Price is Right – Or is it? What ever buyer or seller should know

    I’ve done enough business now to know good from bad.  Maybe I should not use the word “bad” but that seems to best fit how some people do their jobs in real estate.  Of course this occurs in every career field.  Let me say this loud and clear – Make Sure You Hire a Good Realtor.  How do I know if he/she is a good Realtor?  Once you sign an “agency agreement” either to buy or sell your Realtor is your employee and do you want a bad employee in your business?  A bad employee costs you money and real estate is often times your biggest investment.  TiP: don’t fall prey to those agents/agencies that use gimmicks to get them to hire you. Ask yourself why do they need a gimmick to convince you?  TiP: make sure you read the fine print.  The majority of my headaches come from home inspectors, appraisers and agents that don’t understand the business or contracts.

As a listing agent (I also work with buyers) I represent my sellers and their best interest. When you sign a listing agreement with me I owe you fiduciary responsibilities (obedience, loyalty, disclosure, confidentiality, accounting and reasonable care). I purchase signs, I market your home in many, many ways, I negotiate for you, I help you understand the market and what comps are to be used, I consult with you on preparing their home for the market, I organize the closing and help you find an attorney, I create a net sheet so you have an idea how much you'll earn after closing, I am loyal to you and your best interests, etc.  There’s a lot to do and it takes a lot of time.  Most people have no idea what a good Realtor can and will do for them but it all starts with training and understanding contracts, knowledge of the local market, subdivisions, HOA, mortgages, etc. Any agent can list a home in the MLS and put a sign in your yard – what else are they willing to do? If you’d like a copy of my marketing strategy send me an email at Jason.Gregg@kw.com and you can see firsthand my 25 step marketing plan and it works. 

A buyer’s agent responsibility is to represent their buyers and get them the best deal.  But, I’m finding there are many buyer’s agents that do not understand our local buy/sell agreement (the contract).  TiP: Make sure your agent can clearly explain the contract to you because if they can’t then how can they negotiate in your best interest?  In the last 2 weeks I have had 2 buyer agents send me a repair report based on the home inspection.  TiP: if you want a perfect (no such thing so get as close as possible) home then buy new construction.  It is not the sellers job to repair every nook and cranny of a 15-year-old home and if you ask of it you are going to get a negative response. Each and every one of us has emotions and when a buyer sends a list of 15-20 items that they want upgraded, repaired, replaced, etc the sellers are most likely going to get angry and frustrated.  The buyer’s agent has not done a good job of explaining the contract and helping them understand the process.  Home inspectors seem to have one thing in mind – nitpick.  A home inspection should not include light bulbs, concrete donuts around sewer pipes, items that work just fine but a new construction code was implemented last month, etc.  Recently, I received a request of 18 items that included these things. I politely pointed out that based on the contract their buyers signed we are not required to fix such things (TiP: make sure your agent can tell you the difference between repairs and due diligence) and only 3 of the 18 were relevant.  Let’s just say this other agent was not pleased at our conversation but I was representing my client's interests. This is the same agent that missed a deadline for the buyers and then asked us for more repairs. Real Estate is all about knowledge and understanding, representing your clients, meeting deadlines and doing tasks in a timely fashion.  TiP: if you are a buyer pick out the 2-4 items that matter most to you and request those repairs.  Don’t lose a contract based on emotion.    

Appraisers have hard jobs.  Using a Realtor that understands the market is a valuable tool and you should listen to them. I’m pretty sure that 99% of sellers feel their home is worth more than it is and a good agent is going to gently communicate why it’s not based on comps and explaining home valuation process. Please do not get angry with us for doing our job?  We will be handling all the stressful tasks and responsibilities of selling your home (that’s why you are paying us) so you don’t have to worry about it.  Let's take a home valued at $200K and this is based on solid comps but you refuse to listen- you’re going to have issues.  TiP: an overpriced home does not sell.  An overpriced home will sit on the market too long, receive low offers and you'll lose money (because you'll be paying a mortgage, bills, insurance, etc on that home while you could be at your new home if you just priced it right at the beginning). Or, let’s say your agent does list your home at $225K and it does sell.  Then the buyer’s lender sends an appraiser out and values your home at $200K. You basically have 2 options: cancel the contract or sell at the appraised price. Here's where my frustration lies.  I can have a home listed for sale and if I do 5 appraisals I’ll get 5 different valuations of that home.  This is why your Realtor really needs to know the market and price it right at the beginning. Recently I had clients that listed their home too high and I kept saying to them "it's too high."  Finally, they changed the price to my recommendation and 5 days later we went under contract.  Homes sell based on location, price and condition.  I just had my home appraised 11 months ago and then again this week for a home equity loan.  In less than a year my home appraised at a $12K differential.  Somehow my home lost value in under a year and we added new floors, new HVAC, painted every room, and our local market is increasing in value yet somehow my home lost value. It makes no sense and arguing the appraisal is time well wasted because most times the realtor loses.

If you’ve ever bought or sold a home, you may understand there are many things that can go wrong and it can be very stressful. As your local Realtor I want to educate you and make sure you get what you deserve and pay for. Most people think they know how to buy and sell a home but there is much more to it than you realize.  That’s why I rarely recommend someone selling for sale by owner (FSBO) – there are so many things that can go wrong.  TiP: if you’re trying to sell your home on your own please don’t use the Zestimate (Zillow.com) to come up with a price. Call me, I'd be happy to help you price it. 

Well, I hope you found this useful.  I love what I do and what I do is get to help others get the best deal possible on a home (buying or selling). I’d be happy to help you in any phase of your real estate needs. Just give me a call or shoot me an email.  Don’t forget June 10^th is our big sweet tea world record day here in Summerville, SC.  You can also see a local calendar of events here on this site anytime.

Jason Gregg, Realtor
Keller Williams Realty

Jason.Gregg@kw.com

843.696.8627

www.Palmettodreamhomes.com

Rain Barrel in Summerville, SC

I honestly never thought I'd be posting about rain barrels - but I am. What prompted this you ask? Well, I saw that Summerville, SC is having a deal/partnership with a rain barrel company and I plan on ordering one of them. This year my wife and I decided to build a garden in our back yard. Since we both have the opposite of green thumbs (I'm not sure what color that makes our thumbs) we sought the help and expertise of my in-laws.  My father-in-law helped me build it (actually - he built and I assisted (that's code for watched).  My mother-in-law helped with it by staining, purchasing and helping us choose what to plant.  Last week we had our first edible veggies (cukes) and now we have some squash as well.

As you know when it rains here in Summerville, it rains.  I grew up in Pittsburgh, PA and when it rained there it would rain all day and we'd get an inch of rain over 12 hours.  Here, it'll rain for 6 minutes and we'll have 3 inches.  It's my amateur understanding that rainwater is much better for the garden and lawn that city water which is where the rain barrel comes into play.  I remember last year (maybe the year before) Summerville had a similar program but I figured I did not need one but now I want one. Here are some benefits of a rain barrel:

• It saves on your water bill
• Don't drink it - use it for watering indoor and outdoor plants.  40% of your water usage comes from watering yards, washing cars, watering plants and other outdoor chores. 
• It can reduce flooding in your yard and stop the grass from dying from those low areas (if that's where the downspout dumps it out).
• It also reduces the amount of sediment and other pollutants that would be washed away with the runoff into nearby Summerville storm drains and local streams.

DID YOU KNOW:  1 inch of rain on a 1000 sq ft roof yields 623 gallons of water. Calculate the yield of your roof by multiplying the square footage of your roof by 623 and divide by 1000.

You have till May 29th to order your rain barrel in Summerville.  Go to http://www.rainwatersolutions.com/products/acsec-ivy

Want information on real estate in Summerville, SC?

Go to www.Liveinsummerville.com 

For homes in other parts of Charleston go to www.Palmettodreamhomes.com

Jason Gregg

Keller Williams Realty

843.696.8627

Jason.Gregg@kw.com

Ringin' That Bell...

Tomorrow commemorates 30 days.  Of what, you ask!  Let me start at the beginning.  Around June of 2015 I noticed a lump in my left ear and figured nothing of it. After all, what is a lump after having a double lung transplant, multiple additional surgeries, near death experiences and so on, so on and so on.  I always seem to have health related things showing up so what is a lump?  Around October I went to see an ENT doc b/c it was getting worse and after a few attempts at fixing it with lotions and medications she did a biopsy of it.  Now keep in mind I am an avid sunscreen wearer and I always include my ears.  Post transplant people are way more prone to skin cancer than the normal Joe.  The biopsy results were Squamos Cell and I was immediately referred to the MUSC Head and Neck department (I bet you did not even know they had that).  Dr. Neskey would become my frenemy as he discussed the seriousness of it and treatment of it. Within a week or two I was in the OR where they "scraped" the inside of my ear pretty darn down to nothing and then took a 6 inch section of my upper leg as a skin graft.  Honest to God this was some of the worst pain I ever felt - that skin graft was brutal and being immune-suppressed, due to the transplant, it took extra long to heal.  Eventually I was back up walking and working (almost full time) and trying to get my ugly ear to heal.  What's worse - an ugly ear or no ear?  Fast forward a couple months and I felt like that ear was not only not healing but getting worse.  I was 100% sure it was just extra, extra slow to heal but I figured better be safe than sorry so back I went to see my frenemy ( I really liked him but got tired of hearing the bad news).  After one of those concerning looks (hopefully you have no idea what I mean) he said, "That's concerning - I'm going to do a biopsy."  Again, ear biopsies are not all that fun but I survived and awaited the results.  Results = Squamos Cell again.  This disturbing news came in the form of a phone call and Dr. Neskey saying this is way more aggressive and we have to be more aggressive in the treatment.  A week later I was in the OR for a 12 hour surgery. Because my middle name is "Murphy's Law" I was not waking up properly and ended up staying intubated and in the ICU for 5 days. When I finally decided to wake up I literally had no idea where I was or why I was there.  Let me tell you it's very strange to wake up 5 days later and have no clue what is going on.  Also, let me add that whatever I was given provided me some serious hallucinations. Why would anyone want to do that intentionally?  After another day in the ICU I was moved to a regular room - I'll spare you the details on having all my tubes and lines pulled out.  Yikes!  Remember my middle name?  Murphy struck again in that I had no voice or ability to swallow properly so down went the NG tube (a not so lovely tube going through my nose to my stomach where they fed me and put my medications down).  I also could not talk due to vocal cord paralysis, probably from the 5 days of a tube down my throat. Three more days and I was able to swallow a little better which allowed me to go home to start another long recovery and that brings me to the title of the - Ringin' the Bell. 

Tomorrow I complete my 30 day regimen of Radiation on my ear and facial area.  I'm ready for tomorrow to be here.  Every day for the past 6 weeks (M-F) I drive to MUSC and lay on a table with a Jason/Halloween type mask secured to a table so I am immobile while radiation waves infiltrate my cancer area, AKA my face. The first few treatments were tough because I am claustrophobic and having my head tied to a table really caused me anxiety. But, I got used to it (as used to radiation as one can) and will finish it out tomorrow.  I'm told at the end of my treatment I get to ring a bell on my way out as a sign of completion and success.  The bell must be symbolic of a new start, hopefully a cancer-free new start.  That 12 hour surgery turned out to be quite the journey, one that was very unexpected and unwelcome.  I tend to have a lot of those but thank God I'm stubborn. One of my docs once said my stubbornness was a blessed curse.  It drives him crazy but keeps me alive. I'll take stubbornness all day long as long as it keeps me around my family and friends.

I want to extend a huge thank you to Dr. Neskey, TK, Ben and Ashley, and Dr. Sharma for being so great to work with, your professionalism, honesty, work ethic, knowledge to treat this, and aggressiveness to make sure there is the best opportunity for healing and this does not return.  As grateful as I am to this group of people words cannot describe how grateful I am to my wife.  She has watched, sat, slept, worked, eaten, etc by my side for so many surgeries and hospitalizations I lost count.  I can say with 100% certainty I would not here today were it not for her and her continued commitment to me.  Somewhere in my unconscious mind I know when I finally wake up from whatever sedation I'm under she'll be there next to me and for that I am eternally grateful. 
Tomorrow, I move forward again with hesitant hope that I remain cancer free and await the side effects of radiation to go away (fatigue, very red face, loss of facial hair (miss my beard) and loss of taste) and try and get used to my new life of only having one ear and loss of hearing since they took my entire ear canal out. 

Tomorrow - I ring that bell (in more ways than one)

This is an exact replica of the mask I wore.

The plaque says, "Ring, Bell, Ring/Loud and Clear/My treatment is over/And I'm outta here

 

 

 

 

 

Why buy a house?

I promise this is my last post for a while on the economy or real estate. I'll get some new material but I'm just passionate about helping, informing and educating people in real estate because this is what I do.  Let me first vent for a moment by saying I had a gentleman tell me the other day he would use me to list his home. I was excited as I enjoy listing homes and the process of it. I quickly realized he was dodging my calls and I found out why - he listed with a very large real estate agency that makes a lot of promises on the radio but does not always follow through.  I went to see the listing and lo and behold - there were not even pictures posted.  The first 24 hours are crucial to a listing as it gets on the Hot Sheet for my fellow agents and we see the new listings. No Pictures - no interest - no buyers. When you are ready to move allow me to to go over with you my 25 point marketing strategy or I can even email it you.

My friend and my own personal mortgage lender put out a newsletter about why buying a home is a good thing.  

Lorcan LuceyPresident Lucey Mortgage Corporation Phone: 843-884-8133 Cell 843-224-3650 lorcan@luceymortgage.net www.luceymortgage.net

Financial Reasons to Buy There are a number of personal and emotional reasons to buy a home. But there are also some strong financial reasons to make the investment. Here are just a few of those reasons to share with your clients: Increase Net Worth: Few things have a greater impact on net worth than owning a home. In a comparison of renters versus homeowners, the Federal Reserve Board of Consumer Finance found that the average net worth of renters was just $4,000 compared to homeowners at $184,400. A Big Tax Deduction: One of the largest tax deductions available is the amount of interest paid on a mortgage. In fact, a $150,000 home at a 5.50% interest rate can add up to approximately $8,000 in first year's interest. This amounts to a significant savings – effectively reducing the amount of a homeowner's monthly mortgage payment. Long-Term Appreciation: Over the last few years, home prices have corrected and become more affordable. While that's good news for potential buyers, it has overshadowed the long-term appreciation of a home's value. The reality is, despite market ups and downs between 1950 and 2002, US home prices appreciated at an annual growth rate of 4.8%. Even if you calculate a modest appreciation of 3%, a home purchased today for $150,000 will grow in value to $364,000 over 30 years.

Mortgage Interest Rates*

Rates as of Friday, 29th April, 2016:

Term Conforming APR Payment per $1,000 Jumbo APR Payment per $1,000 30-YR Fixed 360 3.625% 3.71% $4.56 3.875% 3.92% $4.70 15-YR Fixed 180 2.75% 2.82% $6.79 3.5% 3.59% $7.15 HomePath 30 FIX 360 3.875% 4.41% $4.70 -% -% $0.00 FHA 30 FIX 360 3.25% 4.12% $4.35 -% -% $0.00 VA 30 FIX 360 3.25% 3.51% $4.35 -% -% $0.00 *Rates are subject to change due to market fluctuations and borrower's eligibility. Payment amounts do not include amounts for taxes and insurance. Actual monthly payment could be higher. For professional use only. Not intended for consumer distribution.

Rates Assume 20% down, excellent credit, primary residence and 30 day rate quote. FHA assumes 3.5% down on $335,000 Sale Price. VA assumes first use on $400,000 Sale Price. The above quotes have 0% points and 0% origination fee. © 2016 Vantage Production, LLC. All rights reserved.

Economic glimpse from a local mortgage lender...

Last Week’s Economic News in Review Below you will see a newsletter from one of the mortgage lenders I personally use, Stephen Perry. The other lender I use is Lucey Mortgage in Mt. Pleasant and they are both very good at what they do and very customer friendly. Check out Stephen's newsletter on the local economy below.  In short it says we are doing very well. Unemployment continues to drop and the housing continues to grow. Surprisingly, the new construction dropped and preexisting home sales grew.  Maybe the trend is starting to change.  We still have a strong, very strong, seller's market. My last listing went under contract in 2 weeks for a full price offer. Call me and I'll tell you how I did it and how I can do it for you. "Existing home sales rebounded, while new housing construction retreated, and layoffs continued to fall to historic lows." Existing Home Sales: Existing home sales bounced back in April with transactions of single-family homes, town-homes, condominiums, and co-ops growing 5.1 percent to an annual rate of 5.33 million in March, the National Association of Realtors reported last week. “Closings came back in force last month as a greater number of buyers — mostly in the Northeast and Midwest — overcame depressed inventory levels and steady price growth to close on a home,” NAR (National Association of Realtors) Chief Economist Lawrence Yun said. “Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures.” The median price for existing homes of all types in March grew to $222,700, which marked a 5.7 percent increase over March 2015’s $210,700. Looking at inventory, March’s supply of existing homes increased 5.9 percent to 1.98 million units for sale, marking a 4.5-month supply, but when compared annually was down 1.5 percent from March 2015. Price and supply will continue to be key influences on overall sales volume. Housing Stats: Housing stats dropped to their lowest level since October, with construction stats on private housing in March falling to an annual rate of 1,089,000, an 8.8 percent decline from February’s rate of 1,194,000, according to last week’s report from the Census Bureau. That said, March’s starts were 14.2 percent over March 2015’s rate of 954,000. Starts on single-family homes in March dipped to a rate of 764,000, which was 9.2 percent below February’s pace of 841,000. Building permits issued in March for construction of private housing dropped to an annual rate of 1,086,000, which was 7.7 percent below February’s rate of 1,177,000, but was 4.6 percent over March 2015’s rate of 1,038,000. Permits for single-family homes in March dipped to a rate of 727,000, which was 1.2 percent below February’s pace of 736,000. That decreasing pace of permits worried Joel Naroff of Naroff Economic Advisors Inc. “That is somewhat more worrisome as the permit demand has lagged starts for the last two months,” Naroff told the Wall Street Journal, adding that declining permits “could signal continued softness in the market.” Initial Jobless Claims Layoffs continued to fall with first-time claims for unemployment benefits filed during the week ending April 16 dropping to 247,000, a decline of 6,000 from the preceding week’s level of 253,000, the Employment and Training Administration reported last week. This marked the lowest level for initial claims since November 24, 1973’s 233,000, and was the 58th straight week of initial claims being below 300,000, a level economists consider indicative of a growing job market. The four-week moving average — considered a more stable measure of unemployment activity — dropped to 260,500, a decrease of 4,500 from the prior week’s average of 265,000. This week we can expect: Monday — New home sales for March from the Census Bureau. Tuesday — Durable goods orders for March from the Census Bureau; April consumer confidence from The Conference Board. Thursday — First quarter GDP from the Bureau of Economic Analysis; initial jobless claims for last week from the Employment and Training Administration. Friday — Personal incomes and spending for March from the Bureau of Economic Analysis; consumer sentiment for April from the University of Michigan."     STEPHEN PERRY  Loan Officer direct: (843) 343-5295 fax: (843) 628-0755 NMLS: 474166 1180 Sam Rittenberg Blvd, Suite 105 Charleston, SC 29407 https://movement.com/lo/stephen-perry/

Sawmill Branch Trail in Summerville, SC
Pic taken from VisitSummerville

If you have not taken a stroll or a bike ride along the Sawmill Branch you have not partaken in on the Low Country joys of Summerville. My friend and I used to leave Scotts Mill Subdivision on our bikes and ride to the trail head and do a round trip back to home.  This was about 18 miles door-to-door and so much fun. Often times we hit downtown Summerville for a drink or lunch before our return home.  This is a 6.5 mile paved, flat trail that is approximately 10 feet wide.  A year or two ago the Dorchester Chamber Leadership class did some beautification projects along the way which made it even nicer.  While you stroll along or take a ride you'll notice it parallels the Sawmill Branch Creek where you may see wildlife or kids playing.  There are many places to park along the trail which makes it easy to get on and off and the map above can help you find some locations. The easiest is probably to go to the YMCA fields and the trail ends (or begins) there by the creek.If you go far enough and need re-fueled you can stop at the Sunoco Station on Bacon's Bridge before it splits onto Trolley for a beverage or snack. 

Go take a walk or ride and enjoy our amazing spring weather.  Grab lunch or a drink downtown and don't forget this Thursday is our 3rd Thursday.

-Jason

Spring is Here - April Update

     April is here and the azaleas are in bloom and Charleston is beautiful!  Summerville just had a boom weekend with its Flowertown Festiva0l where they expected 200,000 people.  How cool for our “small” town to get National attention and visitors.  What a great month to take a stroll through Middleton or Magnolia Gardens.  It’s truly a must see.  We just had 35k people in town for the Cooper River Bridge Run.  It was a little rainy, but that didn’t really seem to bother anyone.  The big events this month are the WTA tennis tournament at Daniel Island, Currently sponsored by Volvo Cars and that goes from April 2-10 as well as all the house and garden tours.  The 69th Annual Festival of Houses and Gardens goes on all month until the 25th.  And the farmer’s market in Marion Square and Summerville gets started again on April 9.  You can also go see acts such as Gregg Allman, Widespread Panic, David Sedaris, and Amy Schumer.  Of course, you need to start planning for Spoleto in May.

Here’s your April calendar of events for the Tri-County:

2: Cooper River Bridge Run

2-10: Volvo Car Open WTA tennis tournament (formerly Family Circle Cup), Daniel Island

8: 16th Annual Kiawah Island House and Art Tour

8-9: 81st Garden Club House and Garden Tour

10: Aaron Neville, Chas Music Hall

13-17: Ringling Brothers and Barnum Bailey Circus Legends, N Charleston Coliseum

14: Greg Allman, Chas Music Hall

14-21: Charleston Race Week, International Sailboat Regatta

15: North Mississippi All-stars, Chas Music Hall

15: Charleston Outdoor Festival, James Island County Park

15-17: Kiawah Motoring Retreat

15: Out to Lunch with the Conservancy, Hampton Park

16-17: Zac Brown’s Band Southern Ground Music and Food Festival, Daniel Island

16: Bird Songs, Center for Birds of Prey

19: David Sedaris, Gaillard

21: Welcome to Night Vale, Chas Music Hall

22: Widespread Panic, N Chas Coliseum

22,23: CSO Masterworks Series, Tchaikovsky and Brahms

24: Music of Janis Joplin, Gaillard

24: 29th Blessing of Fleet and Seafood Festival, Memorial Waterfront Park Mt Pleasant

28: Amy Schumer, N Chas Performing Arts Center

29: Dave Rawlings Machine and Punch Brothers, Chas Music Hall

30: Paula Poundstone, Chas Music Hall

Our real estate market is really booming.  Buying activity is extremely high and inventory is low.  Prices are going up, but at a very reasonable pace.  January and February buying activity was up 10% over 2015 and prices were up 6.6% over Jan and Feb 2015.  Median sales price is maintaining at about $235k.  It will be interesting to see if buying activity can exceed the 2005-2006 records.  2015 was the 3rd busiest year ever.  2016 will likely exceed 2015, but I don’t know if we’ll break the records set in 2005-6.  While we are often the #1 or #2 best city by Conde Nast Travel Magazine, we also get rated high by other publications.  US News and World Report just ranked us 19th Best Place to Live in the country.  Charleston’s suburbs are expanding westward with more growth in Summerville.  Summerville has now annexed property on the Goose Creek side of I26 and the Nexton home development there will be huge.  They are currently doing some major road construction in that area to handle all the new population coming to that area.  Google already has a plant up there and that’s also where the new Volvo plant is going to be.  What a great place to live!!

Summerville, SC Flowertown Festival