A new post was just published on the AOL web site about the state of the housing market in the US. Most economist believe that a housing price recovery will not take this year. Home prices are down in many areas by as much as 50% since 2006. However a news post from "24/7 Wall Street" listed 10 areas this year that they believe will increase in price. Tied for ninth place was the Myrtle beach area. Here is a quote from the article.

Tied for 9th. Myrtle Beach-Conway, South Carolina
> Projected Price Increase Through 2011: +3.4%
> Unemployment Rate: 11.1%
> Median Family Income: $50,500
> Vacancy Rate: 39.7%
> Drop From Peak: -32%

The Myrtle Beach-Conway region thrives on tourism. The ...

Having worked with many buyers, the same question always seems to come up in this market. "Have we hit bottom in home prices." To most this is a main concern in the purchase of a beach home or condo. Many are still scared their investment may go lower. I never say that we have hit bottom because as long as there are foreclosures and short sales and appraisers are using them, there may always be a lower price. Being a licensed SC building contractor that has built hundreds of homes as well as a Realtor, I've learn to help my clients understand bottom from build cost. Build cost to me is the true bottom. One day, hopefully soon, but certainly in the near future foreclosures and short sal...

Real estate sale have climbed by 24 percent in single family homes and are up 30 percent in condo sales in the last six months. That's the good news. Unfortunately a large percentage of those sales came from foreclosures. 21% of condos sold and 18% of single family homes come from foreclosures. This number on the outside may look good but for the health of the market this is a downward trend. The volume has followed the increase in foreclosures instead of new properties being added to the market from homes not underwater. If you take away the foreclosures being sold the market has actually decreased. These properties continually bring prices down, which is good for buyers, but this also l...

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.

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."