Don't Believe This Common Misconception About Lending Standards

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Recently, we've received a lot of mortgage questions from those of you who watch our blog. So, today we thought we would invite Phil of Movement Mortgage to answer some of them for you!

There is a lot of news out there about how lending guidelines have tightened, and many people now think it's very difficult to get funds. The banks are still giving money, but the requirements for verifying a person's qualifications are stricter than they've ever been. Because of these stricter guidelines, it's crucial to work with a real estate professional and a reputable lender. We've had luck getting loans for people with credit scores as low as 580! Even borrowers with credit scores in the low 500s can get a loan with minor adjustments. 

Getting a loan is all about planning ahead. It's not a matter of if you can buy a home, but when. There are ways to improve your credit score, and strategies for getting loans even if you don't have a great credit score. The most important thing you can do is get the process started sooner rather than later. This is especially true because interest rates are still artificially low, which can't last forever. Most experts expect rates to rise by the end of this year, so it's never too early to begin the borrowing process! Since rates can't go down, it's best to lock in a low rate now before they begin their steady rise.

If you have any questions about this topic, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to help you in any way possible!

Why Hire Our Team?

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There are a lot of different real estate agents in Mt. Pleasant and Charleston, so why should you choose us over everyone else?

David and I are a husband and wife team. We have applied our skills to the real estate industry, we are committed to continually educating ourselves, and we attend over 600 hours of training per year in order to stay on top of technology and trends within the industry.

 
We align ourselves with the best coaches and agents in the industry, who help us to improve our service, which affects our results. The tools we use will allow our buyer clients to find the best homes first in the extremely competitive market that we're seeing right now.

Our marketing allows us to sell homes for top dollar, and we even sell homes in the same neighborhood as other agents for 10% more, which can be a difference of thousands of dollars. We know how to negotiate, and we saved our clients 2.4% more than other agents did. That's all money in your pocket!

If you need help buying or selling in Mt. Pleasant, please don't hesitate to contact us!

How Can You Add Value to Your Mt. Pleasant Home?

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Today, we want to share some improvements you can make to your home that will get you your money back! 

The top three areas to focus on to get a good return on your investment are the kitchen, bathroom, and laundry room. If you plan on making improvements now, before selling in 5-10 years, you need to establish a budget. A good rule to abide by is to avoid spending more than 10% of the value of your home on your kitchen. 

If you're in a $500,000 home and you plan to spend $50,000, it probably won't be enough to gut the entire kitchen and put in a new one. However, you can get the biggest bang for your buck by refinishing or replacing cabinet doors! If you don't have granite countertops, we highly recommend having them installed. If you don't want to go with granite, just ensure it's a solid surface countertop!

Paint colors are also very important. If you're going to sell the home, you want to have neutral tones throughout the house. Colors that appeal to the widest range of people are your safest bet. Even with backsplashes, you want to be a bit conservative. Don't do anything over the top and you should be fine!

Trends are always changing and can be hard to follow. The best way to know what's hot at any given moment is to call a professional who has experience in home improvements! If you have any questions about adding value to your home, don't hesitate to reach out to us. We're always here to help you!

How Can You Make Your Offer Stand out from the Crowd?

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Recently our market has been on fire. Because there is so much activity in the Charleston market, we thought it would be a good time to discuss how to handle multiple offer situations. 

The Charleston market is seeing more and more offers being put in on one home at a time, putting buyers into a bidding war. It's extremely frustrating for everyone involved. No one has a crystal ball, and there are no guarantees that your offer will be accepted. However, there are ways to make your offer more attractive. Here are five of them:

1. Pay cash or get approved through underwriting: In the Charleston market, most buyers are submitting offers with pre-approval letters. In a market this competitive, however, it doesn't mean much. We suggest getting approved through underwriting, which will make your offer look like cash. With just a few provisions, you will be ready to go through with the deal. 
2. Write a clean offer: Focus on the amount you're willing to pay for the house. Don't put in a host of stipulations that might annoy the seller. This will make you look like a far more capable buyer.
3.  Make a list of contingencies: As an informed buyer, you're obviously going to get all the necessary inspections on the house so you know exactly what you're purchasing. Make a list of the contingencies in the contract; this way, the seller will know you're more serious about buying the home.
4. Keep the time frame short: If you are approved through underwriting, you should be able to close in two weeks. Ask you agent to push to get inspections done so that your closing date is shorter than anyone else's.
5. Make it personal: In your offer, include a letter that tells a seller how much you love the house. Include a picture of your family and all the information about why the house is so important to you and your family. Most sellers love their house and want the buyer to love it as much as they do; this personal letter may bump your offer over someone else's.

If you follow these simple steps, your offer will look a whole lot more attractive that those of other buyers. Stay calm, hang in there, and hire an experienced agent to help you make the most of these situations!

If you have any questions, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!