It looks as if the debate about the effectiveness of Myrtle Beach open houses as selling tools isn’t going to be settled any time soon. Part of the reason is the difficulty of getting accurate feedback about prospective buyers’ actual behavior as opposed to their intentions. Pollsters do their best, but you have to question the answers they come up with.

A good example was a couple of surveys that tried to pin down how future buyers intended to find their next home. The major online web giant Trulia found that more than 90% of folks who were in the market said they planned to attend open houses as part of their home search! And 62% of U.S. home buyers “reported using/planning to use online sites to find open houses.” If true, that should definitely end the debate. If nearly two out of three buyers are heading to the web to find open houses, when you add in the number who would undoubtedly see street signs or other notices, what Myrtle Beach home seller would choose to ignore what amounts to the majority of potential buyers?

The problem is that a similar study done for the National Association of Realtors® came up with very different results. The NAR found that 44% of buyers used open houses as an ‘information source’—less than half the number Trulia reported. Which survey is more accurate? There’s no telling. But there’s not much question that open houses can benefit prospective buyers. Although the Myrtle Beach internet listings provide an efficient way to survey and compare descriptions of what’s currently out there, being able to casually pop in and out of several open houses on a Sunday afternoon is a convenient way to get a more in-depth feel for what’s available in various neighborhoods.

The downside for sellers is the usual: the inconvenience involved in getting the property in top condition, making sure that pilferable objects are securely out of reach, and having to vacate the premises for the duration. On the other hand, opening the property to prospects who might not yet be as committed to buying as those who seek showings through their real estate agents is a way to widen the field of possible buyers—especially true for some Myrtle Beach properties which don’t photograph as well as they show in the flesh.

And it’s definitely a marketing plus—a foolproof way to bring wide attention to the fact that yes, the house is seriously up for sale! When the subject comes up, neighbors and passers-by are more apt to make a mental note of the house over on the next street that I remember is for sale. More than one home has been sold because a friend of a neighbor has an aunt who’s been looking for a place…

An open house can be one useful marketing tactic—but like all others, whether or not to use it is the client’s choice. If you are contemplating marketing your own Myrtle Beach home, or are soon to be in the market to buy, don’t hesitate to give us a call at (843) 796-2111 to speak to one of our Real Estate Experts, or visit our website at www.PlantationRealtyGroup.com

You would think the outside competition for Myrtle Beach foreclosure bargains might have up and disappeared by now…but no! As The Wall Street Journal described it last week, the shrinking number of foreclosure opportunities hasn’t driven Wall Street’s professional investors completely out of the market. But new techniques are altering their approach.

Local Myrtle Beach foreclosure investors have had to worry about a previous incursion by big national private equity investment firms. In the aftermath of the real estate bust, sales of distressed properties assumed an ever-larger proportion of real estate activity. National firms seized on the growing supply of cheap foreclosed homes as a ‘sure-thing’ trade for investment firms backed by money from private equity companies who wanted ‘in’ on real estate.

Wall Street knew full well that depressed real estate prices were a temporary phenomenon. They would swoop down, buy foreclosures en masse, rent them out, and wait for the bounce-back. Myrtle Beach foreclosure investors suddenly had to worry about bargain-hunting by the national firms, instead of just the usual local competitors. It took agility and cash to compete with some very deep pockets. Even where they weren’t active, their impact was felt.

But by last summer, the New York Times was headlining “Investors Who Bought Foreclosed Homes in Bulk Look to Sell.” Where, at the height of the foreclosure onslaught, a full 50% of home purchases was made up of foreclosures and short sales, by this February, the percentage had retreated to barely 11%. Companies like Waypoint Real Estate Group began quietly shopping for buyers as they took their profits and tiptoed away…

So could Myrtle Beach foreclosure investors breathe a sigh of relief, knowing the big boys had carted off their wheel barrows full of cash? You’d think so, but not so fast! The WSJ article describes a new phenomenon from outside. “Racing to Buy Homes Sight Unseen” was the headline. Enter the speed-based investors!

Just as trading firms had developed systems that made equity trading a competition between banks of computers trip-wired to trade at the speed of light, a milder phenomenon is emerging in foreclosure investing. According to the Journal, one example is the investment trust executive who no longer goes to public auctions to find buys. It described a recent morning in which it took him seven minutes to bid on a Georgia home “he had never seen.” He uses a quantitative data analysis program as a way to accelerate searches for the “dwindling supply of available homes that can be transformed into rental properties.” In other words, some of the big buyers are finding ways to stay in the market.

But Myrtle Beach foreclosure investors don’t really need to throw up their hands. Although the data analysis programs are getting better, local knowledge and on-site evaluations should continue to give sharp Myrtle Beach investors the kind of fine edge that national data maps and renovation cost generalizations can never quite match. It’s like the difference between a perfectly-engineered robotic customer service system…and a knowledgeable human: no contest.

Myrtle Beach foreclosures may be less omnipresent, but without question they continue to represent great investment potential—and not just for the national investment firms. If you’ve ever thought you would like to hear more about today’s opportunities, call me for an on-the-ground analysis! (843) 796-2111 

When you Google “seeking the best professional,” in about a half a second you are presented with 403 million candidates (not to play favorites, SearchEngineWise, when you ask Bing the same thing, it gives you a mere 62.6 million…which might actually prove more useful, since it would only take you a little more than a year to scan each for 2 seconds).

Narrowing the quest, when you Google “seeking the best Realtor®,” it gives you just a few less than 2,000,000 likely results. Since anyone seeking the best real estate professional to buy or sell their home isn’t after one eight states away, almost everyone quickly narrows the search to ‘best Realtor in Myrtle Beach.’ That number varies from time to time, but almost always more than 500,000 show up (the ones at the top are paid ads).

This isn’t actually as whimsical a quest as such results suggest: it’s a quite serious undertaking. Even if you are a veteran homeowner—someone who has bought and sold homes multiple times in the past—today’s market is so vastly different from what it was even ten years ago (thank you, Internet!) that you need to connect with a Realtor in Myrtle Beach who will bring you success in this vast new arena. This will be someone whose marketing knowhow is as current as this morning’s Tweet—but whose depth of knowledge and experience in adroitly handling the old-fashioned local workings (and, alas, paperwork) are also encyclopedic. Today, your “best Myrtle Beach Realtor” will have mastered it all.

So, what’s the right way to go about finding her/him? What’s a homeowner or prospective home buyer to do when they are bound and determined to actually find the best professional in Myrtle Beach? There are positive steps to take:

a) Word of mouth: ask around to people whose opinions are substantial. Even if you are looking to sell and someone whose opinion you trust has experience only as a buyer, take the agent’s name. The best Realtors in Myrtle Beach are great on both fronts!

b) When you are out and about in the neighborhood, note the “For Sale” yard signs planted in the lawns of appealing-looking properties. Jot down the agent’s contact number.

c) Check the newspapers (and even notices posted on local store bulletin boards) for open houses…then attend them!

d) Check the Myrtle Beach MLS: see which agents are prominently represented in the Myrtle Beach listings—especially for properties in the same general price range. Look for eye-catching, well-written listings.

And finally, having compiled a list of your likely suspects, take the final and most important step of all:

e) Stop Googling—and start interviewing!

The search for the best Realtor in Myrtle Beach will take a bit of energy—and a bit of your time—but given the significance of the task ahead, is guaranteed to be worth your while.

Since you’ve found my Myrtle Beach blog, I hope you will put me on your list of best Myrtle Beach Realtors—please don’t hesitate to give me a call! (843) 796-2111 or visit our website www.PlantationRealtyGroup.com

Last week, The Wall Street Journal ran an article about personal finances that Myrtle Beach mortgage payers who are at or near retirement age should find thought-provoking. It centered on the idea that today’s retirees are often making a decision that differs from what past generations have chosen.

The basis is twofold. First, it’s undeniable that the 60- or 65-year-olds of today rightly expect a future that’s likely to stretch one or more decades longer than was the case for their grandparents. Improved health care and health awareness have combined to extend life expectancy considerably. The WSJ didn’t mention it, but some quick research reveals that while a baby boomer’s parents (assuming they were born in the 1920's) had a longevity expectation at birth of only about 55 years, the CDC says that today’s average 65-year-old male can expect to live another 18 years—with ladies even out-surviving them by another 2½ years.

Such a radical advance combines with a second development—today’s low mortgage interest rates—to create a shift in thinking by many as they hit retirement age. Experts believe that previous generations tended to feel “they were in the last inning” of life, and thus needed to pick a safe path regarding their residences. Paying off their home’s mortgage was given very high priority—one that was almost universally unquestioned. Home ownership unencumbered by a mortgage was taken to be a sound part of a worry-free old age.

But today’s Myrtle Beach retirees are significantly less defensive in their thinking. According to The Journal, “Maybe their parents paid off the house before retiring, but many baby boomers say it makes more sense to carry a mortgage.” Instead of surrendering their cash or investments, the 21st Century trend is for mature Americans to take advantage of today’s low interest rates. The long time run-up in the stock market has also made the choice that much more appealing.

Myrtle Beach seniors may also be departing from the way previous generations behaved. A Merrill Lynch/Age Wave study in August found that 30% of relocating retirees were moving to larger homes! And let’s face it: the whole notion of retiring is undergoing a transformation as more and more of the 60+ set realize they don’t want (or can’t afford) to quit working altogether. With so many good years before them, many are embarking on new careers—often elatedly following pursuits they’d “never had time for.”

With mortgage rates in Myrtle Beach continuing to roost down in the bargain basement, today’s seniors aren’t alone in recognizing that this spring represents a rare home buying opportunity. If you are coming to the same conclusion, I hope you will give me a call to chat about today’s many Myrtle Beach offerings (843)796-2111!

As most Myrtle Beach homeowners would agree, buying a house is dissimilar from any other kind of shopping—and that’s not just because of the price tag.

When you set out to shop for most everyday items, you usually pick which store you’ll visit first, then survey what they have to offer. If the goods aren’t what you had in mind—or the price seems too high—you hit the next store. We do this without a second thought.

For more important purchases, you’re apt to do some research first. You might search on the web or read magazine reviews to see which brands have the features you want. You may check out customer comments, paying more attention to the ones which sound reliable. You compare prices and delivery specifications, then buy online or find the nearest Myrtle Beach store. When you have the time, this kind of spadework pays off in the quality and value gained.

Buying a Myrtle Beach house differs considerably. If you have any doubts about that, it’s easy to verify. Just compare the process of buying a house with how you approach any other major purchase. Think about buying a new car…

Representation.

When you’re in the market for a new auto, unless your brand loyalty is unshakeable, you’re likely to visit several car dealers, check out prices and features, take a test drive (or many test drives—given today’s prices, that’s not a bad idea!); then sit down and talk turkey with the showroom salesman. If you’re a seasoned buyer, you’ll probably wind up having it out with the sales manager before the deal’s done.

When you’re buying a car—even a Rolls-Royce, which costs more than some houses—no one brings along their agent. When buying a house, you should!

It’s true that some buyers consider letting the seller’s agent put together the deal, but that’s bound to be a huge mistake. That agent is employed to represent the interests of the seller. As buyer, your interests are hardly the same. If someone were suing you, you’d never consider hiring their lawyer to represent you—but when one agent is in charge of the whole process, that’s what happens. It doesn’t make much sense, especially since having your own agent costs you no more (both agents’ commissions are paid from the seller’s proceeds).

Inspection.

When you buy a new car, if you insisted on having your mechanic check out the engine, the dealer would wonder what part of “new” you fail to understand. He would think you’d lost your mind. Yet buying a house without providing for your own thorough inspection would be a very risky move. Although skipping the inspection might save a little money, Myrtle Beach home buyers expose themselves to an array of future problems when they do so.

Pre-Approval.

It’s awkward to go about financing a new car before you know what you want, which is part of the reason dealers have a financing department. When you’re buying a house, the opposite is true. Since some people have an unrealistic idea of their total financial picture (and an incomplete understanding of lending practices), it makes any buyer stronger to appear with pre-approval in hand. Sellers know you’re for real!

If buying a house in Myrtle Beach is on your agenda, having me in your corner will help make it one “shopping expedition” that’s both a pleasure and a success. I hope you’ll call me! (843) 325-5985

A few weeks ago, an eye-catching article surfaced on the Investopedia web site—one with the arresting title of “When is the Right Time to Buy a Home?” I have always assumed that for prospective Myrtle Beach home buyer, the answer to that question varies by the individual circumstances. But if there is a more cut-and-dried universal answer, it would certainly be good to know it. Definitely worth reading.

Despite its name, Investopedia is not an encyclopedic history of investing. Its own history is interesting, though—it started in Canada, was acquired by Forbes, then sold a short while later to ValueClick for $42,000,000 (talk about good investments)!

The article that was to supply the answer to “When is the Right Time to Buy a Home?” did turn out to have the right answer, though it’s a little less definitive that you would hope—prospective Myrtle Beach home buyers don’t get the simple “NOW” or “LATER,” which would be most useful. However, before the final answer is presented, scattered between the many ads and other clickbait that apparently pay for Investopedia are some interesting current facts and observations, and several cop-outs.

When it comes to the big question, “When is the Right Time to Buy a Home?” by halfway through the article, it’s looking a bit more like “now” than “later.” It cites The National Association of Home Builders’ Housing Opportunity Index, which now finds that nationally, the majority of homes are affordable for families earning a median income of $63,900. True, most Myrtle Beach families don’t earn exactly $63,900, but still, it’s good to know. Reading on, we learn that this level of affordability has been better in the past, and might be better later “unless mortgage rates move higher in the future.” Since elsewhere on the site we find that “the consensus is that interest rates will rise,” it doesn’t take Sherlock Holmes to deduce where “When is the Right Time to Buy a Home?” is leading.

Or so you might assume, before the article quotes a saying on Wall Street: Don’t try to time the market, which Investopedia advises also applies to real estate. Oddly enough, it also says, “If you’re looking for an edge, interest rates are near historic lows so now appears to be a better time than most for purchasing a home.”

That’s a pretty strong hint, but the answer isn’t spelled out. Yet. There follow some bits of good advice (hire an inspector prior to purchasing a home; don’t buy a car while your credit is being checked; inquire about taxes) before we get to the ultimate heading, “THE BOTTOM LINE.” It took a while, but here is the advice Myrtle Beach readers would have been looking for all along, bottom-linewise.

Investopedia’s answer for “When is the Right Time to Buy a Home?” is a lot more sensible than most: “When you can afford it.”

I couldn’t agree more. Even if all the other factors weren’t as positive as they are today, being able to make a good fit financially is at the top of the list.

If now is that time for you—or if it’s time for you to put your own Myrtle Beach home on the market—it’s also a good time to give me a call (843) 325-5985! 

When the first spring day comes along (as opposed to the first day of spring), a goodly proportion of Myrtle Beach’s residents feel the annual pull toward the garden store aisles. Even those who’ve stoutly resisted ordering seeds, gardening tools, or any of the other back yard paraphernalia the catalogs kept hawking all winter can succumb to this particular Call of Nature.

Burpee, Scotts and Miracle-Gro shareholders can relax: spring has sprung.

The Myrtle Beach spring real estate selling season starts stirring, too, pretty much in lockstep with the appearance of the tulips. Whether or not the tulips have succeeded in poking up out of the ground, it’s a cinch that by this time they will have made colorful appearances on store shelves everywhere, just like the Peeps and chocolate bunnies. Unlike the rest of the early spring’s trappings, though, the spring real estate phenomenon doesn’t disappear from sight once Easter Sunday is a memory. In fact, it picks up steam.

There are any number of explanations why spring real estate in Myrtle Beach is always expected to ramp up. Part of the reason is the calendar. For families with children, if a move is going to involve a change in school districts, summer vacation is the least disruptive time of year for it to happen, so spring is the time to start house hunting. Part of the reason is due to the comparative difficulty of selling a home in wintertime: not only can foul weather make it harder to keep a home at its showy best, it also can throw a monkey wrench into property maintenance and the few cosmetic fixes that almost every home could use before it hits the Myrtle Beach listings. The result is a certain amount of bottled-up inventory that bursts onto the scene all at once—and springtime is the single time of the year when that happens.

Then there is the automatic momentum effect. When you sell a Myrtle Beach home, most families need to turn around and buy the next. The National Association of Realtors® tells us that the spring real estate selling season may actually be stronger than the numbers indicate, because many sales that really did begin “in season” don’t actually close until summer begins. Spring real estate as a phenomenon is “real” enough that you can’t blame them for lines like “Spring brings rain and flowers—and possibly extra green in the final sales price of your home.”

The spring real estate selling season is indeed underway, so if you are planning on listing your own Myrtle Beach home anytime soon, now is a great time to give us a call at (843)796-2111 or visit our website at http://www.plantationrealtygroup.com/. It’s the best way to take advantage of the traditional boom in prospective buyers!

“The best real estate value in Myrtle Beach!” is certainly a little bit over-the-top when it’s used in a listing, but in truth, that’s pretty much what most prospective homebuyers in every price range actually hope to find. For homeowners planning to list their own Myrtle Beach homes, it’s good to keep in mind. When home improvement projects are going to be part of the preparations, adding real estate value without inflating the asking price is a goal worth pursuing. 

Since there are so many improvements that could add to a Myrtle Beach property’s real estate value, comparing how they have fared recently when it comes to the bottom line is worth doing.

The Home Office: Myth?

Home office conversions haven’t appeared near the top of major Return On Investment (ROI) analysis lists for very long, so their performance is ambiguous. According to the yearly “Cost vs. Value Report” by Remodeling magazine, home office remodel projects don’t even break the 50% ROI mark. That’s a precipitous fall from earlier projections. I would guess the reason is that the analysts pegged the average cost at $28,000—but with the proliferation of laptops, tablets, and home Wi-Fi, why should a home office cost that much? (As a side note, it’s probably a reasonable guess that the same technological progress has incrementally lessened consumer demand for designated home offices).

Cost Matters in the Kitchen

The kitchen remodel is what most people picture when they think of big home improvement projects, and rightly so. But it’s here that planning pays off: not all kitchen upgrades register as equally good real estate value boosters. The kitchen is already the most complex room in your home, and it’s also a place where you can spend a fortune on fancy appliances and sleek cabinet replacements. The numbers don’t lie: when it comes to kitchens, your best ROI comes through limited budget-conscious projects. Leaders in cost recouping: new sinks, replacement counters, and highly targeted improvements like backsplashes.

Energy-Saving Doors = High Value

Replacing the front door with an attractive, energy-saving variety remains the top dollar-for-dollar investment. It makes sense when you remember how important curb appeal is. A properly insulated and sealed door will also save money by cutting down heating and cooling bills—savings that show up in utility bill receipts when you’re queried on the cost of running your home.

Before you hit the hardware store or call a contractor, remember that maximizing the real estate value return is the ultimate goal. Some home improvement projects won’t add as much value as one might assume, which is why I keep an eye on the latest cost vs. value reports—and share them with my clients!