Myrtle Beach Real Estate

2010 has brought real estate buyers to the Myrtle Beach area.   Purchases have out-numbered those listing their properties for sale during the month of January.  Finding a mortgage lender for a single family home is not too difficult but condos, especially near the ocean can be a challenge.  A few lenders have become more flexable while others have tightened their restrictions and requirements.  If my clients are interested in financing I try to provide them with a list of lenders. Interest rates are still low but we keep hearing that they will soon begin to rise.

During 2009 some lenders offered 4.5% interest on fixed mortgages, but lender requirements had tightened too much.  In 2010 rates vary from the 4.5% to 6% depending on the lender and the buyers situation. 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 a second home or condo.

During 2009 and now in 2010 there is a great selection of inventory and most property prices have gone down to the 2004 level (pre-real-estate-boom).  It is not unusual to find normal properties for sale asking less than a comparable property listed as a short sale or foreclosure.  Why?  The property was probably purchased during the "boom",

During December 2008 Myrtle Beach real estate prices and inventory fell to their lowest point for the year.  January 2009 brought the number of properties available to a higher number but prices also began to increase. slowed and by October 2009 a great selection of inventory and the prices on most properties  went down to the  2004 level (pre-real estate boom). 

Many of the lowest priced properties are Short Sales and Foreclosures (Bank Owned).  There are only a few Banks that are willing to consider offers under the posted "Asking Price" but a foreclosure purchase is usually much easier then trying to purchase a short-sale.

A short-sale means that the Seller is trying to get their mortgage company (bank) to agree to accept less money then is owed on the mortgage and release the property owner from further obligation to pay any other money toward the original mortgage amount, be able to sell the property and make payments to the lender for the balance of their mortgage obligation, or sometimes the lender requires the seller to liquidate assets and bring cash to the closing table.   Short sales have caused many headaches because of waiting months for a response from the Bank / Mortgage Lender but legislation effective in 2010 is suppose to shorten the process.

Agents, like myself, who work primarily with real estate buyer's must relay to our clients any response the seller's agent presents.  In the case of "Foreclosure" or "Short Sale" the seller's agent may say, "We've had another offer" or "We've had multiple offers" "present your clients highest and best".    That seems to be a standard phrase the bank agent's use, so if you decide to make an offer to purchase a bank owned property do not get upset just remember they are trying to get the most money possible from the transaction.

Article from Builder Magazine published on

BuilderOnline.com February 17, 2009

 2008 total building permits: 3,211