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Ways To Decrease Home’s Insurance Cost Charleston, SC

The factors that determine the cost of your home’s insurance expenses varies greatly as one can imagine. However, here in Charleston SC there are additional concerns that we have to consider like; wind from hurricane’s, flooding from, and the intense heat our summers bring. All these contribute greatly to the longevity and strength of your home’s structural integrity. Age of a home is one of the largest negatives when it comes to the price of house insurance because the older the home the more likely there are defective, outdated, and deficient structural components that are likely more apt to fail or be at greater risk. The design of the house is also a huge consideration to carriers when quoting your policy. When considering buying a home it’s a good idea to look at a newer home (no more than 20 years old) if saving money is something you are concerned with. If your home was built in 2008 or later, make sure you are getting credit from your insurance company for having a home that meets modern building codes. Also, if your home has a hip roof – a pyramid-like roof that slopes on four sides – be sure your insurer is factoring that into your rate, because hip roofs are more hurricane-resistant than gable roofs.The amount of the incentive varies according to risk associated with the geographical location, building materials, and construction methods of each home as well as actuarial data from individual insurance companies. (Discounts apply only to the hurricane-wind portion of your policy; contact your insurance agency for more information.)Considering all this, you may still qualify for a DISCOUNT ON YOUR HOMEOWNERS INSURANCE. To qualify you must submit an inspection from a state certified wind mitigation inspector, licensed contractor, building inspector, architect, or engineer, legally validating and identifying the existence of any wind mitigation measures such as below: (Insurance providers will have the form needed to give to one of the experts listed above).

FACTORS THAT DETERMINE COSTS:

Roof Shape
Roof Deck Attachment
Roof Covering
Roof to Wall Connectors
Window Protection
Door Protection
Secondary Water Resistance (barrier)
YEAR BUILT
Updated Electrical system
Secured and improved foundation
Replace with new Roof
Remove large tree limbs hanging in or around home
Type of Windows (quality and impact resistant wind rating)

* For Flood Insurance – Newer foundation Vents (such as smartvents.com)If you have a hip roof, permanently installed approved shutters for windows and doors or any of the above credits you may qualify for discounts on the wind portion of your insurance policy.The most likely discount for home- owners to overlook is roof tie-downs, generally metal clips or straps attaching the roof structure to walls of the home. Qualifying roof tie-downs can result in an annual premium discount in the low single-digits, but that could add up to real money if you’re owed a retroactive discount.

Info Gathered From: American Property Consultants

Keep in mind that each year it is very likely your insurance premiums will increase and honestly for no other reason than your insurance provider wants to make more money, and feels they can justify the increase because the house is one year older. So it’s a good idea to shop your home’s insurances EVERY year to save money.

Consulting Provided By: Charleston’s best General Contractor

Should YOU Sell Your Home NOW?

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Now it’s Oct. of 2011… I originally posted this piece below in 2010 in response to this “expert” from the Wall St. Journal who claimed then that home prices would be increasing. Evidently this “expert” was wrong. To further update you as to my opinion I still feel that anyone considering selling should do so now because the housing market is probably only going to worsen. Fast forward to 2012 and I was correct. There is a thing called shadow inventory that have yet to hit the market up to some say million new homes. What do you think will happen to home prices then?

If you have any concerns about selling your home in Charleston you better start to sell it sooner than later, because as the banks begin to trickle out their foreclosed homes, this will keep the market soft. Furthermore, rates are likely to increase in the next few years which will also deter those considering buying homes to get cold feet or be able to afford less.(Below Written 05/2010)It’s been a while since I have posted an opinionated piece because most of my posts are more geared toward news and information for the public and how it pertains to the industry of real estate. However in this case, I couldn’t shake this ludicrous idea by a writer at the Wall St. Journal. I have always respected the Wall St. Journal, but this one has me baffled. I have been in the real estate industry for going on 14 years now- (12 years in mortgage financing), and 5 years as a real estate agent Considering most of my experience has been financially related I tend to follow those trends the most seeing as there wouldn’t be sales of real estate without money to finance them. Let’s face it, there aren’t that many people liquid enough to pay cash so truthfully it all revolves around money. Even insurance revolves around money and is a great indicator of overall economic health. Each property has to be insured, each business, each profession has to have insurance, and yes mortgages have insurance.With that said, the piece from the Wall St. Journal by James Hagerty goes like this: “U.S. home prices will begin a gradual recovery by next year, according to a survey of 92 economists and other housing analysts by MacroMarkets LLC.” They then go onto write; “The analysts surveyed by MacroMarkets on average expect home prices, as measured by the S&P/Case-Shiller national index, to rise about 12% in the five years ending Dec. 31, 2014. As of Dec. 31, that index was down about 28% from its peak level in mid-2006”. Obviously I am assuming that Mr. Hagerty is just going off research and information given to him by MacroMarkets and these 92 economists, but I can’t believe the editors of the Wall St. Journal let this go to print. I can’t lay all the blame on the Wall St. Journal because they are apparently getting their info from these economists.

I am sure out of 92 economists they most likely have many more years then I analyzing data, but let’s look at the facts and you decide for yourself.National Mortgage News (an industry news subscription service) sends me monthly emails about the latest data coming from multiple outlets such as: National Association of Mortgage Bankers, national appraisal companies, commercial finance institutions, etc. Remember financing/economics tell the facts about what’s really happening. Of 11 articles 7 of them were negative, but a few are really telling.I am just going to give you the blurb “gist” of the piece.1.) Residential delinquencies climbed to yet another new high at March 31 with 10.06% of all mortgagors behind on their payments, according to new figures released by the Mortgage Bankers Association. Think about it… If delinquencies are on the rise, as they have been continuously for almost 3 years how are home prices going to go up? When people are having to short sale their homes, get foreclosed on or bank sales increase, then home prices will inevitably continue to fall.2.) Loan applications to buy new or existing homes plummeted 27% last week, reaching a 13-year low, according to new figures released by the Mortgage Bankers Association. If loan applications plummeted on purchases by 27%… Well you don’t have to be a rocket scientist to see that home prices aren’t going to go up if there aren’t any sales.3.) The loan buyback plague continued on unabated in the first quarter with three seller/servicers, accounting for about three-fourths of the industry’s repurchases, according to an analysis done by National Mortgage News. Here is how this works. When I loan is originated by a company, they then sell that loan to a larger institution (usually Bank of America, US Bank, Wells Fargo, just to name a few). If those loans under perform and have too many delinquencies within the first year then the originating company has to buy that loan(s) back. Another scenario is; if the purchaser audits the file after purchasing it and doesn’t like something in the file they can also force the seller to buy it back. Why is this bad? If the buy backs are due to delinquencies then that means those home owners can’t afford their payments, or lost their job, etc. Therefore, eventually their home will have to be sold and most likely for less than they paid for it. Subsequently sending home prices down. My last bit to this post has nothing to do with the news articles written by the National Mortgage News, but about financing, FHA, VA, and FNMA. Our government is currently at a 94% debt to income ratio and can barely pay it’s bills. Meaning the U.S. really doesn’t have money to be buying mortgages from banks, and to decrease their risk of having delinquent loans they will have to increase the amount of money buyers will be required to put down, resulting in less people that qualify to buy. Secondly, the U.S. Fed recently quit buying treasury bonds (security instruments backed by mortgages), and If little to no one is buying mortgage backed securities in large quantities then eventually mortgage rates will increase, subsequently, making it harder for people to qualify for home purchases. The less people qualify the less sales will happen therefore sending home prices down. Simple supply and demand.Yes; there may be some tiny bits of data compared to the rock bottom days of a year or two ago that might lead economists to believe the trend is for prices to go higher, and yes home sales might have been increasing over the last couple months. However, the increase in home sales is due to one reason and one alone. The home buyer tax credit was about to expire so those people that were otherwise too afraid to purchase finally had reason to. Now that the credit is gone, so goes the buyers.The overall picture in my opinion is not good, not good at all. As a whole the real estate market is posed to continue to slide, and as the U.S. economy continues to flounder the housing outlook is sure to follow. I am not a pessimist by nature so don’t get me wrong. Yes, everyone should stay positive and believe we can make a change for the better. Believe me I want nothing more than to be wrong, but being realistic is something I am, and the facts point me in that direction.Follow up: Again I am not sure where the 92 economists where getting their info from..Latest from the Case-Shiller index on 05/25/2010“The housing market may be in better shape than this time last year, but, when you look at recent trends there are signs of some renewed weakening in home prices,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “In the past several months we have seen some relatively weak reports across many of the markets we cover.”A separate Case-Shiller index that is released quarterly and covers the U.S. showed home prices fell a seasonally adjusted 1.3% in the first quarter of the year compared to the fourth quarter of 2009.If you are thinking about selling your home in Charleston, Mount Pleasant, Isle of Palms, Sullivans Island, Daniel Island, Folly Beach or the surrounding areas please contact me and I will gladly meet with you to discuss your options.

Charleston SC Realtor VS Real Estate Agent

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Those of us in the industry as licensed real estate professionals know the difference between the two, but does the public laptop-house-for-sale-sign-300x287 know? That is the question. And, do they really care? Studies show the answer is no. Let me start by saying I am a member of the NAR and it is a good organization that does a great service to their members and the public.

So; what is a REALTOR®? A licensed real estate agent that is a member of a national association that pays yearly dues to say they are a realtor, have legal representation, get education and association power. So in short, it is just a made up word for an organization. Period. There are benefits as a real estate agent sometimes to be a member of the NAR (National Association of Realtors), and little for the public. They would like you to believe there are by trying to convince the public it’s better practice to do business with an agent who is a member, but it’s my opinion it makes no difference. Keep in mind most of the benefits apply to the licensed agent who is a member of NAR. From the public’s standpoint it’s NAR’s stance that an agent who is a member is set to a higher standard than those agents who aren’t a member. You can be the judge of that.

What is a real estate agent? (as defined by wikipedia) a person or organization whose business is to market real estate on behalf of clients, and one who acts as a buyer’s rep in a transaction.

A licensed real estate agent who has gone through the schooling and training necessary required by that state to sell real property as defined by the governing body with which gave them their license. In the state of South Carolina, the LLR or labor licensing board is the governing body that handles the issue of real estate for SC, and the laws pertaining to it.

Does it matter if someone is a REALTOR®? NO, not really. A real estate agent non-member is just as qualified to sell as a “realtor”.

So; next question? What makes a good real estate professional? I guess that depends on the client’s idea of what they feel is acceptable to them.

We must first go through the qualities that best describe the duties necessary to be a great real estate agent. Since, being a real estate agent is more or less just being your own business on behalf of your client, we need to lay out the qualities of a great business or business person. Right?

1.) Marketing knowledge/experience

2.) Negotiation / Sales acumen

3.) Organization

4.) Hard work ethic

5.) People/personality management

6.) Technology knowledge

7.) Business management experience

Granted, these are a bit generic, but they are the fundamentals nonetheless.

So I ask again, does being accredited by a made up organization created for profit really make you more qualified to sell real estate? Not in my opinion. In my opinion having business and professional marketing experience is much more important to me. You can go to real estate school, and take a one day class put on by the NAR and can be 18 years old with no professional or business experience whatsoever to be a member. Do you think that person is going to be better qualified then someone who has run their own company, worked in some sort of professional environment for years? Most likely; not.

Charleston SC – Top 5 for Housing Improvement

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According to many experts in housing and economics there will be a few place in the next coming years where buying real estate is a good investment, and Charleston, South Carolina is one of them. Read the recent article by MSN.Home prices of course, are variable and depend on many factors, each of which is difficult to predict. Still, average home prices will drop by 7.9% nationwide in 2010, according to Moody’s Economy.com. In the few areas where there could be positive price growth, the projected increase is modest. “These areas will essentially be flat next year,” says Steve Cochrane, managing director at Moody’s Economy.com.The top 5 cities for home prices

Tacoma, Wash. (+2.44%)
Memphis, Tenn. (+0.99%)
Pittsburgh (+0.89%)
Charleston, S.C. (+0.18%)
Seattle (-0.50%)

Smaller areas across the Southeast are expected to fare well in 2010 primarily because they fared relatively decently during the housing crisis, says Jeannine Cataldi, a senior economist at IHS Global Insight. “They didn’t have such a big run-up, and they have a diverse economic base that enabled them to stay stable,” she says. Home prices in Charleston, South Carolina didn’t get out of line with household incomes; also, Boeing is investing in a fairly large manufacturing plant there, which could create some potential for income and job growth, says Cochrane.In short; these pockets of the country share a few important characteristics. One is that they are starting with a limited supply of housing stock. Another is that throughout most of the decade, prices basically stayed in sync with household income, says Cochrane.