thepurpledog's Blog: All Categories

Listening to the National Media drone on about how dismal things are in residential housing is enough to make you cry, get a little sick, then cry again. And, after seeing the California Market first hand last month, it’s not pretty. But, you have to remember that the National numbers are not necessarily an accurate reflection of what’s going on right here in Fort Mill, Tega Cay, and Lake Wylie.  

Here’s the facts: The Charlotte Metropolitan Area was one of 3 major cities that actually experienced increased appreciation in 2007 by a little over 4.5%. The average price for a single family home for January, 2008 was only very slightly down from the same period in Jan 2007 ($218,610 down from $219,270) which represents less than 1 percent. The number of… Read Full Post

Real Estate Myth:  Real Estate Agents are all Filthy Wealthy

FALSE:   Some are.  And they earned it by being the best of the best in an occupation where more than 90% drop out within 5 years (most in the first year).  As for the vast majority, they are at best making a living, or are just flat out struggling. 

Most people don't realize what comes out of the commission at the end of a transaction.  Many people have their hands in the pie of the total real estate commission.  For example, a $200,000 house at 6% commission results in a $12,000 commission.  At first, this seems extraordinary to pay the listing agent.  But typically, the first thing the listing agent does is give 1/2 to the buyer's agent.  Then each agent shares a large percent (could be up…

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Real Estate Myth:  I already found the house of my dreams, I don't need a REALTOR.

FALSE   -    Touring people around to find the perfect house is only 10% of the real estate agent's job. There's still 90% of the job to do. That's where you truly need a good REALTOR (a.k.a. a Project Manager). After the house is found, you still need to write the offer. How are you going to write the offer?  Stop and think about that for a second.  Most consumers don't know.  Do you know the critical aspects that need to be in the contract to protect your best interests as a buyer? Will your contract protect you legally in case of default on the other party? What else should you submit along with your offer to strengthen your position?

After all this, you are going…

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Bubble this, bubble that, bubble burst....... etc etc etc.   Real Estate markets in California, Florida, NY, and many other places had the luxury of double digit appreciation for a long time. Sources say that the Florida market was up 100% and California was up 150% in early 2006. Now things are sliding down, inventories are up and the whole picture is changing.....

Not true in Fort Mill, Tega Cay, and Lake Wylie (except for waterfront).  Our market has experienced very normalized appreciation levels over the last few years and now we are not over valued like some of these other areas.  Our exception is waterfront.  Properties on Lake Wylie and Lake Norman have (in some cases) doubled in the last 5 years. But for the vast majority of homes in our area…

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