Plantation Lakes Blog!

One strategy for selling your Myrtle Beach home is to recognize the segment of the general public most likely to appreciate its inherent features, then be sure your sales approach will appeal to them. That doesn’t mean you will turn your back on all the other groups of buyers, of course—but it does mean you will make a deliberate effort to be especially sensitive to that group’s preferences, and highlight the features that are most likely to top their wish lists.

When the Target Audience is Empty-Nesters…

The majority of current Myrtle Beach empty-nesters belong to the baby boomer generation. They are somewhere between 50 and 68 years of age, and there are about 75 million of them in the U.S.—nearly a quarter of the population. Empty-nesters are parents who currently don’t have any of their kids living with at home. Most empty-nest buyers are looking for a permanent address to settle down in as they hit their later years. The question is, what features make a home most desirable to empty nesters?

Moderate Space

What can be slightly tricky about general rules for selling a home to this population is that although most are set on downsizing, they don’t want to feel shoehorned into their space, either. Empty-nesters are often moving out of a home that has become demonstrably too large after the kids moved out. But that can also mean that they are used to a lot of space—probably don’t want to be crammed into a tiny house that can’t accommodate children and grandchildren when they do come to visit.

It’s going to be a compromise. “Moderate space” would most likely be no more than 3 bedrooms and no fewer than 2—with two bathrooms the norm. This description offers nesters the possibility of catering to hobbies on a day-to-day basis, while still allowing some accommodations for guests. More significant properties—those with 4 or more bedrooms— are more likely to find success by marketing messaging that points toward growing families.

Easy to Maintain

As always, it’s a selling ‘must’ to ensure that your Myrtle Beach home is shipshape! When prospects are able to see how much care you’ve put into your property, they are that much easier to interest than when it’s clear they will be required to come up with their own extra sweat and budget dollars. When you know that part of your preparation will include replacements, it’s a good idea to emphasize ease of maintenance in your choices. Examples are gutters that are shielded, windows that tilt up for easy cleaning inside and out, etc.

Whether or not your home is likely to attract Myrtle Beach empty-nesters, knowing what part of the market will have the most likely prospects—and how to shape the sales messaging accordingly—is part of the no-obligation consultation I offer everyone who is deciding how they will go about selling their home.

Give me a call to schedule one this week!

Whether we see it as evidence of the advance of a wider green homes movement or simply of rising environmental consciousness, Myrtle Beach green homes are becoming properties with a distinct marketable sales advantage. What were once viewed as altruistic gestures practiced by only the most dedicated preservationists are going mainstream—and at a rapid clip. The National Association of Realtors® recently found that 70% of those surveyed believe eco-friendly features add value to a home. In other words, the practical advantages of ‘going green’ are becoming more and more evident to prospective buyers.

For sure, one reason for the increasing popularity of green homes in Myrtle Beach is a growing and sincere concern about sustainability.

But there’s also another reason: a growing and equally sincere desire to save cash!

There are in fact a number of practical reasons why green homes save their owners money:

• Tankless water heaters are one example of a technology that’s been around for a while, but which is now gathering popularity. The engineering is based on the fact that constantly storing and re-heating of a volume of water means wasting a lot of energy. Tankless units don’t store heated water; instead they pass it over coils that are only energized when hot water is needed. As a consequence, tankless water heaters can actually save their owners up to 50% on hot water costs!
• As global critics increase their cries for the conservation of fresh water, the idea that green homes can make a major difference is gaining traction. The EPA’s website lists multiple ways that green homes can save the precious resource, from WaterSense-labeled faucets and toilets to high-efficiency showerheads.
• Energy-efficient heating and cooling systems can make the most dynamic contribution to green homes. Regularly-maintained Energy Star appliances, combined with home management practices like heating and cooling only areas that are in use via programmable thermostats can make a welcome dent in the monthly bills.

Together with the ongoing wallet relief that green homes provide their owners every month, changing over to ecologically championed household appliances and practices is an increasingly practical exercise. When it comes time to sell your Myrtle Beach home, too, being able to provide those penny-pinched utility bills can make all the difference to cost-conscious prospects.

For more ideas on ways you can increase the value and sales appeal of your own property, I hope you won’t hesitate to give me a call!

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!

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!

Let’s start out by agreeing that a “For Sale by Owner” sign on a Myrtle Beach fence does have a certain appeal. It summons up mental images of a simple, direct relationship: no middle men, just straight talk and fair dealing with the One in Charge! And in fact, in many walks of life, dealing directly with the owner can be a plus. When you’re recommending a retail outlet to friends, telling them that you know the owner strengthens your endorsement.

So when you cruise by a sign announcing a Myrtle Beach For Sale by Owner property—a “FSBO”—you wouldn’t be alone if you were tempted to walk up and knock on the door. Buying a home directly from its owner should be a way to purchase a house at the lowest possible price, what with no real estate professionals getting involved!

That’s the fantasy, and although those assumptions are theoretically possible, in reality, homes being put up for sale by their owners represent a temptation that many experienced home buyers avoid. They have more than one reason.

1. Owners Often Ask for Too Much Money

The principal reason that For Sale by Owner sign went up in the first place is probably because the landowner wants to avoid paying real estate sales fees. They usually run about 6%, with half going to the seller's broker, half to the buyer's broker. Unfortunately, For Sale by Owner homes quite often carry higher prices because the owners don't know how to determine fair market value—or are convinced any property of theirs is a special exception. In fact, some Myrtle Beach For Sale by Owner signs go up precisely because the owner didn’t like what a professional broker’s comparable market analysis revealed.

2. Pertinent Information May Go Missing

Disclosure laws are not getting any less cumbersome, but owners who aren’t familiar with their strict requirements can innocently (or less innocently) fail to toe the line. When significant unseen damage or relevant history is not disclosed, the buyer can wind up footing the bill long afterward. Buyers have some legal recourse, but that results in an expensive, drawn out process.

3. It’s Just Not Convenient to You!

Sellers who eschew the services of the real estate professionals have accepted a lot of responsibilities that come with trying to sell a Myrtle Beach property. Of course, they have to keep on top of their regular responsibilities at the same time. That can make things inconvenient for prospective buyers. When both parties use real estate agents, visits are scheduled in a professional (i.e., predictable) manner. When owners become sellers, though, visiting hours tend to reflect the owner’s lifestyle needs. When buyers can't visit during business hours or when the owner has a family obligation, it can add extra strain. Likewise, when the scheduling of inspections is difficult or any of the strict paperwork deadlines aren’t met…it’s one reason that explains the NAR’s finding that the percentage of For Sale by Owner offerings have collapsed from 19% to 9% since 1991.

With so many disadvantages, it makes sense for buyers to focus on homes sold by agents instead of owners. With transparently justifiable prices, better information and procedural clarity all helping you land the best buy, it should be easy to cruise by those FSBO signs...and give me a call instead!

You would think that smaller homes would be skyrocketing in popularity right about now. Statistics show that the average number of people in American households is shrinking. Practicality would seem to dictate that a trend toward downsizing should be underway, with significant implications for Myrtle Beach real estate.

It’s no exaggeration to say that for as long as many Americans can remember, bigger has always been better. In terms of sheer floor space, the average American home increased from 1,900 square feet in 1993 to 2,400 two decades later. The reasons may have been both practical and psychological: for those who grew up in cramped quarters, space was the missing element—so elbow room and privacy became the essence of a desirable home. This was evident in Myrtle Beach real estate ads, where spaciousness was emphasized wherever possible, from the photographs to listing copy.

In fact, it seems that the baby boomer generation hasn’t given up their fondness for abundant living space—at least not in droves. At least not yet.

A recent AARP real estate survey found that 84% of the boomers expressed unflinching preference for continuing to live in their current digs for as long as possible. That might make sense, at least according to the arithmetic you can deduce from a 2013 Census survey. It found that a large-scale move toward downsizing doesn’t usually begin in earnest until the Head of Household reaches age 75. The most senior members of the boomer generation were born after 1945—so that won’t happen for a while.

Still, there are stirrings to suggest that some have started to rethink ‘Bigger is Better.’ Instead of defining themselves by real estate square footage, they’re beginning to prospect for smaller solutions. It’s entirely possible that Downsizer Nation might be just around the corner!

The logic is certainly there. Many downsizers do so in answer to what emerges as a more or less unavoidable lifestyle decision. Empty-nesters no longer have children at home, and begin to find themselves cleaning, fixing, heating and cooling substantially empty space. Some may hanker to start some serious globe-trotting—meaning they’ll spend less time at home (ergo, even emptier space). Still others find their lives are more outdoor-focused than before.

The reality of the time, energy, and money that goes into maintaining a 5-bedroom home with multiple levels can begin to trump its “EREF” (Elbow Room Enjoyment Factor). There’s the cleaning, keeping interiors and furniture fresh, maintaining windows, furnaces, fans. Then there are the outdoor areas to consider. Mowing, raking, shoveling…for some, the enjoyment of that part of the outdoors can gradually generate more tedium than enjoyment. It can push some residents into new appreciation for a Myrtle Beach real estate solution that simply requires less to do.

Whether your family is expanding—or beginning to seriously contemplate the reverse—I hope you will give me a call. I’ll be able to show you many appealing properties from the current crop of Myrtle Beach real estate offerings!

You’re eager to get your home sold quickly with a minimum of fuss. You’ve been over the comparables with your Realtor®; and the listing looks and reads great. It’s getting close to showing time—and although you know that your Myrtle Beach property is a great buy that any new owner would be proud to call home, you also know that this spring there is a lot of competition out there.

Producing a quick turnaround is about the marketing—which your agent is handling adroitly—but it’s also about presentation. That’s “staging”—an area you can definitely do something about!

According to the Room Solutions website, properly staging a home has been shown to reduce time on market by a factor of 5. Those comparison stats are notoriously hard to prove, but when a home has been stuck in the listings for months, undergoes professional staging, then sells in a fraction of the time, it is pretty convincing. But whether or not you decide to engage a full-on professional Myrtle Beach staging service, there are plenty of small scale DIY home improvements that take 30 minutes or less—but which make a big staging difference.

• Reinvigorate the bathroom and other tiled areas by doing some grout cleaning. That grout between tiles may have been pristine when you first moved in, but years of use will take a toll. Use plain water and a stiff brush (they’re easy to find at any home center) to get rid of build-up and residue. Stubborn areas may need a spray bottle with a 50% solution of white vinegar: spray, leave it on for 5 minutes or so, then brush off and rinse. It really makes a difference when you bring the grout back to its original uniform tone.
• Many a Myrtle Beach kitchen is burdened by an outmoded, timeworn backsplash. Replacing it may sound like a major project, but it is often possible to make quick work of it using one of the new peel-and-stick backsplash products. Instead of tearing up your kitchen and taking days to assemble a replacement, look into peel-and-stick tiling. These products come in many colors and styles—with installation processes that can have the entire project done in very short order.
• Touchup. Repainting whole rooms is not something that can be accomplished in minutes, but some rooms don’t need all that. Taking care of small but unsightly wall dings and scuffs will bolster first impressions—and often, just a few minor touchups can do the trick. If you don’t have the original paint style notes, some stores have computerized color-matching systems that recreate sample hues. Wood trim scuffs and stains can often be banished with colored felt pens or crayon color packs; more obscure tones may require a color matching kit. In any case, the time requirement is minor compared with the resulting subliminal improvement.
• Stain kitchen cabinets. If yours is one of Myrtle Beach’s older home with original kitchen cabinets that remain dull no matter what you do, you can still avoid the time and expense of completely replacing them. Instead, renew the existing stain job or switch to a new tone that complements the kitchen.

Staging a Myrtle Beach home is an important adjunct to the overall marketing effort your Realtor provides. If you are looking for some energetic help in that department, I’m here to answer your phone call!

It may not be the first factor you look at when you begin planning to buy a Myrtle Beach house, but unless you are in the rare position of being able to make an all-cash purchase, sooner or later your credit score will become a prominent factor. That’s why this month’s get-together in Washington held some information that could ultimately become pretty important for both Myrtle Beach home buyers and sellers.

The meeting was held at the National Association of Realtors headquarters, with participants that included HUD Secretary Julian Castro, credit score industry representatives from FICO and Vantage Score, and other experts in research, government, and real estate. This might seem to be the kind of gathering (“Symposium,” in this case) that is usually more productive of eyes glazing over than much else, but for Myrtle Beach home buyers and sellers, this one was different.

The subject was “Credit Access”—how companies determine the credit scores that guide lenders’ decisions on who will and won’t be offered home loans. The consensus was (and is) that current credit score formulas could stand some improvement. Secretary Castro’s Keynote set the table. He said that there is a recognized need to find new ways to construct credit scores that are more sensitive to “getting at” the bottom line responsibility potential borrowers have shown in their lives; credit scores that will predict how they will pay down their mortgages. “There’s been a disconnect there,” he said.

Given that this is the single reason that credit scores exist at all, that seems like quite a statement to make, particularly with the credit scoring companies right there in the room. No eye-glazing going on, I suspect.

Now it’s true that FICO and Vantage Score have already been fine-tuning some of their methods. Local buyers may have already have seen their Myrtle Beach credit scores improving when non-recurring problems (like tardy medical bill payments) were de-emphasized. But on a wider scale, there was considerable discussion about the need to adapt to lifestyle shifts that are taking place. The way Americans live their lives—particularly the way they use technology—has changed, and will continue changing. Blanket shifts in lifestyles make some behaviors different predictive value than they used to have: for instance, many millennial and minority consumers “don’t use credit in the same way households did in the past.”

A representative from Moody’s Analytics pointed out that most conventional loans are currently made to borrowers with credit scores about 740—which is 20 points higher than was the case during the housing boom. In today’s tougher economy, that makes it likely that some Myrtle Beach credit scores would benefit if HUD is able to follow through on its efforts “to improve credit access to Americans” without adding to lender risk.

It’s in everyone’s interest that credit ratings be accurate predictors of repayment patterns. With interest rates continuing to be at bargain basement levels, it couldn’t be more important, because it also continues to be a fantastic time to be in Myrtle Beach’s real estate market—and to give me a call!

Residential sales in Myrtle Beach —in fact, all real estate dealings anywhere—remain the most local of commercial transactions. If your house is in San Francisco, a price spike in suburban Newark is probably of little interest, unless you plan on moving anytime soon. Even so, the new projection for overall U.S. residential sales had to perk up area homeowners’ interest.

The “best home sales market in eight years” was the forecast—along with “mortgage originations that will likely rise” and “larger gains in newly built home sales.” Myrtle Beach residential sales may make up but a tiny fraction of the data contained in CoreLogic’s analyses and data announcements, but any Myrtle Beach homeowners looking for a strong spring market couldn’t help but be buoyed by last week’s prognostications.

The basis for the surprisingly robust residential sales prediction was supported by a number of other data sources which have gradually confirmed solidification of the overall economic picture. With many economists agreeing that the U.S. economy “is poised to grow by close to 3%” this year, a heightened level of housing demand is bound to result. If that mark is achieved, it would be for only the second year in a decade. Gains in employment (in the 3-to-3½ million person range) are also expected.

The improving economic projection for 2015 was ascribed to three forces. The halving of energy prices which began last summer was deemed “unlikely to jump back up this year.” Anyone who’s been enjoying the freefall in prices at Myrtle Beach pumps will appreciate the immediate impact that has on family wallets.

The second positive force is psychological, and very real. The rise “in consumer and business manager confidence” in the recovery has been widely noted: the Conference Board (“up 4.9 points”); U.F.’s Confidence Index (“the highest reading in 10 years”); Small Business Optimism Index (“3rd highest reading since 2007”).

CoreLogic’s third factor was one that hasn’t been much talked about until now: governmental. Apparently, tax receipts have been stronger than expected, freeing state and local governments to spend more. That’s an unexpected economic stimulus—and of a kind that should be more welcome than some of the previous “let’s just create more money” variety.

CoreLogic puts residential sales growth in the area of 5%. Will our Myrtle Beach numbers match those projections? One reason to think so is the Myrtle Beach mortgage rate phenomenon. Rates remain tantalizingly low—but apt to begin creeping upward. That’s the kind of spur to home buyers that is apt to work as effectively as merchants’ “limited time sale” technique: tick! tick! tick!

If you have been delaying wading into the Myrtle Beach residential sales arena until the time is right, 2015 certainly looks like that time has arrived. I’m standing by to help you take advantage of the many opportunities this spring market is offering. Why not give me a call?

You’ve decided that right now is the perfect time to put up your Myrtle Beach home for sale; you’re charged with energy and determination; you’re ready to get going—and then…suddenly, the spring weather turns foul. It’s an all-too-common frustration, from mud season sieges in Northeastern Maine to kite-busting windstorms in the far Southwest, the kind of perfection “spring days” brings to mind isn’t always there when you want it to be.

Some days (even some weeks) are like that—often, when you’re trying to ready your Myrtle Beach home for sale. Sometimes Mother Nature just doesn’t cooperate. You’re stuck indoors.

Rather than sitting and stewing over all the time lost from perfecting the garden or touching up those few exterior blemishes that need a spot of paint or two, this is one situation that’s easily reversed. In fact, there is such a lot that can be accomplished indoors, with a little mental jujitsu, you should even be able to talk yourself into considering a bad weather break as an opportunity.

There are dozens of indoor activities you can attend to. Here are 3 C’s for examples:

Clutter! Let’s face it, for a home for sale, there’s too much stuff, everywhere. No, all that dust-catching memorabilia doesn’t really serve to create a more charming, homey atmosphere. It actually creates the sense that this home for sale belongs to someone else. The goal is to display a dwelling primed and waiting for the buyer’s décor ideas to take hold—and clutter in the form of personal possessions just obscures the issue. Box it, store it—or even prepare it for later eBay sale. Just do get it out of sight!

Clean! There’s the degree of ‘clean’ that we live in every day, and that’s perfectly fine for busy households and regular family life. Then there’s the kind of ‘clean’ that can help to turn a home for sale into a home that’s under contract. Deep cleaning is an art—and it may even take a professional to accomplish. In most cases, it just takes a little more time and determination than day-to-day housework can achieve. A stormy day is perfect for a serious rented-rug-cleaner session, or some toothbrush-aided baseboard scrubbing. Granted, foul weather is not conducive to any heroic window washing…for that, wait ‘till the skies clear.

Clear! The furniture arrangement that’s evolved over time may be a layout that makes daily Myrtle Beach living comfortable and convenient is frequently not the layout most conducive to moving a home for sale as quickly as possible. Less is often more because it opens sight lines and gives the feeling of roominess. Clearing rooms of redundant tables, chairs—even sofas—is an indoor activity with results that become instantly gratifying.

Spates of unpredictable Myrtle Beach weather don’t really prove much of an impediment to preparing a Myrtle Beach home for sale. If you’re close to making that decision, I hope you’ll consider giving me a call to discuss marketing directions. The weather’s perfect!