and use him. I just happen to know a good one!

As a full time professional Realtor in Florence, SC, I have seen three huge financial mistakes made by home buyers over and over again. Although they seem so simple to avoid or correct, it's often difficult to get buyers to understand how these three biggies can sabotage any attempt to purchase a home. Here's the advice I give my clients right up front when they begin their search for homes in Florence.

1. Review your credit! About six months before making an offer on a home, pull your credit report from any of the three major providers (Equifax, Experian or TransUnion). You don't want any surprises here. Evaluate it. If you find errors, fix them. If you have a few problems that need correcting, do it. The difference between a sub-600 and 700-plus score can cost a buyer as much as 3% or more in interest rates. That's a huge hunk of change!

2. Get pre-approved! Notice that I did not say "pre-qualified," which means virtually nothing in today's market. In order to get pre-approved, the lender must look at your credit score, calculate your expense to income ratio, etc. Without going into a lot of detail, here are just a couple reasons why this is so important. (a) The top range for the amount of money you can borrow will be established. You need to know this when looking for a home. (b) Your offer will be taken much more seriously by a seller if it is delivered with a pre-approval letter from a reputable lender attached. This could give you the edge over another offer that is similar to yours. (c) In our market, more and more sellers are refusing to consider offers that are not accompanied by such documentation. There have just been too many transactions fall apart on the way to closing.

3. Don't take out any new credit during the transaction! You would think this would be common sense but most people don't realize that new credit accounts (whether you actually use them or not) affect their score. So don't buy that car, accept that new credit card, open an account at a department store, etc. Most underwriters are rechecking credit scores a day or two before closing. If there have been any significant changes, the loan is subject to being pulled.

For a bonus though, I'd like to add one more huge mistake I see all too often. Unfortunately, there are too many Realtors who salivate just thinking about talking you into doing it. Most of the time loan officers can get people approved for more money and higher payments than what they really need or what their family budget can easily handle. Don't let a Realtor talk you into maxing out your approval limit if there are plenty of other options available. If necessary, cut back on your "wants" in a house so you don't stretch your family's budget and become house poor. Where's the joy in home ownership if you are stressed out making those payments?

If you would like a FREE copy of my special report "49 Essential Tips Every Home Buyer Should Know" just go to my website at www.FlorenceHomeTeam.com and you can either download or print out a copy.