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Understanding Real Estate and Interest Rates

Lenders, whether government-backed or private, compete for home buyer businesses in a free and dynamic market. This drives up or lowers average monthly interest rates for mortgage loans.

Based on correct housing prices, tighter credit requirements, and a decreasing surplus of unsold houses, the average interest rates on 30-year fixed mortgages have remained close to historic lows between 2013 and 2022, but have started rising in 2022. However, they are still at historically low levels.

Rising mortgage interest rates do not cause anxiety. Knowledge of the topic can help ease any fears. Housing market participants must be able to comprehend rising mortgage rates as they have an impact on every aspect of purchasing a home.

Rising Interest Rates and Homebuyers

The conventional wisdom in real estate is that higher interest rates can make selling or buying a house more difficult. Conversely, decreasing interest rates can make selling and buying a home easier.

Johnny Home Buyer would want a 4% interest rate on a 30-year fixed-rate mortgage on a $400,000 home. His monthly mortgage payment would then be $1,900. Johnny would pay $2,138 if he was eligible for a 5% fixed rate on a 30-year mortgage. Johnny’s monthly payment would rise by $238 if he has a 1% interest rate increase. This is roughly 13%. What does this all mean for homebuyers

A home buyer sees affordability decreasing as mortgage rates rise. Johnny Home Buyer is looking to get a $400,000 mortgage at 4.4% interest. However, based on his qualifications, the lenders are unable to offer him a loan of $355,000 because he has not met all requirements. Johnny’s purchasing power is reduced by $45,000 for every 1% increase in mortgage rates.

Johnny Home Buyer could have “qualified” for the $400,000 mortgage he desired before the Great Recession. This was during peak subprime mortgage madness.

To sweeten the deal, a subprime lender could have offered Johnny a 2% adjustable rate of interest for the first five years. Johnny will be responsible for at least 7 percent interest after five years. If interest rates rise, Johnny may have to pay more.

Sellers and rising interest rates

Sellers are also affected by rising mortgage rates, but in a different way. Jill may list her home for $400,000 if she wants to sell her house. Jill’s house is now only available to buyers who can afford it at $355,000 due to rising interest rates.

Indisputable, Jill can still make a profit from the sale. However, a 1% increase on mortgage rates reduces Jill’s market value by approximately $45,000.

How well she plays the markets will determine her profit. In essence, interest rates could rise rapidly and cause housing prices to crash.

Rising Interest Rates and Property Value

Homebuyers and sellers can notice the impact of rising interest rates. Hypothetical scenarios show that housing prices and property values directly correlate with mortgage rates. However, the economic health is what drives both of these scenarios.

Rising mortgage rates won’t have as much of an impact on housing prices and property values if the economy is growing fast enough. If mortgage rates rise one point, monthly payments will increase by $238. However, strong economies allow employers to raise salaries enough to compensate.

A rise in interest rates shouldn’t paralyze the housing market as long as the economy is growing and there are job growth and wage growth.

Rising interest rates and real estate investing

The impact of rising mortgage rates on real estate investment can be beneficial. Because fewer people are eligible for mortgages, the rental market will grow. However, rising interest rates can reduce prices so it is sometimes better to purchase during an increasing interest rate environment.

Furthermore, lending standards will become more strict as interest rates rise. This will result in fewer real property transactions. Renting properties will become more important until people can afford mortgages. An investor could make a fortune by investing 1% more in the right market for housing.

Do you want to buy or sell?

It is not a bad idea to buy a home when mortgage interest rates rise. Historical data shows that a mortgage rate of 5% is still very low. A mortgage with a fixed rate for 30 years is much cheaper than historical rates, according to data from Freddie Mac.

Since 2009, the average annual 30-year fixed mortgage rate has not exceeded 5%. The average mortgage rate at the beginning of the Great Recession, 2006 was 6.411%. In 1996, the average mortgage interest was 7.81%. Ten years earlier, in 1986, it was 10.9%.

What happens to mortgages when interest rates rise?

Mortgages are more expensive when interest rates rise. This is because the mortgage interest rate also increases. It becomes more expensive for homeowners to buy a home. The demand for homes decreases when they are more expensive. This causes a decline in the housing market. To attract buyers, sellers reduce the prices of their homes.

Are rising interest rates good for mortgage companies?

Companies that lend money to home buyers are rewarded with rising interest rates. A bank or mortgage company that earns more interest for a higher interest rate will be able to pay more. This leads to higher bank revenues. However, mortgage companies may be affected if they have to charge too much for mortgages.

What is better: Lower closing costs or lower interest rates?

It is up to you to calculate the numbers and work out which option is best. The best option for your home purchase is one that results in a lower total cost. This would typically be lower interest rates since you will be paying that interest rate for a longer time if your home is not refinanced. This could result in lower monthly mortgage payments and lower interest rates.

The bottom line

Buyers are encouraged by interest rates remaining at historic lows. Today’s market is home to some of the lowest debt that a homeowner will be able to acquire in the market.

The most important thing is to get the right advice from an experienced real estate agent professional who has sold many properties for others. Potential investors will feel more confident, knowledgeable, and secure in their financial decisions when working with an expert.

Call Full Potential Real Estate, LLC now if you are looking to buy a home in Myrtle Beach.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

Real Estate Myrtle Beach

When to Find A New Real Estate Agent

You may not always get the best real estate agent the first time. There are times when you thought you hired a suitable agent but after a couple of meetings and transactions, you realize you are not hitting it off. This is when you need to find a new agent to work with.

Remember that hiring the right realtor to represent you as sell or buy a house is essential to ensure success in the real estate transaction you are pursuing. On the other hand, if you put little care in hiring and put less thought when choosing who to work with, you will may end up with someone who will let you down and leave you hanging especially when you need them the most.

What many home sellers and home buyers do not realize is that working with a Myrtle Beach real estate agent is like building a longtime relationship. You need to be able to feel good at your first meeting. You need to be able to learn to trust each other in the early stages of your relationship. This helps both of you to easily understand each other, making sure you are both on the same page when discussing houses and the real estate market.

How To Know When to Hire A New Myrtle Beach Real Estate Agent

If you are having doubts with the competence of the real estate agent you hired, here are nine signs that will confirm your doubts and tell you that you need to find a new one.

1. When the real estate agent offers to sell your house at a high price – You’ll know the agent is suggesting a high price for your house if you get listing from other agents. Note that an experienced and professional realtor will look at how much similar homes have sold for in the same neighborhood and will set a price that is close to this amount.

Setting your house at relatively the same price as other recently sold homes – that are similar to your house – in the same neighborhood will make your house sell faster. An experienced real estate professional understands that your house needs to seem realistic and affordable to attract more buyers.

2. When the real estate agent works only part-time – You need to be working with someone who is 100% committed to the industry and to their job. If they work full time, they are more knowledgeable about the current real estate market, giving you the advantage that you need in the venture that you are pursuing.

If you are buying a house, a full-time realtor will be able to provide you with the most recent listings and homes for sale in the neighborhood you are interested in. If you are a home seller, a full-time real estate professional will be able to assist you in selling your home particularly in bringing potential home buyers to your house.

3. When the agent knows little about the neighborhood you are buying or selling in – One of the reasons why you hired a real estate professional is to have access to inside information about the neighborhood where you are selling or buying. Real estate professionals either already have this information, especially if they seem centered in doing real estate transactions in the same area, or they can get the information quickly and easily through their professional connections.

If the agent knows little about the neighborhood, then they will be of little help and assistance to you. Hire an agent who you can consider an expert in the neighborhood you are doing real estate transactions in to help you achieve success.

4. When the agent does not have prior experience in real estate transactions with your type of property – It is important that you hire an agent who is an expert in their field. Make sure they have worked with previous transactions with the same type of property like the one you are selling or buying. This further ensures success in your real estate transaction. Plus, you can be sure that the real estate transaction will proceed smoothly and quickly.

Looking for a real estate agent to work with? You can be sure that the agent you are working with is specifically chosen depending on the real estate transaction you are pursuing, your location and the type of real estate property you are dealing with. Give them a call today and inquire about their services.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577


Real estate agentWhen it comes to buying a home or property, who do you call to ask for help? Most people think that real estate agents are at your beck and call, but what they do not realize is that being a real estate agent is another story.

One client wondered why she got yelled at when she called an agent. She knew there was nothing wrong with asking for information regarding a home for sale. But clients should understand that there are certain rules and etiquette policies when dealing with real estate agents.

Do not be misguided but these agents enjoy working with people, however, there are customers who would cross the line at some point. To help you out, here are a few guidelines to remember when dealing with Myrtle Beach real estate agents.

Best Practices When Dealing With A Real Estate Agent

  1. They work on a commission basis

You have to understand that only a few Myrtle Beach realtors work on a salary basis. Most of them work and are on commission– if they fail to close a deal, they don’t get paid. Remember that these agents do not work for free. So better make sure that you really need a real estate agent before you start looking for one.

  1. Always be on time

For real estate agents, time is money. Be considerate and always be on time when you have an appointment with them. Do not expect these agents to drop everything and show you a house. If you are running late, at least be courteous enough to call and advise of your expected time to arrive.

  1. Pick a real estate professional

Make a decision whether you wish to work without representation, transact directly with listing representatives, or if you wish to employ your personal representative. If you make a decision to employ your personal representative, be sure to meet with them prior to hiring them. According to a buyers agent, never try to interview two professionals in the same company.

  1. Do not call the listing representative if you are dealing with a purchasing representative

Listing agents help the seller, not the buyer. If you work with the listing representative to represent you, that representative will certainly be working on two agencies. If a listing representative shows you the house, expect that they will represent you. Listing representatives do not intend to do the buyers agents’ work. Let your buyers’ agent do the work.

  1. Sign a contract or agreement prior to working with a real estate agent

Full Potential Real Estate, LLC, suggests signing an agreement to safeguard both parties. It develops a connection between you as well as the representative. This agreement also clarifies the responsibilities of each party. Always inquire about the distinction between an Exclusive and Non-Exclusive Purchaser’s Broker Arrangement.

If you are not all set to authorize with a buyer’s broker, do not ask that representative to show you houses, or else, an acquiring clause could appear.

  1. Never authorize forms you do not understand

Do not ever think that it is foolish to ask questions. It is the real estate representative’s duty to answer questions. It is natural that they can easily understand what’s written in forms, but to you, it may seem unfamiliar.

One piece of advice from professionals, never sign contracts or agreements that you have not read nor understood.

  1. Be prepared to buy

If you typically are not all set to buy, you do not require a real estate agent. You can just go to open houses and ask a listing representative for showings. Let them know instantly that you not ready for a new home but just doing research.

You can bring your checkbook with you, just in case a down payment is needed.

If you are looking for honest and reliable real estate agents, always call Full Potential Real Estate, LLC in Myrtle Beach.


Assisted Living South Carolina

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

Real Estate Agent Tips In Buying A Myrtle Beach Home

real estate agentThe housing market can be tricky and buying your dream home may not be that easy, especially if you choose to go through the process without the professional assistance of a real estate agent. Note that sellers are not always enthusiastic about purchase offers that are lower than their asking price. Plus, there may be other homebuyers showing interest in the same house you are considering.

To ensure that you keep on top of the buyers’ competition and that you get the seller’s approval, here are some things that you can do.

Tips From A Professional Real Estate Agent

Ensure a flawless credit report

The first thing you should do as soon as you decided to buy a house is to ensure that your credit report is flawless. You should check your credit history several months before having your credit report created for your use when applying for a mortgage loan. This will give you time to improve it should you notice some flaws. Also, make sure there are no errors as the process of fixing mistakes on a credit report is time-consuming. So you need to make sure it is error-free and impressive as well to help increase your chances of getting approved for a mortgage loan.

Secure an approved mortgage loan

Having an approved mortgage loan will make you look good to sellers as it means faster purchase transactions. When a seller knows that you are already approved for a mortgage loan, he will be more likely to start negotiations with you. Plus, with an approved mortgage, you already know how much budget you have for the home purchase. As a result, your home search will be more streamlined and organized. You will not have to waste time and effort looking at houses that are outside your budget range.

Work with an experienced real estate agent

No matter how easy it is now to get all the information that you need for your home purchase, it is still necessary to work alongside a professional. Keep in mind that you are hiring not only for the professional assistance but more for their expertise and skills. Full Potential Real Estate will help ensure you buy your dream house at a reasonable price that will benefit both you and the seller. Doing it alone may cost you a lot of money, particularly in the negotiation process. In addition, the process is more likely to take longer if you are doing it on your own because you lack the necessary and appropriate industry connections to make the entire process move more quickly.

Make time for visiting and checking out homes

As a buyer, you want to make sure that you are buying the most appropriate home for your needs. Thus, it helps if you make time for visiting and checking out the houses that you are considering buying. Do not settle and be content in viewing photos of the house. Remember that images can be altered and that home listing photos are always made to make the house for sale look nice and irresistible and flawless. Visiting the houses will give you time to scrutinize the house and check all areas. A Myrtle Beach realtor can help you with this.

Obtain neighborhood information

Location plays a huge role in your home buying decisions. Most individuals buy homes based on their locations. Of course, this will greatly depend on your current lifestyle. If you are looking to build a family, you might want to live near schools. If you are living alone, you want a neighborhood that has easy access to entertainment and recreational centers as well as job opportunities. For seniors, however, they are looking to buy in a neighborhood that is near hospitals and senior care.

Whatever your reason might be for buying a home, it is important to obtain neighborhood information to help you make your decision on where to buy. And if you are buying on your own, you might not find this task easy. Most of the time, you will need the expertise and connections of a Myrtle Beach real estate agent to help you obtain the information that you need to assess neighborhoods.

Call Full Potential Real Estate now and speak with her for professional assistance in buying your dream home.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

Real Estate Agent Tips: Is Buying a Condo a Good Investment?

real estate agentA condo purchase can be a great investment, but it may not be for everyone. How do you decide if a condo is a good investment? Answer some questions and do some calculations. You should also ask for help from an expert real estate agent.

You must first estimate how much rent you will receive each year and what expenses you will incur. Real estate taxes, insurance and maintenance are just a few of the expenses. There may also be legal fees for eviction, advertising costs to find tenants, and costs for repairs if a tenant damages your property.

Do the math: A Condo Investment Example

Let’s take an example:

A condo for sale at $55,000 is available. You can also pay cash. The rent will be $750 per month ($9,000 annually). This is a 16.4% return ($9,000 divided by $55,000). There are other expenses that must be considered before you get too excited.

  • Real estate taxes
  • Insurance
  • Repairs and maintenance
  • One month of vacancy per annum
  • Advertise your condo
  • Negative experiences can lead to legal fees and additional repair costs.
  • You will also be able to contribute to the property’s appreciation in cash flow.
  • You will need to consider the interest cost if you are unable to pay cash or have to finance the property.

Other factors: Condo Assessment and Association fees

It is also important to determine if there are any association fees for the condo you are considering and how often assessments may be required. These expenses are incurred to cover common areas within the condominium.

Assessments may include maintenance and repairs to the parking lot, exterior improvements, landscaping, and any expenses related to common areas like a main lobby and entranceway. Before you calculate your estimated return on condo investment, these expenses must be included in your expense estimate.

You must assess the reality of your assumptions before you make any real estate investments. These are additional questions that you should ask to determine if buying a condo is a wise investment. You should also ask a Myrtle Beach realtor for help.

  • Are you a condo owner in an area that is highly sought after, such as near a college or beach?
  • Are you noticing a decline in popularity or an increase in popularity?
  • Could there be a closure of a major employer and a decline in rental demand?
  • Is there a possibility that a condo development could be built near your home, and you would have to make expensive home upgrades in order to keep up with it?

Tips From Pro Real Estate Agent

How can you finance a condo purchase?

To finance a condo you will need to be eligible for a condo loan. Because your lender will inspect the whole condo property, it is generally more difficult to get a condo loan than standard mortgages. You will also need to pay a higher down payment for investment property loans.

What are the deductions available if I purchase a condo as an investment?

Condominiums have the same deductions as other investment properties. These expenses include mortgage interest, repairs and depreciation, insurance, taxes, and any other costs.

What is the best time to keep my condo investment intact before it’s sold?

There are many factors that influence the timing of real estate investments. You might want to sell the property in a few years if you are looking for a quick profit. If your primary goal is to make rental income, however, you may prefer keeping the property longer, as recommended by a Myrtle Beach real estate agent.

Call Full Potential Real Estate, LLC now if you need the help of a real estate agent.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577


real estate agentWhen you’re looking to buy a property either sooner or later, you will need to get in touch with a real estate agent in Myrtle Beach. However, not all real estate agents are a pleasure to work with.

Some are less helpful and those are the kinds that you should be able to point out before you could get to the best ones. Don’t be afraid to ask questions. It’s your right and it’s just the best way to go. Here are a few red flags that you should look out for when choosing a real estate agent:

Tips For Choosing A Real Estate Agent

The agent pushes you towards the highest price for the property

If you’re selling your house, ask for a listing presentation from a number of agents. Check out the prices they put on your property. The price of your property should be close to the price of similar property listings. If they choose to sell your house at the highest price possible, you will wait a really long time before potential buyers would even take interest in your house.

The agents is doing a job part-time

Doing a part-time job isn’t a bad thing. However, if you’re looking to buy a house, work with a Myrtle Beach realtor that’s working full-time. A part-time real estate agent may or may not know everything there is to get you the home you want. What’s even more problematic is not always there when you need him/her.

The agent isn’t fully familiar with your neighborhood

A Myrtle Beach real estate agent should always be familiar with the neighborhood their looking to buy or sell homes. If you go along and take the services of an agent who doesn’t have a clear picture of the neighborhood of your liking, you could end up paying too much or may not get the best piece of real estate.

The agent doesn’t deal with the type of property you have or want to sell

Regardless if you’re buying or selling, the agent that you choose should be familiar with the type of property you want to deal with. If you’re planning on investing in a condominium, choose an agent that’s an expert at handling the sale and purchase of condo units. Some agents have mixed specialties. It’s only a matter of finding out if the agent is indeed capable of what he claims.

The agent isn’t willing to work with people in your price range

A lot of real estate agents are after big money. If you’re looking for a home that costs just around $200,000, you will find yourself in a tight spot. A good buyers agent will work with anyone regardless of their price range. However, it will not be an easy search for such people. After all, the bigger the sale, the more money the agent gets. Just be sure to take your time when searching for real estate agents who are willing to work with your budget. It may not be an easy search but you will eventually find one that’s willing to work with you.

Are you in the market for your first home? Give Full Potential Real Estate, LLC today to get the house of your dreams.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

Myrtle Beach Real Estate Agent: Pros and Cons of a Buyer’s Agent

myrtle beach real estate agentAlthough data suggests that homebuyers prefer the convenience of shopping online for their home, 88% of them still prefer to have a professional, such as a Myrtle Beach real estate agent, guide them through the details of the deal once it is time to start the process.

According to the National Association of Realtors, 43% of buyers conduct market research themselves. This compares with 18% who contact a realtor. Both options have their pros and cons, so this information is for you if you are still unsure.

A real estate agent can make it easier to buy a home. However, buyers need to know the difference between the two types. The buyer’s agent represents the buyer and the seller’s representative is charged with representing the seller.

Although some buyers might complain regarding the experience of having to deal with listing agents that are aggressive, they need to be aware of the benefits that a buyer’s representative can provide in the home-buying process. Although the roles of these agents are different depending on who they represent, there are many benefits to having adequate representation for a buyer.

What are the pros?

Agents are able to spot red flags. A buyer’s agent can spot red flags. It can be easier to spot and navigate problems early on by working with a professional buyer’s agent.

The buyer’s agent will represent you. Although both agents are capable of organizing house tours, unlike the listing agent, who represents the seller’s interest, the buyer’s agent protects his or her interests throughout the critical negotiating and closing stages. Agents negotiate with sellers to determine the selling price. They also facilitate the home inspection and negotiate contingencies.

What are the Cons?

Many buyers believe the pros outweigh any cons. However, it is important to understand why some buyers prefer to go it alone.

Money, honey! Buyers and sellers both like the idea of saving money by not having to pay an agent. The seller usually pays the buyer’s agency commission, which is typically 2.25% to 3.5% or 5% to 7 percent of the total home price. However, the commission is often included in the price of the house. The seller will factor in commissions when they price a home. Both the listing agent or the buyer’s agent split the commission, so technically, the buyer is giving the payday to both agents.

You are not able to find the perfect agent. Although it is not difficult to find a buyer agent who understands your needs, it can be frustrating if there are a few setbacks or feel you made the wrong choice.

What is the difference between exclusive and dual representation?

A listing agent can also be a buyer’s or seller’s Myrtle Beach realtor. However, more agents are specializing in one area. Agents who are exclusive buyers’ agents don’t list any properties. They represent only homebuyers and do not have any conflicts of interest with sellers.

There are many agents that will offer dual representation. If your agent is showing you a house that he or she has listed for a seller, be cautious. The agent will have to balance your interests and that of the seller.

How to find a Myrtle Beach real estate agent?

Ask your family and friends for recommendations if you are considering using a buyer’s representative. Real estate agents earn their livelihoods from their reputations, and thrive on referrals.

If you’re new to the area and don’t know anyone, you can search the internet to find leads in your area. Meet several agents to discover one who has both reliable credentials and a personal connection.

Be open about your expectations and timeline when prequalifying agents based upon your needs. These questions are important to ask:

Are you a resident of the area? Do you live in the area? An agent should be familiar with the area. You might want an agent who is familiar with the local geography. However, they should also be able to provide you with information about schools, neighborhoods, and development plans. A good agent will keep your interests in mind and help you make a decision.

What number of people have you helped to buy a house in the last three years, and not your company? How many clients are you currently helping? Look for a professional real estate agent who has a track record of success and isn’t so overwhelmed with clients that they are unable to meet your expectations.

Do you have any recommendations for mortgage brokers? It is crucial to recommend ethical mortgage brokers after the recent crisis. Most likely, your real estate agent has a network that can refer you to trustworthy partners.

Which do you prefer, vanilla or chocolate? You’ll be amazed at how they react to curveballs. A sense of humor can be a huge asset in stressful situations.

After you have found the agent that you like, you might be asked to sign a Buyer’s Broker Agreement. This will commit you to a certain amount of time with your agent (usually between three and six months). Always read all terms and conditions. You should ensure that you understand the fine print so that you know what your rights are if you are unhappy.

Call Full Potential Real Estate, LLC if you need the help of a professional when buying a home.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577

How Can An Agent Help You Negotiate The Price Of A Home?

home buyer's agentThe seller of a house will probably expect you to negotiate its asking price when you purchase it. Most sellers will price their home slightly higher than the market value in order to make room for negotiation. Negotiating can be daunting but knowing what to expect can help make it easier.

Get in touch with an agent

Many home buyers feel that they don’t need an agent anymore because there are so many real estate listings online. An agent is more than just a person who shows you houses. Agents are also an asset in helping you negotiate the price of your home and deciding how much to sell it for.

Your local real estate agent is an expert in the housing market. They are experts in the local housing market. They can tell you how interest rates change, and which properties will grow in value. Real estate professionals are able to separate emotions from the home-buying process. Because they aren’t worried about losing their home, they can be advocates for you. Your real estate agent can also help you write the strongest offer letter, with all the necessary contingencies, to protect you.

Before you begin looking for homes, contact a Myrtle Beach Real Estate Agent.

Get your finances in order

A seller must be able and willing to lend you a mortgage. What happens if you don’t have proof of financing before you make an offer? It’s much more likely that you will be passed over to the next buyer.

Before you send an offer letter, make sure you have been pre-approved for a mortgage loan. Pre-Approval letters are a notice from the mortgage lender that confirms your eligibility for a mortgage and informs sellers that you have been approved for the property.

Pre-approval and pre-qualification letters are not the same thing. Before they send you a letter, your lender will examine your credit, income, and assets. This allows your lender to give you the most accurate estimate. To submit the strongest offer, make sure to include a pre-approval.

Know The Market

You have less room to negotiate if there is more interest in the property and whether you are in a buyer’s or seller’s market. You’ll be less able to negotiate if there are many buyers interested in the property and more offers. Cold real estate markets can make it more difficult to negotiate concessions and lower prices.

Your agent can also be a valuable asset in this area. An agent can help you assess the market and speak to the seller’s or seller’s agent. This will allow you to see how open the seller is to negotiations. If the property has been on the market for some time and the seller is willing to sell, you might be able to get a deal. If the seller has made multiple offers, you will need to make a higher offer immediately.

Tips for Negotiating a House Purchase

Make sure to get an inspection

The inspection results could be the key to negotiating a house’s final sale price. The inspector will inspect the house and look for foundation cracks and problems with heating, ventilation, and air-conditioning systems. You will receive a copy of the inspector’s report. If the inspection uncovers any issues that could be a deal breaker, you can ask the seller to make concessions. The seller may be willing to correct a problem, provide a credit towards closing costs, or lower the price. If the inspection uncovers major issues in the home, you can use the results of the inspection to cancel the sale.

An appraisal is not the same as an inspection. The appraiser will give you an estimate of the value of your home. The appraiser will not let you know if there are a few missing shingles or if the lights in your upstairs closet are out of order. A home inspector will give you a closer look at the house and the issues you will have to address if you decide to buy it.

Before you make a commitment to buying a home, be sure to obtain an appraisal as well as an inspection.

Communicate with your agent 

It’s possible that you already know there is a lot to learn about real estate terminology. Many of these terms are legally sensitive and often confused with each other. Many buyers don’t understand the differences between an inspection and an appraisal. If you ask a seller about appraisal results, but you were really asking about inspection results, you may not receive the information you need.

Ask your agent how to handle any communication between you and the seller. Your agent will know how to ask questions and make requests that aren’t detrimental to your interests.

What is the Real Price of a House?

The condition of the property and comparable sales will determine how much you can offer below the seller’s asking prices. If the house needs extensive repairs such as replacing the roof, or foundation problems, you might be able to offer 20% less than the asking price in a buyer’s marketplace. You can also offer a price reduction of between 5% and 19% depending on how much remodeling is required or if you have upgraded appliances.

Comparable homes in the same area that were sold at a similar price and how they compare to your home will be your greatest asset. Sometimes, comps can be enough to convince a seller not to ask for the original asking price.

The bottom line

It can be daunting to negotiate a home purchase price, especially for first-time purchasers. Before you begin looking for a home, make sure you have a pre-approval. Before you begin to look at properties, it is a good idea to hire an agent. 

Once you have found a home that you like, make sure you order an inspection. Ask your seller for a discount or to make repairs before you sell the property. If you are unable to reach an agreement with the seller, don’t be afraid of walking away.

If you’re looking for a home and need a local agent, Call Full Potential Real Estate!

Full Potential Real Estate, LLC

Myrtle Beach 29579



Tips On Finding Your Dream Home

buyers agentMost people view each home purchase as a chance to buy a dream home. Their first home is their dream. Every acquisition represents the stage in which the household is at. Many home buyers once dreamed of dream homes, as well as homes built by exceptional home contractors. Many neighborhoods offer dream homes by top home contractors that are affordable for most home buyers. Find a Myrtle Beach Real Estate Agent to help you find what your looking for. These are five tips that will help you find your dream home.

1. Set up a budget

There are many types of homes to suit different stages of life. It is easier to choose the right residence or alternative by knowing what you can afford in terms of overall mortgage repayments. A home builder has the advantage of negotiating about the features and not just the cost. This allows for a simpler selection process.

2. Get to know the market

There are many home contractors. It is important to recognize which home contractors’ designs fit with your home. It is also important to know which contractors are still in the area during the home-buying process. It is important to know the location of your chosen contractor when choosing a plan for home building or in the neighborhood.

3. Establish a relationship

A real estate agent or a builder is almost always involved in the home buying process. No matter the specialty, forming a partnership helps to open up lines to interaction and settlement. It also gives you a better understanding of the process, timeline, and what to expect.

4. Zone

Find the best area or community for you. Many people find that suburban areas have lower tax obligations. Some people find that mass transit in cities is easier. There will be many options for you to choose from when it comes to your dream home. These are not essential elements, so don’t think you have to compromise. A lot of home contractors will create an area that has a variety of preferred qualities, such as comfort to major roads, zoning for favored institutions, and area swimming pools.

5. Know what you want and what you need

Like any other significant purchase or decision, the list of should riches’ and top qualities of a home usually includes both needs and wants. It is important to recognize the differences between them in order to determine when and how to make the deal. The needs will change depending on your life stage. For a first-time home buyer, a house that is within a reasonable budget and still in an attractive location might be ideal. There may also be a chance to sell quickly. Senior citizens and vacant nesters may require a home with a low home mortgage, in an easy-to-manage home in a safe as well as pleasant location.

Call Full Potential Real Estate if you are looking to buy your dream home in Myrtle Beach.

Full Potential Real Estate, LLC

Myrtle Beach, SC 29577



10 Features First Time Home Buyers Are Looking For

selling a homeNearly a decade of positive housing momentum has been interrupted by the pandemic that has forced governments around the world to issue “quarantine” orders. What was expected to be one the busiest summers of recent history has actually failed to live up. Instead of realizing historic home sales figures, buyers and sellers now sit on the sidelines, waiting for the right person to move. But, there is still demand. Despite the pandemic being an obstacle, buyers remain in the market and are likely to be more willing to purchase than ever.  This raises the question: What do home buyers really want? What can sellers do for their homes to make them more attractive to buyers?

Although the Corona virus has changed how buyers and sellers see the real estate market, some of the most desirable home features have remained the same. A Myrtle Beach Realtor will be able to find a home with your favorite features. How can sellers capitalize on this participation? What can homeowners do to ensure that their homes sell in the coming year? Lastly, what features are the most important for home buyers?

Updated Kitchens & Baths

What are the top priorities for new home buyers? It’s simple: modern kitchens and bathrooms. Millennials as well as first-time home buyers are making their intentions clear. Modern kitchens and bathrooms are essential. Metropolitan Regional Information Systems Inc. recently conducted a survey and found that 81% of respondents considered updated bathrooms and kitchens to be the most important features when deciding whether to buy a home. If you have the budget, you should  update your bathrooms and kitchen.  You don’t have to spend a lot to attract first-time homeowners.

Open Floor Plans

What is the most important thing home buyers want, other than more living space? After all, the whole point of buying a home is to improve on existing living arrangements. First-time home buyers are keen to have open floor plans, even if they don’t need modernized bathrooms and kitchens. Before selling a property, sellers should review their floor plan.

Proper renovations can increase the property’s value and appeal. It is possible to have more attractive floor plans that create demand. Your property will sell faster and more often if it has more exposure.

Low Maintenance Features

Many millennials are discouraged from participating in the housing market because of the high cost of buying a home. Even those who do make the leap should be cautious, as prices rise in every city. It’s not hard for first-time home buyers to save enough money to pay a down payment or make a monthly mortgage payment. First-time home buyers don’t have enough money to cover all the costs associated with the purchase.

Selling homes should consider the idea of saving money on home maintenance as a selling point. First-time buyers are often embarrassed by the idea of spending more on maintenance after making the biggest purchase of their lives. Therefore, it makes sense that they would prefer a home that is ready to move in than one that requires extensive maintenance. Sellers are encouraged to minimize the amount of work required after purchase.

Energy Efficiency

Energy efficiency is similar to limiting the maintenance that a property requires after it has been purchased. First-time home buyers are now interested in saving money. Energy efficiency can also lead to compounded savings over time.

If you want to attract first-time buyers, sellers should include as many energy-efficient upgrades as possible in their homes.

Today’s buyers are more interested in how much money they can save on their energy bills. Properly insulated homes can help owners save a lot of money on their energy bills.

When you’re looking to sell your house, make sure to mention any energy-efficient features you have. A first-time buyer is interested in any amenities that can save them money over the long-term. This includes low-flush toilets and attic insulation.

Wireless connectivity

What do home buyers really want right now? Connectivity. Millennials are more tech-savvy than any other generation. It is safe to say that millennials will be dependent on technology in their home buying decisions. Nearly a quarter (20%) of first-time buyers will place priority on homes that have strong mobile phone service and Internet connectivity (smart home features).

It’s not surprising that millennials are the first generation to expect their homes to be technologically compatible. Strong Internet connections and mobile phone service are not a luxury, but a necessity. Sellers will have a better chance of selling their home if they realize this sooner than later. If you don’t address this issue, your home will become stale.

Laundry rooms

Laundry rooms are often overlooked, but they’re not forgotten. According to Kiplinger, 91.0% want laundry rooms in their new homes. This includes first-time buyers. It could be that they need more space or because they have had enough of sharing communal laundry rooms in their apartment buildings. However, first-time buyers expressed the desire to have a laundry area.


Many first-time buyers will want more space when they move into a new home. New buyers often come from small living spaces and need more space. A patio is a great option because most buyers have grown to use a balcony. It’s also a simple upgrade that can make all the difference.

Garage Storage Space

It’s easy to accumulate way too many things, as any homeowner will tell. Garage storage is essential for homeowners who have a natural knack for excess. But efficiency is more important. The garage storage allows homeowners to store the items they want and need without taking up too much living space. Garage storage is often more accessible than an attic, shed or garage, so homeowners can store their items over the course of a year and not forget where they are.

Garage storage costs can vary greatly, with everything from DIY shelves to professionally built workbenches and cabinets. The effort, regardless of price, will attract more buyers.

Exterior Lighting

The exterior lighting can be a great way of adding curb appeal as well as functional lighting. A well-lit home will make you feel more welcoming and attractive to those who pass by it or stop in to visit. Anyone who plans to host outdoor activities will need exterior lighting. Exterior lighting can also be an additional safety feature. Even a few small changes can make your home safer. Home buyers are beginning to notice the importance of exterior lighting, whether it is for entertaining or hosting a party. Exterior lighting is relatively affordable at $50.00 per fixture. Although the price of more expensive fixtures can go up, the bottom line is that it can still be done at a reasonable cost.

Walk-in Pantry

What are the most important features for home buyers? This is the most important feature for home buyers. Walk-in pantries can be a great way for a home to have more space. A walk-in pantry can cost anywhere from a few dollars to a large sum. The style of your home will determine the price. Luxury homes, for example, will need larger pantries to meet their needs. Owners can spend upwards of tens to thousands of dollars on luxury walk-in pantries. Mid-range homes may be able to get something cheaper. A walk-in pantry is a must-have for 83.0% of today’s buyers. This makes the investment worth it. They also want more space than the current place they live.


It is important to tell your Myrtle Beach Real Estate Agent what is important to you and what you look for in a home. The remainder of 2022 will undoubtedly attract the attention of first-time home buyers. This leaves sellers with one question: What features are most important for home buyers? What are the needs of new home buyers? And what can sellers do today to meet their customers’ expectations? Sellers should not only offer a listing in a competitive market but also take note of the above amenities. Sellers should not only be able to find buyers with today’s most desirable home features, but they should also offer higher returns for their owners. Sellers have the responsibility to deliver if buyers are willing to pay more for the features they desire. 

If you are a first time home buyer looking for the perfect home, call Full Potential Real Estate, LLC today!

Full Potential Real Estate, LLC

Myrtle Beach 29579


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