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Real Estate in South Carolina – What you should know

Real Estate in South Carolina what you should knowReal estate in South Carolina is simple but it can be tricky at points. When buying a house in general it’s crucial that you sit down and calculate what you can afford, what neighborhood you want to reside in, and the features that you need or may want in a house. All relevant laws should be looked over when it comes to disclosures, purchase contracts, and any other legal matters.

Should I be Worried About the Permits at my New House?

The answer to this question is simply yes. If you’re buying a property that has had repairs or renovations, you have a right to be concerned if they were permitted to do it. What’s permitted though varies state by state, in Horry county, any work done in excess of five hundred dollars requires a permit for the work to be done. This five-hundred-dollar cap includes all material and labor used in the renovation. Being that in Horry county there are no exemptions
and you’re buying a house that has been renovated without any proof of permits you would then
be in violation. Furthermore, when purchasing any property, make sure that all compliances are
in order because it’s critical that you ensure that they are before purchasing any kind of property.

Home Upgrades That Will Attract First-Time Homebuyers

In today’s real estate market there are several home upgrades that attract first time home
buyers. These upgrades include smart home technology, gathering spaces, USB chargers, home
offices, energy-saving appliances, neutral colors, and garage tech. When selling a property keep
a lookout for these perks when selling a home. With more millennials buying a home technology
is a main aspect when it comes to catering a home for them. When selling to a millennial think about whole-house connectivity, the USB ports, and the garage tech. Being that they’re so tech-savvy it gives them a home that they’ll be comfortable and safe in.

As a Realtor What can I do to Cater to Customers?

Moving forward from a seller’s point of view integrating API to web design to include rich robust content will attract buyers to make more purchases and show more interest to your real estate page. The usage of AI and other machine learning will allow for the automated use of customer service in the workplace. As a realtor, you can also have a Customer Relationship Management (CRM) system in place on your site for direct sales and marketing opportunities. Lastly, the usage of drones can also give a more in-depth view of your properties so your potential buyers can get a more personal feel of the area without actually having to go down to that area.

How Does This Affect Myrtle Beach Buyers?

Myrtle Beach buyers have an advantage when it comes to getting a house in the area, because they’re most likely going to be working with someone who has a great knowledge of the area. Their real estate agents can help them find median home prices, market conditions, negotiate deals, prepare offers and paperwork, and most importantly get you into the home of your dreams. Your agent will be able to guide you every step of the way and help you get the tools necessary to get you your home. They can help you locate other professionals such as brokers and home inspectors to help along the way. In closing, Myrtle Beach buyers have a lot of resources that they can use to help them get exactly what they need. Stats and Trends About the Real Estate Market

● First time home buyers are predicted to make up 33% of the market.
o Although down from 34% this isn’t a significant change, and as a realtor, it’s not as impactful.
● Homes that are staged sell 25% faster.
o Staging gives the potential buyer the opportunity to visualize themselves
living in that space.

● The day that a home is listed has an effect on the selling price.
o Studies have shown that homes that were listed on a Thursday sell on average around $3,000 more than the original listing price.

● Month listed also influences the selling of a home.
o In South Carolina, the best time to sell a home is between the months of April and July.

● Most home buyers are millennials.
o Studies show that by next year millennials will lead in the number of mortgages, by accounting for 45% of the market.

● Mortgage rates are on the rise.
o This means that the economy and high inflation rates are becoming more stabilized. In return, more people are willing to spend and borrow to get a home.

In conclusion, these tips can help you as a realtor to know what to expect from the market and how to better cater to your clients. From how to deal with permits, catering to your potential buyers, stats for the market, and how to better introduce the trends of the market into your business.

Posted in: Uncategorized

Best Time to Buy in 2019

Why is now the best time to buy a home?

If you were thinking about buying a new home or refinancing on your current home you may now be in luck. According to the Mortgage Bankers Association, mortgage rates are taking a turn for the better. Studies have shown that in the most extreme cases, mortgage rates dropped roughly 1.25% on average from 5.00% to 3.75% for 30 year contracts which are the most common type of contracts. What this means is lower monthly payments if you decide to buy a new home or if you’re thinking about refinancing, with both options having there own respective perks. As far as buying a new house goes, with these lower rates you can buy a bigger house or downsize to something smaller or more intimate for yourself and/or your family. Now for the refinancing aspect of it if you ever bought a house that was outside your budget, and don’t feel like moving you can now refinance it to payments that are more suitable for your needs.

Furthermore, if that doesn’t make you want to buy a new home, home prices are also decreasing as studies show. With this new found information, you’re going to be saving money that can be used in other means, if you take advantage of these lower rates and refinancing options. So now you can consolidate the money for credit card bills or car payments for example, from refinancing your old home. Finally, a major aspect of all this would be now the option to have a more flexible mortgage payment term. If you wanted to be more stable you can still do a 30 year plan, but if not the 15 year option will now be affordable if you plan on moving around. All in all, if you’re thinking about taking either of these options, it’s time to stop procrastinating and take advantage of these new lower rates while they’re here.

Posted in: Home Buying

What is an FHA Loan?

An FHA loan is a type of mortgage that is insured by the Federal Housing Administration of the U.S. Department of Housing and Urban Development (HUD).

If you are looking to buy a home in Myrtle Beach, but worry that your low credit rating or debt to income ratio may stand in the way, you may be eligible for an FHA loan. Although there are still limits to how much you can borrow, FHA loans typically require a lower down payment.

Benefits 

• Down payments as low as 3.5%
• Low minimum credit scores
• 1-4 unit owner-occupied residences
• Gifts allowed
• Non-occupant co-signors allowed
• Ability to add home repair costs to loan

Considerations

• Annual up-front mortgage insurance premiums are required
• Maximum loan amounts vary by state and county
• Homebuyer education courses or minimum credit score requirements may apply
• Down payment assistance may or may not be available in your area

Since 1934, FHA loans have made it easier for all types of people, first-time homebuyers and senior citizens to realize their dream of home ownership. We are dedicated to finding the dream loan for your dream home.

*This is not a commitment to lend. All approvals are subject to underwriting guidelines. Restrictions apply. Rates may vary depending on creditworthiness, down payment, loan amount, and loan program. loanDepot is not acting on behalf of or at the direction of HUD/FHA or the federal government.

Chris Downey – “The Mortgage Guy”
NMLS# 98919
O 843.314.4555
C 703.973.6337
ChristopherDowney@Verizon.Net

Download the PDF

Posted in: Home Buying

The Secret of Selling Your Home Quickly …

The Secret of Selling Your Home Quickly for 12% More In Myrtle Beach, SC

Has your home sold at the price you want? Do you need more potential buyers? We’ve sold nearly all of our inventory in first quarter. How you may wonder? The secret is that Myrtle Beach Real Estate is made up of locals who have been working the local Myrtle Beach and Grand Strand markets for many, many years. Our small town local approach assists us in reaching buyers in places no large corporate company has access.

At Myrtle Beach Real Estate you partner with a single agent that sees your home sale through to closing. You’re never tossed around between agents. You’ll love our personal one on one approach and so will the buyer that closes on your home.

So are you ready to sell your home? Let’s talk. (843) 477-1777 Or stop by and see the home sales for yourself. Maybe you’ll even find your new home in Myrtle Beach.
https://www.myrtlebeachone.com/realestatehomesforsale/

Posted in: Home Sales

FHA Cracking Down on First Time Home Buyers

In 2019, the Federal Housing Agency (FHA) is planning to crack down on first time home buyers due to the concern of too many risks with loans in the future not being able to be repaid.  

Earlier this month, lenders were told more loans with first time home buyers were often a higher risk. The FHA is becoming worried that borrowers can’t repay their loans from the lenders which can lead to a drain in the agency’s reserves. This is resulting in over 50,000 mortgages at risk every year. According to the FHA, these are homes to buyers of low credit scores and extensive loans. The FHA is now making borrowers go through a more extensive and strict underwriting process.  

“We have continued to endorse loans with more and more credit risk,” Keith Becker, the agency’s chief risk officer, spoke with Wall Street Journal. “We felt that it was appropriate to take some steps to mitigate the risks we’re seeing.” This could mean that it may become more difficult for first time homeowners to obtain an FHA mortgage. According to Becker, who spoke to WSJ, this leads to 40,000-50,000, 4% to 5% loans a year to feel the effect.

In 2016, the FHA eased up on underwriting by removing a rule of manual underwriting of credit scores lower than 620 as well as debt-to-income ratios of 43%.  “Since that happened, we have observed a steady increase in the endorsement of higher-risk loans,” Becker says.

Within the past fiscal year, borrowers average credit score has dropped the lowest it has in a decade to 670. About a quarter of FHA mortgages were to borrowers of a debt-to-income ratio greater than 50%.  

We encourage you to take action soon before these rules are fully put into effect and the buying process becomes more difficult. By acting now, it is more likely for first time home buyers to get the loans they need for their mortgage. Visit Myrtle Beach Real Estate at https://www.myrtlebeachone.com for assistance in finding and securing your home or property.

 

(https://www.wsj.com/articles/fha-clamps-down-on-risky-government-backed-mortgages-11553511601)

 

Posted in: Home Sales

Myrtle Beach Real Estate Update 2019 Q1

Posted in: Reports

Free Market Analysis

Have you recently wondered what your home is worth? The best way to find out the value is to shoot me an email with a description of your home. In the email, include the location, bedrooms, bathrooms, lot size, square footage if known and any other features that you feel are important in deciding a value to place on your home.

The valuation that I will make on your property will consider properties on the MLS and any properties that may have sold off of the MLS. My method of finding the Value of your Home includes Active Listings, Sold Listings and Expired listings within the past 6 months. I attempt to make the comparables as closely related to the information that you share with me about your property. In the conclusion of my Comparative Market Analysis, I will email you the comparables that I have found and a summary of what I think your home’s value is and why.

If we agree on the value of the home, I would love the opportunity to Sell the Home for you. If you are interested after finding out the home’s value, I would love to meet with you to show you how I will get your home the most exposure. I am on the first page of all major search engines for phrases like “Myrtle Beach Real Estate”. It is easy to become a Feature Listing on the Front of my website. Give me a call or email me today. Let’s find out what your home is worth.

For your free Myrtle Beach Area CMA, please fill out the form below and in the comments sections, tell me a little about your home.

Posted in: Home Sales

Listing Contracts – Terms Defined

Obviously the name of the seller and the property address will be included in the listing contract. There are many other things that are included, too, and you should be aware of them.

Price and Terms of Sale

When setting the terms of sale, the main thing you are concerned with is the price. You should have a basic idea of what your home is worth by keeping track of other sales in the neighborhood. Plus, you have probably interviewed at least two real estate agents and they have given you their own ideas. Exercise great care in determining your asking price, making sure not to set it too high or too low.

In addition to the price, you will disclose what personal property, if any, goes with the house when you sell it. Personal property is anything that is not attached or fixed to the home, such as washers, dryers, refrigerators, and so on.

There may be some item that is considered “real property” that you do not intend to include in the sale. Real property is anything that is attached to the home. For example, you may have a chandelier that has been in your family for generations and you take it from home to home when you move. Since the chandelier is attached to the house, it is considered “real property” and a reasonable buyer would normally expect it to go with the house.

Lockbox – Yes or No?

A lockbox is a basically a padlock with a cavity inside where a key to your home can be placed. Only someone with an electronic key or the combination can get into the lockbox and access the key. Having a lockbox available at your house makes it easy for other agents to get access to your house.

Without the lockbox, agents representing buyers would have to set appointments to meet you or your agent at the house so they could gain access and view the home. This would be inconvenient. Since almost every other house does have a lockbox available, if you do not allow one most agents will simply not show your property. You will miss out on lots of potential buyers.

The listing contract specifies whether you allow a lockbox or not. It is locked into place, usually on the front door and cannot be removed. Only other agents can access the key that is located within the lockbox.

Real Estate Commission

In some areas of the country there is a certain percentage that real estate agents expect to earn as a commission.This commission amount is a certain percent of the sales price.Or, some companies will charge a set fee for their services.However, just like anything else in real estate, this amount is negotiable.When completing the listing agreement, you and your agent will agree on the amount of the real estate commission.

Multiple Listing Service

Your listing contract should specify whether or not the house will be listed with the local MLS (multiple listing service). It is definitely in your interest to have the house listed. This is because your sales force is automatically multiplied by however many agents are members of the local MLS. If your house is not listed, then you only have one agent working for you instead of many.

Agency Duties of a Listing Agent

The listing contract will specify that your agent is acting as a “seller’s agent.” This means that, in the sale of your house, they are working for you and only you. However, there may be times when your listing agent has a client who wants to buy your home. For that reason, there is a little “wiggle room” in the listing contract. If your agent also represents the buyer, the listing contract should specify that they provide an additional disclosure that details their duties as a dual agent.

The contract also provides permission for your listing agent to act as an agent for others on other transactions. They can continue to list other properties, and represent buyers looking at other homes.

Resolution of Disputes

There are times when you and your agent have a disagreement that you cannot resolve by yourselves. Maybe the agent did a poor job or misrepresented something. Maybe your agent was really doing their job correctly, but you did not understand. Perhaps the agent will have a dispute with you.

The listing contract specifies what methods will be used to settle such disputes. You can choose to accept binding arbitration, which is usually cheaper than hiring a lawyer and going to court. Usually, matters that can be dealt with in a small claims court are excluded from having to go to binding arbitration.

You are not required to sign or initial the binding arbitration clause. This would leave you free to hire an attorney and pursue disputes in civil court instead of binding arbitration. Consult your attorney for advise on this legal matter.

Posted in: Home Sales

Type of Listing Contracts

There are several different types of listing contracts, but very few of them are used. The “Exclusive Right to Sell” is the most common, but there is the “open listing,” the “exclusive agency listing,” and the “one-time show.”

Open Listing

The “open listing” is mostly used by people trying to sell their home by owner who are also willing to work with real estate agents. Basically, it gives a real estate agent the right to bring buyers around to view your home. If their client buys your home, the agent earns a commission. There is nothing exclusive about an open listing and a home seller can give out such listings to every agent who comes around.

For that reason, no agent is going to market your home or put it in the Multiple Listing Service. If your home fits the criteria for one of their clients, and it is convenient, they may be willing to show it to their client. That is all an “open listing” is good for.

One-Time Show

A “one-time show” is similar to an open listing in many respects, as it is most often used by real estate agents who are showing a FSBO (for sale by owner) to one of their clients. The home seller signs the agreement, which identifies the potential buyer and guarantees the agent a commission should that buyer purchase the home. This prevents the buyer and seller from negotiating directly later and trying to avoid paying the agent’s commission.

As with an open listing, agents will not be spending money on marketing your home and it will not be placed in the Multiple Listing System.

Exclusive Agency Listing

An “exclusive agency” listing allows an agent to list and market your home, guaranteeing them a commission if the house sells through any real estate agent or company. It also allows sellers to seek out buyers on their own.

This is not a popular type of listing agreement. The reason is that there is not much incentive for agents to spend money marketing your home. If you come up with your own buyer, they have spent money they cannot earn back through the real estate commission. Plus, it is too easy for a greedy buyer to go around the agent and negotiate directly with the seller.

If you find an agent willing to accept such a listing, do not expect too much from them. They will probably just place it in the Multiple Listing Service and sit around to see if something happens. A good agent would never accept such a listing, and you probably want a good agent.

Exclusive Right to Sell

Giving a real estate agent the “exclusive right to sell” your property does not mean that there will not be other agents involved. Your agent is the listing agent and part of his or her job is to market your home to other agents who work with buyers. Those agents will show your home to their clients. Regardless of who sells the home, even if you sell it yourself to a friend at work, your listing agent will earn a commission.

An exclusive right to sell is the only type of listing an effective real estate agent will accept. This is because they have a reasonable expectation of earning back any money they spend on promoting and marketing your property.

Posted in: Home Sales

Showing Your House

Convenience and Availability

Your house should always be available for show, even though it may occasionally be inconvenient for you. Let your listing agent put a lock box in a convenient place, to make it easy for other agents to show your home to homebuyers. Otherwise, agents will have to schedule appointments, which is an inconvenience. Most will just skip your home to show the house of someone else who is more cooperative.

Most agents will call and give you at least a couple of hours notice before showing your property. If you refuse to let them show it at that time, they will just skip your house. Even if they come back another time, it will probably be with different buyers and you may have just lost a chance to sell your home.

Why You Should Not Be Home

Homebuyers will feel like intruders if you are home when they visit, and they might not be as receptive toward viewing your home. Visit the local coffee house, yogurt shop, or take the kids to the local park. If you absolutely cannot leave, try to remain in an out of the way area of the house and do not move from room to room. Do not volunteer any information, but answer any questions the agent may ask.

Lighting, Fragrances, Pet Control and More

Lighting

When you know someone is coming by to tour your home, turn on all the indoor and outdoor lights – even during the day. At night, a lit house gives a “homey” impression when viewed from the street. During the daytime, turning on the lights prevents harsh shadows from sunlight and it brightens up any dim areas. Your house looks more homey and cheerful with the lights on.

Fragrances

Do not use scented sprays to prepare for visitors. It is too obvious and many people find the smells of those sprays offensive, not to mention that some may be allergic. If you want to have a pleasant aroma in your house, have a potpourri pot or something natural. Or turn on a stove burner for a moment and put a drop of vanilla extract on it. It will smell like you have been cooking.

Pet Control

If you have pets, make sure your listing agent puts a notice with your listing in the multiple listing service. The last thing you want is to have your pet running out the front door and getting lost. If you know someone is coming, it would be best to try to take the pets with you while the homebuyers tour your home. If you cannot do that, It is best to keep dogs in a penned area in the back yard. Try to keep indoor cats in a specific room when you expect visitors, and put a sign on the door. Most of the time, an indoor cat will hide when buyers come to view your property, but they may panic and try to escape.

The Kitchen Trash

Especially if your kitchen trash can does not have a lid, make sure you empty it every time someone comes to look at your home – even if your trash can is kept under the kitchen sink. Remember that you want to send a positive image about every aspect of your home. Kitchen trash does not send a positive message. You may go through more plastic bags than usual, but it will be worth it.

Keeping the House Tidy and Neat

Not everyone makes his or her bed every day, but when selling a home it is recommended that you develop the habit. Pick up papers, do not leave empty glasses in the family room, keep everything freshly dusted and vacuumed. Try your best to have it look like a model home – a home with furniture but nobody really lives there.

Posted in: Home Sales

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Our Featured Listings

2266 Oyster Cove $899,900

2266 Oyster Cove Garden City Beach, South Carolina

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Listing courtesy of Myrtle Beach Real Estate LLC

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Myrtle Beach Real Estate Listings

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843-477-1777

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Myrtle Beach Real Estate has made every effort to obtained the information regarding these listings from sources deemed reliable. However, we cannot warrant the complete accuracy thereof subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.

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