As a consumer, you’re used to being the one with the power to judge the products and services you purchase and the companies that offer them. Read more
You’ve been saving your pennies for a down payment and watching the housing market news. You see the low interest rates, are confident you’ll own a property for at least five years and know that you’ll be able to find a home that you’ll love within your budget. Read more
December 27, 2012 by themathercompany
Filed under Blog, Buyers, Columbia Real Estate, Columbia SC Real Estate, Financial, Foreclosure, Homeowners, Local Real Estate Information, South Carolina Real Estate
In the state, 3,557 homes, or one in every 601, were under some form of foreclosure in October, down 2% from last year. Read more
You’re entering the apartment rental market for the first time, and you’ve spent many weekends looking for a place. You finally find one that’s just perfect for you, but 20 other people are waiting to see the apartment. Read more
Buying a house has never been more affordable. Low prices coupled with record low mortgage rates have made purchasing a primary residence, second home or investment property very appealing for many. Read more
It’s not uncommon for the parents of college students to consider buying an investment property near their child’s university. The thought is that their child can live in the unit during college, and the parents will make some money from the real estate venture.
With rare exception, however, this strategy more than likely will end up being a very bad financial decision. Read more
It isn’t always easy to spot income inequality. The disparate distribution of money among a population based on race, gender and other factors could take place in your own neighborhood, and you may not even realize it. Even when college courses and movements, such as Occupy Wall Street, try to teach people about the subject, it still remains difficult to comprehend. Read more
And what should you tackle first? Should you get an offer on your home before you try to find a new place to buy? Or should you find the home you want before putting yours on the market? And will a bank even allow you to buy without selling anymore?
These questions are all valid because real estate has changed in the past few years. Before the real estate banking crisis of 2008, it was very easy to leverage the equity you had in your current home. By opening a home equity line of credit (HELOC), you could borrow up to 95 or even 100 percent of your home’s value and use that money as your down payment for the purchase of your next home. You could close on the new home and then sell yours immediately afterwards. Read more
Reducing your debt-load can be the next, and biggest step, towards owning a home of your own. This is because you must have a strong credit score to buy in today’s market and a strong credit score comes from healthy spending habits and low debt ratio.
Credit used to be something different than it is today. Some reports show that the volume of consumer loans more than doubled in from 1990 to 2000. Changes in credit were happening long before this decade, though. People used to buy only what they had the cash to use. Times have changed. Read more
NEW YORK (CNNMoney) — For the last three years, my husband and I have been renting a house. But I would rather buy than throw my money away on rent. Still, even though we have about $120,000 in savings, great credit and no debt, my husband is reluctant. The job he’s had the past two years took 15 months to find, and it pays a lot less than his previous job. He’s afraid buying now isn’t a good idea because of the shaky economy. What do you think: Should we buy or continue renting? — Jean J.
First things first, I want to dispel the belief that you are throwing money away on rent.
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This is a self-serving notion real estate agents often spout that not only isn’t true, but isn’t a basis for making a rational decision when it comes to buying versus renting. Read more