Employing the Ideal Real Estate Team

When the time comes to purchase a home, consumers want the process to go as smoothly as possible. One of the most important factors in making that happen is ensuring that the right real estate team has been put together for this momentous occasion.

There are a number of different people that can compose a homebuyer’s real estate team. Making sure that they are trustworthy and always looking out for the consumer’s best interest is key.

Finding the real estate broker is the first step a homebuyer should take. This intermediary between the seller and the purchaser can make a huge difference. This person will be instrumental in finding all of the necessary information a person needs, including finding other relevant team members.

However, experts advise that before committing to one real estate broker, homebuyers should shop around just like they would for a house. Finding someone who understands a person’s specific property needs and doesn’t have an alternative agenda can mean the difference between finding their dream home and endlessly searching for something that fits.

Homebuyers also need to have a good relationship with their banker. It’s been increasingly difficult for consumers to secure mortgage loans because of stricter rules. Having someone who is familiar with all of the ins and outs of the finance world can add a significant advantage.

Before setting out to find a home, consumers should carefully consider the area they want to live in. Many things can factor into this decision, including schools and availability of public transportation systems.

We wish you the best of luck in purchasing your home.

Mortgage Rates Boost Lending

Mortgage rates fell to almost record lows this week and mortgage lenders on the Grand Strand said it has led to a little more interest in refinancing and home loans.

The average rate on a 30-year fixed rate mortgage dropped to 4.78 percent this week, just above the record low of 4.71 percent in December, according to the mortgage company Freddie Mac. Low interest rates, even a half point difference, can translate to tens of thousands of dollars in savings over the course of the loan.

In the past two weeks there has been a dramatic increase from the previous month. The refinancing and new mortgage loan applications have more than doubled.

While the interest in refinancing has increased, not everyone is eligible to refinance, especially borrowers whose property values have dropped considerably. Those borrowers could have to put a lot of money into getting a new loan.

The lower mortgage rates do help more home buyers qualify for a loan, but if the credit score and down payment requirements remain high, it won’t make much of a difference.

The qualifications for a loan have become tougher during the past year, but that is a result of what’s happening on the secondary market. BB&T sells most of its loans on the secondary market, mainly to the mortgage companies Fannie Mae and Freddie Mac.

It seems that Fannie Mae and Freddie Mac are in a competition to see who can have the tightest regulations.

The low rates can’t hurt, and may help buyers who were on the fence make the decision.

For the average consumer though, lower mortgage rates are unlikely to have much of an impact.

There was a small increase in business at Crescent Bank as a result of the lower rates, but the change isn’t likely to spur someone to buy who wasn’t already considering the purchase.

The rates are tied to the bond market and in the past 10 days the bond market has done well as investors have looked for a safe place for their money.

Owners Seeking Cozier Homes

Folks are building with efficiency in mind

Planning on building, buying or improving your home this year? Chances are you’re thinking smaller, smarter and more family-centric. There is a ‘cents and sensibilities’ approach when it comes to buying or improving a home.

Price, energy efficiency, organization and comfort are top priorities of potential new homebuyers and homeowners who are planning improvements in the next few months.

Today’s homeowner is also looking for a home that fits the entire family – from a multi-tasking home office, to expanded storage space, to a living room that can adapt to advancements in home entertainment and technology.

When someone says their highest priority is an efficient HVAC system, you know we’re not living the same dream as three years ago. That dream was having a showplace home – a McMansion with the emphasis on two stories, big public spaces and an expensive fit-and-finish kitchen.

Now, those things have drifted to the back burner. Today it’s ‘what I need’ versus ‘what I want.’ People are being sensible and practical. They want low-cost improvements that pack a big punch.

Courtesy of The Sun News, Myrtle Beach, SC

Home Sales See Year-End Boost

Grand Strand real estate eked out a small increase in sales in 2009 thanks to a burst at the end of the year, including a 24 percent jump in single-family homes and a 57 percent jump in condominium sales in December compared with the same period in 2008, according to statistics compiled Tuesday from the Multiple Listing Service.

December marked the fourth month in a row with increased sales in the Grand Strand real estate market. Area Realtors say they’re encouraged, but say it may take many months before there is complete recovery for the area.

The sales weren’t quite as dramatic as the year-over-year difference in November, when single-family home sales were up 65 percent and condominium sales up 69 percent, but a real estate analyst for the Coastal Carolinas Association of Realtors said that wasn’t surprising.

The median price for condominium sales was $120,000, down 20 percent in December from the previous year, while the median price for residential homes was $177,670, according to the data, ecause the median household income in the Myrtle Beach area will qualify a family of four to purchase a $150,000 home.

The success is due to low interest rates, low prices and the first-time home buyer tax credit, which was originally set to expire at the end of November, but was extended through April 30 and expanded to add a $6,500 credit for most people who buy a new primary residence. People who have owned a home for at least five consecutive years in the past eight years are eligible for the $6,500 credit, and people who have not owned a home in the past three years are considered first-time buyers.

Courtesy of The Sun News, Myrtle Beach, SC.

November Housing Construction Up 8.9 Percent

Housing construction rebounds in November with all areas of country showing strength.

Construction of new homes, helped by better weather, rebounded in November following a setback in the previous month.

The gain is a hopeful sign that the housing recovery is continuing, a development viewed as critical to lifting the overall economy out of recession.

The Commerce Department says construction of new homes and apartments rose 8.9 percent in November to a seasonally adjusted annual rate of 574,000 units. The gain represented strength in all areas of the country although the increase was slightly lower than economists had expected.

Applications for new building permits were also up, rising 6 percent to an annual rate of 584,000 units, a stronger showing than economists predicted.

Affordable Homes Gain Stock in Myrtle Beach

Construction has started on a new affordable housing community near the intersection of Mr. Joe White Avenue and Robert Grissom Parkway in Myrtle Beach.

The development, which will be called Bay Pointe, will have 50 apartments. It is designed to be a family community, and the apartments will have two or three bedrooms.

The development will have a central community center, playgrounds, a gazebo and picnic benches.

The project will be one of a few communities with the same concept at that corner.

The apartments should be available for lease by low-income residents in June or July.

There will be requirements as to who can rent apartments in the building because the project is funded through the state’s Low Income Housing Tax Credit.

The credit is an indirect federal subsidy that is used to finance the development of affordable rental housing for low-income households, according to the U.S. Department of Housing and Urban Development Web site.

In exchange for their financial backing, the investors will receive a tax credit.

Compliments of the Sun News, Myrtle Beach, South Carolina

Tax Credit Extended for First Time Home Buyers…Great News for Myrtle Beach

I am VERY excited to report that Congress has answered our call to extend and expand the homebuyer tax credit!

As of Thursday, November 5^th, both the House and the Senate have passed an unemployment insurance bill, which includes an amendment that expands and extends the tax credit.

That bill will be sent to President Obama for his signature in the next day or so.

When the President signs the bill, the expiration date for the credit will move to April 30, 2010.

First-time buyers who have not had interest in a principle residence for three years are still eligible, and the maximum amount remains the same – $8,000 for married couples, $4,000 for those filing separately.

Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 for married couples and $3,200 for those filing separately.

The tax credit may not used to purchase a home for more than $800,000.

All buyers who want to get the credit must include documentation of the purchase on their tax returns.

The income limits for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples.

This is a major victory for consumers and the housing market.

Tax Credit Ups Home Sales by 9%, Helping the Myrtle Beach Area

Racing to complete their purchases before a tax credit for first-time owners expires, home buyers pushed sales up last month by the largest amount in more than 26 years.

After jumping 9.4 percent in September, home resales are up nearly 24 percent from the bottom in January, as of Friday October 23, 2009. But the housing market’s momentum could easily stop if Congress doesn’t extend the credit of up to $8,000 for first-time buyers beyond its current Nov. 30 deadline.

Nationwide sales rose to a seasonally adjusted annual rate of 5.57 million last month, from a downwardly revised pace of 5.1 million in August. It was the strongest month in two years and beat economists’ forecast of 5.35 million, according to Thomson Reuters. Sales, however, are still down 23 percent from their peak four years ago.

In another positive sign, the inventory of unsold homes on the market fell almost 8 percent to 3.6 million. That’s less than an eight-month supply at the current sales pace, and the lowest level since March 2007.

Real Estate Jumping Up along the Myrtle Beach Grand Strand

Real estate sales along the Myrtle Beach Grand Strand jumped in September, for the fourth consecutive month of increases in part of the market, and that boost is driving down the supply of houses for sale.

It will take about 23 months to sell the single family homes on the market and 30 months to sell the condominiums, based on the number of properties on the market and the number sold in the past year, according to statistics from the Multiple Listing Service.

The number of months it will take to sell properties on the market has decreased for the first time in almost two years.

A healthy market will have a six- to 12-month supply of houses or condominiums, real estate analyst for the Coastal Carolinas Association of Realtors stated.

This is yet another verification that we’re starting to see some improvement in the market along the Myrtle Beach Grand Strand.

These numbers can be used to help determine when the market will be more balanced; it will take about 17 months for single family homes and 24 months for condos.

The Sun News, Myrtle Beach, SC

Great Places to Live in the South Strand Area of Myrtle Beach

Garden City, SC is an unincorporated town that has a population of approximately 10,000 people and is considered South Strand’s hidden treasure. Garden City boasts marshes and winding creeks that are just a few feet above sea level, where you’ll see animals such as birds and alligators. This small ocean village features little neighborhood eateries, taverns, souvenir shops and a bait and tackle store for fishing off the almost 700-foot Garden City Pier. The pier offers free sightseeing for the family. The cafe at the pier’s end offers lunch and dinner with cocktails and live music most weekend evenings. The median age of residents is 54.5 years and the median household income is $37,200.

Surfside Beach, SC is located on 2 miles of pristine beach, just south of Myrtle Beach. Surfside Beach is all about family fun. Surfside Beach features great restaurants with every imaginable cuisine, a fantastic fishing pier, a water park and a live theatre with tribute artists singing songs from artists such as Elvis, Marilyn Monroe and Garth Brooks. There are many seaside, 2^nd and 3^rd row condos with ocean views that allow for easy beach access. Surfside Beach is reminiscent of what Myrtle Beach was like in the 80’s and 90’s, featuring wooden two and three story stilted beach homes and cottages without the high rises interrupting the beautiful ocean views. The median age of residents are 44; and 17.8% of the households having children 18 or younger. The median family income is $49,847.

Murrells Inlet, SC, The quaint fishing village of Murrells Inlet is hailed as the “Seafood Capital of South Carolina,” and prides itself on the natural beauty of the marshes that surround the area. With a population of approximately 5,519, Murrells Inlet is an active community with many yearly festivals and events that show the area’s rich history. Murrells Inlet’s reputation for savory cuisine began long ago when many of the steamboats’ cooks settled in Murrells Inlet and opened their own restaurants. A marshwalk and creekside park encourages residents and visitors to stop and enjoy the view and the abundant fresh seafood. The median age of resident is 47; and the 17.6% of the households have children 18 and younger. The median family income is $47,194.

Litchfield, SC, Litchfield has a population of approximately 3,800. Once known as Magnolia Beach, Litchfield is located on what is called the Waccamaw Neck. Litchfield draws both retirees and families to its quiet, relaxed and upscale neighborhood atmosphere. Features of this unincorporated community included lower-density housing, beautiful landscaping, country clubs and planned undeveloped natural areas and preserved marshlands. Home to the historic Litchfield Plantation which began its roots in the 1700’s and later turned in to South Carolina’s first canning factory in the early 1900’s. Also beautiful, the Litchfield Country Club features a pristine golf course full of southern charm designed by Willard Bird. The median age of residents is 36.9 and the median household income is $46,529.

Pawley’s Island, SC, Pawley’s Island is one of the earliest resort towns in South Carolina and has population of just 138. Pawley’s Island is a barrier island less than 4 miles long, separated from the mainland by beautiful salt marsh accessible by two short causeways. Remaining in the historic district are 12 residences which date from the late 1700’s to the mid 1800’s, boasting antebellum homes. Known for its laid-back lifestyle, including crabbing in adjacent creeks, fishing, and relaxing on the area’s famous rope hammocks and unspoiled beach; this is a perfect place for young retirees who are ready to enjoy a long, active, social retirement. The median age of residents is 55 years, while the median family income is $97,125. Less then 10% of Pawley’s Island’s households include children 18 years old or younger.

Georgetown, Sc is a small river port town with colorful downtown buildings and brick-lined sidewalks that originally began as a Spanish settlement in 1526. Located on the Sampit River, Georgetown has a population of approximately 9,000 and growing. With large manufacturing companies such as International Paper moving into the area’s new industrial parks, Georgetown County offers business and area citizens’ new opportunities for growth. Orman Crampton, author of The 100 Best Small Towns in America, featured Georgetown as one of the top 100. The median age of Georgetown residents is 35. Georgetown’s population is primarily young, diverse families: 32.8% of Georgetown’s house holds include children under 18.