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CONTENTS

From Here to There Buying a Home in the Post-Recession Market

free-times.com | 1534 Main St. Columbia, SC 29201 | 803.765.0707 Published by Resorts Media LLC.

EDITORIAL EDITOR: Dan Cook | editor@free-times.com | x133 CONTRIBUTING PHOTOGRAPHER: Jonathan Sharpe CONTRIBUTORS: Anna Gelbman Edmonds, Katie Alice Walker, Jonathan Sharpe

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Your House, In the Middle of the State A Snapshot of the Columbia Market Cover Photo: Dining Room from 2821 Clark St. in Earlewood. Photo by Jonathan Sharpe.

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Finding the Funds City and State Loan Programs Offer Buyer-Friendly Terms

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From Here to There Buying a Home in the Post-Recession Market By Anna Gelbman Edmonds

any people had to put their dreams of buying a home on hold after the housing bubble burst in 2008. But the Columbia housing market is stabilizing and many people are ready to get their plans back on track. Whether looking to buy your first house or your fifth, it’s wise to educate yourself about the homebuying process and what changes have come about since 2008 in order to avoid making mistakes that could have lasting consequences. Learning what to expect about the process and working with trusted professionals are the keys to avoiding preventable pitfalls.

First Things First In a perfect world, buyers would meet with a mortgage plan-

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ner before contacting a realtor. “Doing so enables buyers to make decisions based on their finances, not their emotions,” says Clint Hammond, a mortgage advisor with Mortgage Network. Buyers should shop for a house that fits their financial plan rather than try to force fit their budget around a house they really can’t afford. “It’s a common misconception that it’s more difficult to get approved for a mortgage loan these days,” Hammond says. The reality is that many of the guidelines have remained the same as before the

housing bubble burst in 2008, but the documentation process is much more rigorous now. So as long as you’re steadily employed and can prove it, approval shouldn’t be too much of a barrier. A loan officer‘s job is to ensure borrowers properly incorporate life-changing events such as a home purchase into their bigpicture plans. Any lender who doesn’t ask questions about a borrower’s future plans and goals isn’t looking out for the buyer’s best interest. A good lending agent will have several types of loans to offer, explain your options and help guide you in choosing which type of loan best suits your financial situation, Hammond says. Before looking at homes, you should be pre-qualified and pre-approved for a home loan. Pre-qualification is an estimate of how much house you can afford. Pre-approval is a tentative commitment from a specific lender for mortgage funding. Having firm

approval from a mortgage lender is the best way to start the home buying process, according to the Certified Mortgage Planning Institute. Many real estate transactions have fallen through because the buyer, seller and real estate agent counted on pre-approval letters that proved meaningless. A certified mortgage-planning specialist has completed a high level of training and is held accountable to a formal code of ethics. Look for that designation on a lender’s business card. Be aware that most new homebuilders entice buyers with financing through a preferred lender. A preferred lender’s loyalty naturally lies with the builder. To determine if the terms of the loan being offered are a good value, Hammond suggests getting a quote from a non-preferred lender and comparing the two. Before you sign on with any bank or other lender, take a look online at the rates being offered by several mortgage lenders. While you might or might not qualify for the lowest rates — that will depend upon factors like your credit score — it’s good to know what a good rate is before you walk into a lender’s office.

Choosing an Agent Ask friends, neighbors and colleagues for realtor recommendations. If you see an agent has several signs up in a particular area, that’s a strong indication that the agent has a high level of familiarity with the housing market in that neighborhood. When choosing an agent, look for one who has many resources to assist you in your search. Sometimes properties are available but not actively advertised. Your agent should have the ability to investigate all available properties, according to Carolyn Taylor, an agent with Brave Realty. Some agents are specialists in certain parts of town; others have a better sense of the overall picture. Buyers typically don’t pay for a realtor’s service — that’s on the seller, who pays a percentage of the selling price to the agent. “The buyer’s agent is typically

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paid by the seller, which is a great savings for you,” Taylor says. You should expect loyalty, disclosure, confidentiality and accounting from your agent, whose job it is to protect your interests. A certified realtor is a member of the National Association of Realtors and is pledged to abide by a strict code of ethics. A realtor designated as an accredited buyer’s agent has a higher level of certification and focuses on working directly with buyer-clients. This information should be clearly reflected on an agent’s business card.

Choosing a Neighborhood It’s always a good idea to look for a home that’s in a good public school zone whether or not you have children, according to agent Jennifer Harding of Russell & Jeffcoat Real Estate. If you decide to sell the home later, there’s a good chance that your buyer will have children. There are a whole range of things to consider in choosing a neighborhood. Is it important to you to be downtown, or would you rather get more square footage for the money in the suburbs? How much time do you want to spend commuting? How much money can you afford to spend on gas? “Pay attention to the surroundings,” Harding says. Look at the neighborhood’s access to interstates and think about future business, housing and road development in the area. What will traf-

fic and commuting look like in the years ahead? A good agent will be familiar with the growth patterns of the area and know about future development possibilities.

Making an Offer Your agent should provide you with specific information before making an offer: a market analysis of the neighborhood, current competing listings and a list of comparable sold listings in the area. You can also do your own research on sites like Zillow.com and homegate.com by searching property tax records on your county website. “If the house is priced correctly in accordance with the market analysis, you don’t need to go in and make a low-ball offer and offend the seller,” Harding says. There is a risk in making a low offer: The seller could decide that you’re not a serious buyer and just walk away. On the other hand, remember that agents are paid on commission: It’s in their interest to keep home prices stable or rising; it’s in your interest to buy a home at a price you can afford.

Closing the Deal Settlement is often the most intimidating phase of the home-buying process because it involves an attorney and signing a mound of documents. Choosing the right closing attorney is just as important as choosing your real estate agent, so hire an attorney who practices real estate law full time. As with finding a lender or a real estate

says. And if you feel like the fees are too high, ask friends and coworkers who have been through the home-buying process before. Home buying is a process that shouldn’t be rushed. Asking questions at every stage and staying within your budget are your best tools for navigating the process smoothly, according to Taylor, the agent with Brave Realty. Every professional assisting with the purchase of your home should be willing to explain the phases of the process and answer all your questions so that you can make informed decisions.

How Much Can You Afford? Many people turn to online mortgage calculators when trying to estimate their monthly payments. That’s an important step, but many mortgage calculators only include principal and interest payments — omitting such expenses as property tax, homeowners insurance and private mortgage insurance. The calculator at zillow.com/ mortgage-calculator will help you estimate all of these costs. Zillow and other sites also have home affordability calculators where you can enter your income and the amount of down payment you’ll be putting down to get an estimate of what price range you might be able to go up to. But be careful: Just because an online calculator says you can afford a $400,000 home, only you can determine whether you could actually meet those payments.

Resources for Home BuyerS

• The South Carolina Housing Authority offers information on state lending programs, tips for budgeting and finding a real estate agent, and more. Visit schousing.com.

• A step-by-step guide to everything you need to know

• The Federal Trade Commission offers helpful information on shopping for a mortgage at ftc.gov/topics/homes-mortgages.

about buying a home and choosing professionals is available from the U.S. Department of Housing and Urban Development at hud.gov. From the home page, click “Topic Areas,” then “Buying a Home.”

• For more first-time homebuyer tips and help choosing a

realtor, visit realtor.com.

agent, asking friends for recommendations can be helpful. But don’t choose someone just because they are a friend or acquaintance — you need a professional recommendation. “If you are having chest pains you would not call a podiatrist, you would call on someone who specializes in heart medicine,” says Gary Pickren, an attorney with Rogers Townsend & Thomas, PC. “This should be [the] same rule to follow in real estate.” Real estate has become a more complicated area of law since the mortgage crisis of 2008. You want a lawyer who stays on top of the ever-changing laws and regulations so you can be properly advised. When shopping for a real estate attorney, ask if he or she will be attending the closing or if you are being handed off to a lesser experienced attorney in the firm. Buyers are often surprised when they arrive at closing and the attorney is not the same attorney they thought they selected. “The biggest mistake I see new home buyers make is cutting corners trying to save a few hundred dollars,” Pickren says. Shopping for the cheapest attorney, home inspector, termite inspector or surveyor can backfire. Repairs can cost many thousands of dollars down the road if questions or problems arise about sewer lines, easements, power lines and other issues on the property. The higher fees these professionals charge is for the quality of their service and the reputation they’ve earned, Pickren

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• Tips on navigating the financing process and finding a lender are available on the Certified Mortgage Planning Specialist Institute’s public portal at cmpsinstitute.org. 2013 | free-times.com

Your House, In the Middle of the State A Photo Tour of Several Popular Local Neighborhoods

Saluda Springs, zoned for Lexington District One schools

STORY & PHOTOS BY

Jonathan Sharpe

ousing in Columbia is relatively cheap compared with much of the country, which is good news for folks looking to move here and settle down. Nationwide, the median sale price for an existing home in July 2013 was $213,500, according to the National Association of Realtors. In Columbia, the median home price was $148,200. Who moves to Columbia? Along with being a capital city and a college town, Columbia’s economy draws much of its strength from the insurance industry clustered north of the city and government services related to Fort Jackson, east of the city. The area’s hospitals are also major employers, and the region is starting to attract more retirees, too. For an insurance executive transferring to Columbia from, for example, Boston (median home price: $382,200); or for government services managers

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transferring from the northern Virginia/D.C. area (median home price: $403,000), Columbia’s low-cost housing market has a lot to offer. Whether you’re new to Columbia or just new to its housing market, Free Times set out to take a photo tour of some of the area’s most popular neighborhoods, as voted by our readers in our recent Best of Columbia 2013 contest. This roundup includes three examples of new or newer-construction homes and three well-kept or remodeled older homes.

Front porch has stain-finished beaded board ceilings and ceiling fans at 2821 Clark St. in Earlewood.

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New homes throughout the Columbia area!

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711 Howard St. in Rosewood 3 bedroom, 2 bath • 1,350 sq. ft. • $179,000 Built in 2006 in the style of the older bungalows around it, this home has hardiplank siding, architectural shingles and hardwood floors. The living room features include vaulted ceilings, built-in bookshelves and a gas fireplace, while the owner’s suite has a stepped-up ceiling in the bedroom and a garden tub in the bathroom. Public schools: Rosewood Elementary; Hand Middle School; Dreher High School.

2821 Clark St. in Earlewood 3 bedroom, 2 bath • 1,850 sq. ft. $209,900 With high ceilings, a large front porch and exterior architectural styling from its original construction in 1920, this recently remodeled home includes many modern features like hardiplank siding, granite countertops, stainless appliances and a gas fireplace. The back yard has privacy fencing, a sizeable deck and a workshop painted to match the house. Public schools: Logan Elementary; St. Andrews Middle School; Columbia High School.Middle School; Dreher High School.

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The Corley at Saluda Springs in Lexington 3 bedroom, 2 bath â&#x20AC;˘ 1,260 sq. ft. Starts in the low $100,000s Realtor Debi Paglia with McGuinn Homes says new patio homes attract a wide variety of buyers looking for the convenience of no yard work or maintenance. Zoned for Lexington 1 schools, models in this neighborhood have two-story, craftsman-style construction with about 1,200 square feet and a one-car garage. The model we viewed had engineered hardwoods, granite countertops and an ingenious use of the space under the stairs: a built-in dog kennel with a half round door and tile flooring. Public Schools: Midway Elementary; Meadow Glen Middle School; River Bluff High School.

1623 West Buchanan Dr. in Druid Hills 3 bedroom, 2 bath 2,367 sq. ft. $299,900 This traditionally-styled home off Trenholm Road was built in 1947 and has a white-painted brick exterior with black shutters, and a large tree shading the front yard. Step into the foyer and youâ&#x20AC;&#x2122;ll see hardwood floors that step down to a living room with a fireplace and crown molding. The back yard has a pool, patio and a workshop and shaded sitting area, as well as privacy fencing. Public schools: Satchel Ford Elementary School; Crayton Middle School; A.C. Flora High School.

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The Lincoln at Ashland Park in Lake Carolina 5 bedroom, 3 bath 2,800 sq. ft. $269,537 (est.) This model home is in the Ashland Park subdivision at Lake Carolina, voted a runner-up for Best New Home Community in Free Times 2013 Best of Columbia readersâ&#x20AC;&#x2122; poll. Features include coffered ceilings in the dining room, a large walk-in closet and sitting area in the ownerâ&#x20AC;&#x2122;s suite, and energy-efficient Hausmart features like a tankless water heater and upgraded insulation. Mungo Homes realtor Debbie Burke says there are 11 homes left in the development, ranging from 2,700 square feet to 4,500 square feet and $250,000 to $340,000. Public Schools: Round Top Elememtary; Blythewood Middle School; Blythewood High School.

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1824 Bristol Dr. in Forest Hills 4 bedroom, 3 bath 1,685 sq. ft. $224,900 This post-World War II home off Forest Drive has brick and stucco exterior with cedar shake accents. The open kitchen features a six-burner Jenn Air chefâ&#x20AC;&#x2122;s stove, deep-well stainless sink, and wood block countertops with a tile bar area. The cozy-but-unique ownerâ&#x20AC;&#x2122;s suite has an antique sideboard cabinet serving as the double sink vanity, copper plumbing fixtures and a tile shower. Stucco and shutters at the rear elevation basement walkout level give a Mediterranean feel to the back yard, laid with stone pavers. Public schools: Bradley Elementary; Crayton Middle School; A.C. Flora High School.

Measure Twice, Cut Once! Many communities have received updated Flood Insurance Rate Maps. Floodplain management regulations; base flood elevations, freeboard requirements and other restrictions are associated with the maps, and they affect homebuilders and homeowners. When planning sites, be aware of the floodplain, know the regulations, and build up. Bridge the gap between building codes and floodplain regulations, and make sure that when all is done, the two ends meet!

For more information about the SC DNR Flood Mitigation Program, visit us on Facebook , our website www.dnr.sc.gov/flood, or give us a call at 803-755-9312. 2013 | free-times.com

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Finding the Funds BY KATIE ALICE WALKER

nterest rates may be on the rise, but they’re still historically low —and that fact is causing renters everywhere to scratch their heads and think about whether now is the time to buy. Committing to a mortgage that might be $150,000, $250,000 or $350,000 can be scary, no matter how great the rates are. Luckily, there are programs for first-time homebuyers that can help ease the sticker shock. Read on for a couple of mortgage options specifically suited for first-time homebuyers.

City of Columbia Loans For certain types of buyers, the City of Columbia’s Housing Division and Community Development Department offers home loans

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that are such a good deal that they almost seem like an urban legend. Designed to encourage home ownership in metropolitan Columbia neighborhoods, these loans are granted with low down payments, low interest rates and no private mortgage insurance (PMI). You don’t have to shop for a home or mortgage for long to know that PMI costs can be a real home-hunt buzz kill and quickly add to your monthly payment. The Community Development Department offers these affordable home loans to families and

individuals in Columbia earning up to 150 percent of our area’s median income. The city works with partner banks such as First Citizens, Security Federal Bank, SCBT, BB&T and NBSC to secure these rates. With eight different types of loans and down payments available for as low as $500 (or no down payment if the homeowner is at least 62 years of age or disabled), and the ability to mortgage up to $400,000 with standard 30year repayment terms, finding a home that suits a new homeowner’s needs and wants in Columbia city limits is more appealing than ever. Want to know more about this program or see if you qualify? Visit columbiasc.net/communitydevelopment or call (803) 545-3373.

SC Housing’s First-Time Home Buyer Mortgage The First-Time Home Buyer Mortgage Loan Program is a statewide program designed to help families and individuals purchase their first homes through low, fixed-interest-rate loans. Run by the S.C. State Housing Finance and Development Authority, the program also offers down-payment assistance of up to $5,000, meaning that if you have the desire to purchase a home, the steep down payment doesn’t have to stand in the way. SC Housing offers low rates to fulfill its mission of helping middleincome buyers get into homes. And another benefit: there are no location restrictions or neighborhood boundaries to qualify for the

first-time homebuyer’s program. Interested buyers, however, do need to have an acceptable debt-to-income ratio, and there is a maximum yearly income that varies from county to county. To find out the general qualifications for a loan from SC Housing, visit schousing.com. If you think a SC Housing loan might be for you, start by visiting a lending institution, mortgage broker or bank and getting pre-qualified in order to know realistically how much you can spend on your first home. (The SC Housing site has a list of lending partners with which it works.) If a SC Housing loan is a fit for you, the bank or mortgage broker handles the loan and then SC Housing purchases the loan from the lender. From that point, you’d have a SC Housing counselor assigned to your home loan who can answer questions if you have them. SC Housing also offers a SC Mortgage Tax Credit Certificate, designed to make mortgage loans more affordable. With the Mortgage Tax Credit, eligible homebuyers can take a federal income tax credit for a portion of the annual interest they pay on their mortgage, which means that the credit could allow buyers to qualify more easily for a loan or for a loan that’s larger than they’d be able to afford otherwise. There are some costs associated with the tax credit ($500 with participating lenders and up to $200 in processing fees), but many sellers are willing to pay these costs for potential buyers for their home. Need more information? Visit www.schousing.com.

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