Posts Tagged ‘Murrells Inlet Real Estate’
I spent the weekend showing condos to a very nice young man who is moving to Murrells Inlet from PA. While I had my doubts about some of the underpriced properties many of the units we previewed have great attributes that buyers will love. With many units priced below $100k and reasonable HOA fees it was only a matter of which one appealed most to my new client but there is certainly something to appeal to a wide range of buyers.
Golfers would love the first floor unit with a screen porch overlooking the green that made up for the sameness of the buildings exterior. Then there is the gardeners delight that is rare in Murrells Inlet that gives the unit owner a small piece of land to cultivate to their hearts content. Investors will take notice of the 3BR’s in the heart of the Grand Strand that with a little TLC would be ideal for rental units with bargin prices to match.
The condo market has been hit hard by the housing crash and the excess inventory gives buyers many choices when it comes to making a real estate purchase. Selection has never been better in the Murrells Inlet area for bargin priced condos and many will make great vacation homes and primary residences in addition to making great rental units for investors. While there are many choices on the South Carolina coast when it comes to location you can’t go wrong with anything in Murrells Inlet. Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc. Serving the Pee Dee and Grand Strand of South Carolina.
Today after I checked the MLS hot list it prompted me to send out a tweet with an update about the Murrells Inlet real estate market in less than 140 characters.
And now you know how to find real estate deals in any market. Search hash tags on twitter for the town you want to purchase a second home or investment property and connect with an agent that knows the market. In doing so you will be sure to uncover the best deals in Murrells Inlet or anywhere else you wish to land.
As snow threats turned into reality for much of South Carolina this week the Murrells Inlet area and much of the immediate coast was spared with only a dusting of flakes. While the inland sections of the Pee Dee have as much as 8 inches of snow the effects on the housing market will be felt throughout the State and declines are likely but the weather might not be the only reason for the loss in sales activity.
December is traditionally a slow month for sales and add to that the loss of REO’s due to the required Christmas break and it will not add up to large sales going into the first month of the year. Foreclosures account for a high percentage of sales in the market area as investors and second homeowners snatch up bargins. The lack of this activity coupled with normal business cycles could put a chill on home sales for Murrells Inlet. Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc. Serving the Pee Dee and Grand Strand of South Carolina.
The past year has proved difficult for the real estate market as foreclosure and short sale activity dominated some areas along the Grand Strand. As far as Murrells Inlet home sales the number of units sold increased 10% over the past with 318 single family homes sold. Even with 27% of sold units attributed to distressed sales over all Murrells Inlet ended 2010 on a positive note as sales prices increased approximately 4.5%.
With over 450 single family homes listed with a Murrells Inlet address during this first week of 2011 home values may see further declines in some neighborhoods as the first closed sale in 2010 was a foreclosed home. It appears at this point the long awaited sigh of relief in the local housing market has a way to go especially given that 16% of listings are distressed units and 2011 has just begun. Copyright©2011 Sandra Bundy, Broker-in-Charge, B&P, Inc. Serving the Pee Dee and Grand Strand of South Carolina. Contact me for more information.
Owners of Murrells Inlet real estate priced over $500,000 are seeing some of the largest price declines in the market. The most recent example turns out to be a New Construction located in a Gated Community with all the bells and whistles including a dock on the water with access to the ICW. After coming on the market priced above $1,100,000 in April of 2008 and having several price adjustments to a final list in the low $900′s the property recently sold over $100k below the final asking price.
On average the properties selling in this price point since January 1, 2009 have been on the market 376 days and surely appear to have been chasing a down market. Of the homes sold the average sale prices are over $290k below list price with the largest being $568k and the lowest $115k.
Owners of all area Real Estate need to make sure their REALTOR® sets the original list price in line with actual sale prices in their neighborhood and has a plan for price reductions in place should the market continue to decline. Using real time data to educate you about your homes current value based on current market conditions should be part of every discussion when selling your home in order to avoid chasing the market down to effect a sale. Copyright 2009, Sandra Bundy, Broker-in-Charge, B&P, Inc.
Across this country homeowners are in financial trouble especially those families that lost jobs in the last several months that has pushed the Nation’s Unemployment Rate to the highest it has been in many years. The fear in our economy is growing and along with it so are the unemployment lines. Undoubtly the number of foreclosures will also continue to rise. Understanding the reasons for and the effect foreclosures have on any given market is essential in order to evaluate home values and why foreclosures have far reaching effects in areas hit by the foreclosure crisis.
Busting the Housing Bubble – Certainly there are a large number of homeowners who purchased more home than they could afford by falling prey to lenders with numerous creative financing options. Sad but true, these buyers and maybe your neighbor falls under this senario. They bought in the best neighborhood or school district and their ARM is about to or has already reset to a monthly payment that is more than they can now afford. They honestly had all intentions and the good credit to refinance before the loan reset or they planned to sell before the higher interst rate kicked in and higher payment would be their responsibility. We all know how this story ended and see the fallout daily with falling home prices and increasing foreclosures.
Mortgage Fraud – In the Coastal Market I would suspect there could be a number of cases where individuals claimed they were going to use property as a second home on the loan application. Having no intention of occupying the property and placing it back on the market for sale hoping to reap gains by appreciating home prices could have drawn any number of scammers to participate in such actions for a quick profit. Another storybook ending with default and foreclosure that have a definite effect on the innocent homeowners losing value.
Family crisis – Life events such as job loss, divorce, illness or death of a family member are indeed a tradegy in that many of these families end up with financial difficulties that lead to foreclosure. Again if this is someone in your neighborhood, chances are your home value will suffer. One bright spot for individuals that find themselves facing one of these events should be able to work with their lender to avoid foreclosure but it takes honest efforts on the part of the homeowner and communication with the lender should not to be delayed.
The effect on your homes value is directly tied to the number of foreclosures in your neighborhood. In newer neighborhoods builder closeouts and special offers can also put a strain on home prices. Sure prices will rebound but if you need to sell your home in the coming year and there are foreclosures or short sales in your neighborhood your home value will suffer.
It is said that for every foreclosure in a neighborhood that home prices can decline by as much as $10,000. Real Estate is and will remain a solid investment in our families overall wealth and offers advantages over the long term. By nature all real estate prices are local and if foreclosures are increasing in your neighborhood consult your agent for how it is affecting your home value. Contact me for more information. Copyright©2008 Sandra Bundy, Broker-in-Charge, B&P, Inc. This work may not be copied or reproduced in any manner without the express written consent of the Author.