Myrtle Beach, SC single family and condo/townhome sales are strong! Single family homes and condo sales are up 30% and 33% versus 2009 and up 14% and 14% versus 2008. Lower prices are the key to all the activity in the real estate market in Myrtle Beach. The year to date median sales price for single family homes is $180K and for condos, the median sales price is $121K.

Myrtle Beach foreclosure inventory decreased from May which is also attributed to the lower prices. The percent of distressed/foreclosure or short sales remains steady at 30%.

Myrtle Beach Active Real Estate Inventory:

Single Family Residential 4,495

Condo/Townhomes          5,238

Closed Sales- Single Family Residential: 281 in June 2009(avg. price $264,165) VERSUS 413 in June 2010(avg. price $247,474)

Closed Sales- Condos:282 in June 2009(avg. price $166,811) VERSUS 298 in June 2010(avg. price $145,624)

The market is strong and with lower prices, buyers are taking advantage and purchasing primary homes,2nd homes, and investment properties. Myrtle Beach’s low taxes and low prices are very attractive for retirees from the North looking to escape harsh winters and taxes and even half backs from Florida looking to escape higher taxes and hurricanes. Myrtle Beach market is hot, hot, hot!!! View foreclosure properties at www.myrtlebeachrealestatetoday.com/ to find the perfect home for you!

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The Grand Strand is growing; in fact Horry County SC is one of the top 100 fastest growing counties in the nation.  Between 2000 and 2009, Horry County grew 34.2 percent. The city of Myrtle Beach itself grew 40.5 percent. Now more than ever is a great time to join the crowd and move to the beach. Why such growth in these areas in what is called a bad economy? Well, South Carolina offers a lot of incentives for retirees they have some of the best programs for retirees buying real estate and also low taxes. Plus, let’s not forget where else would you want to retire but in a warm climate with a golden mile of wonderful ocean.

                Now is the time to join the crowd. In the first half of 2010 home sales rose 32 percent and condo sales rose 38 percent.  This is in part due to low home and condo prices brought on by their being a number of foreclosures and short sales on the market. Now is definitely the time to come down and explore the market and find a deal on your dream home, second home, retirement home,  or investment property.

                Myrtle Beach will always be a wonderful place to live and vacation. Now more than ever is the time to have your place at the beach.

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Yesterday a financial planner was consulting with one of our buyers interested in a home in a desirable neighborhood in Myrtle Beach, SC and she reiterated a key point and change with lending institutions regarding foreclosure inventory. Banks have been holding many foreclosures, getting them ready to sell, and releasing slowly so not to flood the market. However, Bank of America just announced they will change from releasing 7500 foreclosures a month to 45,000 (THIS IS HUGE, BUT THERE IS TIME TO REACT). In addition to the shadow inventory, also referenced as “black cloud” inventory, there are the other foreclosures banks are assuming daily.

In Myrtle Beach, SC and elsewhere, prices are not increasing anytime soon … but just the opposite due to the foreclosure inventory. I too have turned my head at the words “double dip recession” but the numbers are staggering. Foreclosures are selling because they are priced at 57% of a properties’ value (SHORT SALES ARE 87% OF PROPERTY VALUE ON AVG.). Therefore, it is only FACT that a home someone paid $300,000 for could be valued at $171,000… JUST A REALITY.

*Experts predict foreclosures WILL dominate the market until 2012 and recovery will begin in 2013.
*APPRAISERS ARE CHECKED BY LENDERS TO USE FORECLOSURES AS COMPARABLES -FORECLOSURES COULD BE COMPARABLE SALES FOR YOUR HOME/PROPERTY

HOW CAN WE SELL YOUR PROPERTY in Myrtle Beach REALIZING WHAT THE FUTURE MAY HOLD:
1. PRICE TO SELL… ALLOW SMALL ROOM FOR NEGOTIATION. (EX. PRICE AT $170,000 INSTEAD OF $200,000 IF YOU WOULD TAKE $165,000)
2. ADD A SELLER’S AGENCY BONUS, PAY BUYER’S CLOSING COSTS, BUY DOWN BUYER’S INTEREST RATES (WE HAVE TO GET CREATIVE); OFFER OWNER FINANCING, OFFER TO HOLD A 2ND MORTGAGE
3. MAKE YOUR PROPERTY EASY TO SHOW; KEEP IT CLEAN & CLUTTER FREE; LIGHT & BRIGHT

This info. is to help you prepare for the future. If you want to sell, prices are not predicted to improve for 3 years, so make the changes necessary to move forward. In Myrtle Beach prices have dropped 7.8% per sf & 23.8% on average over the past year.

Myrtle Beach currently has 4513 resales on the market and 561 in the pre-foreclosure or foreclosure process. Myrtle Beach home sales have decreased 63.8% over the past year. Want to sell… price to sell… want to buy… NOW IS THE TIME. For the folks who have saved and have money on hand, the future is yours. Search local properties for sale at www.myrtlebeachrealestatetoday.com/ for foreclosures & all properties in the area.

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Grande Dunes Marina Inn locted in Myrtle Beach, SC overlooking the Intracoastal Waterway has been named one of the top 5 hotels on tripadvisor.com in the area. Marina Inn has many fine amenities nearby such as an onsite restaurant, bar, large banquet facilities, a marina, Anchor Inn- cafe on the waterway where you can dock your boat and grab some lunch or dinner. This is one of my favorite stops during the summer when out on the boat.

Marina Inn has a beautiful entrance and a large sitting area near the fireplace overlooking the waterway.  With the low prices, foreclosures, and interest rate between 5 and 5.5%, now is the perfect time to own your own little slice of this pie in Myrtle Beach!!! Prices are now 5o cents on the dollar compared when they were built- being ranked #1 will surely help increase the rental income BUT also provide a beautiful, spacious condo in a golfer and boater’s paradise. You can view all foreclosures at the Grande Dunes and Marina Inn by visiting Myrtle Beach Foreclosures for Sale.

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My laptop died about 2 months ago after a drink spilled on it, so why would it take over 2 months to take on the task of finding another??? Which one is the best? Which one gives you the most for the price? Where should I get it? Everyone has an opinion and none seem to be the same. This is the same with real estate… where should I buy… where will I get the most appreciation…who is the best builder… where can I find a a knowledgeable home inspector and so on….???

Well, after searching the Dell site and debating, I decided this is it… let’s put this to bed. I’ll go into Best Buy in Myrtle Beach… which is the one store I don’t find to be a fun shopping trip. The sales guys are in the back talking among themselves, look at me, and continue to talk. Okay…. yes, obviously they don’t work on commission as they so proudly explain. I don’t know why but they bash Dell… does anyone know… they explain they are now built in another country.. poor service, blah, blah, blah!!! Okay, so I had a Sony which worked great for over 5 years believe it or not. Nothing since has come close to this life span. I also have a Sony camera which is awesome. It was my very first purchase in real estate over six years ago AND still works wonderfully!!! I’m getting a Sony I exclaim to myself. Okay, now I really love the white ones… they are different and add a little fun to the everyday tasks I must do (the small things that make us smile)!

I ask the sales guy for help… he asks which one I want. I tell him a Sony… a white one… I’ve picked a model. He doesn’t have it. He goes to another computer to look online… still, he doesn’t have it as it moves at turtle pace. Okay again, I’ll just take the black Sony. I ask him about the warranty and how much each is (he doesn’t even bother to bring it up). I buy the basic installation package, pay, and an hour and a half and a HUGE headache later, I’m out the door. NO more shopping today… terrible experience. I hope I don’t have to have another purchase anytime soon that involves electronics.

It’s over.. I think but when I go to pick up my laptop the next day on the front counter sits a white Sony laptop like the one I asked the guy for yesterday. I ask the sales lady if that’s an old model or if they have the white Sony. “Oh,yes, we have these.” I pick up my laptop after the installation and go to the back and there’s the white  Sony. Another sales guy tells me they have had them, but then I approach Jason who failed yesterday to tell me about this. Maybe we didn’t have it yesterday (oh, yes  a new shipment Saturday night); sometimes we can’t put them out until certain dates. OKAY!!! Now I know why clients call me, other agents, and even more agents to check out buildings; neighborhoods; and availability. They really don’t trust us… just like I didn’t trust the guys at Best Buy. Is it really that rare that clients have a positive experience with their real estate professional (who ranks in with a used car salesman)? My Broker exclaims that the job takes passion, so if your realtor doesn’t have passion for the job, go elsewhere! By the way, passion can’t be bought, traded, or taught… you will know it when you find it!!!     AND if you find someone with passion at Best Buy, please give me his/her name so I can ask for him/her when I do this again.

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Myrtle Beach is getting a famous show to come to our area once again… everyone wants to be here. The show is filming in Horry County for the 2nd time. On Tuesday, the producers and the lead builders got together for a community rally at Coastal Carolina University. The lead builder is Sterling Homes. As of Tuesday they said they had about 90% of volunteers and of materials they needed. So there is still more time to make a difference and to join in what promises to be an exciting event. We look forward to getting my hands dirty and helping a deserving family in the area, and who knows you might even see my face on a TV near you very soon.
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10 Things to know about Real Estate in 2010
Some information from yahoo.com

1. Prices to bottom. We all know the market has been rocky. We have seen home prices drop and markets drop. This might be the year where we find bottom and start to work our way back up.

2. Mortgage Delinquencies. 1 in 7 Americans were behind on their mortgage and 1 in 4 Americans owed more on their mortgages than their home was currently valued at. Look for these numbers to continue to rise.

3. Foreclosure sales will increase. We have seen a ton of foreclosed properties in the Myrtle Beach are. Look for the number to increase in the next few months. Buyers and Sellers both needs to be aware of this and price their home and make offers according.

4. Mortgage rates will rise. We have enjoyed some reasonable rates in the fall and winter of 2009. Rates could go up in part to the expiration of a program where the federal government took over Freddie Mac and Fannie Mae.

5. Buyers market Remains. Now is the time to buy. There are so many reasons to buy, from great prices, to building long term wealth, and of course finding your dream home.

6. 6. Modification plan could be modified :This plan set around 700,000 people into temporary mortgages and has only found permanent solutions for around 31,000. This program also does not take into account factors such as negative equity. Look for this program to be restricted during 2010.

7. FHA loan standards could get stricter. This would effect first time home buyers. Currently buyers that qualify only have to pay 3.5% down.

8. The first time home buyer tax credit has been extended. Buyers need to take advantage of this while it last. You get an $8,000 tax credit for your first home purchase. Great for new furniture, mortgage payments, or savings.

9. Markets will vary a great deal by region. This is nothing new markets will always vary. That’s why now more than ever it is important to find a professional agent to help navigate the market where you are looking to purchase your next property.

10. Technology is more important than ever in your search for property. It is important that agents and clients a like stay on top of the latest trends and learn to use them to the best of their ability.

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In the month if November sales of existing homes rose to the highest levels since February 2007. However the median sales price fell 4.3 %. What this means is that buyers more than ever need the assistance of a qualified agent to help them sift through the good buys to find the great buys. It also means that buyers need to be prepared to buy and buy now, because those great deals don’t last long. With lower interest rates and the expansion of the first time home buyer credit, now more than ever is the time to buy. What it means for sellers is that, you want an agent who will be upfront and honest with you about true market conditions. You might like the agent that will list the home for the highest price, but this agent might be just wanting another listing to advertise their services, and it might just sit on the market costing you money. Whereas an honest upfront agent will tell you the true value. It might not be pleasant news at first but when your homes sells fast it will be well worth it.
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Growing up and celebrating Christmas in the south involves many long-held and sometimes made up “traditions” which might be unfamiliar to those individuals who don’t use ya’ll in at least every other sentence. Many southern men will go hunting prior to Christmas and around this time ,such meals as Duck and rice or venison (cooked in a variety of ways and often disguised to see if recognized by deer lovers who just can’t bear the thought of eating Bambie). I must say I too have been guilty of this a time or two when non-venison eaters enjoyed Swiss burgers with peppers, onions, mushrooms, spices and ground venison meat.

Southern Christmas dinner might involve turkey and dressing- made from cornbread or even giblets- always varying from family to family as each claims their mother to have the best recipe of all times. Side dishes might include sweet potato casserole; macaroni and cheese; or collard greens cooked in fatback (fat and salt used to season… not to be found on the Weight Watchers diet).
Like everyone else, my memories of Christmas Southern style involves church services on Christmas Eve at the local Baptist church where no one is a stranger; helping my grandmother cut a cedar Christmas tree from the woods behind the house; and the smell of great food coming from my Grandmother’s kitchen. One of her favorites and yet easiest things to cook were roasted pecans. This simply meant taking the pecans we had picked up from the trees in the backyard which I helped her and my Grandfather pick out and putting the halves on a cookie sheet in the oven along with butter and salt and baking for about 10 minutes -all while stirring the butter and testing for doneness- this was the fun part! They made great gifts. We would pack them into canisters and even ship them along with fruitcakes to friends and family.

It’s amazing the things we might remember about Christmas whether it’s our favorite toy be it a dollhouse or a truck; large family gatherings with cousins or a simple and quiet Christmas at home but one thing is for sure, most fond memories take us to a warm and cozy place we like to call home whether it’s in the south or the northern part of the country where snow or sledding might even be a part of your family tradition. This time more than ever we recognize the importance of home wherever it might be. If you are looking for the perfect home in or around Myrtle Beach, call an expert to the area to help you develop your memories and traditions. Merry Christmas to all… may you have a safe and wonderful holiday and make many traditions you and your family will cherish!

Wendy Hodges and Danny Baxley
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There are so many important steps involved with purchasing a home… especially today with loan changes; foreclosures and short sales; and many other variables. Buyers need to speak with a financial expert to see what rates are; what they qualify for; and the payment which can vary based on different plans. Prequalification is KEY- many properties want you to be prequalified before walking in the door. After all, would you want to prepare for hours and open up your private personal home to strangers… who may not even be able to purchase or may not know. Today requirements are so strict…. You can a lot of money but your debt or the number of properties you already own may impact your ability to buy.

Get prequalified to help yourself get the best bargain. It offers:

Negotiation power. If your buyer is pre qualified this will give you power when you negotiate with sellers for a faster smoother closing. It also will give the seller confidence
It will help your buyers know what they can truly afford. It is not a great feeling when a buyer falls in love with a home they cannot afford. On the other side your buyer may be surprise to find out they can afford more than they thought.

Buyers won’t miss out on a hot deal. In today’s market there are deals galore and the better the deal the faster it will sell. Most require a letter when viewing or submitting an offer.

Time is money. Buyers should not spend time viewing properties beyond their price range. It sets unrealistic expectations.

Knowledge …the more a buyer knows the better. It will also give them a better understanding of monies needed such as closing cost etc. These expenses may need to be paid for by the seller or included in the purchase price, so before you write an offer, you need to know what all costs are and see how much money you have to bring to the table.

It is not always easy to discuss money with individuals since you don’t know them well. However in your and your client’s best interest, take the jump and see what you are qualified for.

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