Discover Lake Keowee

Annual Report on the South Carolina Housing Market

Let’s face facts: There is no way to know for sure what the future holds. But a few important patterns emerged in 2011 that could clue us in. Key leading indicators are setting the stage for better times ahead and we are encouraged by these emerging patterns. There is a sense of momentum in the right direction. Falling supply and rising demand suggest im-proving fundamentals. Distressed properties made up a sizable share of that demand, which prevented price gains. Al-though foreclosures continued to hinder a full-on housing recovery in 2011, many of them were sold, bringing supply of this price drag to a much lower level than in recent years. The path of least resistance is higher prices.

And remember that 2010 tax credit for first-time home buyers? Hindsight indicates that Washington was trying to catch a falling knife. The credit temporarily reversed the market’s natural tide, causing forecasters to prematurely declare that we’d hit bottom.

Make no mistake, the economy is on the mend. Layoffs have slowed, hiring has accelerated, fewer homes in financial dis-tress are entering the market. It’s good to see that time still has a way of healing most wounds.

Housing demand has stabilized and a steadily expanding construction sector is generating the jobs needed to invigorate recovery. New jobs will drive housing demand and activate the widely-coveted “positive feedback loop.” Housing helps jobs which helps housing which helps jobs. You get the idea.

Additional labor market growth combined with record-low mortgage rates have bolstered purchase demand. Armed with cheap money, buyers took to the streets in 2011 and are expected to continue forging new households at a reason-able clip.

Listings Seller activity slowed during the year, both for traditional sellers as well as for banks. The net result was a sig-nificant reduction in the supply of homes compared to 2010.

Sales Housing recovery won’t occur without consumer participation. In 2011, housing demand held relatively steady, in-dependent of government incentives. Closed sales were down 1.7 percent to 46,762 for the year.

Inventory No matter your personal beliefs or favorite type of Angry Bird, there’s no denying the fact that buyers have fewer choices from which to pick and sellers are facing less competition.

Prices Home prices in the state during 2011 ticked downward by 1.0 percent to $148,500. That’s down roughly 10 per-cent from their bubbly apex in 2007, but that’s a much smaller drop than many other parts of the country have experi-enced.

Higher. Increase. Positive. These are words we expect to use more of in 2012. The major factor constraining market recov-ery will not be with us forever. Lender-mediated inventory is a tar pit in the near-term, but it will soon be absorbed, re-moving the downward pressure on overall prices.

At the same time, housing doesn’t live in a vacuum. A number of local, national and global changes must take place to re-store stability and confidence in the marketplace. For one, credit-worthy home buyers need access to mortgage capital. And although past policies temporarily dampened the natural ebb and flow of the market, a comprehensive housing pol-icy framework is necessary to guide sustained recovery.

For Full 9 page report, call or email and we will get a copy to you

24 MarinaVillageWay

24 Marina Village Way Salem, SC 29676

Situated on a gentle point lot, this pristine home offers two master suites on the main level both overlooking beautiful Lake Keowee. The Chefs Kitchen has been completely renovated with Oak Cabinetry, and all new top of the line Stainless Electrolux appliances. Downstairs offers another full suite with two offices and a Den with plenty of room available to have another Full bedroom if desired. The Grounds have been kept natural with very little maintenance necessary and the Dock is brand new floating in over 20 feet of water! Come out and enjoy all the amenities Keowee Key has to offer.

I want to wish everyone a Happy New Year!  Lets all be grateful for what we have, and don’t take the little things in life for granted.

2012 Slogan =  Maintaining an attitude of Gratitude!

Lake Keowee Sales Statistics comparing 2010 and 2011

(2011 Stats are through 12-19-2011)

2010 Waterfront Home Sales

2011 Waterfront Home Sales

2010 Interior Home Sales

2011 Interior Home Sales

2010 Lake Keowee Waterfront Lot Sales

2011 Lake Keowee Waterfront Lot Sales

1. Define your needs. Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?” For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin. Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale.
2. Name your price. Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area. It’s often difficult to remain unbiased when putting a price on your home, so your real estate agent’s expertise is invaluable at this step. Your agent will know what comparable homes are selling for in your neighborhood and the average time those homes are sitting on the market. If you want a truly objective opinion about the price of your home, you could have an appraisal done. This typically costs a few hundred dollars. Remember: You’re always better off setting a fair market value price than setting your price too high. Studies show that homes priced higher than 3 percent of their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.
3. Prepare your home. Most of us don’t keep our homes in “showroom” condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It’s time to break out of that owner’s mindset and get your house in tip-top shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. Your real estate agent can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers. * A home with too much “personality” is harder to sell. Removing family photos, mementos and personalized décor will help buyers visualize the home as theirs. * Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer’s first impression. * Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knick-knacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible.
4. Get the word out. Now that you’re ready to sell, your real estate agent will set up a marketing strategy specifically for your home. There are many ways to get the word out, including: * The Internet * Yard signs * Open houses * Media advertising * Agent-to-agent referrals * Direct mail marketing campaigns In addition to listing your home on the MLS, your agent will use a combination of these tactics to bring the most qualified buyers to your home. Your agent should structure the marketing plan so that the first three to six weeks are the busiest.
5. Receive an offer. When you receive a written offer from a potential buyer, your real estate agent will first find out whether or not the individual is prequalified or preapproved to buy your home. If so, then you and your agent will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following: * Legal description of the property * Offer price * Down payment * Financing arrangements * List of fees and who will pay them * Deposit amount * Inspection rights and possible repair allowances * Method of conveying the title and who will handle the closing * Appliances and furnishings that will stay with the home * Settlement date * Contingencies At this point, you have three options: accept the contract as is, accept it with changes (a counteroffer), or reject it. Remember: Once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with your real estate agent right away.
6. Negotiate to sell. Most offers to purchase your home will require some negotiating to come to a win-win agreement. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate. Some negotiable items: * Price * Financing * Closing costs * Repairs * Appliances and fixtures * Landscaping * Painting * Move-in date Once both parties have agreed on the terms of the sale, your agent will prepare a contract.
7. Prepare to close. Once you accept an offer to sell your house, you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Your real estate agent can spearhead the effort and serve as your advocate when dealing with the buyer’s agent and service providers. Depending on the written contract, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing. Important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so.
8. Close the deal. “Closing” refers to the meeting where ownership of the property is legally transferred to the buyer. Your agent will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he or she can mediate any last-minute issues that may arise. In some states, an attorney is required and you may wish to have one present. After the closing, you should make a “to do” list for turning the property over to the new owners. Here is a checklist to get you started. * Cancel electricity, gas, lawn care, cable and other routine services. * If the new owner is retaining any of the services, change the name on the account. * Gather owner’s manuals and warranties for all conveying appliances.

Perfect for people who love the great outdoors, Keowee is a picturesque mountain lake with majestic views and only minutes from Clemson University and Greenville, SC. Lake Keowee offers a variety of neighborhood styles with large wooded home sites both on and off the water. Choose from small scale communities with only a handful of spectacular home sites to larger neighborhoods with amenities like swim and tennis clubs, waterfront parks and meandering leisure trails.

The changing seasons at Lake Keowee provide residents year-round opportunities to enjoy lake living to the fullest. Framed by a backdrop of Blue Ridge Mountains and 300 miles of shoreline, the lake’s emerald waters are ideal for boating, sailing, water-skiing, kayaking and fishing. And, at the end of every active day, a stunning sunset awaits you.

As a compliment to the lake’s placid setting in Upstate South Carolina, the small town charm of Seneca, SC, and the college town amenities of Clemson, SC, are right around the corner. Also convenient are the mountain towns of Highlands and Cashiers, NC, which place popular dining, shopping and day-tripping at your fingertips.

There are only a few more chances to live where everyone wished they did!

Thinking about listing your home on Lake Keowee in the near future?  Most experts would advise that the best way to increase your odds of a successful sale is to price your home at fair market value. But, as logical as this advice sounds, for many sellers it is still tempting to tack a few percentage points onto the price to “leave room to negotiate”. To avoid this temptation, let’s take a look at the seven deadly sins of overpricing:

1. Appraisal Problems

Even if you do find a buyer willing to pay an inflated price, the fact is over 90% of buyers use some kind of financing to pay for their home purchase. If your home won’t appraise for the purchase price the sale will likely fail.

2. No Showings

Today’s sophisticated home buyers are well educated about the real estate market. If your home is overpriced they won’t bother looking at it, let alone make you an offer.

3. Branding Problems

When a new listing hits the market, every agent quickly checks the property out to see if it’s a good fit for their clients. If your home is branded as “overpriced”, reigniting interest may take drastic measures.

4. Selling the Competition

Overpricing helps your competition. How? You make their lower prices seem like bargains. Nothing is worse than watching your neighbors put up a sold sign.

5. Stagnation

The longer your home sits on the market, the more likely it is to become stigmatized or stale. Have you ever seen a property that seems to be perpetually for sale? Do you ever wonder – What’s wrong with that house?

6. Tougher Negotiations

Buyers who do view your home may negotiate harder because the home has been on the market for a longer period of time and because it is overpriced compared to the competition.

7. Lost Opportunities

You will lose a percentage of buyers who are outside of your price point. These are buyers who are looking in the price range that the home will eventually sell for but don’t see the home because the price is above their pre-set budget.

Most buyers look at 10-15 homes before making a buying decision. Because of this, setting a competitive price relative to the competition is an essential component to a successful marketing strategy.

Hello from Sunny Lake Keowee!  The temperature is hot and the Real Estate Market seems to be gaining momentum as well.  While I know every buyer in this market is looking for a deal to be had, I found an article that should provide to be beneficial to any buyer looking for a Short-Sale Property.

I hope this article proves to be an asset to anyone searching for Lake Keowee Real Estate and beware of some of these “So Called” Deals.

http://www.realtor.org/RMODaily.nsf/pages/News2011071502?OpenDocument

As always, Give me a call or email for any information on Lake Keowee!