David Thompson

BEAUFORT, SC FORECLOSURE AGENT ANALYZES LOCAL MARKET

As the market continues to roll out slowly this spring it is very important to analyze where the trends are in this market place. Real Estate Agent David Thompson and his REO Masters Team have been watching this market shift closely. David Thompson, who is located in Beaufort, South Carolina, is an REO Specialists who evaluates property values and sells foreclosed homes in the Beaufort County area for numerous asset management companies and lenders.

David Thompson who has been serving buyers and sellers in the Beaufort area has seen a dramatic change in the real estate market these past few years. Foreclosures are on the top of everyone’s mind, says David. While recently in the local post office a gentleman recognized him as a Realtor, and immediately began asking questions regarding foreclosures.

Based on the recent independent market study of the 2009 Beaufort Foreclosure Market the foreclosure sales are truly visible in the local market. “The stats are in black and white” says David, “We all know there are foreclosures on the market but the worst part of it hits the sellers who are not in trouble with their mortgage but still need to sell their home. These owners are facing the daunting effects of higher than average amounts of foreclosures. There have been 32 homes SOLD since January 1, 2009 that has been identified as a foreclosed home. This figure represents $5,378,000 in foreclosed home sales. To date there has been 106 homes sold based off of the Beaufort MLS; this means that foreclosures consume 30% of the market! When foreclosed homes occupy 30% of the local market and are being sold well below a typical market value we are going to continue to see a drop in home values in the area which will continue to make it difficult for homeowners to get what they deserve.”

It has been anticipated that there will be 8-9 million more foreclosures to come into the national housing market over the next 4-5 years. This means we still have a ways to go. Being successful means being watchful and maintaining adequate expectations of the market. There are plenty of ways to be successful in this real estate market whether you are a buyer, seller, investor or Realtor. Taking the time to learn about your local market is the first step in evaluating where things are going and where you can make money in real estate today. There is plenty of national coverage of what is happening but if you don’t buy or sell nationally, focus locally and it will fall into place. With foreclosures consuming 30% of the Beaufort, SC market you need to work with someone that understands its effects.

David Thompson can provide home sellers with the information they need to compete in this constantly adjusting market. He will help get you in the position to make a knowledge based decision on the best tactics/practices to get your home SOLD. If you are a home buyer looking for a deal or opportunity, he will help you evaluate the good, the bad and the ugly of every home. With his knowledge of the local market and his knowledge of the foreclosure industry you can guarantee that you will be well represented.

Call David Thompson and his REO Masters Team at 843-812-5214 today to get the information you deserve or register to receive FREE foreclosure property information at www.beaufortcountyhomesforsale.com.

Will Beaufort, SC Foreclosures Rise Too?

With the new unemployment stats being released this past week South Carolina home foreclosures are sure to increase as well. South Carolina unemployment rate is 10.4%! That is #2 in the nation! WOW!! The good news however is that we do still fall below the national average in foreclosures. For how long will that be? I don't know but this rise in unemployment won't help.

As a Realtor I can't help but take a closer look at how this affects home owners. We all can safely assume this means that foreclosures will increase. That is a "no brainer". How much will it increase? That's the question.

Let's take a look at the first of the year. Based on data obtained from ABC the South Carolina foreclosures increased 35% from December 2008 to January 2009. I am currently looking for the stats for the month of February. Once I have them, I will share them with you.

That is not a modest increase. As we prepare for more foreclosures we have homeowners in positions that are not in jeopardy of foreclosure but are in jeopardy of not being able to sell their home. How can they possibly bring/sell for a reasonable market value today with foreclosures already being a large portion of closed transactions this year? What is their market value?

Homeowners have to open up to a real estate professional that understands this type of market. If you are a home seller, I ask that you be upfront and honest regarding your financial situation regarding your home. I see too often Realtors being blindsided by a homeowners situation and then it is too late for anyone to respond. If there is one piece of advice that stands out to be the most important in this process it is do not hesitate to contact a real estate professional to guide you through your options before it is too late to do anything and the only option is foreclosure. At that point everyone loses!

For foreclosure information in the Beaufort County area please fell free to contact me through my web site at www.beaufortcountyhomesforsale.com or give me a call directly.

I will be releasing year to date foreclosure stats in an upcoming blog regarding Beaufort, SC foreclosures.

Real Estate Sales Study Shows Beaufort, SC Sales Down 50%

Looking back over the past year we all know real estate sales are down. The question is by how much. An independent study of the Beaufort, SC real estate market shows what we all see and feel regarding the market but do you know how much they are down?

Comparing Beaufort, SC real estate sales for the months of November 2007 and November 2008 shows real estate sales are down by 50.8% and showing an 8% drop in median price value. Now we all know November begins the holiday season and Beaufort sales typically become sluggish but a 50% drop cannot be classified as sluggish. Below are some key areas that were studied.

• November 2007 Home Sales - 61
• November 2007 Median Price Range - $215,000
• November 2007 Average DOM - 195 Days
• November 2008 Homes Sales - 31
• November 2008 Median Price Range - 197,900
• November 2008 Average DOM - 214 Days

Now, I am not one that looks at this and decides to moan and groan about the economy or complain. I look at these numbers strictly so that I can more accurately answer clients questions regarding the market and evaluate my next steps regarding building my business. Before we can plan where we are going we must evaluate where we are.

While these numbers may bother some of you, that is not my intention of sharing this information. I want to take this opportunity to congratulate every single agent serving the Northern Beaufort County, SC area that has closed deals during the month of November 2008!! Way to go!

If you were an agent standing in the shadows last month questioning if you should continue, meet with clients and for some just get out of bed this should show you that though sales are down there are still Realtors making money and there is enough for everyone. Let's fine tune our business, stay positive, remain assertive and serve our clients with the level of service they deserve. After all they are still buying houses!!

Study results are based on sales search derived from the Beaufort MLS on single family homes, condos, mobile homes and prefabricated homes for the months of November 2007 and November 2008 only.

Foreclosure Home Sales in Beaufort County, SC

As we continue to hear about the real estate market and all of its adjustments we have to ask ourselves "Are people still buying homes?" and the answer is simply YES!!

As the home for sale inventory grows it often seems as if the market has come to a standstill. Now, I am not saying real estate is flying off the shelf like it was 2-3 years ago but there is still a need to be met. I will focus on the home buyer side in this message.

With the economists pushing consumers to get a better understanding and to focus on what they need versus what they want is a change in thinking from how most people shop. This is also the case when someone is buying a home. The home buyers in the market are beginning to focus more on their needs than wants and I don't blame them. The dollar has to stretch as far as we can make it today.

As an REO Specialist in the Beaufort and Jasper County, SC area I researched home sales this past week. Of the home that sold in the Beaufort MLS foreclosure home sales represented 23% of the market! What does that mean to home buyers and the foreclosure market?

As a home buyer it is obvious that there are tremendous home buying opportunities. Did everyone see the mortgage interest rate reduction this week? WOW!! Let's break this down a bit and look at the positives aspects of buying a home right now.

• Large inventory of quality homes for sale in Beaufort, SC
• Foreclosure homes for sale in Beaufort, SC on the rise
• Seller's motivated to sell before their neighbor does
• Interest rates on mortgages drop to an even more affordable level
• VA and Rural Development offer 100% financing and FHA offers 97%
• $7,500 tax credit
• Up to $5,000 down payment assistance to qualifying buyers through SC State Housing Authority

When we put all of this together and paint the picture for the home buyer everyone should be smiling. Even Realtors need to smile at this.

For home buyer's looking to obtain information on or are interested in purchasing foreclosure homes for sale in the Beaufort, SC area click on http://www.yourhomehunter.com/Default.aspx?page=20 and in the comments section type "Foreclosures". You will receive immediate updates of foreclosure homes as they arrive on the market!

With foreclosures consisting of almost 25% of the real estate market this past week we all need to take a closer look at what they have to offer. Remember, there is a need for more affordable homes for those that need them.

Please feel free to comment on your foreclosure experiences. I'd love to hear from you.

Foreclosure Real Estate Investors for Beaufort, SC

As a foreclosure sales professional with Exit Island Realty in Beaufort, SC I work with quite a few investors and am contacted frequently by customers wishing to invest in Beaufort, SC real estate. Some have experience while some are truly new. There are some obvious good and bad traits for each of them. However, the majority of both groups are often struggleing to make sense of it all as do a lot of agents. I will talk further on typical investor traits in future blogs.

This market has brought out all types of buyers and investors. Understanding that our time is valuable and is typically abused by a lot of investors I have made a concentrated effort to screen investors that I work with. I ask questions like..

How many properties have you purchased in the last 12 months?

How many properties do you anticipate to purchase in the next 12 months?

What are your real estate investment goals?

How many professional Realtors have you worked with in the past? (Usually stumps them)

How do you plan to fund your investments? Cash or Credit?

Do you typically use a real estate professional to re-sell the investment properties you purchase?

My list goes on but you get the point. Now more than ever we need to educate ourselves and our investors but most importantly we need to decide which investors to work with. I have turned down some investors and I am thankful that I had the opportunity to do so.

Do you qualify your investors like you qualify your home buyers and sellers? I would like to hear some of your criteria that you use to determine if they are a good fit for your business.

Just as clients make the decision to pick us as their Realtor let's make sure we protect our valuable time and make the right decisions in choosing the investors we work with.