About Florence County, SC

Thanks to the huge numbers of borrowers that have been defaulting, the Federal Housing Administration is now making it tougher to qualify for FHA mortgages.

Beginning this spring, the FHA upfront mortgage premium will cost 2.25% of the loan amount, up from 1.75% in the past.

In addition, new FHA borrowers will need a minimum FICO credit score of 580. If they have a lower score, they will be required to put down 10% instead of the minimum 3.5% down payment.

FHA will also cap the amount that sellers can pay at closing to contribute to the borrower's closing costs. Currently this figure is 6% of the sales price and will be reduced to 3% of the sales price.

Whether you're buying or selling, it is important to choose a REALTOR that is on top of what is happening in the current market.

Feel free to call on me if you have questions about real estate in Florence, South Carolina.

Amy McCalman

ERA LEATHERMAN REALTY, INC.

843-656-0622 Direct

amy@eraleatherman.com

January 2010 Home Sales for Florence, South Carolina

Current activity for Florence, SC

627 Single Family Homes are for sale:

• High list price $1,175,000
• Low list price $18,000
• Average list price $220,889
• Median list price $181,000

99 Single Farmily Homes are Under Contract or Pending Sale, priced from $12,000 to $449,900.

46 Single Family Homes Closed in January, with sales prices from $14,000 to $475,000. Average Days on Market for those that Closed was 100, with a median of 87. DOM ranged from 2-552. Average closed price was $166,010.

Based on the number of single family homes closed in January (46), there is a 13.63 month supply of homes for sale in Florence.

46 Single Family Homes were closed in Florence, SC in January 2010, as compared to 33 during the same time period last year.

This home is being sold strictly as an investment property only.

Asking Price: $40,000
Owner Financing Available
Rental Income: $650 / month
Property Value:$58,000

- 3/1.5
- 1400 sq ft
- detached 2 car garage
- fenced in yard

http://www.ss-investments.net/properties/81029506.html

It is time for me to move onto another property, so I am looking to free some cash.

This a great investment property for the new and experienced Real Estate Investor.

The tenants have been living in the property for over a year now.

We are able to work with some creative financing options to help you purchase the property. If you are interested in purchasing a property that will cash flow from Day 1, contact us to structure a deal that works for you.

Aaron

www.ss-investments.net

Getting It Right the Second Time: To Remodel or Not to Remodel

By Amy McCalman

Sometimes the house that was once your dream home is challenged by the changing realities in your life. Then it's time to decide whether to change the house you're in, or just change houses. Your family may not be the same one that originally moved in – kids arrive, or people start to work more at home, and the house suddenly seems smaller or unsuited to new needs. Or maybe your new-home search has just been taking too long, and you've decided to try and make your current one "new" instead. This is a major undertaking that calls for serious consideration before moving forward. Are you so happy with your current neighborhood that you'd like to do as much as possible to avoid moving, or are you ready for a change of area? Can your family take the strain, and your business the disruption, of a project that will demand a significant shift of routine and even displacement of living arrangements? There are practical considerations to add to these emotional and financial ones. You'll want to find out if the changes you have in mind are compatible with local planning, zoning and building rules. And you'll want to consult with designers and architects as to the feasibility – and approximate cost – of those changes. A related and crucial consideration is the future value of your house for resale if you remodel but still later wish to move. This is important because increasing your home's resale value through renovation is not necessarily a given. The reason is not just that remodeling can compromise a home's aesthetics and efficiency – though this is a significant concern; rather than buying another home to suit new needs, remaking one forces you to work around existing systems (such as plumbing) and can lead to eccentric and unwieldy spaces. The consequences of the renovation working "too well" could be equally disadvantageous to you: a house that is much bigger than others near it, or otherwise uncommon in its neighborhood, can disrupt its location and be priced beyond what anyone looking in that area is willing to pay. To make sure all of your domestic dreams are good ones, do some planning and consider consulting a real estate professional (who can help with everything from architect referrals to advice on what renovations are right for your market).

Old vs. New

Of the many concerns to weigh when buying a new house, a major one is whether to buy a new one in name only: both state-of-the-art properties and distinguished older homes have their attractions - and possible drawbacks.

In making this decision, it's important to literally leave your preconceptions at the door of any home you're considering. Quality construction can appear in any era, and you just have to be knowledgeable about the strengths and problems to look for in each individual house.

Surely newer homes assure a certain measure of structural integrity, energy-efficient features, and safer electrical wiring and heating systems. They can have less wear and tear, more modern conveniences built in, an aesthetic more suited to today's tastes, and often better handicap accessibility.

On the other hand, older homes can have a proven history of safety and stability, styles appealing to those looking for more old-fashioned elegance and charm, and a track record of repairs that leaves no surprises.

There are some pros and cons in which old and new houses are evenly matched. Newer homes, as part of newer economic growth, can be found in more promising areas just setting out on a boom of development (and thus presenting substantial investment advantages), while older homes can be found in more established, comfortable, and picturesque locations which have their own premium value to many types of subsequent buyers. Older homes can come with the headaches of aging structures and systems, while newer ones can be hastily made, with their own set of consequences. Old homes can harbor the health concerns of obsolete materials (like lead paint and asbestos), while new homes can include ones more recently recognized (like arsenic in outdoor wood and formaldehyde in carpets).

But either can still be your dream home, and this overriding point is tied more to the intangible interests that lead you to shop for homes in the first place than it is to scientific specifics. For any house you'll want to get a professional inspection done, but in the end you have to follow your heart.

Old homes and new ones have upsides and downsides of equal weight, so tip the balance with your own preferences and abilities - personal taste, financial resources, handy-person skills, available time and long-term goals. Which is the winner of Old vs. New? If you decide carefully, either one can be the winning choice for you.