Your offer has been accepted!

Your offer has been accepted! Congratulations! You are on your way to becoming a happy homeowner. However, before you can take possession of your new home, there are several important steps that need to be taken. Having a Buyer's Representative to guide you through this process makes your life less stressful and could save you from making a costly mistake. Every transaction is unique, but the most important steps include:

1. Complete a home inspection - Assuming this contingency was in your contract, you will want to schedule the inspection with a qualified home inspector. He will provide you with a detailed report of any problems found in your home. If he finds severe issues, then you may want to walk away from the contract, assuming you have that option. If you feel the issues are not too major, then you can submit a list of requested repairs to the Seller. Laws vary in every state, but keep in mind that Sellers are generally only required to repair issues with major systems. Examples would be; structure, roof, electrical, plumbing, etc. Cosmetic issues are not required, but can be negotiated depending on the deal.
2. Complete a Termite Inspection - In addition to the home inspection, you will also want to consider getting a termite inspection. If you plan on obtaining a loan to pay for your house, the bank will almost certainly require one. The termite inspection is called a CL-100 report. It will tell you whether there is active or past evidence of wood destroying insects, moisture issues under the house, and if there is enough damage to warrant repair.
3. Choose an Attorney - Your real estate attorney serves an important role. Make sure to choose one early in the process and schedule his or her participation in your closing.
4. Finalize Your Mortgage - Hopefully you you chose your lender prior to getting your home under contract. In today's market, most seller's expect you to be "pre-approved" by a reputable lender before they will consider your offer. Once you are under contract, you should immediately contact your lender to let them know and supply them with all the details they need. Mortgage underwriting in today's market has become complicated to say the least. In many cases securing a loan can take up to 45 days, so don't procrastinate!
5. Prepare to Move - The importance of this step is sometimes overlooked due to all the work leading up to closing. Decide if you will use a moving company or somehow persuade your friends to help. If you choose the latter, do not expect them to remain your friends after the move! You will also need to coordinate with your utility companies, post office, bank, credit card companies, insurance agent, attorney, and any other businesses or individuals that need to know you will be moving.
6. Final Walk Through - The final walk through should be performed as close to closing as possible. You want to check for three things: 1) make sure the home was not damaged when the Seller moved out, 2) ensure all contracted items, such as appliances, are still in the home, and 3) make sure all agreed upon repairs were completed. If there were a lot of repairs made, it is usually best to have your home inspector return for a re-inspection.
7. Prepare to Pay Closing Costs - In all the work and excitement leading up to closing, don't forget that you most likely need to bring a check to closing. You should have received a final HUD statement from your attorney (depending on your state of residence) that outlines final closing costs. Double check the figure and don't be afraid to question it if you think it is wrong. Mistakes happen! You will also want to find out what form of payment will be accepted. A personal check will not be accepted in most cases.

I hope this brief contract to closing outline helps you. Please do not hesitate to contact your Realtor for more information or help with your next purchase!

Drew Parker is the owner and Broker in Charge of The Parker Company real estate in Greenville, SC.

GGAR Market Statistics - October 2011

There's the numbers, then there’s the story behind them. For months, declining inventory has been the national tale to tell. This suggests a changing narrative with different voices. A buyer might tell you that record low mortgage rates and affordable prices made homeownership more attractive than renting. A seller may say that less competition allowed them to receive more of their asking price. The moral of the story? Real estate is local both in terms of geography and personal circumstance.

New Listings in the Greater Greenville region decreased 4.7 percent to 1,043. Pending Sales were down 29.5 percent to 316. Inventory levels shrank 14.7 percent to 6,596 units, a trend that could indicate a changing landscape. Prices were fairly stable. The Median Sales Price decreased 0.2 percent to $142,020. Days on Market increased 7.8 percent to 107 days. Absorption rates improved as Months Supply of Inventory was down 7.9 percent to 12.0 months.

Recent reports from the broader economy have dispelled the story of a double- dip recession. An early reading of gross domestic product (GDP) showed 2.5 percent growth. Meanwhile, national job growth, a major driver of housing demand and price support, has recently strengthened. An increasingly impatient White House has rolled out phase two of the Home Affordable Refinance Program (HARP) for Fannie- and Freddie-backed mortgages. This should help a number of consumers as they write the next chapter.

To see the full report from the Greater Greenville Association of Realtors, click the following link:

https://www.ggar.net/Documents/GGARMarketStatistics.pdf

Real Estate Market Statistics for Greenville, SC - May, 2011

Check out the included link to see the latest market statistics for Greenville, SC.

GGAR May 2011 Market Statistics

The numbers show our economy is still struggling, despite a slightly more optimistic "feel".  The bottom line is, we need people to get back to work.  Until unemployment falls, the real estate market will continue to be soft.  On the positive side, rates are still very low (below 5%) and affordability is up!

New Listing - 3b/2b Walking distance to downtown Greenville, SC!

Don't miss this opportunity to live within walking distance to downtown Greenville!  3b/2b completely renovated home for $169,900!!

8 KEAT AVENUE, GREENVILLE, SC 29601

Click here for a Virtual Tour

New Listing - Downtown Greenville

If you are looking for an affordable, 4 Bedroom / 2 Bathroom house within walking distance to downtown Greenville, then look no further!!  Completely renovated and move in ready!

Check it out now! 810 Hampton Avenue, Greenville, SC 29601

810 Hampton Avenue, Greenville, SC 29601

Is the Real Estate Market Improving?

2010 is history and you may be wondering if the real estate market will improve in 2011. If asked, most commercial and residential brokers will tell you their "gut" feeling is the market will show a slight improvement in 2011 over 2010. So, is their gut feeling going to be right or wrong?

To fully understand the market, there are several economic indicators you should study. However, one simple, but effective method I like to use is analyzing the housing trends. I typically go back 5 years to get a good feel of where the market has been and where it looks like it is going. Below are some key stats for Single Family Homes in Greenville County, SC starting in 2005 and ending in 2010 (all stats provided by the Multiple Listing Service of the Greater Greenville Association of Realtors).

                                    2005          2006          2007          2008          2009          2010

Total Listed             14,496        16,016       17,606       16,435       14,226       14,592

Number Sold            8,682          9,511         9,240         7,426         6,285         6,028

Pct Sold                  59.89%      59.38%      52.48%      45.18%      44.18%     41.31%

Avg. List Price         $180,389   $187,467    $194,778    $193,527   $175,120  $183,276

Avg. Sale Price        $175,497   $182,435    $188,967    $186,313   $167,326  $174,080

Sale $/List $ Ratio   97.29%      97.32%       97.02%      96.27%      95.55%     94.98%

Avg. DOM               95               83                83              89              100           99

Pct. Expired             20.14%       15.87%      16.70%       20.78%      27.34%     26.76%

These statistics clearly show the bursting of the housing bubble in 2007, but they also show the green shoots of recovery that began in 2009.  It is too early to draw any definite conclusions, but the signs are positive.  The one area for concern is the "number of homes sold".  You can see that the number has consistently fallen since 2007.  That trend slowed in 2010 and should reverse in 2011, but I will be keeping an eye on it.  The main factors that will affect recovery will be mortgage rates, employment, and affordability of homes.  As long as mortgage rates stay low, unemployment shrinks, and home prices remain affordable the recovery has a decent chance of continuing.

Disclaimer - The conclusions drawn in this article are the opinions of the author and should not be viewed as a complete or accurate prediction of the real estate market.

Snow Day Pictures - Greenville, SC - 1/10/11

What a great excuse to take a break from work! It doesn't happen often in Greenville, so we all take advantage of the snow when we get it. Hope you enjoy these pictures of downtown Greenville taken on January 10, 2011. Click the picture above to see more photos.

The Parker Company's latest listing

Check out our latest listing. We are submitting it for Best Renovation of the Year. This was once a dilapidated triplex in the Hampton-Pinckney neighborhood. The owner did an outstanding job of restoring the home to its past glory!