Improvement in the Myrtle Beach Real Estate Market

Last week several area real estate agents met in Wrightsville Beach to discuss the region’s housing market and make an assessment of what they feel is the future of real estate in the area.

Although they felt we have a ways to go for a full recovery, the general diagnosis was there has been good news in the Wilmington-area housing market.  With the close proximity of Willington to Myrtle Beach, we can extract a similar diagnosis for the real estate market in this area.

We need to remember that this patient (local real estate market) was at one time very ill.

Jim Wallace, the president of Intracoastal Realty referred to what many saw as a recession was in reality a depression in real estate.

The good news is that home sales are up substantially as they compare to last year at this same time.  Wallace sites a 49% increase in his business and JP Real Estate Experts have seen a similar increase.  Wallace also mentioned that current pending contracts are up 64% over this same period last year. “We’re seeing multiple offers again,” Wallace said.

North Carolina real estate agents have formed a panel to study the housing market’s status. This panel gathered for a economic roundtable sponsored by Shipman & Wright LLP in Wilmington as well as several local and national banks and a law firm.

The panel concluded that buyers still remain somewhat cautions even in with improvement in the real estate market.

If you have been following our posts, it should be no surprise that the National Association of Realtors says that 94% of all local home buyers go online to research what they plan to purchase for as long as two years before they call a buyer’s agent.  Once they make the decision to move forward with buying a home, they are looking for a bargain.

There is still a large inventory of real estate property to choose from.

Wallace sites that in the Wilmington market the inventory has fallen to 4,000 homes from a high of 6,000.  Although we have seen a similar drop in the Myrtle Beach real estate market, it is still not the best situation.  A normal inventory is around six months of sales and we are still above that locally.

Once of the major keys to recovery is access to credit.  This applies to both residential and commercial property.  In order for a home owner to qualify for a home loan they need to have extremely clean credit.  JP Real Estate Experts recommend that you take the time to get pre-qualified prior to starting your new home search.

The new home building industry has an even longer way to go before they are in full recovery.  Fewer new homes are being built than ever before.  This makes the existing inventory of homes even more attractive.

The current tight credit situation contributes to local builders getting back to work.  Many builders such as D.R. Horton and Bill Clark Homes are picking up lots in existing subdivision for as little as 30 cents on the dollar.  This is great for construction companies with big pockets, but the small builders can’t borrow the money to take advantage of these deals.

Yesterday’s news sited a record low in mortgage rates and that should be a good indicator for those home buyers with a good credit record.  Banks are working with new home buyers to provide creative solutions to the current financial dilemma.   Mortgage packages that are similar to a construction loan allow a home owner to purchase a home that needs renovations and withdraw the funds as the renovation project is completed.

Appraisals are beginning to reflect an improvement in the real estate market.

In the past most of the appraisal work involved foreclosed or bank owned properties, however, things are starting to change.  Many real estate agencies are starting to see more appraisals for the purchase of homes not in a short sale or foreclosure over the past three or four months according to the North Carolina panelists.

In the Myrtle Beach area we are experiencing an increase in summer reservations for vacationers.  This makes it an ideal time to buy a rental home or beach condo.   Ocean Front Rentals has seen a substantial increase in reservations over the past few years.  Visit MPCondoExpert.com for tips on investing in this type or Myrtle Beach real estate.

The real estate market is gradually starting to improve and we very well may be at the bottom of the current real estate crisis.  Of course no one has a crystal ball but the team at JP Real Estate Experts is optimistic.

Call us today if you are in the market to purchase Myrtle Beach real estate.  This is the ideal time to invest in the real estate market.

Jerry Pinkas Real Estate Team
854 Frontage Road West, Myrtle Beach, SC 29577
(843) 839-9870 ‎

Are you thinking about buying Myrtle Beach real estate?  If so, these helpful tips and tricks will help you make a wise buying decision.  Just by using a few of these very useful resources you can save both time and money in the buying process.  In this post you will discover a few tricks that most Myrtle Beach real estate agents don’t want you to know.

If you are planning to buy a Myrtle Beach home in the near future, you will want to make sure you know as much as possible about the process.  If you are wise, you will have Myrtle Beach Realtor representing you in the buying process (referred to as a buyer’s agent.) But even with this representation, you should learn enough about the Myrtle Beach home buying process to know if your Myrtle Beach realtor is doing an effective job.  Make sure that you get references before you contract with a Myrtle Beach realtor and take the time to contact those references.

Understand The Process In Buying A Myrtle Beach Home

It is surprising how few people do their homework before entering into one of the most important agreements of their lifetime – buying a Myrtle Beach home.  You want to learn about the Myrtle Beach Realtor that is involved in the sale of the property, the location of the property and as much as you can about the house itself before you enter into any kind of an agreement.  This includes the initial offer on the house through closing agreements.  You can avoid expensive mistakes by taking the time to learn as much as you about the entire process.

It is surprising how many buyers go into closing without a full understanding of all of the cost involved.  Often times a Myrtle Beach home buyer focuses on the moving costs, mortgage payments and other expenses directly related to acquiring their Myrtle Beach home and overlook the costs they will incur at closings.  This can cause a problem if you are unable to cover the costs. If you are new to the Myrtle Beach area you may not be aware of home owner association (HOA) dues that will need to be paid at closing.   There may also be HOA assessments.  Ask lots of questions and review all documents prior to the actual closing.

Hiring a Myrtle Beach Realtor as your buyer’s agent will give you a huge advantage when you are in the process of purchasing a Myrtle Beach home.  Always remember that the listing agent works for the seller – not for you.  Do not rely on on the sellers agent to provide you with the right information about the Myrtle Beach home.  A buyer’s agent will work for you to ensure that you have a smooth and easy transaction.  It is their job to look for properties that meet your specifications and to help you negotiate with the seller of the Myrtle Beach home.

Having a good grasp on the terms involved in the purchase of a Myrtle Beach home will help you avoid mistakes. Read our article on real estate terms and don’t be afraid to ask for clarification from your Myrtle Beach Realtor if you don’t fully understand the process.

Make sure that the location of the Myrtle Beach home fits into your lifestyle.  Do you plan to have children in the future (or already have children)?  You will want to look for areas with good schools and low crime rates.  Is retirement in your near future?  You may want to consider a golf community or an area with fewer young people.  Write down your 5 – 10 year goals and make sure that your new Myrtle Beach home fits into those goals.

Are you looking to invest in a Myrtle Beach home?  Is your goal to turn the property around and sell it or are you looking to rent the property to seasonal vacationers?  You will want to network with other Myrtle Beach real estate investors.  You can gain a lot of information from their experience and avoid mistakes they have made.  You can find local groups on websites like Meetup.com.  Also, your Myrtle Beach Realtor can help you make connections that will keep you on alert for new opportunities to invest.

Before you start the process of contacting a Myrtle Beach realtor and looking for a home, it is a good idea to know your credit score. Being pre-approved for a certain amount is the ideal situation.  Sellers are more likely to take an offer seriously if they know that you have the resources to make the deal happen.  However, buying a Myrtle Beach home can take time and things changes.  Keep an eye on your credit score and make sure there aren’t any errors that crop up on the report.  Even a change of as little as 2 points can cost you the Myrtle Beach home of your dreams.

Buying Myrtle Beach real estate is a huge decision and should never be taken lightly.  One of the first decisions you should make is the area in which you want to live and how that fits with your life goals.  Ask your Myrtle Beach realtor about the area and get their opinion on the homes offered in that neighborhood.

Use these tips to ensure that you get the very best deal possible on a Myrtle Beach home, in the right location and know that you have all of your bases covered.

The JP Real Estate Team are experts on the Myrtle Beach area and would love you help you find our dream Myrtle Beach home.

Jerry Pinkas Real Estate Team
854 Frontage Road West, Myrtle Beach, SC 29577
(843) 839-9870
‎homeguidemyrtlebeach.com

Your Myrtle Beach Home Experts! 

Purchasing Myrtle Beach real estate will in all likelihood will be the largest investment anyone makes in their lifetime.  With that in mind, it only makes sense that you ensure   that have the best information in order to make the very best decision possible.

Tips to Make Your Myrtle Beach Real Estate Dream A Reality

#1 Do your research on the neighborhood.  There are certain aspects of the neighborhood you will want to investigate:

• Are there good schools.  Even if you are past the age of raising children, you will want to consider this aspect for future resale value of the home.  High test scores is a good indication that this is a good neighborhood for families.
• Is there convenient shopping? In the Myrtle Beach area you will want to consider traffic patterns and the ease of getting to local grocery and drug stores.
• What is the crime rate of the neighborhood?

These are all things that indicate whether the home you are considering is a good Myrtle Beach real estate investment.

#2 Hidden assets make your Myrtle Beach real estate investment a wise choice in the long run. Look for homes with good insulation, central heating and air conditioning, and energy-efficient windows.  Not only will this improve the resale value of your investment, you will also save on your electric bill over the life of your Myrtle Beach real estate home.  By paying a little more now for a home with these enmities, you will save money in the long term.

#3 Never settle for less in your Myrtle Beach real estate investment.  You want a home that is perfect for you and your family.  You have dreamed of what you want in a new home and maybe you have even posted photos of what you want on Pinterest.  This is huge decision that you will have to live with for several years to come.  This purchase will have an impact on your lifestyle and your future finances.  Do not compromise on your dream.  If you settle for Myrtle Beach real estate investment that is not exactly what you want in order to speed up the process, you will regret your decision in the long run.  Take your time and don’t be pressured into buying a “good deal” when it is not exactly what you want.

#4 Factor in your livening expenses.  If you are currently renting, it is easy to look at the payment of the Myrtle Beach real estate investment and see that it is lower than your rent and assume that it is within your budget.  You will also need to consider taxes and insurances that you are not currently paying if you are renting. Also, the utilities will usually run higher on a home than on an apartment or condo rental.  Be sure and consider future repairs and upkeep.  You can’t pick up the phone and call the landlord when something goes wrong.

You will need to research the home owner association dues.  The majority of homes and condos in the Myrtle Beach area fall under some HOA.  You will want to factor these dues into your monthly expenses even if they are due only once a year.  What restrictions do they place on your Myrtle Beach real estate investment?  Can they assess your property for items such as the upkeep of common areas?  How much can they assess you?  An unexpected assessment can really through a wringer into your budget.

#5 What are the prices of other homes in the neighborhood?  You don’t want to overpay for your dream home (even if it exactly what you dreamed of!)  Ask your Myrtle Beach real estate agent what other homes in the area have sold for recently.  You will want to take into consideration additions to the home, such a pool or a hot tub, but the offer you make on the home should be within the price range of others that have sold in the area.

While you are in the market of a new home, you will want to visit open houses frequently.  This is a great opportunity to take a look at other Myrtle Beach real estate properties and learn about what makes them a good purchase.  This will also give you some great home decorating ideas.  The listing agent that is hosting the open house will point out the special features of the property and give you ideas on what to look for in other Myrtle Beach real estate properties.

Purchasing Myrtle Beach real estate is truly a part of the American dream.  It is huge investment and something that should not be taken lightly.  Selecting the right home that also has the right price can be overwhelming.  You will want to work with a Myrtle Beach real estate agent that has your best interest at heart and understands exactly what you need.  Take the tips in the article and their great advice and you will soon be living in your Myrtle Beach real estate dream!

Call us today to make buying your Myrtle Beach real estate dream a reality!

Jerry Pinkas Real Estate Experts
854 Jason Blvd #G, Myrtle Beach, South Carolina 29577
(843) 839-9870
‎homeguidemyrtlebeach.com

Sunday’s Sun News had a great article with some great tips for selling your home.  The JP Real Estate Experts thought they were worth recapping on our blog. This is the time of year when buying activity traditionally starts.  If people have children in school, they want to make the move over the summer before school starts in the fall.

If you are trying to sell your Myrtle Beach home there are steps you can make to make your Myrtle Beach home attractive to a potential buyer.  Without taking these necessary precautions, you are wasting your time and the time of your Myrtle Beach Real Estate agent.

5 Must Do’s for Myrtle Beach Home Seller

#1 – Remove clutter and smell – we have mentioned this one in our previous articles.  A potential Myrtle Beach home buyer needs to be able to envision themselves living you the Myrtle Beach home. When the seller leaves personal photos, mementos and other items scattered throughout the house, it is hard for a potential buyer to imagine making the Myrtle Beach home their very one.  Rent a storage unit and remove all personal items from your home.  This will also help you to become less sentimental about the home which will make it easier when it comes time to go to closing.

Pet odors are a huge deterrent to selling your Myrtle Beach home. Also, cigar or cigarette smoke.  Many buyers will walk out immediately if they smell any strange odor.  Consider having your home professionally cleaned prior to listing it for sale.  If necessary, have the carpets cleaned to remove odors.  Often we are used to the smell of our homes and don’t notice the smell if it is subtle.  Have a friend come into your home and tell you if they smell anything when they first enter the house.

#2 Misleading or false advertising – make sure that you and your Myrtle Beach real estate agent are honest and upfront with any listing information.  A room cannot be categorized as a bedroom unless it has a window and a closet.  If there are repairs that need to be done and you don’t have the funds to do the requirement maintenance, be upfront in disclosing this information.  In most instances the potential Myrtle Beach home buyer will have the home inspected and these repairs will come to light and could cause the closing to fall through.  It is better to be up front with any needed maintenance on your Myrtle Beach home.

#3 Are you committed to selling your Myrtle Beach home?  Myrtle Beach Real Estate Agents work harder today than ever to get your home sold.  If you are just testing the waters and are not serious about selling your home, then now is not the time to list your home.  Never take a bid on your Myrtle Beach home personally. In today’s real estate market many buyers are low bidding just to see if the seller is serious.

Always make sure that you home is ready to be seen.  It is the obligation of your Myrtle Beach Real Estate Agent to let you know when your home is being shown, but it should be ready to be seen at a moment’s notice. In the Myrtle Beach area many potential buyers are from out of state and only have a short period of time to view several listings. You don’t want to miss out because your home was not ready to be seen.

#4 Overpricing your Myrtle Beach home – We all think that our home is worth more than what we can reasonably expect to receive in a sale.  If your home is listed too high, you will not generate any interest. Your Myrtle Beach Real Estate Agent will have information about similar homes in your area which will give you a good starting point.  If your Myrtle Beach home is at or near market price, it stands a high probably of being sold.

#5 Staying in your Myrtle Beach home during the showing – This will only agitate a potential buyer.  A buyer wants to have the freedom to view the home at their leisure. They don’t need your narrative on why the home is a great buy.  You don’t want to come across as anxious or in a hurry to sell your home, this will definitely hurt negotiations on the price.  Visit the neighbor, go out for a cup of coffee, anything to stay away from your home during the showing.  Your Myrtle Beach Real Estate Agent will keep you informed of any feedback from a potential buyer.

If you are ready to list your Myrtle Beach home, give us a call.  We can help you make sure that your home looks its best to a potential buyer.

Jerry Pinkas Real Estate Experts
854 Jason Blvd #G, Myrtle Beach, South Carolina 29577
(843) 839-9870
‎homeguidemyrtlebeach.com

Many people are hesitant to list their homes because they are not sure what their Myrtle Beach home is worth or what amount they could expect to obtain from the sale of their home. It would be nice to have a check list that you could check the value prior to calling a Myrtle Beach Real Estate Agency.  If you overestimate the value of your home, you will not attract the potential buyers you are seeking and many Myrtle Beach Real Estate Agencies will not waste their time listing your home if they feel it is overvalued.  On the other hand, underestimating the value of your home may bring you a buyer but you won’t have enough in the offer to cover your expenses at closing and still leave you with enough money to relocate.

6 Ways To Determine The Value Of Your Myrtle Beach Home

#1 Give your property details online to a website such as MyrtleBeachMarketValues.com.  Make sure that you list any special features of your Myrtle Beach home like a pool, hot tub or that it overlooks a lake, had a screened in sunroom, etc.  This will give you a fairly good idea of where to start your ground work on determining the value of your Myrtle Beach home.

#2 Contact your Myrtle Beach Real Estate Agency and ask for a listing of Myrtle Beach properties that have sold in your neighborhood in the last six months.  They should be able to email you this information.  You will want to start a spreadsheet and do some comparative analysis.  In one column put the list price and in the next column add the transaction price of the Myrtle Beach home.  Then calculate the difference.  Believe it or not, some Myrtle Beach properties will sell for more than the listing price.  This is primarily caused by a foreclosure and the mortgage company listed the Myrtle Beach home at a lower price to ensure that it would sell.  This often starts a bidding process that drives the price of the home higher.  If you see that houses in your area are selling for considerably less than the listing price this may indicate a lack of demand or interest in this sector of the housing marketing.

#3 The next thing you will want to add to your spreadsheet is a column for the date listed and a column for the date sold of the Myrtle Beach home.  By subtracting these two dates (yes you can use dates in a formula in a spreadsheet), you will determine the amount of time in days it took to sell the property.  Be careful to use the original listing date and not the date of price adjustments.  This will give you an idea of the interest in the property.  It will also let you know how long you may need to wait to sell your Myrtle Beach home for the amount you would like to receive. Read our article on determining if now is the right time to sell.

#4 You may want to utilize the services of a professional home appraiser which can provide you with this comparative analysis of the market and how your Myrtle Beach home compares to other properties recently sold. A good home appraiser will also point out areas where you can improve your home to make it easier to sell once you do put it on the market.  Keep in mind that a Myrtle Beach home appraiser is not the same as a Myrtle Beach home inspector.  They can’t tell you what needs to be fixed or repaired prior to listing your home.

#5 Add your email address to a watch list that will tell you when a property in your area comes on the market.  You can then add this property to your spreadsheet and track its progress.  You may want to watch for open houses in your area and attend them to get ideas of what you might do to improve the appeal of your Myrtle Beach home to a potential buyer.

#6 Utilize the services of a Myrtle Beach Sellers Agent.  There is no better way to receive valuable insights into the correct pricing of your Myrtle Beach home.  Find a Myrtle Beach Real Estate Agency that has experience in your neighborhood and has a good grasp of the market and can help you determine a selling price that will increase the probability of a sale.

By following these steps you will get a general sense of where Myrtle Beach home prices are headed in the short term.  Make an appointment to meet with a Myrtle Beach Real Estate Agency and ask them about housing trends.  Take the time to do your research before you decide to list your home.  By estimating the value of your Myrtle Beach home you will be prepared to offer a fair selling price that can expect to bring potential buyers.

Call us today for a no-obligation analysis of your Myrtle Beach home.  You will be glad you did!

Jerry Pinkas Real Estate Experts
854 Jason Blvd #G, Myrtle Beach, South Carolina 29577
(843) 839-9870
‎homeguidemyrtlebeach.com

A few short years ago, selling your Myrtle Beach home was easy and usually profitable. In today’s market, that is not longer the case.  To sell your home today, you will need an marketing strategy that is aggressive to attract as many possible potential buyers for your Myrtle Beach home.  The inventory for a Myrtle Beach home is high and the competition for home buyers is rough.  You need to higher an aggressive Myrtle Beach real estate agent who can reach out to as many people as possible.

Tips For Selling your Myrtle Beach Home

This may sound too simple, but you can improve your Myrtle Beach home for less than $20 by simply replacing your light switches.  A dirty, finger print stained light switch is unappealing and will catch the eye of a potential buyer in a negative way.  A new and stylish light switch can raise the overall opinion of the room.  A dirty light switch implies that the room is less than clean.

When you are considering selling your Myrtle Beach home, think of it as a product that you need to market.  Remove sentimental and personal objects such as photographs.  Your goal is for a potential buyer to see your Myrtle Beach home as their own.  Leave room for them to imagine their personal belongings inside the home.  Always keep your home neat and tidy so show that you take good care of your Myrtle Beach home.  Ask a friend to walk through your home and give you honest feedback on things they would change if they were listing your home.

Do not take low offers on your Myrtle Beach home personally.  In many instances a seller will not even bother to respond to an offer that they deem to be unreasonable.  Look at the offer as a starting point for the negotiation process.  Think of this as a challenge on how you can move the buyer in the direction of where you really want to be.  Remember – you have nothing to lose by trying.

Never deal with the buyer’s agent directly. Their job is to protect the best interest of their client.  Always work through your Myrtle Beach real estate agent and leave the negotiating to them.  This is one reason why trying to sell your home on your own, especially in our current economic climate, is not a good idea.

Remove as much clutter as possible from your Myrtle Beach home.  This is also a good way to remove your emotional attachment to your home.  If necessary, rent a storage unit and put all of your personal items away for the time being.  Your goal should be to create space for the potential buyer to visualize how their belongings will fit into your home.

Create a plan before you place your home on the market.  This will save you time and money.  Put your plan in writing and follow through.  List all of the items that need to be repaired or fixed prior to putting your Myrtle Beach home on the market. If necessary, contact local service professionals such as a handyman, painter or roofer and get estimates on what it would take to bring your Myrtle Beach home up to its best.  Create a budget and a time frame for when these items will be completed.

While you are making your plan, you will want to pay attention to the landscaping.  A well –manicured and detailed exterior to your Myrtle Beach home will add to the perceived value of your home.  This will allow you to get the most from your investment.  Always look at your home from the street and see where you can approve the first impression of your home.

Putting these tips and ideas into place can help you sell your Myrtle Beach home for a higher price.  Make a plan and work your plan with the help of a Myrtle Beach real estate agent that is familiar with your area and has a good marketing plan.

Give us a call when you are ready to list your Myrtle Beach home.  We will be glad to help you with ideas on how to best get your home ready for sale.

Jerry Pinkas Real Estate Experts
854 Jason Blvd #G, Myrtle Beach, South Carolina 29577
(843) 839-9870
‎homeguidemyrtlebeach.com

Did you know that there is an average of 9 different providers of services involved in every Myrtle Beach home purchase?  Each of the Myrtle Beach real estate professionals is knowledgeable in real estate lingo.  If you want to be fully informed, you need to familiarize yourself with basic Myrtle Beach real estate terms.  By understanding the relationship between the service providers and understanding their lingo, you will reduce the stress and help you make the right decisions about buying a Myrtle Beach home and increase your confidence.

Basic Real Estate Terms When Purchasing a Myrtle Beach Home

You will want to refer to this list when you are discussing your purchase with your Myrtle Beach real estate buyer’s agent, when you meet with your mortgage company and when you hire service providers such as insurance agents, home inspectors or a handyman service.

Buyer’s Agent – this is a Myrtle Beach real estate expert who is specifically trained to work with someone buying a Myrtle Beach home.  These Myrtle Beach agents have taken specific courses on how to represent, manage transactions and advise Myrtle Beach home buyers.

Mortgage – this is a special type of loan that is secured by the purchase of the Myrtle Beach home.

Loan Officer – a mortgage professional that works for the bank or lending institution who helps you acquiring a mortgage on your Myrtle Beach home.  Depending on who you contact, this may be an independent agent that represents more than one lending institution and can help you find the best interest rate or financing options.

Pre-approval – This is a process that you the buyer will go through with the loan officer to help determine if you are eligible for a mortgage and to what amount.  It is wise to go through this process before you contact a Myrtle Beach Real Estate Buyer’s Agent.

FHA Loan – A mortgage program that is backed by the federal government and will require a small down payment.  This down payment must come from the buyer’s funds and cannot be a loan from a family member or friend.  There are also other criteria that must be met for this type of mortgage.

Conventional Loan – a mortgage program that is NOT backed by the federal government and usually requires are larger down payment than a FHA loan.  There are guidelines that apply and will vary from one lending institution to another.

Showing – You Myrtle Beach Real Estate Buyers Agent will need to schedule a time to view the home and this is referred to as a showing.  This time must be approved by the Myrtle Beach home owner.

Multiple Listing Service (MLS) – This is a huge database that Myrtle Beach real estate brokers use to “list” all of the Myrtle Beach homes they have for sale.  The purpose of the database is to let other Myrtle Beach real estate agents and buyers like you know what Myrtle Beach homes are available at any given time.  This database is also used on internet websites that advertise Myrtle Beach homes for sale.  You can sign up here to have listings sent to you daily that meet your specific criteria for a Myrtle Beach home.

Comparative Market Analysis (CMA) – A Myrtle Beach Real Estate Buyer’s Agent will run a report through the MLS to obtain the sales history of a specific area or a specific type of home that you as a buyer may be interested in making a purchase.  The Myrtle Beach Real Estate Agent can also run this report for a potential seller to determine the price point for listing the Myrtle Beach home.

Short Sale – this is when a Myrtle Beach home owner will offer to sell their home for less than is owned on the property to avoid foreclosure.  This type of sale is contingent on the mortgage holder approving any offer placed on the Myrtle Beach home.

Foreclosure – these are bank owned Myrtle Beach home where the Myrtle Beach home owner has defaulted on the mortgage and in most cases walked away from the home.  You will want to read our articles on purchasing a Myrtle Beach foreclosure.

Offer – This is the price that you and your Myrtle Beach Real Estate Buyer’s Agent make to purchase the home you have selected.  This offer is not a contract until it is signed by all parties.

Contract – An offer for a Myrtle Beach home that is accepted by the Myrtle Beach home owner and thus becomes a legal contract.  A valid contract must be signed by all parties in the transaction.  This includes the mortgage holder in the case of a short sale.

Deposit – An amount that is agreed upon by the seller and the buyer that the buyer will put down on the Myrtle Beach home to show good faith that they plan to follow through on the contract.  This amount will be held by a third part, usually a Myrtle Beach real estate broker, an attorney or a title company, until the contract either closes or is canceled.  If the contract is canceled by the buyer for a reason that is NOT state in the contract, the money may go to the seller of the Myrtle Beach home since it was a deposit in good faith and the contract was broken.

Closing Date – the date the buyer and the Myrtle Beach home seller agree to sign all of the necessary documents to transfer the title to the Myrtle Beach home to the buyer, complete all of the financial documents and the HUD-1 Settlement Statement.

HUD-1 Settlement Statement – This is a closing document that will disclose all of the money that went in and out – all the debits and credits – of both the buyer and seller.  This shows all of the financial transactions involved in the sale of the Myrtle Beach home.

Possession Date – The date that all parties agree to allow the buyer to occupy the Myrtle Beach home. In the Myrtle Beach area this is usually the closing date unless there are extending circumstances.

Appraisal – A mortgage company will require that a report be done by a professional that certifies the Myrtle Beach home being purchased is worth the amount that is being loaned on the property.  In most instances, the buyer will pay for the appraisal fee and the lending institution contracts with the appraisal company.

Inspection Period – There are several inspections that are recommended prior to purchasing a Myrtle Beach home:

• Whole house inspection
• Pest inspection
• Mold inspection
• Other inspections as recommended by Myrtle Beach Real Estate Buyer’s Agent

The period that the Myrtle Beach home buyer is given for these inspections is referred to as the inspection period.  It is the responsibility of the buyer to pay for these inspections.

Unacceptable Conditions -  ANYTHING that an inspection of the Myrtle Beach home finds fault with during the inspection.  The inspector may find fault with several items in the Myrtle Beach home, but it is up to the buyer to request which items they want fixed prior to purchase.  This will usually change depending on the type of sale (ie Short Sale, Foreclosure or standard sale.)  In most instances, the buyer will only want to insist on corrections to items that relate to safety or health issues such as structural or mechanical problems.  In some instances a foreclosure will be sold “as-is” and the buyer cannot request that problems be addresses.  A home inspection should still be ordered so the buyer knows how much they will need to renovate after the sale.

Closing – At long last, when all the documents are signed and the transaction on the Myrtle Beach home is complete.

This is by no means a complete list, but it will give you’re the basic lingo when you are in the market to purchase a Myrtle Beach home. You will want to make sure you are familiar with all of the details of the Myrtle Beach real estate transaction.

We would love to chat with you about purchasing a Myrtle Beach home.

Call us today!

Jerry Pinkas Real Estate Experts

854 Jason Blvd #G, Myrtle Beach, South Carolina 29577
(843) 839-9870
‎homeguidemyrtlebeach.com

If you have ever gone through the mortgage process, you know that it can be confusing.  The amount of paperwork that needs to be signed, documents to be read and procedures to be followed can be daunting. You would think you were applying for a high security clearance at the pentagon. Even though this process can be confusing, especially for the first time home buyer, there are three terms that you need to make sure you fully understand before you purchase a Myrtle Beach Home.

As a potential Myrtle Beach home buyer, knowing the facts will help you fully understand the commitment you are making.

Myrtle Beach Home Buyers Mortgage Terms

#1 – The word “term.”

In the case of a Myrtle Beach home mortgage, this refers to the length of a mortgage.  This is the amount of time you are allocating to repaying the loan and will be making payments.

In most instances you will have a mortgage that runs between 10 years and 30 years. Not long ago, you could get a 50 year mortgage in the state of California.  If you need to lower your payments, you need to extend the length of the mortgage, however, you will also be paying more in interest.  Ideally you should go with the shortest loan term that you can reasonably afford.  You can literally save tens of thousands of dollars in interest on your Myrtle Beach Home by going from a 30 year mortgage to 20 or even 15 years.

#2 – Understand The Interest Rate

You will want to fully understand how the interest on your mortgage is calculated.  The interest rate is the charges you are paying for borrowing the money from the bank.  It is usually expressed as a decimal such as 5.2 which represents 5.2%.  You will want to clarify whether the interest is fixed or adjustable. An adjustable rate will change at specified times throughout the Myrtle Beach home mortgage.  Many lenders have gone away from an adjustable interest rate because of the problems that were caused in the last housing crisis.  Although they appear attractive at first, they can place your mortgage payment outside of your budget when they are adjusted.  This is what caused some home owners to find themselves in foreclosure.   With today’s low interest rates, there really is no reason to not stick with a fixed interest rate that will not change during the life of the loan.

#3 Myrtle Beach Home Buyers need to understand closing costs

You have settled on the purchase price of a Myrtle Beach home and you know your payments will fit into your budget.  Then you go to closing to find out there are several fees that are rolled into the mortgage that causes the monthly payments to increase.  Don’t let this happen to you.  Make sure that you fully understand all of the closing cost for which you will be responsible prior to going to closing.

What are some closing cost a Myrtle Beach home buyer may face?

• Appraisals done on the house. These are usually required by the bank and can be either a cost to the buyer or seller.
• Attorney fees for a deed search, notary fee and other costs to ensure that you the buyer are buying a home that is free and clear of leans.
• Allocated taxes for the remainder of the year are the responsibility of the buyer
• Home inspection fees if requested by the buyer.

There may be other fees so make sure that your attorney or Myrtle Beach Realty Company has fully explained all the fees prior to the closing date. Be a smart about your Myrtle Beach home purchase – if you don’t know what a fee is for, ask. There are some mortgage lenders that will add an additional fee just to increase the profit on the loan process.  This happen recently to a friend that purchased a Myrtle Beach home but the mortgage holder was in California.  There were fees on the closing documents that my friend did not understand.  She and her husband were anxious to get into their home and did not ask a lot of questions.  When she reviewed the documents later she questioned the fees and found out they applied to California property transactions.  She has been over a year trying to get the fees refunded.  If you are a first time Myrtle Beach home buyer you are anxious to get into your new home, but don’t make the mistake of signing documents you don’t fully understand.

We hope this post has helped you to better understand these key terms and that you will be a more informed Myrtle Beach home buyer.  Just as you shopped around for your dream home, you will also want to shop around for a mortgage lender.  Even  a fraction difference on the interest rate can make a big difference in your monthly payments and how much interest you will pay on your Myrtle Beach home. Remember – it is your money, shop around for the best rate and closing fee structure you can negotiate.

Now that you have negotiated the very best mortgage for a Myrtle Beach home, give us a call so we can help you get the very best price on your Myrtle Beach home purchase.

We are your Myrtle Beach Home Dream Team

Jerry Pinkas Real Estate Experts
854 Jason Blvd #G, Myrtle Beach, South Carolina 29577
(843) 839-9870
‎homeguidemyrtlebeach.com

Are you currently working with a Myrtle Beach Real Estate Agent and are not happy with the results?  Are you thinking of listing your home and are not sure who to hire? Are you getting behind on your mortgage payments and are not sure of your options?

If you answer is “Yes” to any of these questions, you will want to read this review from a recent client – it is long, but worth the read:

What Does A Recent Client Have To Say About Myrtle Beach Real Estate Agent

I’m posting this review in commendation for the outstanding services I received from Scott Dohanish and the Jerry Pinkas team. My house was on the market for nearly three years in Myrtle Beach before I engaged Scott‘s services. After three years and two different agents, I had not received a single offer.

The first Myrtle Beach real estate agent seemed extremely eager and positive about selling my home. Despite assuring me I was appropriately priced for the market at the time, she continued to have me lower the price in very small increments in response to very few showings. When I requested a realtors’ open house, she tried to talk me out of it and alternatively suggested yet another price reduction. When I requested new photos for the summer to more attractively depict the exterior, it took over a week for her to do so and the photos were unacceptably dark, not centered and marred by the inclusion of her open car door sitting in the driveway.

I engaged a second Myrtle Beach real estate agent who also assured me that I was priced appropriately for the market and conveyed confidence that my house would be easy to sell. While his online listing displayed beautiful photos, his write-up was meager and did little to advance the selling points of the house. I suggested an alternative write-up that was eventually incorporated into the listing. Despite an early bustle of interest and showings, there were still no offers. I found myself calling this Myrtle Beach real estate agent at least monthly because had I not done so, he would not have called me. During each call, he insisted I was priced appropriately and consistently gave me assurances that I was the best priced home in my development. Notwithstanding his assurances, I initiated three more price reductions over the course of two years. Moreover, it would take this agent three to five days to return my calls and he never returned a call on the weekend. I had moved to another state shortly after engaging this second agent and rented my house to a very obliging tenant who allowed the house to remain on the market. But because I was no longer residing in the house or even South Carolina, telephone contact with this Myrtle Beach real estate agent was extremely important and I was frustrated by his lack of initiative and diligence in keeping me informed. It was at my suggestion and only through my initiatives that we attempted selling enticements such as a selling agent bonuses, buyer gift cards, detailed flyers available on the front lawn, re-listing the property to bump it up on the hot sheets, and the aforementioned price reductions. All to no avail.

Fully aware that I was in the midst of terrible housing market, I still felt that both agents I had employed were more committed to the inordinate number of buyers flocking to Myrtle Beach in search of a deal rather than helping a single seller move their house off the market. That’s when I did a search on the internet for the top selling Myrtle Beach real estate agent and discovered the Jerry Pinkas team. I was extremely impressed with your firm’s sales, its ties to the community, and experience in beach real estate.

Within 24 hours of requesting more information, I received a telephone call from Scott Dohanish. Unlike both prior agents, Scott had clearly done his homework before ever returning my call. He spoke of my property in detail and even told me he had driven by to assess the outside. Scott provided information about market trends and comparative sales that were current, specific, and quite skewed from the numbers my prior Myrtle Beach real estate agent had been repeating for the past several months.

Scott’s passion for Myrtle Beach real estate was clearly evident, and yet he conveyed personal warmth that made me feel Scott was more interested in helping me sell my house than simply making a commission. He spoke candidly about the current market situation, but still listened empathetically to my personal situation. Scott spent more time on the telephone with me during that first phone call than either of my previous agents had ever spent with me in person. I was delighted when in less 48 hours, Scott had my house re-listed with new photographs, a new price, and a perfectly written description.

Scott kept me engaged throughout the entire listing process by eliciting my feedback and approval. It was clear that Scott understood the frustration of being an out-of-state seller and his efforts to keep me included in the process were exceptionally comforting. Scott returned every telephone call either immediately or before the end of his long working day. During the telephone calls that came after 6:00 p.m., Scott still projected enthusiasm and congeniality that would have been in short supply for most people by the end of a day.

What impressed me the most was how Scott made me feel like my property was his most important and most valued listing. It’s a feeling that was even more pronounced and appreciated because it was completely absent in all the dealings I had with both my prior agents. Scott’s experience and expertise were most evident when after I adjusted the price per his suggestion, there were a multitude of showings and two written offers in just two weeks. Scott’s ability to correctly price the house was verified by my acceptance of an offer that was just a few thousand dollars below the asking price and for an amount that the house almost exactly appraised for prior to closing.

Scott’s attention and support continued throughout the negotiation and closing process. He followed up on each and every item that needed to be completed, signed, or verified, including items that were not his responsibility but rather that of the buyer’s agent. It was clear that Scott wanted to ensure a smooth closing process as much as I did. He kept me informed every step of the way. Scott anticipated potential problems and found solutions before they could escalate into a delayed closing or even a cancelled contract. His meticulous attention to detail not only resulted in a timely and efficient closing, but alleviated a significant amount of stress on my part because I was assured Scott was looking out for my best interests throughout the process.

While I certainly had my moments of emotional outbursts, particularly when a potential buyer withdrew a contract less than 12 hours after presenting it, Scott remained a calming influence with practical advice and sound suggestions that once again were clearly in my best interests. A most impressive demonstration of Scott’s professionalism occurred when I announced my intension to not renew the sales contract with my second agent. I’m a genuinely forthright person, and explained to the second agent my disappointments and frustrations. The agent asked who I had selected as my new agent, and I willingly shared Scott’s name. In an unprecedented return call on the same day, which this agent hadn’t done in two years time when the subject was my home sale, this agent made disparaging claims about Scott. All were unsubstantiated, false, and motivated by emotion that I wish this agent had put into selling my house rather than impugning the reputation of a colleague. I shared some of the comments with Scott because the remarks were clearly false and I believe Scott has worked very hard to earn his sterling reputation in the Myrtle Beach real estate industry. Scott reaffirmed his professionalism by not making any retaliatory comments nor aspersions against this agent but just diligently went about his business of selling my house. This once again demonstrated Scott’s professionalism in the industry and personal commitment to my home sale.

I realize this letter is exceptionally long and detailed, but so has been the process of selling my home. For sellers like myself, this market has been exceptionally challenging and complicated by personal financial concerns and emotional reactions. For nearly three years, all I wanted was a committed agent who could respond to the market professionally while still responding to me personally. It is the least I expected from a Myrtle Beach real estate agent and yet Scott was the only agent I met who fit this bill.

While I am thrilled to have sold my home thanks to Scott’s efforts, I wish I had placed it in Scott’s most capable hands from the beginning. You are fortunate to have someone of Scott’s caliber on your team for he truly exemplifies your mission statement of providing world class service for a truly delighted and raving customer. Please extend my most sincere thanks and appreciation to Scott for all his hard work.

Please also feel free to utilize any excerpts from this letter for purposes of advertising on your website or other means of customer communications. I would also gladly forward this email to any and all accreditation, licensing, review, or other professional consortiums to garner additional recognition for Scott.

Sincerely Joyce Gula

Give us a call so we can help you sell your Myrtle Beach real estate property.

Jerry Pinkas Real Estate Experts
854 Jason Blvd #G, Myrtle Beach, South Carolina 29577
(843) 839-9870

‎homeguidemyrtlebeach.com

Every day there are hundreds of homeowners who are trying to sell Myrtle Beach Homes without a real estate agent to help them.  The easiest and most cost effective way to sell Myrtle Beach Homes is by utilizing the help of a qualified real estate agent, but some homeowners feel they will save money by handling the transaction on their own.

This process is referred to as “for sale by owner” or FSBO and it requires that a Myrtle Beach homeowner not only be knowledgeable in how to market their Myrtle Beach home but also know who is their target market and they must also understand how to handle the paperwork involved in a Myrtle Beach real estate transaction.  Pricing Myrtle Beach homes for sale is not an easy process and you could be leaving money on the table by trying to sell your home yourself.

Services For Selling Myrtle Beach Homes

Yes, there are services that assist with providing FSBOs with the necessary tools for selling Myrtle Beach homes.  These services usually charge a percentage of the sale or in some cases a flat fee to cover their expenses.  The services provided for selling Myrtle Beach homes include flyers, signs for the yard, contracts and an internet link on the service company’s website.  These services do NOT provide information on how to market the home in a way that will attract potential buyers for Myrtle Beach homes.

If you are considering trying to sell your Myrtle Beach home yourself, you will need to take into consideration the steps that need to be taken to sell a Myrtle Beach home and meet the legal and tax requirements.  Here is a list of items needed to sell Myrtle Beach homes (this is not an all inclusive list):

• Binding and legal contract forms for selling Myrtle Beach homes
• Disclosure forms which are mandated by federal law
• Disclosure of any defects in the Myrtle Beach home
• Disclosure of any tax implications, including IRS capital gains requirements
• Who is responsible for real estate taxes
• Any liens against the Myrtle Beach home or any deed restrictions
• Home owner association restrictions

Forms For Selling Myrtle Beach Homes

Many states will make these forms available for home owners who want to see their homes.  You can also find some of these forms at your local office supply outlet.  You will always want to have an attorney review all forms to verify they are legally binding contracts and that they protect you the seller.  An attorney can also determine if they meet all state and federal guidelines.

Keep in mind there are federally required forms such as the Led Based Paint Disclosure form which will result in fines to the Myrtle Beach homeowner if they are not included in the transaction.

Possible litigation issued by angry buyers of Myrtle Beach homes after the closing is a big risk for FSBOs.  This litigation could be initiated due to the failure to properly disclose any needed repairs – even if they were unknown to the seller.  For this reason a Myrtle Beach homes seller should have a home inspection prior to listing their home for sale. A wise Myrtle Beach home buyer will request an inspection, so knowing what repairs are needed in advance is in your best interest.

If you are a Myrtle Beach home owner thinking about listing as FSBO, you will definitely want to contact a tax professional to determine the consequences of selling your home. You will want to ask about capital gains that may result in additional taxes being due at the end of the year.  If you have unpaid real estate taxes, you will want to find out who is ultimately responsible for the payment of these taxes.

Yes selling Myrtle Beach homes by you the owner is possible, but there are many issues that will need to be resolved to be successful and legal with your Myrtle Beach home sale.  Be sure you:

• Contact the right professionals
• Understand all state and federal laws with regards to the sale of your home
• Fully understand the tax consequences of selling your home

We encourage you to give us a call to discuss your listing before you decide to sell your home yourself.  We are the area specialists for selling Myrtle Beach homes.

All consultations are free and confidential.

Jerry Pinkas Real Estate Experts
854 Jason Blvd #G, Myrtle Beach, South Carolina 29577
(843) 839-9870
‎homeguidemyrtlebeach.com