Home Matters! The Cobb Group Blog - Home Buying & Selling Tips

Saving for a Down Payment? Here’s What You Should Know.

As you set out to buy a home, saving for a down payment is likely top of mind. But you may still have questions about the process, including how much to save and where to start.

If that sounds like you, your down payment could be more in reach than you originally thought. Here’s why.

The 20% Down Payment Myth

If you believe you have to put 20% down on a home, you may have based your goal on a common misconception. Freddie Mac explains:

“. . . nearly a third of prospective homebuyers think they need a down payment of 20% or more to buy a home. This myth remains one of the largest perceived barriers to achieving homeownership.”

Unless it’s specified by your loan type or lender, it’s typically not required to put 20% down. According to the…

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How an Expert Can Help You Understand Inflation & Mortgage Rates

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Notes from The Cobb Group: Our market is certainly affected by rising rates and inflation, however our market is still unique compared to primary markets around the country.  We met with Sam Cavanaugh, a top local lender with Mortgage Network, Inc., this week and concur with his thoughts on the current real estate market. "I do firmly believe the real estate market from a supply and demand perspective is very healthy. If anything is unhealthy about it, it's the lack of inventory which is not forecasted to abate anytime in the near future. Waiting to buy real estate until rates or prices drop is a risky play. Prices could and probably will keep rising, and rates could continue to rise from here for the forseeable future. If rates were to fall, one…

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Wondering Where You’ll Move if You Sell Your House Today?

If you put a pause on your home search because you weren’t sure where you’d go once you sold your house, it might be a good time to get back into the market. That’s because today’s market is undergoing a shift, and the supply of homes for sale is increasing as a result. That means you may have a better chance of finding a home that will meet your current needs. Here are some options to consider.

Buying an Existing Home Can Give You That Lived-in Charm

According to the National Association of Realtors (NAR), the supply of existing homes (a home that’s been previously owned) has steadily increased since the beginning of the year. The graph below indicates inventory levels are rising, and that’s largely due to more homes coming onto the market and…

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Risk Rating 2.0: Equity in Acton

FEMA has a newer flood insurance program called Risk Rating 2.0 that is gaining traction. Previously buyers scrambled to assume flood rates of the homes in which they were purchasing to keep rates down, but in doing that they were also assuming any issues with the policies. Sellers would have to call insurers and give permission to allow assumption. This updated program allows the buyer of a new home to take advantage of any discounts without approval and creates a brand new researched policy for the new homeowner. 

Flood insurance follows the home and not the homeowner. In order to take advantage of a discounted premium coverage, a home will need to have had continuous coverage. A buyer will also need the NAIC number and NFIP number that are both…

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LEAN ON YOUR REALTOR. LET THEM BE YOUR EYES.

We have said it before, and we’ll say it again… COMMUNITY FIRST! Buyers need to begin their search by looking at different neighborhoods before they start their search exclusively for a new home. It just makes things so much easier for them. Other markets are different, but in the Bluffton and Hilton Head Island real estate market, each neighborhood has its own flair, feel, and vibe. Everything matters including the amenities, transfer/initiation fees, HOA/POA fees, location, views, and age demographics (55+ neighborhoods vs. traditional neighborhoods?). We have buyers that really want to find the perfect house and begin their search without understanding the nuances of local neighborhoods. This is especially true for those buyers that begin their home…

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Top 10 Tips for Buying Your Hilton Head Island Beach House

Dreaming about your vacation to Hilton Head Island this Spring and Summer of 2022? How about owning your own beach vacation home?

If you're like so many who've visited the beaches here in South Carolina and have fallen in love with the lifestyle that the Lowcountry offers - Pursuing ownership might be a great next step. We believe you'll find it more simple and rewarding than you think. (You can skip ahead to finding your Hilton Head Island Beach Home HERE.)

Here's our Top 10 Tips for Buying Your Hilton Head Island Beach House This Spring

1. GET MENTALLY PREPARED AND ON THE SAME PAGE WITH YOUR SPOUSE OR FINANCIAL PARTNER 

Step #1 is an important one that will help the ship launch or keep it on the launchpad. Be sure to…

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Buyer Love Letters to Home Sellers: What to Watch Out For

In a competitive real estate market, buyers want to give as much strength to their offers as possible in an effort to try and edge out other offers for the same property.

One creative way to try and get a seller’s attention is for a buyer to write a letter to the seller explaining why the seller should select their offer. In the industry, these letters are referred to as love letters. These letters often include family photos.

While you may think this is a great idea, you need to know that love letters can be a detriment.

A letter to a seller that unintentionally reveals your status in one of the seven protected classes of the Fair Housing Act could result in a violation if the seller makes a decision based on information pertaining to your…

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Consumers Agree: It’s a Good Time To Sell

In today’s sellers’ market, many homeowners in the Lowcountry are weighing their options and trying to decide if they should sell their house. If you’re in that group, you may be balancing things like the ongoing health crisis, rising mortgage rates, and your own changing needs to determine your best time to make a move.

However, recent data shows that time may already be here. According to the latest Home Purchase Sentiment Index (HPSI) by Fannie Mae, 76% of consumers believe now is a good time to sell.

Looking back over the past few years, it's clear consumers are incredibly optimistic today. The graph below shows the percentage of survey respondents who say it’s a good time to sell a house, and their positive outlook is on the rise. The big dip…

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The New Rules of Homebuying Today: 5 Secrets To Succeed in a Red-Hot Market

5 New Rules to Go By!

1. Old rule: Find your dream home, then finalize your mortgage paperwork

New rule: Lock in a mortgage before you start your search

2. Old rule: Shop for homes you can afford

New rule: Shop for homes priced below what you can afford

3. Old rule: Tour a property, then take a day or two to decide whether to make an offer

New rule: If you love a property, act fast

4. Old rule: Offer below asking price and wait for the seller to counter your bid

New rule: Put your big number out there from the start

5. Old rule: Expect to buy a home after submitting one or two offers

New rule: It will probably take multiple tries before you succeed

Here’s an understatement for you: Buying a home today is not the same…

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Buying A House During The Winter Season

Home buying tends to hit its peak in the spring and summer months. Warm weather is more inviting for open houses, home inspections and moving. However, you can reap some significant benefits by choosing to buy a house in the winter months.

Top Tips For Winter House Buying

Although the weather’s colder and some people choose to stay warmed up inside, it’s actually better to explore and consider winter real estate. In fact, there are many reasons as to why buying a home in winter can be smart. Let's explore the ways in which buying in the winter can get you the best bang for your buck.

Less Competition And Lower Prices

Less competition benefits both home sellers and home buyers. With fewer buyers to…

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