January 15, 2024 • 29 mins
Carolina Cares Host Tyler Ryan wpoke with real estate expert Jeannette Womble from EXP Realty to talk about the home buying and selling process, making the choice between utilizing an agent, how to choose the right mortgage, and the outlook for 2024 for people wanting to attain the American Dream.
You can learn more from Jeannette Womble HERE.
Carolina Cares is hosted by award winning radio and television personality Tyler Ryan, and recorded at iHeart Studio in Columbia South Carolina, and air across the state of South Carolina on the South Carolina Radio Network. In addition to Carolina Cares, Tyler Ryan is seen weekday mornings on ABC Columbia’s Good Morning Columbia television program, where he serves as the Host and Morning Weather Anchor.
Tyler is also a professional Emcee and Brand Ambassador.
If you have an idea for a Carolina Cares topic our would like to appear on the show, you can reach out to him at Tyler@CarolinaCaresRadio.com
You can find Tyler on Instagram www.instagram.com/tylerryanonline and Facebook www.facebook.com/tylerryanonline
You can learn more from Jeannette Womble HERE.
Carolina Cares is hosted by award winning radio and television personality Tyler Ryan, and recorded at iHeart Studio in Columbia South Carolina, and air across the state of South Carolina on the South Carolina Radio Network. In addition to Carolina Cares, Tyler Ryan is seen weekday mornings on ABC Columbia’s Good Morning Columbia television program, where he serves as the Host and Morning Weather Anchor.
Tyler is also a professional Emcee and Brand Ambassador.
If you have an idea for a Carolina Cares topic our would like to appear on the show, you can reach out to him at Tyler@CarolinaCaresRadio.com
You can find Tyler on Instagram www.instagram.com/tylerryanonline and Facebook www.facebook.com/tylerryanonline
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:01):
Good morning, and welcome to CarolinaCaare's and iHeartRadio production here on the South
Carolina Radio Network. My name isTyler Ryan, your host, and I
want to say, first of all, thank you so much for joining us
as you do week after week forCarolina Cares. I love the interactions on
the socials and emails and things,and you guys really are part of a
show, a part of the show, and it means a lot. Of
course. You can follow us andon the socials. Connect on Facebook It's
(00:24):
Carolina Cares Radio. Yeah, alittle by a thing, a little bit
of a tag. We're doing right. Carolina Cares Radio also certainly follow me
on the Facebook, as was TylerRyan online. If, as always,
if you have an idea for aguest, you want to hear, an
agency or an organization, or maybeyou're the guest itself, you can email
me Tyler at Carolinacaresradio dot com.It's Tyler at carolinacaresradio dot com. And
(00:46):
don't forget if you want to hearthe show again or any of the other
literally hundreds and I dare say athousand or so or more shows that we've
got up there on the iHeartRadio app. You can go ahead and get that
iheartradi app. If you don't have, you can download it from the play
Store, the app store, andonce you get that, you go to
the podcast and put in Carolina CaresRadio and you'll have enough Carolina Cares and
(01:07):
enough Tyler Ryan to your ears willfall off. I'm just saying, so
you know there's that as well.Oh my goodness. So yeah, the
show was of course heard across theentire state of South Carolina, from the
upstate down to the low country,over the Grand Strand and beautiful Horse Country
and Aiken, and of course righthere in the Midlands where you find our
flagship station WVOC AM and FM.Well, guys, you know, the
(01:32):
real estate market is wide open,red hot, and it still continues to
be. There are some changes,some fluctuations with every year, and of
course twenty twenty four will be nodifferent. But the actual real estate industry
itself goes way back to about thesecond century. Yeah, there's stone carvings
that de pick real estate transactions setin stone, but it really was more
recent that we started really doing realestate. But back then it was more
(01:53):
of a casual situation. You tradethings for a little piece of land here
and there. And of course that'swhen house and structures started being built as
well. You started seeing houses popup, you know, places permanent places
to live, you know. Sothat's the history of real estate. If
you've ever bought or sold a house, you know, it is a daunting
process. There's a lot that goesinto it. It's not just a it's
(02:15):
not even like buying a car.It's not like going to Walmart and stopping
by. You know, You've gota lot of options to consider. There's
all the things remember location, location, location, Sure you cannot you have
options, use a real estate agent, not use a real estate agent.
Funding. All these things go intoI guess probably the largest purchase most of
(02:35):
us are going to make now.I guess maybe if you buy a yacht
might be a big one. Butthe largest purchase that most of us are
gonna make is going to be thatdream home. I mean, that's the
American dream home ownership, land ownership, owning a piece of something. What
do they say, They're not makingany more land and that is that is
largely very true. So with allthat in mind, today we're going to
have a good conversation about real estatehopefully learn a few things about it if
(02:57):
you're a buyer or seller in themarket curious about it. I joined us
this morning from exp Realty in Columbia. Janette Womble, how are you good
morning, Thanks for having me back. I'm doing great. How are you
doing this morning? Oh? Notso bad, not so bad. I
love the I love the conversation ofreal estate. So you know, I
was like, you know, weneed to talk again. I know you
were on the show I don't knowabout a year ago or so and shared
the shared things happening in the realestate market. And by and large,
(03:23):
how is it? I mean,you you work in Colombia, but of
course you list everywhere. You're SouthCarolina. But how is the market overall,
either nationally and or here in SouthCarolina. You know, nationally and
here in South Carolina. There aremany things that have changed drastically since a
year ago, and there are somethings that haven't changed. The biggest thing,
(03:45):
and you know, you see itout on all the socials and on
the news, pertains to interest rates. Right, interest rates jumped up a
bunch from a year ago. Sothat is the biggest factor that is affecting
everyone right now. Are the higherrates, and we're talking much higher.
We had a minute where you couldfinance a property for under three percent,
and now we're looking at you know, six and seven percent interest rates out
(04:08):
there, and you know, andjust to show this because I remember when
I bought my first house back insix here in Lexington, I was we're
at this really high rate way backyou know, in the day, and
my house was a little starter house, was a great little home. But
my mortgage was not too much lessthan it is now because I was able
to get one of those you know, I was, I was able to
(04:29):
purchase when it was you know,three percent versus you know, seven eight
percent whatever it is now. Thatcan make a huge difference. It can.
And we've also seen a lot ofappreciation of properties. So homes that
you know in our state that mighthave been one hundred thousand dollars three or
four years ago are now appreciating ata level where they're they're climbing up to
(04:51):
two hundred thousand dollars. So whatyou're getting for your money has also changed.
What what's if you had to sayan average you know, if Columbia,
for the state, whatever, whatis an average home price, you
know, just you know, notthe great big McMansions, not the little
etybity ones. But what's what's kindof a round number that that people uh
(05:11):
spent on a house. Well,in the state of South Carolina, an
average price would be around two sixtyto two seventy. Nationally, the average
is much higher. We're looking atyou know, over three hundred you know,
to four hundred thousand dollars, dependingon which part of the country that
you're in. Wow, and Ijust and just for the interest rate conversation,
(05:31):
so I asked that for reasons oftwo hundred and sixty the interest rate
at seven point five percent on athirty year fixed is eighteen hundred dollars.
That and that of course doesn't includePMI and the other stuff, but eighteen
hundred bucks. And if you know, you go back to when it was
three percent, it's one thousand dollars. Your mortgage would have been a one
thousand dollars a month for the sametwo hundred and sixty thousand dollars house two
years ago before the before the interestrate started jumping up. You know,
(05:56):
that's eight hundred bucks. That's that'sa lot of money for people. It
is it is, And everything's moreexpensive even you know, you mentioned something
about a dozen eggs being more expensivenow. So with mortgages being higher and
interest rates being a big factor ofthat property is costing more, it's really
challenging for many people to enjoy thebenefits of home ownership. So they're having
(06:18):
to wait and rent, you know, sometimes so that they can be better
prepared. Yeah, it's it's justcrazy. The values and everything that.
Let me ask you this. Youmentioned a moment ago the values of homes,
you know whatever. You know,maybe one hundred and fifty thousand dollars
is now two hundred thousand dollars,you know, And if you're a homeotive,
that's great, right because you're goingto turn to onun sell it.
(06:39):
But then again, you can sellyour house for a lot of money.
You're still you're going to buy inthe house. It's more expensive as well.
But is that going to stay thatway or I remember back in eighth
nine whatever it was when homes thevalues tumbled, it was there was the
real estate crash, and you know, all these all these houses that were
worth you know that we're selling fortwo hundred thousand now you couldn't give them
(07:00):
way for one hundred and fifty.I remember that too. And you know,
the crash that we had then wasrelated to the mortgage industry and people
were getting mortgages that really weren't wellqualified, and so over the course of
time there would be a lot offoreclosures and a lot of people that couldn't
afford to stay in their homes becausethe mortgages were you know, packaged as
(07:25):
being these great mortgages, and theyreally weren't. They were very high risks.
So now what we're seeing is ashortage of available homes for sale because
yes, people do have a lotof equity. However, they know that
if they sell and they do turnaround and buy, the cost of what
they're going to purchase is going tobe so much higher. So as far
(07:46):
as you know, comparing to whatwe had then versus now, it's a
lot of demand and supply, butguidelines for loans have gotten a lot,
you know, tighter, So it'sa little more difficult to get a mortgage
now than it was. And wecan thank that mortgage crash because everything tightened
up after that. And yeah,that so there were a lot of programs.
(08:07):
I remember I owned my home bythat time, so you know,
I was impacted by the tumbling value. But yeah, I remember the people.
They were just giving money away tofolks who just you're too much money.
That's who shouldn't have been buying thatmuch home, right, And they
were also packaging it. They weredoing a first and a second at the
same time, so they would youknow, they would finance eighty percent and
(08:30):
then twenty percent, so most peoplewere getting one hundred percent financing. So
if they defaulted on their mortgage orthey couldn't stay in their house anymore,
it was an extremely high payoff toget out from under it, which was
causing a lot of foreclosures too.Sure sure now, and so what you're
saying is because the industry has changedso much and they put new rules in
place, and it is harder.You have to prove your income to a
(08:54):
lot more hoops. And I boughtthe houseman now, I think three years
ago there were a lot of hoopsto jump through. But is that going
to is that going to largely protectus from another crash like happened in eighth
nine, it's going to protect usfrom the causes of that crash. You
(09:15):
know, we could still see achange in the housing market. However,
it's not going to be for thosereasons. Okay, it's you know,
it's all economics. It's all aboutsupply and demand. And the higher the
supply of homes, the more it'sgoing to favor buyers. The shorter the
supply of homes, the more it'sgoing to favor sellers. Sure. Sure,
(09:35):
And that's just because you're going toyou're getting bidding wars and things like
that, right, you're getting folks, You're you're still seeing in the industry
that you know. And it wasbefore you can negotiate and take money off
and the seller was like, youknow, hey, I'll pay closing costs
all moll the lawn for you fora week. But now you're you're still
experiencing offers that are at or abovewhat I'm asking. Right, we are
(09:58):
and in the state of South Carolina, Uh, we have got so many
people that are moving here. We'reranked one of the top states in the
nation for people moving from other states. So if the house is priced right
and like you said, location,location, location, great location, and
great condition, there is a highprobability that that we can still see multiple
offers. Wow, it's great speakingthis morning with exp realty expert Jenet Womble
(10:22):
just about the state of affairs whenit comes to real estate, that that
American dream here on Carolina Cares.We'll put links, of course, in
the socials and on the show notesfor the podcast. Over to Genet great
resource. If you have questions,you know, whatever phase you are in
real estate, you know it's greatto at least consult and ask some questions
of an agent. Let's let's transitiona little bit and we'll start. I
(10:43):
guess, I guess we'll start withselling. You know, we'll go back,
We'll go back and forth. Ijust want to kind of go through
the process the things you want toconsider. You know, when you're when
you're getting ready to sell your house, sometimes it's not your choice. You
get a new job, you gotto go. You know, your family
situation changes. Sometimes you know it'sbeyond your control. But hopefully more often
in than not, it's it's achoice you want to make for whatever reason
changes in your life. First,let's start with using a real estate agent.
(11:07):
You don't in South Carolina. Ofcourse, you don't have to use
a real estate agent. You haveto have an attorney but not a real
estate agent. You can, youknow, we see them all the time
for sale by owners or things likethat. What are what are the thoughts
of pros and cons to having andthen not having, you know, the
expertise of a real estate agent.Well, the first thing that we see
(11:28):
a lot of people say when itcomes to using an agent versus not is
the broker fees and trying to avoidpaying the broker fees. Broker fees can
be tens of thousands of dollars.So many people try to sell their homes
themselves because they simply don't want topay those broker fees. I would say
that's the biggest benefit of not usingan agent is to try to see if
(11:50):
you can keep more of your equityand you know, in your bank account
when the house tells. The secondthing is a lot of people have done
it a few times and they feelvery comfortable with the process and they say,
hey, I can do this myself. I've done it before, I
can do it again. And witha lot of houses going on the internet
now, it's a matter of justgetting your house out on the internet so
(12:13):
people can see it, so theycan come and do a tour and you
can take them through. So theworld is a lot different now, so
it can be very easy for peopleto try to sell their homes themselves.
I'm going to ask you a loadedquestion, but I want you to you
know, obviously, given what youdo, But I mean, I guess
it would seem to me it's advantageousto have a real estate agent because you
(12:35):
guys have access to everything where youhave a lot more information and y'all know
the process. I mean, Iwouldn't necessarily want to do my own arm
surgery, you know, right,And that is something to keep in mind.
There's a lot of liability associated withselling your home, and a realtor
is going to understand where that liabilityrests. They're going to make sure that
(12:56):
you have the appropriate paperwork to protectyou. There also are safety concerns and
you know, things to think aboutwhen you're letting people into your home.
Are they pre approved? You know? Is this a bona fide buyer?
Are they safe? You know?Unfortunately, we hear a lot about bad
people in this world. Sure doyou really want to let them in your
(13:16):
house? So you've got contractual liability, safety and statistically speaking, there is
data out there that actually shows whenyou list your home with a realtor,
you actually sell for significantly more moneythan if you sell your home yourself,
so we can bring a lot moreto your net proceeds if you have a
(13:39):
consultation and we're given the opportunity tomeet with you. Okay, what what
are some things you want to thatyou want to be top of mind about
if I'm going to if I'm goingto say, you know, obviously the
decision of whether or I'm going touse a realtor first, obviously, what
are some other considerations that you thinkthat and maybe sometimes you see the same
ones, you know, what someconsiderations you often see people not considering that
(14:01):
maybe they should when they're sitting downgetting ready to list their house or have
their house listed. One of thebiggest is the timeline and the logistics of
selling and then where they're going togo next. You know, when you
sell your home and you have tomove out of your house, as you
mentioned, it's one of the moststressful things that you can do. So
(14:24):
you do need to think about,well, what's my timeline, how many
times do I want to move?And how can I set this up to
make it happen? Seamlessly. Mostpeople say, oh, you know,
I can hire a mover and beout of my house and a matter of
a week or two. However,you don't realize how much you have until
you start packing it up. Soyou know, I always suggest that you
(14:46):
hire a cleaning lady because usually aday or two before you have to move,
you're you're like, wow, Idon't even have time to clean my
house, right, So you know, it's good to hire a cleaning lady.
It's good to put things in yourgirl. If you have a garage,
to start loading it up with boxesand do a little bit every week.
You know, if you're going tobe moving in a month or six
(15:07):
weeks, just every week, packup little by little so it's not so
overwhelming for you. That's that's agreat advice. We are a community,
I guess, a people of stuff. We're all pack rats. Man,
I have so much crap everywhere.I mean, it's terrible, it's terrible.
What about when it comes to Amazon? Yeah, well that's true.
It makes it really easy. Click. Heck, I've bought seven things here
(15:28):
in the last nine minutes. I'mjust kidding. Uh kind of what do
what about when it comes to price. How how is that determined? You
know, whether again, whether you'reselling yourself or or you know, I
say, hey, Jeanette, what'swhat should I list my house at?
How do how is that determined?I love that question because over and over
(15:50):
I hear people say, well,such and such says that my house is
worth this amount of money. Andif you go online and you look at
these websites, they all will havesome calculations and formulas of value. The
best thing to do, truly isto either go online and look at the
tax records for what houses have soldfor in your community or your area for
(16:12):
the past twelve months. Or youcan meet with a realtor have a free
consultation and have them pull the marketdata for you. Because sometimes, especially
if somebody sells their house themselves,they actually can ask, you know,
too little for their home. Theymight leave some money on the table.
So it's really good to, youknow, bring that realtor in and have
(16:36):
them do a market analysis, orgo online check your assessor's website and look
for property sales for the past year. And you're going to want to look
at homes that are of same size, in same age, in same level
of finish, because that's going tomake a big difference as to how much
you're going to walk away with andhow accurate are you know, there's those
all the websites that are out thatwill give you a free assessment of the
(16:59):
value your home. They Oh,there's the zilos in real estate dot com
and all the ones that are outthere, and how accurate are those?
If you know, It's kind oflike when you look up your car value
on KBB. It can give yousomething that maybe a false sense or a
false either sense of hope or afalse sense of defeat. If you're like,
it's only worth this much? Arethose sites accurate or is it really
more important to go ahead and dosome research or have your real estate agent
(17:22):
research the comps if you will.It depends on where your house is located.
There is a term that some peopleuse called cookie cutter neighborhoods, and
these are neighborhoods where you know,the same house may repeat every three or
four homes. Sure, if you'rein that type of a neighborhood, and
those websites are able to pull youknow, similar market data that's very consistent
(17:44):
with your type of home, itcan be close to accurate. The algorithms
are getting a little smarter in figuringout values, but there have been times
where I've looked at a value thatI've seen online for a property and it
has been way off. So youdon't want to rely on it. But
I'm not going to rule it outand tell you that it's never accurate.
(18:06):
It can't be accurate at times,give at least a ballpark. You know
whether your house is worth one hundredthousand or five hundred thousand, because it's
probably not off that much, right. And they also have a range,
so sometimes you'll see they'll have atwenty five thousand dollars spread now where they'll
say your home could be worth betweenthree point fifty and three seventy five.
And some of that is a matterof condition too. Do you have pet
(18:27):
stains on your carpeting? Have youupdated your heating and air? You know?
Where where is the additional value inyour home that you may or may
not have put in Where everyone alwaystalks about if you put money into your
bathrooms and your kitchens, you're goingto get it back out. I mean,
obviously you can do too much right, make your house, put too
much in it it just won't support. But what are some other areas that
(18:48):
you know you can at least breakeven or maybe get something out of.
If you're going to invest in yourhome and make it nicer, you know,
redo a room or an area.The best way that you can make
your house more appealing to a prospectivebuyer on a lower cost budget would be
to look at your flooring and lookat your paint on your walls. Because
(19:11):
when a buyer walks into a homeand the paint is fresh and the flooring
is new or in great condition,they feel they can move right in.
And those are two areas that canbe a little bit more practical to improve
with your home versus going in andgutting your kitchen or gutting your bathroom.
You're right, an updated master bathor an updated kitchen, those are two
(19:33):
of the best ways to get moremoney for your home. But just fixing
your cosmetics, your fit and finishedespecially flooring. I'm telling you, nobody
wants to walk into a bedroom andsee you stained carpet or smell the dog
or the catt or whatever. Soget the nasty carpeting out. And there
are a lot of large suppliers likehome depot lows direct suppliers that will allow
(19:59):
you to change your floor and putyou on six months no interest plans,
so you can just pay that flooringoff when you sell your house, because
you probably have a lot of equityin your house and will walk away,
you know, not in the red. These days, most people are not
in the red anymore. We allhave a lot of equity. Speaking this
morning with real estate agent from expJeanette Womble here on Carolina cares obviously about
(20:21):
the real estate market real quick.What are a couple of areas that really
aren't going to you see people putmoney into that really aren't going to matter.
I mean does a pool change yourvalue? Does you know, cleaning
the garage? I mean what we'rea couple of areas you see people waste
money that's just not going to bringthat value. A lot of people will
do just like you said, They'llconvert their garage into you know, a
(20:41):
recreation area where they can hang flatscreen TVs and put their pool table.
You know, putting a lot ofmoney into the garage itself does not yield
a high return. It's very specificto the owner pools. Actually, since
COVID, since people are spending moretime at home. We are seeing people
get a lot of you know,money back for having a pool in their
(21:03):
backyard. Okay, it used tobe that you might see less than fifty
cents on a dollar for a poolin the backyard. Now a lot of
people are willing to pay almost dollarfor dollar if a house has an inground
pool in the back. Wow,So that's it. So you can enjoy
that. And as long as yougo out dollar for a dollar, then
it doesn't matter. You can mightas well enjoy it, right, Yes,
And we're all spending more time athome, so pools. And you
(21:25):
know, we are in Columbia,which is very hot. So people love
having a pool because what else areyou going to do in the summer other
than go to the lake? Sureit is it is very toasty out there,
for sure. What are switching gearsto the selling side or to the
to the buying side. What area few of the mistakes that you see
people making right off the jump theycall you and say, hey, guy,
(21:48):
golly, I want to buy ahouse. The first mistake that I
see is they have not spoken witha mortgage company and they're not educated on
their budget. I will have peoplereach out to me and want to see
properties, and the first thing Isay is, well, what is your
budget? Well, you know,I don't want to spend more than seventeen
hundred dollars a month. And theproperty they'd like to go see is a
(22:11):
four hundred thousand dollars property that methdoesn't want work a lot. How much
are you putting down? Well,I'm just going to put down three percent.
Well, that mortgage payment's not goingto be that amount for that priced
house. So the very first thingthat people need to do before they start
actually looking is if they're going tofinance, they need to speak with a
lender and make sure that they're focusingon the price range that's going to result
(22:34):
in the budget that they want tostay with. And that's that's how people
got in trouble back in a eightright, is they said, I want
that mansion, I can't afford it. I work at McDonald's, but by
golly, I'm going to buy it. So yeah, I guess. So
having realistic expectations about your budget andwhat you can realistically buy, I guess,
would be a real good, realgood starting place. It is.
(22:55):
The second thing is to save somemoney because we are in a market still
with low dvae, and if you'recompeting for a home, there's a high
probability that you'll have to pay yourown closing costs. In Closing costs come
with financing, and it's in additionto the amount that you're paying for the
property. So if we're using thatyou know average of two hundred and seventy
(23:17):
thousand dollars, you could have youknow, six thousand dollars in closing costs.
So definitely want to save up yourmoney so that you don't have to
ask for that to be paid forby the seller, because the seller may
not be willing to do that rightnow, right it's times of change,
right, because they don't they don'tneed to sell their house oftentimes right or
they'll have other people writing offers thatdon't need that money. Now, I
(23:40):
will caveat that. If the househas been on the market for thirty days,
there's a pretty good chance you couldget the seller to cover some of
your closing costs for you. SoI don't want to have everyone think that,
you know, there's absolutely no roomfor negotiation. We do have some
properties that people are pricing a littlehigh and then they sit because they have
that COVID mindset that they can goout very high and their house will just
(24:03):
sell magically. So if you findan overpriced property, you can probably do
some negotiation right now. I mean, is there is that a red flag?
If a house has been on themarket for thirty days in a market
where there's really low inventory and yousee like your dreams, like, you
know, not out of your pricerange, and it's a good school district,
but it's been on the market,is that an automatic red flag?
(24:25):
Go, wait a second, theremight be something I'm missing here. Yes,
it probably means the house is pricedtoo high. There's going to be
three reasons why a house is goingto stay on the market. The first
best price, the second is marketingin the thirdest condition. So it's one
of those three things. So thebest thing to do is to go and
look at it and see what youcan determine as far as why it's staying
(24:49):
on the market, and then youcan go from there. If it's priced,
then you can just make an offerand try to negotiate with the owner
and explain that you know your offeris good and fair and price is just
a little too high. Sure,sure. What so you you get pre
approved or you know, pre authorizedwhatever, you get talked to, talk
to an agent or not. Butyou kind of know your your price range.
(25:11):
You you know, you find thehouse man, this is this is
my house, one twenty three MainStreet. I am going to make this
Tyre Ryan Castle. What are thenext steps? What? What? What
is the process? If somebody's neverbought a house, what is the next
step after that? You've, likeI said, you work with an agent
or not, it doesn't matter.You know, Hey, this is the
house man, I want to buyit. What happens then, Well,
the first thing you're going to wantto do is submit the offer. So
(25:33):
you'll prepare the contract and you'll submitthe offer to the owner. Once you
have a meeting of the minds andyour contract is signed or ratified, then
we are an attorney state in SouthCarolina. You will need to engage with
a law firm to handle your purchase. So the next step in the process
is to provide that contract to theattorney so they can start working on the
(25:56):
other parts of your purchase for you. For example, they'll search and make
sure that the title is clear.They'll what does it mean a clear title,
that there's no other outstanding mortgages orloans or anything correct, that there's
no leans on the property, thatthere is no issues with ownership of the
property, just anything that would blemmishthe title and cause you an issue for
(26:18):
being able to purchase your property.So not all states are mandatory mandatory attorneys
though, right, So some statesyou can go you can get one,
obviously, probably, but some statesaren't going to require that you have that
expert set of eyes legally correct.Some states are title states where you'll just
use a title company to handle yourclosing. Okay, So but you're you're
(26:40):
still having somebody who's maybe more orless an expert in a title look at
your stuff. You are you are, so you will have that expert,
whether you're in South Carolina using anattorney or in another state using a title
company. So that would be thesecond step. The third step is to
conduct your inspections. Obviously, you'regoing to want to look at the heating
(27:02):
and air system and the house itselfand make sure that it inspects well.
If you're purchasing and you have theopportunity to request repairs, that would be
part of the process where you submityour repair request to the seller, and
then the final part will be tohave the property appraised. You're not required
to do an appraisal if you areputting down a large amount of money or
(27:26):
you're paying cash. If you're workingwith a lender, you will be required
in most cases to do an appraisal. So the appraisal will happen, and
then you will go to closing andyou'll purchase your property with a local attorney,
and closing normally takes about thirty days. Is that standard and why is
that? Is that thirty days justto get all the legal stuff and get
(27:47):
somebody to move out of your houseor what is the purpose of that of
having to wait to a duration.Most of that is because that's the time
it takes for the attorney to preparethe title work and provide it to the
lender, and for the lender tocomplete the process of underwriting and clearing the
loan. It can take two weeksfor an appraisal just to come in,
so we just need to give thatamount of time for that process to go
(28:11):
through its course. Now you canclose faster. There have been people that
have gotten mortgages and closed in amatter of two weeks. Wow. When
I moved to this area, Idid an fah loan and we closed in
two weeks, So you can doit faster. But the standard for the
industry tends to be about thirty orforty five days, okay, and that's
(28:33):
pretty much the industry, meaning prettymuch anywhere that's going to take your time.
Yes, especially with financing cash,you can close a lot faster and
that's there. You go slide thekeys over, running out of time very
quickly, as we always do hereon Carolina Cares. I want to have
you back on again soon, Janette. We have some more great questions and
some stuff I want to talk aboutwith real estate, but we really appreciate
your time and your expertise with listenerstoday. If you've never bought or sold
(28:56):
that dream home, that's such animportant step too, absolutely is. And
thank you for having me. Ilove sharing information and helping people, all
right, Janette Womble XP Realty Whipplelinks for you on the socials and of
course on the show notes when itgoes up onto the podcast as well.
Guys, this has been Carolina Caresand iHeartRadio production here on the South Carolina
Radio Network. My name is TylerRyan your host, and once again,
(29:17):
it's so great that you join usweek after week interact. I get great
emails and all the interaction. Itmeans a lot that you're out there once
again. You can always drop mean email. Tyler at Carolinacaresradio dot com.
Tyler at Carolinacaresradio dot com. Ofcourse, this is Carolina Cares and
iHeartRadio production based right here in theMidlands at our flagship station w VOC A
(29:37):
M and FM. It's always thefastest thirty minutes on radio, which means
I'll talk to you in seven days.
Good morning, and welcome to CarolinaCaare's and iHeartRadio production here on the South
Carolina Radio Network. My name isTyler Ryan, your host, and I
want to say, first of all, thank you so much for joining us
as you do week after week forCarolina Cares. I love the interactions on
the socials and emails and things,and you guys really are part of a
show, a part of the show, and it means a lot. Of
course. You can follow us andon the socials. Connect on Facebook It's
(00:24):
Carolina Cares Radio. Yeah, alittle by a thing, a little bit
of a tag. We're doing right. Carolina Cares Radio also certainly follow me
on the Facebook, as was TylerRyan online. If, as always,
if you have an idea for aguest, you want to hear, an
agency or an organization, or maybeyou're the guest itself, you can email
me Tyler at Carolinacaresradio dot com.It's Tyler at carolinacaresradio dot com. And
(00:46):
don't forget if you want to hearthe show again or any of the other
literally hundreds and I dare say athousand or so or more shows that we've
got up there on the iHeartRadio app. You can go ahead and get that
iheartradi app. If you don't have, you can download it from the play
Store, the app store, andonce you get that, you go to
the podcast and put in Carolina CaresRadio and you'll have enough Carolina Cares and
(01:07):
enough Tyler Ryan to your ears willfall off. I'm just saying, so
you know there's that as well.Oh my goodness. So yeah, the
show was of course heard across theentire state of South Carolina, from the
upstate down to the low country,over the Grand Strand and beautiful Horse Country
and Aiken, and of course righthere in the Midlands where you find our
flagship station WVOC AM and FM.Well, guys, you know, the
(01:32):
real estate market is wide open,red hot, and it still continues to
be. There are some changes,some fluctuations with every year, and of
course twenty twenty four will be nodifferent. But the actual real estate industry
itself goes way back to about thesecond century. Yeah, there's stone carvings
that de pick real estate transactions setin stone, but it really was more
recent that we started really doing realestate. But back then it was more
(01:53):
of a casual situation. You tradethings for a little piece of land here
and there. And of course that'swhen house and structures started being built as
well. You started seeing houses popup, you know, places permanent places
to live, you know. Sothat's the history of real estate. If
you've ever bought or sold a house, you know, it is a daunting
process. There's a lot that goesinto it. It's not just a it's
(02:15):
not even like buying a car.It's not like going to Walmart and stopping
by. You know, You've gota lot of options to consider. There's
all the things remember location, location, location, Sure you cannot you have
options, use a real estate agent, not use a real estate agent.
Funding. All these things go intoI guess probably the largest purchase most of
(02:35):
us are going to make now.I guess maybe if you buy a yacht
might be a big one. Butthe largest purchase that most of us are
gonna make is going to be thatdream home. I mean, that's the
American dream home ownership, land ownership, owning a piece of something. What
do they say, They're not makingany more land and that is that is
largely very true. So with allthat in mind, today we're going to
have a good conversation about real estatehopefully learn a few things about it if
(02:57):
you're a buyer or seller in themarket curious about it. I joined us
this morning from exp Realty in Columbia. Janette Womble, how are you good
morning, Thanks for having me back. I'm doing great. How are you
doing this morning? Oh? Notso bad, not so bad. I
love the I love the conversation ofreal estate. So you know, I
was like, you know, weneed to talk again. I know you
were on the show I don't knowabout a year ago or so and shared
the shared things happening in the realestate market. And by and large,
(03:23):
how is it? I mean,you you work in Colombia, but of
course you list everywhere. You're SouthCarolina. But how is the market overall,
either nationally and or here in SouthCarolina. You know, nationally and
here in South Carolina. There aremany things that have changed drastically since a
year ago, and there are somethings that haven't changed. The biggest thing,
(03:45):
and you know, you see itout on all the socials and on
the news, pertains to interest rates. Right, interest rates jumped up a
bunch from a year ago. Sothat is the biggest factor that is affecting
everyone right now. Are the higherrates, and we're talking much higher.
We had a minute where you couldfinance a property for under three percent,
and now we're looking at you know, six and seven percent interest rates out
(04:08):
there, and you know, andjust to show this because I remember when
I bought my first house back insix here in Lexington, I was we're
at this really high rate way backyou know, in the day, and
my house was a little starter house, was a great little home. But
my mortgage was not too much lessthan it is now because I was able
to get one of those you know, I was, I was able to
(04:29):
purchase when it was you know,three percent versus you know, seven eight
percent whatever it is now. Thatcan make a huge difference. It can.
And we've also seen a lot ofappreciation of properties. So homes that
you know in our state that mighthave been one hundred thousand dollars three or
four years ago are now appreciating ata level where they're they're climbing up to
(04:51):
two hundred thousand dollars. So whatyou're getting for your money has also changed.
What what's if you had to sayan average you know, if Columbia,
for the state, whatever, whatis an average home price, you
know, just you know, notthe great big McMansions, not the little
etybity ones. But what's what's kindof a round number that that people uh
(05:11):
spent on a house. Well,in the state of South Carolina, an
average price would be around two sixtyto two seventy. Nationally, the average
is much higher. We're looking atyou know, over three hundred you know,
to four hundred thousand dollars, dependingon which part of the country that
you're in. Wow, and Ijust and just for the interest rate conversation,
(05:31):
so I asked that for reasons oftwo hundred and sixty the interest rate
at seven point five percent on athirty year fixed is eighteen hundred dollars.
That and that of course doesn't includePMI and the other stuff, but eighteen
hundred bucks. And if you know, you go back to when it was
three percent, it's one thousand dollars. Your mortgage would have been a one
thousand dollars a month for the sametwo hundred and sixty thousand dollars house two
years ago before the before the interestrate started jumping up. You know,
(05:56):
that's eight hundred bucks. That's that'sa lot of money for people. It
is it is, And everything's moreexpensive even you know, you mentioned something
about a dozen eggs being more expensivenow. So with mortgages being higher and
interest rates being a big factor ofthat property is costing more, it's really
challenging for many people to enjoy thebenefits of home ownership. So they're having
(06:18):
to wait and rent, you know, sometimes so that they can be better
prepared. Yeah, it's it's justcrazy. The values and everything that.
Let me ask you this. Youmentioned a moment ago the values of homes,
you know whatever. You know,maybe one hundred and fifty thousand dollars
is now two hundred thousand dollars,you know, And if you're a homeotive,
that's great, right because you're goingto turn to onun sell it.
(06:39):
But then again, you can sellyour house for a lot of money.
You're still you're going to buy inthe house. It's more expensive as well.
But is that going to stay thatway or I remember back in eighth
nine whatever it was when homes thevalues tumbled, it was there was the
real estate crash, and you know, all these all these houses that were
worth you know that we're selling fortwo hundred thousand now you couldn't give them
(07:00):
way for one hundred and fifty.I remember that too. And you know,
the crash that we had then wasrelated to the mortgage industry and people
were getting mortgages that really weren't wellqualified, and so over the course of
time there would be a lot offoreclosures and a lot of people that couldn't
afford to stay in their homes becausethe mortgages were you know, packaged as
(07:25):
being these great mortgages, and theyreally weren't. They were very high risks.
So now what we're seeing is ashortage of available homes for sale because
yes, people do have a lotof equity. However, they know that
if they sell and they do turnaround and buy, the cost of what
they're going to purchase is going tobe so much higher. So as far
(07:46):
as you know, comparing to whatwe had then versus now, it's a
lot of demand and supply, butguidelines for loans have gotten a lot,
you know, tighter, So it'sa little more difficult to get a mortgage
now than it was. And wecan thank that mortgage crash because everything tightened
up after that. And yeah,that so there were a lot of programs.
(08:07):
I remember I owned my home bythat time, so you know,
I was impacted by the tumbling value. But yeah, I remember the people.
They were just giving money away tofolks who just you're too much money.
That's who shouldn't have been buying thatmuch home, right, And they
were also packaging it. They weredoing a first and a second at the
same time, so they would youknow, they would finance eighty percent and
(08:30):
then twenty percent, so most peoplewere getting one hundred percent financing. So
if they defaulted on their mortgage orthey couldn't stay in their house anymore,
it was an extremely high payoff toget out from under it, which was
causing a lot of foreclosures too.Sure sure now, and so what you're
saying is because the industry has changedso much and they put new rules in
place, and it is harder.You have to prove your income to a
(08:54):
lot more hoops. And I boughtthe houseman now, I think three years
ago there were a lot of hoopsto jump through. But is that going
to is that going to largely protectus from another crash like happened in eighth
nine, it's going to protect usfrom the causes of that crash. You
(09:15):
know, we could still see achange in the housing market. However,
it's not going to be for thosereasons. Okay, it's you know,
it's all economics. It's all aboutsupply and demand. And the higher the
supply of homes, the more it'sgoing to favor buyers. The shorter the
supply of homes, the more it'sgoing to favor sellers. Sure. Sure,
(09:35):
And that's just because you're going toyou're getting bidding wars and things like
that, right, you're getting folks, You're you're still seeing in the industry
that you know. And it wasbefore you can negotiate and take money off
and the seller was like, youknow, hey, I'll pay closing costs
all moll the lawn for you fora week. But now you're you're still
experiencing offers that are at or abovewhat I'm asking. Right, we are
(09:58):
and in the state of South Carolina, Uh, we have got so many
people that are moving here. We'reranked one of the top states in the
nation for people moving from other states. So if the house is priced right
and like you said, location,location, location, great location, and
great condition, there is a highprobability that that we can still see multiple
offers. Wow, it's great speakingthis morning with exp realty expert Jenet Womble
(10:22):
just about the state of affairs whenit comes to real estate, that that
American dream here on Carolina Cares.We'll put links, of course, in
the socials and on the show notesfor the podcast. Over to Genet great
resource. If you have questions,you know, whatever phase you are in
real estate, you know it's greatto at least consult and ask some questions
of an agent. Let's let's transitiona little bit and we'll start. I
(10:43):
guess, I guess we'll start withselling. You know, we'll go back,
We'll go back and forth. Ijust want to kind of go through
the process the things you want toconsider. You know, when you're when
you're getting ready to sell your house, sometimes it's not your choice. You
get a new job, you gotto go. You know, your family
situation changes. Sometimes you know it'sbeyond your control. But hopefully more often
in than not, it's it's achoice you want to make for whatever reason
changes in your life. First,let's start with using a real estate agent.
(11:07):
You don't in South Carolina. Ofcourse, you don't have to use
a real estate agent. You haveto have an attorney but not a real
estate agent. You can, youknow, we see them all the time
for sale by owners or things likethat. What are what are the thoughts
of pros and cons to having andthen not having, you know, the
expertise of a real estate agent.Well, the first thing that we see
(11:28):
a lot of people say when itcomes to using an agent versus not is
the broker fees and trying to avoidpaying the broker fees. Broker fees can
be tens of thousands of dollars.So many people try to sell their homes
themselves because they simply don't want topay those broker fees. I would say
that's the biggest benefit of not usingan agent is to try to see if
(11:50):
you can keep more of your equityand you know, in your bank account
when the house tells. The secondthing is a lot of people have done
it a few times and they feelvery comfortable with the process and they say,
hey, I can do this myself. I've done it before, I
can do it again. And witha lot of houses going on the internet
now, it's a matter of justgetting your house out on the internet so
(12:13):
people can see it, so theycan come and do a tour and you
can take them through. So theworld is a lot different now, so
it can be very easy for peopleto try to sell their homes themselves.
I'm going to ask you a loadedquestion, but I want you to you
know, obviously, given what youdo, But I mean, I guess
it would seem to me it's advantageousto have a real estate agent because you
(12:35):
guys have access to everything where youhave a lot more information and y'all know
the process. I mean, Iwouldn't necessarily want to do my own arm
surgery, you know, right,And that is something to keep in mind.
There's a lot of liability associated withselling your home, and a realtor
is going to understand where that liabilityrests. They're going to make sure that
(12:56):
you have the appropriate paperwork to protectyou. There also are safety concerns and
you know, things to think aboutwhen you're letting people into your home.
Are they pre approved? You know? Is this a bona fide buyer?
Are they safe? You know?Unfortunately, we hear a lot about bad
people in this world. Sure doyou really want to let them in your
(13:16):
house? So you've got contractual liability, safety and statistically speaking, there is
data out there that actually shows whenyou list your home with a realtor,
you actually sell for significantly more moneythan if you sell your home yourself,
so we can bring a lot moreto your net proceeds if you have a
(13:39):
consultation and we're given the opportunity tomeet with you. Okay, what what
are some things you want to thatyou want to be top of mind about
if I'm going to if I'm goingto say, you know, obviously the
decision of whether or I'm going touse a realtor first, obviously, what
are some other considerations that you thinkthat and maybe sometimes you see the same
ones, you know, what someconsiderations you often see people not considering that
(14:01):
maybe they should when they're sitting downgetting ready to list their house or have
their house listed. One of thebiggest is the timeline and the logistics of
selling and then where they're going togo next. You know, when you
sell your home and you have tomove out of your house, as you
mentioned, it's one of the moststressful things that you can do. So
(14:24):
you do need to think about,well, what's my timeline, how many
times do I want to move?And how can I set this up to
make it happen? Seamlessly. Mostpeople say, oh, you know,
I can hire a mover and beout of my house and a matter of
a week or two. However,you don't realize how much you have until
you start packing it up. Soyou know, I always suggest that you
(14:46):
hire a cleaning lady because usually aday or two before you have to move,
you're you're like, wow, Idon't even have time to clean my
house, right, So you know, it's good to hire a cleaning lady.
It's good to put things in yourgirl. If you have a garage,
to start loading it up with boxesand do a little bit every week.
You know, if you're going tobe moving in a month or six
(15:07):
weeks, just every week, packup little by little so it's not so
overwhelming for you. That's that's agreat advice. We are a community,
I guess, a people of stuff. We're all pack rats. Man,
I have so much crap everywhere.I mean, it's terrible, it's terrible.
What about when it comes to Amazon? Yeah, well that's true.
It makes it really easy. Click. Heck, I've bought seven things here
(15:28):
in the last nine minutes. I'mjust kidding. Uh kind of what do
what about when it comes to price. How how is that determined? You
know, whether again, whether you'reselling yourself or or you know, I
say, hey, Jeanette, what'swhat should I list my house at?
How do how is that determined?I love that question because over and over
(15:50):
I hear people say, well,such and such says that my house is
worth this amount of money. Andif you go online and you look at
these websites, they all will havesome calculations and formulas of value. The
best thing to do, truly isto either go online and look at the
tax records for what houses have soldfor in your community or your area for
(16:12):
the past twelve months. Or youcan meet with a realtor have a free
consultation and have them pull the marketdata for you. Because sometimes, especially
if somebody sells their house themselves,they actually can ask, you know,
too little for their home. Theymight leave some money on the table.
So it's really good to, youknow, bring that realtor in and have
(16:36):
them do a market analysis, orgo online check your assessor's website and look
for property sales for the past year. And you're going to want to look
at homes that are of same size, in same age, in same level
of finish, because that's going tomake a big difference as to how much
you're going to walk away with andhow accurate are you know, there's those
all the websites that are out thatwill give you a free assessment of the
(16:59):
value your home. They Oh,there's the zilos in real estate dot com
and all the ones that are outthere, and how accurate are those?
If you know, It's kind oflike when you look up your car value
on KBB. It can give yousomething that maybe a false sense or a
false either sense of hope or afalse sense of defeat. If you're like,
it's only worth this much? Arethose sites accurate or is it really
more important to go ahead and dosome research or have your real estate agent
(17:22):
research the comps if you will.It depends on where your house is located.
There is a term that some peopleuse called cookie cutter neighborhoods, and
these are neighborhoods where you know,the same house may repeat every three or
four homes. Sure, if you'rein that type of a neighborhood, and
those websites are able to pull youknow, similar market data that's very consistent
(17:44):
with your type of home, itcan be close to accurate. The algorithms
are getting a little smarter in figuringout values, but there have been times
where I've looked at a value thatI've seen online for a property and it
has been way off. So youdon't want to rely on it. But
I'm not going to rule it outand tell you that it's never accurate.
(18:06):
It can't be accurate at times,give at least a ballpark. You know
whether your house is worth one hundredthousand or five hundred thousand, because it's
probably not off that much, right. And they also have a range,
so sometimes you'll see they'll have atwenty five thousand dollars spread now where they'll
say your home could be worth betweenthree point fifty and three seventy five.
And some of that is a matterof condition too. Do you have pet
(18:27):
stains on your carpeting? Have youupdated your heating and air? You know?
Where where is the additional value inyour home that you may or may
not have put in Where everyone alwaystalks about if you put money into your
bathrooms and your kitchens, you're goingto get it back out. I mean,
obviously you can do too much right, make your house, put too
much in it it just won't support. But what are some other areas that
(18:48):
you know you can at least breakeven or maybe get something out of.
If you're going to invest in yourhome and make it nicer, you know,
redo a room or an area.The best way that you can make
your house more appealing to a prospectivebuyer on a lower cost budget would be
to look at your flooring and lookat your paint on your walls. Because
(19:11):
when a buyer walks into a homeand the paint is fresh and the flooring
is new or in great condition,they feel they can move right in.
And those are two areas that canbe a little bit more practical to improve
with your home versus going in andgutting your kitchen or gutting your bathroom.
You're right, an updated master bathor an updated kitchen, those are two
(19:33):
of the best ways to get moremoney for your home. But just fixing
your cosmetics, your fit and finishedespecially flooring. I'm telling you, nobody
wants to walk into a bedroom andsee you stained carpet or smell the dog
or the catt or whatever. Soget the nasty carpeting out. And there
are a lot of large suppliers likehome depot lows direct suppliers that will allow
(19:59):
you to change your floor and putyou on six months no interest plans,
so you can just pay that flooringoff when you sell your house, because
you probably have a lot of equityin your house and will walk away,
you know, not in the red. These days, most people are not
in the red anymore. We allhave a lot of equity. Speaking this
morning with real estate agent from expJeanette Womble here on Carolina cares obviously about
(20:21):
the real estate market real quick.What are a couple of areas that really
aren't going to you see people putmoney into that really aren't going to matter.
I mean does a pool change yourvalue? Does you know, cleaning
the garage? I mean what we'rea couple of areas you see people waste
money that's just not going to bringthat value. A lot of people will
do just like you said, They'llconvert their garage into you know, a
(20:41):
recreation area where they can hang flatscreen TVs and put their pool table.
You know, putting a lot ofmoney into the garage itself does not yield
a high return. It's very specificto the owner pools. Actually, since
COVID, since people are spending moretime at home. We are seeing people
get a lot of you know,money back for having a pool in their
(21:03):
backyard. Okay, it used tobe that you might see less than fifty
cents on a dollar for a poolin the backyard. Now a lot of
people are willing to pay almost dollarfor dollar if a house has an inground
pool in the back. Wow,So that's it. So you can enjoy
that. And as long as yougo out dollar for a dollar, then
it doesn't matter. You can mightas well enjoy it, right, Yes,
And we're all spending more time athome, so pools. And you
(21:25):
know, we are in Columbia,which is very hot. So people love
having a pool because what else areyou going to do in the summer other
than go to the lake? Sureit is it is very toasty out there,
for sure. What are switching gearsto the selling side or to the
to the buying side. What area few of the mistakes that you see
people making right off the jump theycall you and say, hey, guy,
(21:48):
golly, I want to buy ahouse. The first mistake that I
see is they have not spoken witha mortgage company and they're not educated on
their budget. I will have peoplereach out to me and want to see
properties, and the first thing Isay is, well, what is your
budget? Well, you know,I don't want to spend more than seventeen
hundred dollars a month. And theproperty they'd like to go see is a
(22:11):
four hundred thousand dollars property that methdoesn't want work a lot. How much
are you putting down? Well,I'm just going to put down three percent.
Well, that mortgage payment's not goingto be that amount for that priced
house. So the very first thingthat people need to do before they start
actually looking is if they're going tofinance, they need to speak with a
lender and make sure that they're focusingon the price range that's going to result
(22:34):
in the budget that they want tostay with. And that's that's how people
got in trouble back in a eightright, is they said, I want
that mansion, I can't afford it. I work at McDonald's, but by
golly, I'm going to buy it. So yeah, I guess. So
having realistic expectations about your budget andwhat you can realistically buy, I guess,
would be a real good, realgood starting place. It is.
(22:55):
The second thing is to save somemoney because we are in a market still
with low dvae, and if you'recompeting for a home, there's a high
probability that you'll have to pay yourown closing costs. In Closing costs come
with financing, and it's in additionto the amount that you're paying for the
property. So if we're using thatyou know average of two hundred and seventy
(23:17):
thousand dollars, you could have youknow, six thousand dollars in closing costs.
So definitely want to save up yourmoney so that you don't have to
ask for that to be paid forby the seller, because the seller may
not be willing to do that rightnow, right it's times of change,
right, because they don't they don'tneed to sell their house oftentimes right or
they'll have other people writing offers thatdon't need that money. Now, I
(23:40):
will caveat that. If the househas been on the market for thirty days,
there's a pretty good chance you couldget the seller to cover some of
your closing costs for you. SoI don't want to have everyone think that,
you know, there's absolutely no roomfor negotiation. We do have some
properties that people are pricing a littlehigh and then they sit because they have
that COVID mindset that they can goout very high and their house will just
(24:03):
sell magically. So if you findan overpriced property, you can probably do
some negotiation right now. I mean, is there is that a red flag?
If a house has been on themarket for thirty days in a market
where there's really low inventory and yousee like your dreams, like, you
know, not out of your pricerange, and it's a good school district,
but it's been on the market,is that an automatic red flag?
(24:25):
Go, wait a second, theremight be something I'm missing here. Yes,
it probably means the house is pricedtoo high. There's going to be
three reasons why a house is goingto stay on the market. The first
best price, the second is marketingin the thirdest condition. So it's one
of those three things. So thebest thing to do is to go and
look at it and see what youcan determine as far as why it's staying
(24:49):
on the market, and then youcan go from there. If it's priced,
then you can just make an offerand try to negotiate with the owner
and explain that you know your offeris good and fair and price is just
a little too high. Sure,sure. What so you you get pre
approved or you know, pre authorizedwhatever, you get talked to, talk
to an agent or not. Butyou kind of know your your price range.
(25:11):
You you know, you find thehouse man, this is this is
my house, one twenty three MainStreet. I am going to make this
Tyre Ryan Castle. What are thenext steps? What? What? What
is the process? If somebody's neverbought a house, what is the next
step after that? You've, likeI said, you work with an agent
or not, it doesn't matter.You know, Hey, this is the
house man, I want to buyit. What happens then, Well,
the first thing you're going to wantto do is submit the offer. So
(25:33):
you'll prepare the contract and you'll submitthe offer to the owner. Once you
have a meeting of the minds andyour contract is signed or ratified, then
we are an attorney state in SouthCarolina. You will need to engage with
a law firm to handle your purchase. So the next step in the process
is to provide that contract to theattorney so they can start working on the
(25:56):
other parts of your purchase for you. For example, they'll search and make
sure that the title is clear.They'll what does it mean a clear title,
that there's no other outstanding mortgages orloans or anything correct, that there's
no leans on the property, thatthere is no issues with ownership of the
property, just anything that would blemmishthe title and cause you an issue for
(26:18):
being able to purchase your property.So not all states are mandatory mandatory attorneys
though, right, So some statesyou can go you can get one,
obviously, probably, but some statesaren't going to require that you have that
expert set of eyes legally correct.Some states are title states where you'll just
use a title company to handle yourclosing. Okay, So but you're you're
(26:40):
still having somebody who's maybe more orless an expert in a title look at
your stuff. You are you are, so you will have that expert,
whether you're in South Carolina using anattorney or in another state using a title
company. So that would be thesecond step. The third step is to
conduct your inspections. Obviously, you'regoing to want to look at the heating
(27:02):
and air system and the house itselfand make sure that it inspects well.
If you're purchasing and you have theopportunity to request repairs, that would be
part of the process where you submityour repair request to the seller, and
then the final part will be tohave the property appraised. You're not required
to do an appraisal if you areputting down a large amount of money or
(27:26):
you're paying cash. If you're workingwith a lender, you will be required
in most cases to do an appraisal. So the appraisal will happen, and
then you will go to closing andyou'll purchase your property with a local attorney,
and closing normally takes about thirty days. Is that standard and why is
that? Is that thirty days justto get all the legal stuff and get
(27:47):
somebody to move out of your houseor what is the purpose of that of
having to wait to a duration.Most of that is because that's the time
it takes for the attorney to preparethe title work and provide it to the
lender, and for the lender tocomplete the process of underwriting and clearing the
loan. It can take two weeksfor an appraisal just to come in,
so we just need to give thatamount of time for that process to go
(28:11):
through its course. Now you canclose faster. There have been people that
have gotten mortgages and closed in amatter of two weeks. Wow. When
I moved to this area, Idid an fah loan and we closed in
two weeks, So you can doit faster. But the standard for the
industry tends to be about thirty orforty five days, okay, and that's
(28:33):
pretty much the industry, meaning prettymuch anywhere that's going to take your time.
Yes, especially with financing cash,you can close a lot faster and
that's there. You go slide thekeys over, running out of time very
quickly, as we always do hereon Carolina Cares. I want to have
you back on again soon, Janette. We have some more great questions and
some stuff I want to talk aboutwith real estate, but we really appreciate
your time and your expertise with listenerstoday. If you've never bought or sold
(28:56):
that dream home, that's such animportant step too, absolutely is. And
thank you for having me. Ilove sharing information and helping people, all
right, Janette Womble XP Realty Whipplelinks for you on the socials and of
course on the show notes when itgoes up onto the podcast as well.
Guys, this has been Carolina Caresand iHeartRadio production here on the South Carolina
Radio Network. My name is TylerRyan your host, and once again,
(29:17):
it's so great that you join usweek after week interact. I get great
emails and all the interaction. Itmeans a lot that you're out there once
again. You can always drop mean email. Tyler at Carolinacaresradio dot com.
Tyler at Carolinacaresradio dot com. Ofcourse, this is Carolina Cares and
iHeartRadio production based right here in theMidlands at our flagship station w VOC A
(29:37):
M and FM. It's always thefastest thirty minutes on radio, which means
I'll talk to you in seven days.
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