Reported in The Sun News by Jessica Foster

People who think the Myrtle Beach housing market is bad should take a look at San Francisco or Miami.

The Myrtle Beach market, despite declines in home prices and sales in 2008, has ranked among Builder magazine’s top 15 Healthiest Housing Markets for 2009, while areas of California and Florida frequented the list of the weakest markets.

Myrtle Beach was in the No. 15 spot in large part because of its population growth, the magazine said. Many retirees are lured by the prospect of living near the ocean and the vast golf course options, it said.

“Though permit activity dropped sharply last year, Myrtle Beach remains one of the hottest markets in the country, especially when you analyze the number of permits pulled per resident,” according to the magazine.

The magazine teamed with Hanley Wood Market Intelligence to come up with the lists by looking at building permits, home prices, job creation and population trends.

“It’s all relative,” Boyce Thompson, the magazine’s editorial director, wrote Tuesday in an e-mail. “We publish our list of the weakest markets today, and it’s a bloodbath. Myrtle Beach stands out in comparison. Population growth has been strong there compared to the rest of the country. When you have people moving in, they need a place to [live].”

The top market of the 75 that were analyzed was Houston, and the weakest was Detroit.

Do you have what it takes to buy an REO bank foreclosure in Myrtle Beach?

Buyers of REO bank foreclosures must be Qualified, Prepared, Knowledgeable and Patient. If you have lined up your financing (Qualified) and narrowed your search to two or three neighborhoods (Prepared), the next step is to do your homework (Knowledgeable) so that you will know a great deal when you see it. [This is the third of a four part series.]

My buyer [see part one] could make a quick decision on his great deal because he knew the neighborhood, he knew the market, and he knew what it would cost to rehab the property. He had done his research well in advance… and knew a great deal when he saw it.

• KNOW THE NEIGHBORHOOD – You’ve narrowed your search to a particular neighborhood, but now you have to dig deeper. Determine which properties in the neighborhood interest you.

Answer these questions: What distinguishes one home or condo from another? Which locations are most desirable? How much are the taxes and association fees? What can you expect for net rental income? Which properties will have the highest resale value?

Tip: Compare property sizes and prices with net rental incomes. In general, you will find that smaller properties will work out better.

• KNOW THE MARKET – You know what you are looking for; now research the sales price history on these properties. At this point, you will need help.

That’s where I come in. Access to most of the pricing information you need is through a paid MLS service that is restricted to Realtors. I have research capabilities at my fingertips that are not available to you. And I can set you up to receive email alerts of price changes and new listings that fit your search criteria.

Tip: On REO bank foreclosures, you’re looking for the bank to make a major price cut. And when it comes, you’ll know about it.

• KNOW REHAB COSTS – Banks sell their properties “as is”… which means they won’t fix anything that’s wrong with the property.

If you are looking for a single-family home, a professional home inspection is a must. You need to know if you are getting into any serious problems. Your offer can be made contingent on your approval of the home inspection. Then you need to know what it will cost to make the property “rental ready?”

Condos are a little easier in that, ordinarily, you are only responsible for the interior of the unit… you depend on the property association for exterior maintenance and upkeep. Paint, carpeting and furnishings are typical condo rehab expenses.

Tip: You need to know, in advance, the typical costs of rehab. This is where experience comes in… I have a list of typical rehab costs you might run into.

You can see why buying an REO bank foreclosure is not for everyone? Your finances need to be in order; you need to know what you are looking for; and you need to do some in-depth research so that you will know a great deal when you see it.

If you are still with me and you’re thinking: “I can do that!” CALL ME (1-888-494-8654) – I can help you with the research and set up email alerts for you. I also have several home inspectors that I trust… and people who can do the needed rehab at reasonable prices.

In my next post, I’ll explain why you need Patience to buy an REO bank foreclosure.

This is a monumental piece of legislation that will directly affect the housing market. I want to share my insights on how I believe it will affect the market so that you can make informed buying and selling decisions.

Homebuyers: Part of the stimulus package gives first-time homebuyers who purchase in 2009 an $8,000 tax credit. “First-time homebuyer” is defined as someone who has not owned a home for the past three years. Combined with the fact that foreclosure filings during January decreased 10% from December 2008 and that some sales in December of 2008 rose 6.5%, we will see prices at the lower end of the price spectrum stabilize. The really great deals will likely be snapped up in the next few months and we should see a price increase in December of 2009 as those who wait will rush to buy before the $8,000 credit is gone.

This will also help clean up some of the problem loans, short sales and foreclosures that have been a drag on home prices.

Three to six months from now we will see this start to move up to a little higher price range and by the end of the year, prices will stabilize in large mid-priced homes. High-end homes will be the last to stabilize sometime in 2010.

If you are thinking about buying, now is the time. Don’t wait and end up wishing you had taken advantage of this opportunity.

Home sellers: If you are selling in the lower price ranges, you can expect to see increased activity and, if your home is reasonably priced, you will get it sold very close to that price.

If you are not at the low end of the market, and do not have to sell, my advice is to wait twelve to eighteen months, you will get a better price. If you have to sell now, price it right and get it sold now as we could still see a drop in value in the mid and high-end price ranges over the next 3 to 6 months.

If you want to talk further about the impact of this stimulus package, give me a call (toll-free: 1-888-494-8654) or drop me an email about your situation and I will give you my recommendation. Also check back here on a regular basis for updates on what is happening in our real estate market.

Do you have what it takes to buy an REO bank foreclosure in Myrtle Beach?

When word gets out about some of the great foreclosure deals buyers are finding in Myrtle Beach, folks think - “How can I get in on one of them?”

Here’s what it takes to buy an REO bank foreclosure. You must be Qualified, Prepared, Knowledgeable and Patient. If a buyer is Qualified, the next step is Preparation. [This is the second of a four part series.]

Buyers must be Prepared – Ask yourself these three simple questions.

• WHY do I want to buy property in Myrtle Beach? There are only three reasons to buy real estate: Personal Use – “I love it! Have to have it!”… Investment Income – “I want a positive cash flow.”… and Investment Appreciation – “I want long term capital gains.”

Some buyers want it all – they’re convinced it’s out there, spin their wheels, and end up frustrated… with nothing. Decide on your primary reason for buying – a family vacation home at the beach, an investment property that will pay for itself, or an investment property with future retirement in mind?

• WHAT kind of Myrtle Beach property am I looking for? In Myrtle Beach, there are essentially two types of property: single family homes and condos… and these come in all sizes, styles and price ranges.

Decide on your type (home or condo), then add your lifestyle (beach, golf, or residential), then narrow the field further by determining your price range. Add $25,000 to the maximum price you can pay. You don’t want to miss out on property that you might be able to negotiate down into your price range.

• WHERE in Myrtle Beach do I want to focus my attention? Location, location, location. The Grand Strand is 60 miles long and is easily accessible from locations 10-15 miles inland… and everyone has definite preferences.

Once you’ve narrowed down the basics – North Strand, Central Strand, South Strand or Inland – then it’s time to begin to focus your attention on specific developments / subdivisions that fit your criteria. And this requires first-hand familiarity with the various neighborhoods in Myrtle Beach.

Are you beginning to see why buying an REO bank foreclosure is not for everyone? If you are qualified, then you need to be prepared. That requires some work, but I can help you. The easiest way is to work through the why and what questions yourself and then CALL ME (1-888-494-8654) – I can help you with the where question.

After we’ve talked it through, I’ll recommend that we do a scouting tour of possible neighborhoods as soon as possible. The goal would be to focus attention on 2-3 neighborhoods until you find a great REO bank foreclosure deal.

In my next post, I’ll explain how to become Knowledgeable – so you’ll know a great deal when you see it.

Do you have what it takes to buy an REO bank foreclosure in Myrtle Beach?

These days we’re seeing a lot more REO bank foreclosures for sale in Myrtle Beach. Buyers are finding some great deals. Recently, one of my clients bought just what he was looking for – in great condition, at an amazing price. But his experience reminded me again that buying an REO bank foreclosure is not for everyone.

Here’s what it takes to buy an REO bank foreclosure. You must be Qualified, Prepared, Knowledgeable and Patient. [This is the first of a four part series.]

Buyers must be QUALIFIED – Here are three simple questions to ask yourself.

• Can I afford to buy property in Myrtle Beach? Banks require that you supply a “pre-approval” or “proof of funds” letter with your offer. Line up your finances first – even before you begin to look. Everyone’s finances took a hit in 2008. If you still have great credit or cash available, you’re able to buy.

• Is this the time to buy property in Myrtle Beach? I think folks will look back at 2009 and say, “I wish I had bought property then – when prices were low, interest rates were low, and there was a lot of property to choose from.” Do you agree? If you do, you’re ready to buy.

OK – you’ve lined up your finances and you believe 2009 is a great year to buy property in Myrtle Beach. Now it’s crunch time.

• Can I make a quick decision to buy a specific property in Myrtle Beach? Great deals don’t last long and local investors have a real advantage.

On the deal I mentioned above – we found the property at 7:00 am… did a walk-through at 9:00 am… priced out the costs of making the property “rental ready” by 12:00 noon… wrote up an offer with proof of funds by 2:00 pm… and received an accepted offer back from the bank by 4:30 pm. The entire process took less than 10 hours.

Someone else’s buyer made an offer at 9:00 am the following morning… but it was too late. We already had an accepted offer.

So what do you think… are you QUALIFIED to buy an REO bank foreclosure? If so, that’s the first step. Now you need to think about preparation, knowledge and patience. In my next posting, I’ll explain what it takes to be PREPARED.

Can’t wait to find out more? Call me at 1-888-494-8654. I’d be happy to talk you through the process… and help you find a great deal.

There are three – no four – reasons to buy property in Myrtle Beach in 2009: personal use, income, appreciation, and bargain prices. Savvy investors are picking up great deals now… that will pay off for them later.

Here’s what they’re finding:

1. Personal Use – Beach Homes – Looking for your dream vacation / retirement home… one that suits your lifestyle and family needs? Beach home buyers want to build memories and leave a legacy for their families. They are finding their dream beach homes in all price ranges.

2. Income – Positive Cash Flow – Investment properties that operate in the black are harder to find at the beach. Single family homes under $150,000 in the country are the best place to look. Savvy investors are finding great buys at foreclosure prices.

3. Appreciation – Long Term – Looking ahead to retirement in 3-5 years? Buyers who are planning to retire in Myrtle Beach are making their initial investments now. They expect prices to be a lot higher in the future and are taking advantage of today’s low prices.

What’s the fourth reason to buy property in Myrtle Beach in 2009?

4. Bargain prices – Buy low / Sell high – Foreclosures and developer closeouts have driven the prices of all real estate down to the lowest level we’ve seen for years. Large inventories mean that buyers have a large selection of properties to choose from… something for everyone. And rock bottom interest rates are an added incentive.

So what’s your reason for looking at Myrtle Beach real estate – personal use, income, appreciation? Let me help you find what you’re looking for. It will save you a lot of time and money.

Call me, toll free, today at 1-888-494-8654, Ext 1… or, email me at Barbara.Chartier@century21.com You’ll be glad you did!