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Rules and Regulations that Affect Construction and Renovation

Should investors be able to renovate homes they purchase in historic areas? I think so, but what’s your opinion?

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An interesting thing has been happening in our real estate market lately. The city of Columbia has started putting historic overlays on certain neighborhoods that we haven’t been able to fully understand. The historic overlays prevent homeowners from improving or renovating their homes, even in the most basic ways.

In fact, I know of an investor who wasn’t even allowed to replace broken windows with rotting wood.

In my opinion, after selling thousands of new and renovated homes, property owners should have rights and one of those rights should be to repair their home.

As you can see in the video above, a lot of these properties are in very poor condition. They say this kind of home is “An example of a minimalist style that we don’t want to lose”, but I see it differently.

One property is bringing all other values down.

The fact is that for most of the homes in this neighborhood, this property represents potential. In its current condition, however, not so much. The poor condition of the home is bringing down the values of all the other bigger, nicer homes in the neighborhood.

Wouldn’t it be better if the owner of this home was allowed to tear this shack down and build a new home? Or at least renovate the home to an acceptable condition?

I want to know what your opinion is in the comment section below. Should the government have a say in what property owners can and can’t do to their homes? You already know my opinion. What is yours?

If you have any other questions for me, don’t hesitate to reach out. I would love to hear from you.

Buy a Bigger Home Without Increasing Your Payment

Now is a great time to move up into a new home. If you have a lot of equity, you can actually secure a lower monthly payment.

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A lot of people want to move up into a bigger, nicer house in a better neighborhood. Maybe they want a great view, like a golf course or a lake. It can be difficult to make the numbers work. However, with the latest market increase, if you’ve been in your home for a few years you may have more equity than you think.

In fact, you might have enough equity to be able to get that new home in a nicer area while keeping the same monthly payment. If you sell your home with our advice and take the equity you’ve earned to apply as a down payment on your new home, you will see a ton of savings. 

The window of opportunity is closing.

You’ll be able to get a lower interest rate, and if you’re able to put more than 20% down with your equity, you won’t have to pay mortgage insurance either. Your payment will drop and it might even cost you less than what you are paying right now.

The window of opportunity to take advantage is closing. If you have any questions or want to know more about how you can move up easily in this market, give us a call or send us an email. We would love to hear from you.

2017 Quarter One Market Update

Today I wanted to update you on the state of the real estate market in the Midlands and how our first quarter turned out.

We’ve got good news. The market continues to improve, and today I want to give you some statistics from the first quarter of 2017 for you to think about.

This time last year, in the first quarter from the 1st of January to the end of March, 2,423 houses went on the market and sold. This year, the number of properties sold in the first quarter jumped up to 2,663. This is an almost 10% increase in volume.

Homes have also sold quicker this quarter than the same time last year. We’re seeing a 10% decrease in the time it takes for a home to sell this year, which is great for our market.

More houses are selling at higher prices, and they are selling closer to the asking price.

Home prices have also gone up in the Midlands this quarter compared to the first quarter of 2016. This time last year, houses were listed for an average of $179,482. This year, the average home price has gone up to $182,332. This 1.6% increase seems small, but it is a sign that the market is going in the right direction.

We’ve also noticed that the “negotiable factor,” or the amount that the average seller has to discount in a negotiation, has seen a bit of a shift as well. Last year, sellers were getting 96.75% of their list price on average. This year that average has gone up to 97.07%, which is pretty great.

More houses are selling at higher prices, and they are selling closer to the asking price. This all good news—we are going in the right direction. The Midlands is not only a great place to live, but real estate in the Midlands is a good investment as well.

If you have any other real estate questions or you’re looking to buy or sell a home, please don’t hesitate to reach out. I’d be happy to help.