Thursday, December 3, 2009

Buying That Myrtle Beach Home

Hello world from beautiful Myrtle Beach. You've already heard that its a great time to buy in the Myrtle beach area with prices not being this low since the early 2000's. With the economy slowly getting better and inventories beginning to shrink there will never ever be a better time to buy in the Grand Strand. There are 80 million baby boomers retiring in the next 9 years and of those 80 million 80% want to live near the coast or have a vacation home on the coast. Many have found Florida to far to drive and to costly to fly back and forth to family and friends so more and more are looking at the Grand Strand for there future ho...

Fannie Mae, one of the largest mortgage companies in the world, has come out with a program that makes home foreclosure purchases more affordable for both primary and investment property. It's called Home Path. Simply go to the Home Path sight at homepath.com and pull up the area you are interested in and a list of homes that Fannie Mae has in foreclosure will appear. Fannie Mae allows you to purchase these homes for as little as a 3% down payment for a primary resident. A investor can buy these properties for a 10% down payment and up to Ten units. There is no re-appraisals or mortgage insurance required for the closing of these  properties. You also don't have to have a stellar credit r...

The median home selling price in SC fell more than 8.3 percent compared to Feburary last year, but Myrtle Beach and the area Grand Strand fell to 14.9 percent reported by the S.C. Association of Realtors. Homes sold in Feburary on the Grand Strand spent a average of 173 days on the market, down from the 207 last year but more than the state average of 157. Realtors are seeing a uptick in the Myrtle Beach market due to lower prices and low interest rates.

The number and prices of Grand Strand homes continued to fall from last years levels, according to data from the local Multiple Listing Service. 169 single family homes sold in January, down 28 percent from the same time last year. Condo sales fell 31 percent to 109 units sold. The median selling price was $185,000 for single family homes and $150,000 for condos, down 12 percent and 11 percent respectively. The amount of inventory on the market shrunk from 14,150 to 13,109.

With spring approaching, more Myrtle Beach Realtors are seeing arise in the amount of potential customers coming to the Myrtle Beach area in search of beach property. Up and down the Strand more customers are shopping for property to take advantage of the low prices created by the housing slump and foreclosures in Myrtle Beach. Selling prices of single family homes sold through the local Multiple Listing Service in December were down about 15 percent year over year to $179,000 and condo prices were down 11 percent to $140,750. Customers are seeing the value of the great deals to be had. The down side is credit is still difficult to be obtained. Money will need to be freed up to see true l...

With more and more homes being sold in the Myrtle Beach real estate market under the banner of a Myrtle Beach short sale its becoming more important that all sellers of none primary loans be aware of the risk of capital gains. If a sellers home is sold on the short sell market and it is not the primary residence of the seller the lender can and often does issue a 1099 tax form for the remainder of the original loan. This goes under capital gains taxes and the seller will owe taxes on the amount. The lender sends these out to show a loss on the property but a gain for you. For example, if you had a loan for the original amount of $500,000.00 and you were force to sell short sell for a numb...

Murrells Inlet 2007 and Beyond, the community revitalization group, is now on the social networking site Facebook.com. If you would like to join the network and stay updated on the latest events and discussions about Murrells Inlet, you can join the group called "Its an Inlet thing."

Registration has been opened for the 26th annual North Myrtle Beach Winter Run, which is to start at 9 a.m. Saturday on Main Street at Ocean Boulevard. Registrations forms can be obtained at the J. Bryan Floyd Community Center or you can register online at http://www.rmssports.com/. This annual event is expected to draw hundreds of participants and with the forecast for tempertures to be mild there could be a record crowd.

The obvious number one advantage to buying a short sale or foreclosed property is price. In most cases you will be getting a property far below fair market values. This is great for those who have wanted a retirement home or vacation home in the Myrtle Beach area but unable to afford the higher prices. The down side in buying Myrtle Beach foreclosures is that you will be limited to the location of the property and its property values in the future. Remember, your short sale or foreclosed property purchase just lowered the property values in the entire neighborhood. Also remember if you decide to sell in the future when prices increase to move to a different area, the price of market value...

In today's Myrtle Beach real estate market the term short sales is being used more and more for the purchase of property in the Myrtle Beach area. So what are Myrtle Beach short sales? Basically it's a bank or mortgage company allowing a property, that they have lent money to be purchased, to be sold at or below the loan amount given to purchase the property. These short sales have had a tremendous impact on the national real estate market by lowering the appreciation values on existing and pre-constructed homes. Depending on the loan institution, the company can except offers up to 70% of the loan amount. The short sales come from people that are not necessarily unable to pay for there p...