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VIDEO: Why invest in Myrtle Beach?

Thursday, October 6th, 2016

I was recently interviewed by the Myrtle Beach Chamber of Commerce in a video that takes a closer look at some of the investment opportunities the area offers. I wanted to share that video with you today so that you can benefit from the information in it, too. Jump to 1:36 to hear me discuss the benefits of investing in vacation properties in the area.

The Myrtle Beach area includes 12 distinct communities: Little River, Murrells Inlet, Surfside Beach, Pawleys Island, North Myrtle Beach, Loris, Litchfield Beach, Atlantic Beach, Aynor, Conway, Garden City Beach, and Georgetown. Each of these communities offer a variety of opportunities to meet an investor’s needs.

Investing in Myrtle Beach is popular because the area offers a lot of options. Whether you’re coming here to buy a $40,000 condo or rent out a beach house priced over $1 million, there’s a little something for every kind of investor. Myrtle Beach also happens to be the second-fastest growing metropolitan statistical area in the United States.

In addition, the cost of living in Myrtle Beach is six points below the national average, according to the ACCRA Cost of Living Index from July 2014. South Carolina was also ranked as one of the most tax-friendly states in the U.S.

All of this makes Myrtle Beach an excellent area to invest in commercial real estate as well, which includes retail, commercial land and development, manufacturing, and a wide variety of small and large business opportunities.

One of the most popular housing products at the beach are what are called “condotels,” which are individually-owned condominiums that are treated like hotels. Many investors like this because it allows them to invest in a resort community like Myrtle Beach, but be very hands-off when it comes to renting each unit. An investment company handles the rental of the property, while an HOA manages the exterior of the building itself.

With over 17 million visitors annually, Myrtle Beach is also one of the fastest-growing tourism markets in the U.S., meaning that there is high demand from visitors to rent vacation property.

For those looking to invest in Myrtle Beach real estate that want to use the property two or three times per year, owning these units and letting the on-site desk rent it out for you will help you offset your expenses, including the HOA dues and taxes on it. This also makes it the perfect place to park your money while waiting to build up long-term equity. In addition, this is one of the few investments that you can truly enjoy as an investor—in fact, many investors come for a visit and end up buying commercial real estate in the area. They then end up looking for local companies to manage those investments.

Many who want to take advantage of the low real estate prices and low interest rates decide to purchase a second home here in order to retire or relocate to it upon retirement. There are lots of choices for people in this situation, in terms of products like this. We hope that these are good long-term options for investors.

The business leaders in the Myrtle Beach area have put great emphasis on the diversification of the commercial real estate market as well, which includes a newly-expanded airport with growing air service and nearly $2 billion in recent road improvements like the new interstate connection. It’s been a team effort between the city, county and state government, the economic development corporation, the Chambers of Commerce, and the private sector all working together to create a truly business-friendly environment to invest in commercial real estate.

Combining small-town charm with big city properties and amenities, the Myrtle Beach area has the infrastructure and the economic climate to support all business and investment needs. When thinking about investing in beach property, be sure to think Myrtle Beach!

If you have any questions about investing in the Myrtle Beach area, be sure to give me a call or send me an email. I’d be happy to help you!

VIDEO: 5 Smart Strategies For Home Buyers

Sunday, August 14th, 2016

Right now, Myrtle Beach is in a seller’s market, meaning buyers have to work a little harder to find their dream home. Here are five smart home buyer strategies for success:

  1. Make a good first impression on the seller and your Realtor. Here’s what I mean when I say you should make a good first impression on your Realtor: pick one agent to represent you and have a specific list of must-haves for your property. That way, we can show you anything on the MLS that matches your criteria while saving you time and frustration.You should make a good first impression on the seller when you make an offer. We recommend writing a letter to the seller about why you love the house. Those letters do make an impact when it comes time for the seller to accept an offer.
  2. Get pre-approved by a lender. Send the pre-approval letter with your offer. This shows the seller that you are serious about buying their home.
  3. Shop within your price range. Single-family homes in Myrtle Beach are in a seller’s market. Homes are selling fairly quickly in certain price ranges and much faster in others. Shop within your price range. Don’t go 10% over your max budget to look for more options; that will only frustrate you and your agent.
  4. Be flexible. No home is perfect. Even when you build your own home, you will still wish you did some things differently. When you look at homes, look past things like bad wallpaper, carpet, or paint. You can replace those things. Being able to look past those small issues can get you a better value on homes that don’t show well. In fact, homes in older, more established neighborhoods will often get you a better price per square foot.
  5. Be ready. When a home that fits your criteria hits the market, be ready to go look at the property at a moment’s notice. When you find the home you want, be ready to write a strong offer.

If you have any questions about buying in today’s market or about real estate in general, give me a call or send me an email. I would be happy to help you!

VIDEO: How To Pay Off Your Mortgage Quicker

Friday, July 8th, 2016

Did you know that it’s possible to take eight years off your mortgage payments? It’s not magic, but it does require some effort and attention.

So, if you make one additional payment, once per year, you can apply the amount directly to your principal. By employing this strategy, you’ll be able to pay off a 30-year mortgage in just 22 years. You can also write a separate check with your payments each month that is 1/12 your normal payment. After you’ve turned in all 12 at the end of the year, you’re on the same page. You won’t miss that amount as much as a full payment, and you’ll still be able to pay it off in 22 years.

We all want to pay off our mortgage quicker, this is just a simple way to do it. If you have any questions for me or you’re looking to buy or sell, give me a call or send me an email. I would love to hear from you.

VIDEO: What Can You Expect from the Grand Strand Market in 2016

Friday, January 15th, 2016

It’s time once again for the annual Grand Strand market report! What trends have we seen in the Myrtle Beach area lately and what does it mean for our market?

Last year, we saw inventory decrease by 7%. The number that really jumps off the page, however, is the fact that 16% more homes sold in 2015 than the year before. Additionally, the average days on market dropped 4%!

The good news doesn’t stop there: median sales price rose 6% in 2015, from $180k to $192k! The average sales price rose 5%, from $218k to $228k. That’s a healthy amount of appreciation!

These numbers indicate a very, very healthy market. Builders are building a lot of new inventory in the Myrtle Beach area because the demand is there. We’ll be keeping an eye on inventory online to ensure that the market keeps going strong.

As far as condos are concerned, we saw a drop in inventory of 8% in 2015. Sales increased 9% and the median sales price rose 1%, from $114k to $115k. The average sales price rose 3%, so prices remained pretty stable overall.

The condo market typically trails the single-family market, and that’s exactly what we’re seeing here. There were big improvements in the single-family home market, but only minor improvements in the condo market. It’s looking like we’ll continue to see an upward swing in both of these markets as we make our way through 2016.

If you have any questions about where our market is heading, or if you need real estate assistance of any kind, we would love to hear from you!

VIDEO: We Want to Say Thanks!

Friday, November 27th, 2015

Today, we just wanted to take a minute to thank you for your business and referrals!

We all have a lot to be thankful for this Thanksgiving season. I’m thankful for you all! After all, referrals, in addition to repeat business, keep us going. We’re eternally grateful for that.

So, from my family to yours, we wish you a very happy Thanksgiving! We look forward to talking to you soon!

VIDEO: Is It Better to Wait to Make an Offer on a Property?

Friday, November 20th, 2015

Today, I’m answering a question that I recently received from a buyer: “Should I wait to make an offer on a new listing? I love the property, but it just came on the market.” The truth is, if you want the property, there’s no real reason to wait.

Now, you don’t know the motivation of the seller. If you’re a pure investor and you’re trying to get this property at 20% below market, then obviously the seller is unlikely to accept that offer on a two-day-old listing.

If you’re making a fair offer because you know the market and you’ve constructed the offer based on comparable sales, a good listing agent will be able to give the facts to their seller. Hopefully, the listing agent can get your offer accepted, or at least get you a good counter offer.

In my opinion, there’s no reason to wait on making an offer on a new listing. Now, is it possible you could get a listing that languishes on the market for 60, 90, or 120 days on the market for a little bit less? Yes. But if it’s a good listing and the property is priced fairly, it’s not going to last that long.

Ultimately, if you like the property and you’ve done your homework, then don’t wait. Make the offer immediately.

If you have any questions, please don’t hesitate to reach out to me. I would be happy to help you!