Plantation Lakes Blog!

Myrtle Beach multi-family housing is the umbrella term covering all the various kinds of residences that shelter more than one family. Everything from duplexes and homes with guest cottages to apartment complexes fall into the category, which is most often thought of in terms of the solid investment potential it represents.

While Myrtle Beach multi-family housing offers all of the same investment potential and more (the economies of scale can give an apartment building listing, for instance, many times the profit potential of a single family rental), a multi-family residence can also be the pathway to homeownership for a first-time home buyer. You might not think so, but when a prospective buyer will also be resident, standard financing guidelines—even for FHA loans—may apply. The lending particulars vary by a given Myrtle Beach property’s specifics—among other factors, whether or not cash flow-producing tenants are already in place. But the assumption that the higher mortgage amounts associated with multi-family housing opportunities automatically puts them out of reach ain’t (as the song says) necessarily so!

The NAR® finds that some 38% of residences are purchased by first-time buyers—yet it’s a safe bet that most of them would never consider that purchasing multi-family homes could be a great way to own their first home (and even generate some extra income at the same time). To begin to examine this as a possibility, some basic research into some of the key elements of multi-family financing is a logical preliminary step.

Down Payment Options

Today’s loan requirements may be seeing some degree of easing, but most Myrtle Beach multi-family homes listings carry bigger down payments than single residences. Even so, some FHA loans for a one- to four-unit home require just a 3.5% down payment. A variety of other loan programs emphasizing affordable down payment options may also apply.

Cash Reserves Requirements

Some traditional lenders have no specific cash reserve requirements, while the FHA has defined guidelines. For one- or two-unit properties, buyers must have one month’s worth of reserves (cash left after closing). For three- to four-unit homes, the requirement is for three months of reserves.

Debt-to-Income Ratio

Lenders evaluate debt-to-income ratios to include other monthly debt payments as well as the anticipated mortgage payment. They weigh that against gross monthly income…and, needless to say, lenders who include a high percentage of projected rental income will be more likely to find a loan viable.

Whether you are a first-time or veteran home buyer, considering Myrtle Beach's multi-family housing listings is an idea that may be worth pursuing. Give me a call to discuss how one of today’s prime offerings might fit into your future!

They really ought to teach this stuff in school: real-life, day-to-day economics. Myrtle Beach youngsters out on their own for the first time are usually left to trial and error when it comes to mastering things like how to lay out a personal budget or use credit advantageously. Or even how to go about selecting a bank, or opening a checking account…

So when it comes to buying their first Myrtle Beach home, it’s very common for newcomers to put off confronting the whole daunting issue. When you’re still new to your career, tackling a purchase involving years’ worth of income channeled through a maze of unfamiliar procedures is easy to put off. But when the delay stretches well past the point in their financial lives when it would be clearly advantageous to own rather than to continue renting, it’s the same thing as throwing hard-earned cash overboard.

Since the asking price for even the most modest Myrtle Beach home is a number with multiple zeros on the end, you might assume that common sense indicates it’s out of reach. All the more so if early mistakes handling credit cards or student loan troubles have damaged your credit score. The good news is that potential home buyers with less than outstanding credit can still buy that first home—given some careful financial planning and research on your part.

They really ought to teach this stuff in school! That having been said, here is a broad-brush, very basic rundown of the lay of the land aimed at first time Myrtle Beach home buyers:

• The most important factor banks use to determine your mortgage eligibility is your FICO (Fair Isaac Corporation) credit score. The numbers range from 300 to 850, are based on a number of factors including how much debt you have and your payment history. In general, borrowers will need a credit score of at least 650 to qualify for a conventional home mortgage loan.
• BUT, it’s not the only factor. Although your credit score tops the list of elements that determine your eligibility for a mortgage, banks will also consider the amount of money you can commit to a down payment. Saving up may delay your first home purchase, and definitely takes discipline…but today, the amount you need is changing. Different lending institutions have different rules for determining eligibility, and some offer-
• Non-conventional loans. Today, first-time home buyers with relatively low credit scores can often secure such loans. You should research Myrtle Beach banks to find those currently offering non-conventional loans to borrowers with qualifying credit histories. You should also consider a Federal Housing Authority (FHA) loan, which eases credit requirements. For example, you might qualify for an FHA loan with a credit score as low as 580 with a down payment of just 3.5%!
• You can also use money from an IRA for your down payment. In other circumstances, withdrawing money from your IRA before age 59 ½ means paying a 10% penalty, but that rule doesn’t apply when you use your IRA to purchase a first home!

Bottom line: a low credit score doesn’t necessarily mean you can’t buy your first Myrtle Beach home. I’m here not only to help you find a home, but to help clarify the options that make possible that dream of owning your first home. Call me anytime!

Whenever we think of how our Myrtle Beach home staging professionals approach their craft, it’s all the positives that come to mind—how they transform a ho-hum living room into a welcoming showplace; a run-of-the-mill front porch into a curb appeal magnet, etc. That is true, but equally important are the negatives they address. Stagers locate and eliminate elements that detract.

This is all by way of pointing out that another element of the Myrtle Beach real estate industry—the home inspection part—provides an extremely positive contribution by zeroing in on negatives. It’s pretty darned important that a Myrtle Beach home inspection do just that!

Picture this: it’s just under a year since you bought your home, but what started out as a dream home is beginning to take on aspects of a nightmare. Cracks have appeared in the foundation (were they there all along?); asphalt tiles are raining down onto the driveway (am I seeing gaps up on the garage roof?); and puddles are springing up in the basement underneath the network of pipes that (now that I’m looking closely) do seem to show a bit more rust than they probably should…

This is the kind of evolving nightmare no Myrtle Beach home buyer should have to deal with. A thorough home inspection unearths problems before you close on the home—so while it may require an investment of a few hundred dollars, it’s the most sensible way to prevent expensive (but foreseeable) maintenance surprises down the road. Going about tapping a professional whose home inspection credentials measure up won’t take an undue chunk of your time:

Survey the ratings
This is an area where the Better Business Bureau is truly invaluable. Likewise, customer feedback sites like Angie’s List offer reviews of Myrtle Beach home inspection services that are full of useful information. The only detail that’s less attention-worthy is cost. When you’re in the process of investing hundreds of thousands of dollars, paying a bit extra for a superior home inspection is “pound-wise.”

Note ties to the Myrtle Beach community
Home inspectors who have maintained strong ties to the Myrtle Beach business community have their reputation riding on the line with every inspection. Their incentives are perfectly aligned with yours for providing a thorough inspection with written findings that will hold up over time.

Consider a structural engineer or another specialist
If there’s a question about the structural integrity of the home, look for an inspector with engineering credentials. Likewise, if there are questions about other areas of the house (like the electrical system), be open to calling in an appropriate specialist to take a look. It’s really your peace of mind that will benefit.

When you choose me as your Realtor®, I will also be happy to recommend several Myrtle Beach home inspectors who have demonstrated their skill and reliability for my clients over the years. I hope you won’t hesitate to give me a call!

Myrtle Beach real estate news is fairly predictable—at least compared with some of the stories that filter in from the rest of the world. Here in Myrtle Beach, for instance, wherever a new home is being built, you’re likely to see familiar evidence like stacks of lumber and drywall, cartons of nail gun ammo, sacks of cement, and workmen hustling around as they put everything together.

Nary a printer in sight.

Not so in China. According to The Washington Post, the real estate news includes an item about an innovation from Asia. “Innovation” is perhaps a bit of an understatement, because the gist of the story was that in April a year ago, a Chinese concern built 10 houses in one day using a 3-D printer.

Despite what you may be thinking, this item did not have an April 1 dateline.

The 3-D printers we’ve been reading about over the past few years are the ones that take pellets or powders made of plastic, wax, ceramic, or even metal, and print three-dimensional objects, layer by layer, as directed by a computer.

Only a few years back, for most of us, stories about 3-D printers seemed more like science fiction than reality. But apparently the things actually work! As evidence, there have been lots of stories about the legal and other ramifications that accompany the printing of firearms. A few months ago, astronauts printed up a 3D wrench aboard the International Space Station: they’ll just print up spare parts when things break down. And there was that car (the “Strati”) that a company printed in Chicago: it took 44 hours to print, with a top speed of 40 MPH…

Doesn’t this all sound a little bit nuts?

But back to the real estate news from China. It seems that the outfit that printed the 10 houses last year, built a really, really big 3D printer, and used it to print a mansion: an 11,840 square-foot villa. Next to it, they printed up a 5-story building (just showing off, you have to think). According to reports, the process is more than just fast: it’s becoming cheaper and more energy-efficient. The Chinese company says that it can save 30%-60% of building materials, 50% of labor costs, etc. They want to print bridges, too…

But don’t think American ingenuity is being left in the polymer dust! USC Engineering Professor B. Khoshnevis is plugging away at the forefront of the technology, except he calls it “contour crafting” instead of “3D printing” (or “Xeroxing”). On his web site, in answer to the FAQ “Can you print an entire house?” the answer is Theoretically, yes. He hopes to see “entry-level construction models on the market within one to two years.”

Soooo, how long before our local Myrtle Beach real estate news will be trumpeting our own 3D printed houses for sale? No time soon. It turns out that the villa, 10 small houses, and 5-story apartment building in China “aren’t much to look at.” In fact, some say they are for demonstration only.

So when you give me a call to help you find the Myrtle Beach home of your dreams, I suspect a printed model won’t be on our tour list. We won’t be making the rounds in a Strati, any time soon, either.

It does seem that whenever a story about some faraway homeowners association finds its way into Myrtle Beach newspapers, nearly always it’s because something has gone awry. Either there’s an ongoing dispute about a flag display (“Indiana Couple Violate Rules for Flying U.S. Flag”), a fencing disagreement (“Border Feud is Childish and Dangerous”), or something else to catch readers’ eyes. The pettier, the better (“North Carolina Man in Dispute over Pansies Planted in Common Area”). Why does this hit the local news? Let’s face it: it is sort of fun to read about!

The downside is that when those instances are all we hear about, it can lead Myrtle Beach buyers to believe they should stay away properties with HOAs when they are buying a home. But the fact is, town homeowners associations exist to protect the common interests of owners and residents. Homeowners associations can and do offer many benefits. The key is understanding what they are, what the costs are—then choosing the right association.

Know the Rules

The first step in evaluating any Myrtle Beach homeowner's association is to thoroughly examine a current copy of its rules. When you realize that it’s natural to focus on the individual property instead of the community, it’s more understandable why many prospective buyers pay too little attention to this step. Later, they may find themselves in violation of rules they should have noted before. Those stories about flags are typical: usually the problem was not with the flag, but with rules about flagpoles. Small details can become big problems when the homeowners association ‘covenants, conditions and restrictions’ remain unread in a kitchen drawer.

Comparing Costs and Amenities

In addition to the rules of a contending Myrtle Beach homeowners association, there is the matter of its fee structure. Older homeowners associations are often (not always) less expensive than newer HOAs. Yet price is not the whole picture. Especially when evaluating two or more associations, it’s time to sharpen a pencil and compare what the fees cover. One association may include lawn maintenance, while another leaves that as your responsibility…and there may be value for the community (and your property’s resale value) in guaranteeing proper maintenance by everyone. One HOA may have a pool, tennis courts and other amenities, while another may only offer a community room. Newer Myrtle Beach homeowner associations are tending to offer more features, but not always.

Homeowner's associations offer a sense of community along with amenities and other benefits…but for some, the cost in individuality weighs against it. When I’m invited to be your real estate representative, I help you ask the right questions—the ones that will guide you to a new home that’s the right fit for your family.

I hope you’ll give me a call!

It was only a few years ago that the last thing a prospective Myrtle Beach home buyer had to worry about was being outbid. Those were the days when the bottom seemed to be falling out of the Myrtle Beach real estate market. Anyone brave enough to be looking to buy at a time when the real estate market was frightening most folks away was not only plucky—they were also alone. Sellers who had to move no matter what found themselves forced to accept offers that they knew were well below their property’s true utilitarian value. The only saving grace was that those same sellers could turn around and buy in their new community at the same kind of crazy discount.

That, as they say, was then—and this is now. As the real estate market in Myrtle Beach continues to revive, sellers’ mindsets have returned to normal. Knowing that their Myrtle Beach home is a valuable commodity, they demand offers that are respectable. One national survey found that that buyers are acting quickly on the most sought-after homes, and that overall, median DoMs (Days on Market) fell to 32 in March from 40 just a month earlier.

As the spring selling season heats up, some buyers who find the home of their dreams may also suspect that they aren’t alone. It calls for definitive action—and if it looks as if just making an offer might not win the day, some additional action. For home buyers who have a good idea that they must act decisively or miss out, here are some options for increasing the odds that their offer will be accepted:

One tactic to prevent being outbid is to add an escalation clause to the offer. If allowed, such a provision states if the seller receives another offer, then the buyers are willing to increase their own offer to a set price. For instance, a home buyer who makes an offer of $310,000 might include an escalation clause in increments of $3,000 should a competing offer appears, up to a maximum of $360,000.

Since people have different reasons for selling their home, another tactic is to discover what's important to the seller. Perhaps they have a new job opportunity and need to vacate as quickly as possible. Or maybe they have plenty of time, and are holding out for the maximum price. Your agent may have a good idea what is motivating the sellers so that you can craft your offer around their requirements. If a normal schedule calls for an inspection period of 10 days, but the sellers want to move quickly, they may be motivated by a shorter inspection period.

Usually, home buyers find it prudent to keep the upfront earnest money pledged to a minimum, allowing them more leeway in limiting their loss if they decide to back away from the deal. Increasing the earnest money shows the sellers you are serious about completing the purchase. It also subtly affirms your financial stability. An even more substantial demonstration is to become pre-qualified with a mortgage lender. Unless an all-cash purchase is possible, it’s the best way to guarantee you will be able to act quickly. Even if competitive bidders appear, when you are a pre-qualified buyer, you increase your chances of winning out.

When I’m tapped to act as your buyer’s agent, I become your advance scout and strategic partner as you explore this spring’s exciting Myrtle Beach real estate market. I hope you’ll give me a call!

When you do a web search for “average house price in Myrtle Beach,” you come up with a lot of good, not-so-good, and just plain lame information. If you were looking for a general idea of what the current market says that homes like yours in your neighborhood are worth, the results are likely to be more amusing than anything else.

You always come up with the national sites’ average listing price for homes for sale in Myrtle Beach. Depending upon how recently their data engine found and tossed out duplicates and errors, and that can be an interesting number. You will also get state real estate trends, a list of average sold prices (this one seems to be subject to error); an instant, somewhat dubious calculation for the average price per square foot of a house in Myrtle Beach; and ads. Lots and lots of ads. But almost all of the “averages” are affected by listings and/or sale prices for “lot/land for sale” and the like…hardly useful unless your own house has recently disappeared. Likewise, unless your property is a weekend getaway chalet, any “charming, quiet cabin” listings will send the “average house price in Myrtle Beach” calculation seriously awry.

On a recent web excursion, I did stumble across a great cartoon presentation at the CNN.com site. It was an animation that showed how the average American home has changed over the past 40 years. The graphics show a typical house as it expands, contracts, adds features and loses them (the fireplace disappeared about 10 years ago: who knew that?).

With a tip of the hat to creator Bard Edlund, here’s a synopsis of the highlights:

1973 found the median new single family residence at 1,525 square feet.

A mere seven years later, air conditioning and a fireplace had appeared…anyone familiar with the era might be forgiven for retrieving the mental image of President Nixon’s Oval Office fireplace roaring while the air conditioning blasts away…

In 1984, George Orwell’s’ predictions aren’t totally in place, but the square footage has stretched to 1,605, and the average house price is $79,900. Ten years later, the house has expanded to 1,940 square feet, average house price is $130,000.

That “average house price” growth is pretty convincing: the narrator backtracks to point out that “the median sales price has gone from $64,600 in 1980 to $169,000 just 20 years later.” Alas, even though the cartoon doesn’t show a wrecking crew tearing it out, “the fireplace disappears in 2007” (there’s still one in the White House, though); “right before the house contracts during the economic crisis.” Then the recovery: by 2013, the average price of $268,900 supports a house having 2,384 square feet of space: 56% larger than the house of 40 years ago.

The animations and commentaries are diverting—and asking Bing or Google for the average Myrtle Beach house price does get you a raft of information—but if you are seriously pricing our current Myrtle Beach market, a specific detailed search right here on my site will get you a lot closer to the information you need. And if you are considering the sale of your own home, you deserve a professionally researched comparable analysis—the kind performed by an experienced, licensed area Realtor®.

That’s me, and I’d be pleased to perform exactly that kind of thorough-going ‘comp’ for your property, with no obligation attached. And you don’t have to search further: I’m just a phone call away!

At some point while weighing the pros and cons of buying a new home in town, you begin to mentally fix on a price range. If you are able to depend on a family income that’s fairly predictable, the issue is simplified. If not (small business owners, entrepreneurs, and many sales professionals frequently find themselves in this category), finding an appropriate price range takes careful deliberation.

Sometimes the issue can be decided for you. In most cases, buying a home will involve a mortgage, so lenders get to weigh in. Since it’s a good idea to seek preapproval from a Myrtle Beach mortgage lender early on, you can let their professional opinion help with the price range.

Let’s say the Martins have been preapproved for a $260,000 home loan. They have $20,000 set aside for a down payment, and are certain to clear another $20,000 once they sell their current home and retire its mortgage (it’s in very good shape in a nice neighborhood, but just too small for their growing family). So it’s good news: they can buy a $300,000 home!

It’s at this point in buying a home that the Martins can also decide to make a decidedly atypical decision. That decision would be to pick a number below their peak eligibility as the top figure in “their” price range, and to shop accordingly. Most folks don’t wind up doing that.

Maxing out your budget and purchasing the most expensive home you can afford is undeniably appealing. The math might tell you that you can afford the monthly mortgage payment, even if buying your new Myrtle Beach home puts you at the top of your price range. It can mean you get the space and features you've always dreamed of. However, there are some sound reasons why buying a home at the top of your price range might not be your best choice—

1. Additional Expenses

That mortgage amount alone does not take into account the other expenses and financial obligations that come with being a homeowner. Homeowners' insurance and neighborhood association fees can add to your regular monthly expense, as will property taxes—a considerable figure. If you are moving to a larger property, any maintenance and utility expenses that you’ve grown accustomed to might be greater. If you plan on buying the most expensive home you can, those extra bills might be budget-busters.

2. Room to Renovate

Even if you're buying your dream home, chances are very good that you'll want to make a few changes to the new place. From fresh coats of paint to changes of carpets, appliances, or countertops, changes are a normal phenomenon after buying a home. Even if you're pleased with the existing aesthetics, you might need additional furniture if the move is into a bigger space. Purchasing at the top of your price range can limit your ability to make needed changes.

3. Emergency Fund Savings

An emergency fund is a stress-relieving must for homeowners. When the refrigerator fails, the furnace needs to be replaced, or a busted pipe floods the bathroom, you’ll be relieved to have the extra cash. Even true do-it-yourselfers need to call for professional help occasionally. When you purchase a more affordable home, you'll have extra cash to set aside for emergencies.

One of the greatest benefits of buying a home in Myrtle Beach is the sense of stability and security it brings. Working with a group of experienced professionals is the surest way to achieve your home buying goals…as well as a sound reason to give me a call!

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!