Buying opportunities for first-time home buyers in Myrtle Beach have never been better. Prices and interest rates are low; there is a wide selection of homes to choose from; and Congress is giving first-time homebuyers an added incentive – an $8,000 tax credit.

Twenty-three percent of adults plan to purchase a home in the next five years, and more than half of them (53.5%) are first-time home buyers, according to a survey commissioned by Move Inc., the operator of National Association of Realtors’ Realtor.com Web site.

Despite today’s challenging market conditions, 18.1% of adults plan to buy a home this year in order to take advantage of the $8,000 tax credit.

So… are you ready to make the move? You might be, if you:

1. Are familiar with the market. If you’ve been paying attention to how much houses are listed for in the neighborhoods you’re eyeing and have a realistic view of how much a house will cost you, you’re in good shape. But if you’re dreaming about that big corner house with no clue about its asking price, you may want to spend some more time becoming familiar with the market and how much houses are going for.

2. Have the money for a down payment and closing costs. The down payment is a percentage of the value of the property. Freddie Mac says the percentage will be determined by the type of mortgage you select. Down payments usually range from 3 to 20 percent of the property value. Also, you may be required to have Private Mortgage Insurance (PMI or MI) if your down payment is less than 20 percent. Closing costs include points, taxes, title insurance, financing costs and items that must be prepaid or escrowed and other settlement costs. You can expect to pay between from 2 to 7 percent of the property value. Generally, buyers will receive an estimate of these costs from your lender after you apply for a mortgage.

3. Know how much you can afford. Freddie Mac says that as a general guide, your monthly mortgage payment should be less than or equal to a percentage of your income, usually about a quarter of your gross monthly income. Also, your income, debt and credit history go into determining how much you can borrow. As a general rule, your debt — credit card bills, car loans, housing expenses, alimony and child support — should not be more than about 30 to 40 percent of your gross income.

4. Know what additional expenses will come with owning a home. This includes homeowner’s insurance, utility bills, and maintenance costs — roofing, plumbing, heating and cooling.

5. Have your credit in good shape and make sure your credit report is accurate. Potential lenders will view your credit history — how much debt you’ve accrued, how many accounts you have open, whether your payments are made on time, etc. — to determine whether they’ll give you a loan. You should get a report from each of the three credit reporting companies: Equifax, Experian, and Trans Union.

6. You haven’t made any recent major purchases, particularly a vehicle. If you do, you may have a harder time getting a loan — or it could potentially lower the amount you’ll be approved for.

2009 is a terrific time to buy property in Myrtle Beach, especially for first-time home buyers. If you are planning to purchase a home this year, check out my free “Guide for First-Time Home Buyers.” It has all the information you need to get you started. Click here to order.

Resources: Move.com and Realty Times

Home owners in Myrtle Beach are competing with professionals - banks and developers - to attract buyers. Buyers are looking for bargains and the pros are giving them what they want. In order to stay in the game, you must offer your property at a great price. But you can beat the pros in 30 seconds by offering great value as well.

First impressions will make or break your home sale. Bargain pricing can generate buyer interest, but then it’s “show time.” Buyers want great looking homes in move-in condition. You have 30 seconds to outshine your competition… to show a buyer why your home is the best value for the money. When buyers walk in the door, it only takes them 30 seconds to decide if your home is the home for them.

Staging your home to accentuate its true value can convert showings to offers. Here are five simple things you can do to showcase your home.

1. Pack Up Early: Most people pack after their home has sold… but why not get a head start now? You’re going to have to pack anyway. Rent storage space or set aside a place in the garage. You’ll be moving soon, so this is your chance to box and label your belongings to make your move to your new home a lot easier.

2. Clean Everything: Clean floors, baseboards, ceiling fans, kitchens, exhausts, appliances, cupboards, bathrooms, tubs, showers. Clean the windows. Clean every exposed surface in the house. Clean inside and outside. Eliminate all odors. Clean houses are more appealing… buyers assume that clean houses are well cared for.

3. Eliminate Clutter: Getting rid of clutter is just as important as cleaning… in fact, they go together. You’ll have to move your clutter anyway in order to clean your exposed surfaces. Why not move them only once? If you haven’t used an item in the last month, pitch it… or pack it away. Remember, you are selling space, not your things.

4. Remove Excess Furniture: Less is more when it comes to furniture. Keep the basics and get rid of the extras. Then rearrange the remaining furniture to create more space. Try different room arrangements until the room looks spacious and open to you. Less furniture means more space… that’s what buyers are looking for.

5. Paint It: A simple, coordinated, neutral, color scheme will make your house look larger… brighter… more appealing to buyers. Why? Because buyers can move right in without having to do anything. You may be able to clean, patch and touch up your walls if you already have a neutral color scheme. However, consider re-painting rooms with bright colors and bold patterns… buyers consider these rooms as more work for them.

Beating the pros and getting your home sold quickly means competing at a professional level. Give buyers what they want - a bargain price for a like-new, model home.

For more information, click here to order my free special report, “7 Insider Secrets On Showcasing Your Home For a Successful Sale.”

“When Irish eyes are smiling, Tis like a morn in spring.”

Paddy was driving down the street in a sweat because he had an important meeting and couldn’t find a parking place. Looking up to heaven he said, [read more…]

SPRING IS THE PRIME SELLING SEASON IN MYRTLE BEACH. If you want to sell your home or condo, now is the time. But please be aware: the real estate market in Myrtle Beach has changed dramatically. Buyers are looking for bargains and ignoring everything else.

YOU WILL GET THE BEST POSSIBLE PRICE FOR YOUR HOME / CONDO IF YOU GIVE BUYERS WHAT THEY WANT… NOW.

Bargain Hunting: Buyers always want to get the most for their money. They always have. But now they are looking for real bargains. Why?

• Buyers are afraid that prices will go lower. They want a built-in price cushion from further market declines. Most analysts agree that prices will be lower a year from now.

• Buyers are picking only the best properties… price, location, condition. They have a lot of homes to choose from… some of them brand new builder closeouts.

• Buyers are few and far between. The lending freeze has shut out many would-be investors. Cash is king… with the exception of first-time homebuyers. But Myrtle Beach is primarily a vacation / second home market.

Bargain Pricing: Serious sellers need to stay ahead of the competition and give buyers the bargains they are looking for. Who’s your competition?

• Sellers are competing with banks and builders in today’s market place. Banks are trying to unload their foreclosures and builders are trying to unload their spec properties. And that’s where buyers are looking for bargains… and finding them.

• Time works against sellers in a declining market… prices will be lower a year from now. The quicker you sell; the better price you will get. An offer that may seem low to you today, will look great a year from now.

• Banks and builders are serious sellers; they understand this market dynamic. That’s why they are bargain pricing.

Bargain Selling: In a declining market, properties priced at or above the market are priced to sit… not sell. Why? Because the market keeps moving lower… away from the seller. Most properties on the market today are overpriced… they just sit there with little or no activity. That’s bad news for the sellers because time is their enemy.

Pricing to sell requires both fact and forecast. You need to know where prices are now, and predict where they are going.

• Research your neighborhood; find the lowest priced listings for comparable property. Watch out for unsold builder spec properties that may be off the books. The lowest priced properties in your neighborhood are your competition… generally, short sales and foreclosures.

• Determine market direction. Don’t expect the market to recover in the next year or two. Owners are becoming stressed out by the current economic chaos. We are seeing a constant stream of short sales come on the market… and most of these eventually become foreclosures. Government programs don’t help owners of vacation / second home properties. So the market trend is down for the foreseeable future.

• Price ahead of the market. If short sales, foreclosures, and builder close-outs are driving the market, then use your pricing power to attract attention, beat the competition, and get your property sold as quickly as possible.

THE QUICKER YOU SELL… THE BETTER PRICE YOU WILL GET.

CONTACT ME TODAY… I’ll show you how to use your pricing power to get your property sold at the best possible price.

Here’s a summary of my recent blogs on buying REO bank foreclosures. There are some great buys out there for those who are willing to put a little time and effort into finding the right deal. And I’ll guide you every step of the way.

Remember, when you’re successful, I’m successful.

Link to “How to Buy an REO Bank Foreclosure at a Great Price”
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2009 is the year to buy property in Myrtle beach. Don’t miss out on this great buying opportunity. CALL ME today, toll-free, at 1-888-494-8654, or CONTACT ME through my website. I’ll help you find what you’re looking for and negotiate a great price.

Buyers of REO bank foreclosures must be Qualified, Prepared, Knowledgeable and Patient.

• Qualified: Your financing is lined up; you know your price range and can access your funds quickly.
• Prepared: You know what kind of property you are looking for; you’ve narrowed your search to two or three neighborhoods and understand the differences within each neighborhood.
• Knowledgeable: You will know a great deal when you see it because you’ve researched the history of actual selling prices and are following new listings and price changes daily.

Now you need PATIENCE. My buyer [see part one] followed the market for over a year before he found what he was looking for. And when he did, he bought it in less than 10 hours.

My buyer was looking for a single family home as a rental property investment. And he was watching the REO bank foreclosures in his neighborhoods and waiting for a bank to make a dramatic price cut – below current market price – that would give him a positive cash flow and instant equity.

Why would a bank sell its property below current market price? Because they want to unload the property… just get rid of it.

With all the foreclosures on their books these days, banks want to sell them as quickly as possible. Typically, a bank will test the market just like any other seller by competitively pricing their property at, or slightly below, current market price. But if they can’t get the price they’re looking for in 30-60 days, they are often willing to make dramatic price cuts to get it off their books.

The Loss Mitigation Departments of banks are regional and are dealing with thousands of foreclosures… they’re swamped. They are trying to reduce their bank’s losses as much as possible, but they are also under pressure to clean up their books. In the end, it just gets down to deadlines and numbers for them.

In my buyer’s case: the bank had actually rejected a higher offer by another buyer before they decided to make their big price cut. There really is no way to know what banks are thinking… you just have to watch and wait patiently for the deal you are looking for.

If you have what it takes to buy an REO bank foreclosure, i.e. you are Qualified, Prepared, Knowledgeable, and Patient, then CALL ME (1-888-494-8654) – I’ll help you find what you are looking for at a great price.

The deals are out there; don’t miss out on this great buying opportunity.