Housing Market, Economy, and the Media
We all know that real estate prices had gone out of control during the "boom." There were lenders who would lend any amount to anybody, and people were buying real estate when they knew they couldn't afford the purchase but thought they could turn around and flip the property. Thus, a real estate crisis that is woven within unemployment and the economy.
Myrtle Beach leads the way in building permits issued ..... read more
Real Estate Market In Myrtle Beach 2008 - 2009 - 2010 continued
... people wanted to get their money out of the stock market and found great deals in real estate . Those who needed a mortgage were left at the mercy of which lender they wanted to use because some simply were not making loans to anyone. On average 8 out of 10 were able to get low-interest fixed-rates. The holidays plus problems with banks, investment companies, and major corporations caused everything, including real estate to come to a hault. The real estate that sold was typically a foreclosure with the buyer paying cash.
2009 has begun with some lenders offering 4.5% interest on fixed mortgages, but lender requirements had tightened too much. You may want to plan on twenty to twenty-five percent of your own money for a down payment on the purchase of a home or condo. Just remember that the mortgage process has totally changed, don't get upset, be prepared for a much longer and detailed adventure. You may want to consider what many buyers have decided to do by obtaining an equity loan on presently owned property and paying cash for their new purchase of real estate.
The good news is there are brand new three bedroom homes for sale in the Myrtle Beach area starting in the high one-hundred thousand dollar range.