Tag Archives: Home buying in Myrtle Beach

How to Buy Your Dream Home during the Holidays

home buying myrtle beachIt can be difficult to move to a new house during the holidays due to all the seasonal obligations and activities that you must attend to. There are many positives to consider when buying a home during holiday season. It is worth the effort.

Advantages of Buying a Home During the Holidays

There is less competition

People are often discouraged from looking for homes during this time due to the same concerns that make holiday moving difficult. There may not be as many houses for sale at this time, but there are still fewer home buyers. This means that there is less competition to find the right house.

Motivated Sellers

Home sellers don’t enjoy the holiday season as much as home buyers. Most likely, those who sell their homes during the holidays have strong motivations. They might need the funds to buy a house before the year ends. You have a great opportunity to get a better deal when you combine lower competition with motivated sellers.

Lower prices

The rapid rise in house prices can partly be attributed to the shortage of homes on the market. However, December has been a month with lower house prices. It is uncertain if this year will be the same, but you can still look at the prices of homes in your area if you are interested in buying a home.

Faster Closing

Everyone involved in a real-estate transaction during the holidays wants to close the deal before the end of the year. Buyers want to settle in their homes and sellers, if moving, want it done before the holidays. Lenders would also like to have the loan included on their books for the current fiscal year. Brokers and real estate agents would also like to include the common in their income for this year. The closing process should go smoothly for all parties. You must make sure you have all paperwork in order.

Higher Interest Rates

The interest rates are at an all-time low. The average interest rate for a 30-year fixed mortgage is now at 3%. This is despite the fact that it has been rising throughout the year. Online calculators can be used to determine how much you could save on your mortgage over the term of your mortgage, even with a slight decrease in interest rates. You may be amazed at how much you can save. Remember that your credit score can affect your mortgage rate, and even stop you from being approved for a mortgage. Check your credit score and credit reports.

Motivated Agents

Myrtle Beach’s real estate agents have fewer clients due to decreased activity in the market. With a reduced sales commission, they may have more time to assist you.

Similar Seasonal Sales

Are you looking for furniture or other items to add to your home? You will find a lot of seasonal clearance sales at this time of year that will allow you to personalize your new home. Be careful not to spend too much.

These tips may not be applicable to every market or every year. These are often the benefits that potential homebuyers get from holidays. You can learn about the market conditions and find out if you are able to find the perfect home.

If you’re looking to purchase a holiday home, call Full Potential Real Estate.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577


Home Buying Myrtle Beach

Home Buying Guide: Contract For Deed?

Home buying on an agreement for deed might have some disadvantages to it, however, there are a lot of benefits specifically if you have poor or no credit rating. If you had some previous monetary concerns, like repossession, personal bankruptcy or foreclosure, you are less likely to be approved for a conventional home mortgage. This narrows down your choices of acquiring a home in the future. What you can do is you can either do a lease option/rent to have, an agreement for deed or think of a few other methods of creative funding.

Prior to checking out the benefits of home buying on an agreement for deed, you need to ensure you know all the drawbacks that come with it. We very recommend that you find a knowledgeable real estate agent who can help you comprehend all the advantages and disadvantages of acquiring a house on a contract for deed. In this short article, we will concentrate on the benefits of it and give you some basic pointers and suggestions concerning what to expect from a normal contract for deed purchase.

Advantages and Reasons To Acquire A House on A Contract for Deed

  • You can purchase a house with negative or no credit score! If you have an inadequate credit rating, no financial institution will give you a loan so your option is to purchase a home on a contract for deed.
  • You can be a homeowner once again. Reality is, renting is not a budget-friendly option. There are also limitations such as you can not repaint the wall with the color you want, you can not have family pets, bonfires, and some landlords drive their renters crazy.
  • Rather than tossing loan on a lease, you can begin developing equity in your very own home.
  • There is no need to fill out extensive applications, credit history checks, and authorizations. Some vendors will certainly ask for some credit rating or rental background – do not be fretted, they simply desire to obtain to understand you a little bit extra so they understand what your monetary circumstance is. Keep in mind, they are likewise running a danger, type of a sound judgment to do.
  • You literary can close a contract for deed within days of the deal. As long as you obtain everyone in line, have your assessment done and provide a day or two for the title firm to do title searches – you are good to go.
  • No lender fees at closing. When purchasing a residence with a home mortgage, you will certainly have financing pioneer charges, service charge, application costs, and so on. With a contract for deed,  you only get to pay the title company.
  • As opposed to renting out for a lengthy 5 years before you are qualified to acquire a residence once again, you can get a house immediately and deal with your credit history.
  • You can enhance the home and personalize it to your needs. As long as the vendor gets on board with you, you are good to go. Include decks, patios, and saunas and whatever you imagine.
  • Do not be limited by your rental arrangement like you would certainly be when renting out. It is your home – appreciate the possession of it!

Ideas To Consider When Acquiring a Home on a Contract for Deed:

  • Home buying on a contract for deed means to recognize fraudsters! Since there are not that many associated with the transaction – fewer regulations are involved which develops an ideal breeding place for fraudsters.
  • Ensure you are making use of a title firm!
  • See to it there is no home mortgage on the residential property, if there is – make certain there is no “Due for sale” provision
  • Obtain legal advice
  • Examine optimum allowed usury prices, do not overspend for interest!
  • See to it you are working with enhancing your credit history!
  • Do not authorize any type of documents prior to signing!
  • Do your research so you completely recognize what you are getting yourself into

These are simply a few of the significant benefits of buying a home on a contract for deed. See to it you know its negative aspects and see to it you have a backup strategy in case it does not turn out as planned. If you need to scoot, bear in mind that purchasing a house can be a headache, particularly when it pertains to a contract for deed.

Looking for a trained and licensed real estate professional to work with? Call Cheryl now.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

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