Plantation Lakes Blog!

It’s the perpetual ebb and flow. Sometimes the popularity of investment properties in Myrtle Beach begins to rise, sending them toward the head of the pack against rival investment ideas. A Myrtle Beach investment property’s basic allure has always been its unique attribute as the most “real” of real goods (investment property is pretty close to the very definition of the word ‘substantial’). But as a haven for capital, its place in the pecking order of investment ideas depends a lot on the performance of the competition—especially stocks and bonds.

When the predicted long term returns from the stock market begin to look lackluster, or if market factors begin to seem more volatile than usual, investment property gains in comparison. When the uncertainty gauge starts twitching upward—and that seems to be happening lately—some of the underlying benefits Myrtle Beach investment properties offer get renewed attention. Items that register in the calculus—

Item: Inflation hedge

Because rental rates can rise with (and lately, ahead) of inflation rates in general, that constant worry is less of a factor. Investors factor in the real inflation rate (not always the official one) when they look at their portfolio’s performance.

Item: Cash flow

Properly managed, a Myrtle Beach investment property can produce ‘dividends’ that are substantial without diminishing the value of the principal investment. (There’s no board of directors to make sweetheart deals with management, either!).

Item: Predictability

Investors know that no one can guarantee what the future will bring—but it’s harder to picture a time when people won’t need shelter than one where they won’t be bidding up stocks or bonds. The rental performance of any one Myrtle Beach investment property may be more reliable than another (a mid-range apartment complex vs. a top-notch luxury residence, for instance); but in overall predictability, investment property rates highly.

And then there’s one that’s sort of counter-intuitive:

Item: Flexibility

Everyone is familiar with the most obvious inherent drawback to investment properties: namely, their relative lack of liquidity. You can sell stocks or bonds rapidly because their markets are comparatively transparent and active. Capital is ‘stuck’ in real estate until buyers appear. But what that analysis doesn’t take into account is that the equity manifested in Myrtle Beach investment properties can actually serve as a lower-risk springboard for financing other opportunities. Real estate can be relatively easy to borrow against since its value is less volatile than, for instance, that which buying stock on margin entails—especially when ‘iffy’ market conditions suddenly develop. Furthermore, the deductibility of mortgage interest makes this form of financing less expensive.

If this fall finds you reevaluating your own portfolio, I can show you some of Myrtle Beach’s investment properties that offer exciting possibilities. Call me!

Sports divers know something that’s relevant to a first time home buyer’s decision about whether to enlist the services of a Myrtle Beach real estate agent.

A ‘free diver’ (one without SCUBA gear) who descends into dark, unknown waters usually finds it’s possible to dive much deeper the second time down. The reason: on the first dive, not being sure what lies down there is a little spooky—the diver’s anxiety causes their heart to race faster, which uses up their lungful of air quickly. The next time down, it’s into newly familiar territory; they don’t run out of breath nearly as quickly.

So what does this have to do with buying a house or deciding whether to call a Myrtle Beach real estate agent? The first time you go shopping for any new item—especially anything with complicated features—requires focus and often patience. If the choices are many, making an intelligent purchase can produce a certain amount of frustration and stress (if this sounds far-fetched, just remember the last time you set about comparing the features and plan options for a new model cell phone).

But those demands are trivial compared with the stress level most newcomers experience when they buy their first home. It’s not just that the homes up for sale offer such a variety of characteristics that resist straight-up comparison (although in Myrtle Beach this fall, that’s certainly true)—it’s also that the whole process of looking, financing, negotiating and closing differs so much from other kinds of purchases. It’s the first time down into murky waters—who wouldn’t feel the stress? And then there’s that one other factor: it’s probably the most expensive purchase they’ve ever even thought about making!

As a Myrtle Beach real estate agent who has helped many a buyer through their first home purchasing experience, I can report that an important part of what I do is to remove a huge chunk of the anxiety that would otherwise grow from the unknowns. Right from our first conversation, by asking the relevant questions that experience has shown will point the way to the most likely candidate properties, the fog of the unknowns begin to lift. Likewise, every part of buying that first home—from locating reliable inspection resources through securing the most advantageous financing alternative—becomes more like a walk in the park than a trek through the wilderness.

A Myrtle Beach real estate agent doesn’t completely eradicate the newness of the experience for a first time buyer, but choosing to tap the resources of an experienced guide who knows the area well is not a hard call. And since real estate agent fees are traditionally paid from the seller’s proceeds, it’s also an economical one!

If you’re a homeowner about to dive into your first home sale—or a first-timer on the lookout for a home of your own—I hope you won’t hesitate to give me a call. I’d like to become your Number One Myrtle Beach real estate agent resource. And next time out? It won’t be nearly as daunting…but you’ll know who to call then, too!

You’re about to close a deal to become a tenant in Myrtle Beach. The landlord seems like a straight shooter and the place is a joy: immaculate and welcoming. Now all that’s left is to wait for the landlord’s okay after an evaluation of you as the new Myrtle Beach tenant, right?

Well, not quite. Just as the landlord should check financial or job references as part of their due diligence, you have some to perform for your own benefit. It’s up to you to assess the landlord’s system to determine whether this rental arrangement is the good fit you hope it is. Only by asking pertinent questions can you decide whether the landlord’s management style and expectations align with your needs.

1. Do you offer emergency maintenance services?

When a plumbing leak becomes uncontrollable or the heater goes out on a cold winter night, you need maintenance assistance quickly. Find out how quickly your landlord can respond—and how readily he or she answers. An experienced landlord is familiar with the inevitability of maintenance emergencies—and isn’t surprised (or put off) by the question. A great landlord is confident of the system he or she has put in place!

2. What are my maintenance responsibilities?

Lease language can be less than precise about the tenant’s responsibilities—most often when it comes to outdoor areas. A lease might vaguely state that the tenant is responsible for general lawn maintenance. Ask your landlord to pinpoint the specifics, and jot down notes that you can refer to later. Some Myrtle Beach landlords might expect mowing the lawn and weeding planted areas; others might expect you to attend to more, such as lawn treatments. Finding out your landlord’s specific expectations will give you a sense of the upkeep requirements for your end. It can’t help but minimize the possibility of any future conflict.

3. Is there a homeowners association?

As a rental tenant, most likely you won’t be responsible for any homeowners association dues. However, you might be subject to its rules and regulations. For example, if the association has strict lawn care requirements and you are responsible for garden maintenance, you should know about those details. If your landlord answers yes to this question, ask for a copy of the association rules.

4. What are my responsibilities before I vacate the property?

It’s not being overly negative to bring up the subject of the end of your Myrtle Beach tenancy. When you move out of a rental home, you want to leave the property in good condition so that you are not hit with any charges—or see your security deposit disappear without good reason. Find out if your landlord has any specific requirements, such as professional carpet cleaning or filling the holes in the wall.

5. How do I contact you on nights and weekends?

Problems with your rental unit do not always occur Monday to Friday, 9 to 5. By asking your landlord for contact information during non-business hours, you get a sense of how accessible he or she is. If he or she willingly gives you a cellphone number, you’ve probably found a landlord who will be easy to work with— and easy to track down should problems arise!

My work as a Realtor® lets me help set the stage for Myrtle Beach tenants and landlords to create a mutually beneficial relationship. If you are looking to purchase a Myrtle Beach income property taking advantage of this fall’s very favorable terms, don’t hesitate to give me a call!

Almost every Myrtle Beach neighborhood has one or two houses that go all out at Halloween. Their owners suspend sheet ghosts up in the trees, plant cardboard tombstones on the lawn, broadcast loud spooky sounds out into the street—then prepare a surprise or two to jump out at any mini-goblin who’s brave enough to knock on the door!

It’s all great fun—but now imagine actually living in a haunted house. Everywhere you look, you see evidence of the previous owner: little reminders that the spirit of the place remains enthralled by someone other than you and your family.

Believe it or not, some Myrtle Beach houses for sale wind up conveying just that feeling to prospective buyers! When Myrtle Beach houses are sold, it isn’t just a matter of closing deals and handing over keys. It’s also a transition from one group of occupants to the next. If prospective buyers can’t visualize themselves living in those houses, firm offers won’t be forthcoming.

Myrtle Beach houses filled with personal mementos might as well be haunted houses, with the would-be sellers the ghosts!

Fortunately, the solution to de-haunting a Myrtle Beach house doesn’t require the services of the Ghostbusters (or an exorcist). Basic home staging does far more than make houses look fresh, clean and attractive–it also deliberately plants cues that tilt toward an ‘unoccupied’ look. Since the majority of Myrtle Beach houses are still occupied by their (very much alive) owners, that can take a little stagecraft. But it’s not an all-or-nothing proposition: houses that are properly staged are simply furnished without the individual personality in their furnishings that would make them look ‘lived-in.’ Prospective buyers can easily imagine filling them with styles of their own.

How does anyone depersonalize their home? First job is to identify an area (a large area!) where items can be stored out of sight. If that involves renting a temporary storage space, the cost should be minor compared with the value that can result. In it will go that black velvet painting everyone thought was so funny; the gathering of hand-painted ceramic pigs; the hard-fought weekend warrior trophies; the family pictures (remember: this is only temporary)…

For houses built and furnished many years ago, the décor may also need updating. If necessary, repaint in neutral colors—sometimes even when a bolder choice works well (that’s always a judgment call). Last but not least, properly staged houses are those from which signs of everyday habitation have been removed: things like toys, newspapers, mail, magazines, and tonight’s main course thawing on the kitchen counter.

Staging a home succeeds best when the result creates a beautifully blank canvas for the next owner. De-haunting your own Myrtle Beach house can mean a quick closing at the right price. If you are ready to make this winter your own prime selling season, a call to my office will help make that happen!

Selling a Myrtle Beach home quickly and for a good price means attracting the broadest range of qualified home buyers. That can depend on identifying as many appeal points as possible, then showing them off through an energetic marketing program. One increasingly prominent marketing point is one that used to be an unexploited side issue: green features. Just watch some of the latest TV commercials, and you’ll see what Madison Avenue’s researchers have decided—today’s consumers increasingly respond to eco-friendly product features.

Selling a home in Myrtle Beach can benefit by incorporating the kind of green features that just a short while ago used to be underplayed (or overlooked entirely). But today’s buyers also tend to be a sophisticated crew. It’s no longer enough to simply sprinkle buzzwords in a listing or tear sheet. Here are some tips gleaned from successful appeals to green home buyers:

Focus on the Numbers

Typical green home buyers aren’t just thrifty—some studies conclude that saving money is their primary focus. The NAR finds that heating and cooling costs are at least somewhat important to 85% of today’s home buyers. Selling to value-minded home buyers in Myrtle Beach means that listing and supplementary materials should emphasize concrete data on the savings to be had from a property’s energy-efficient features. The way to do that? Gather the manufacturer’s information for operating cost saving projections. Green is ‘green’ in more ways than one!

Be Specific

What’s called “green washing” by marketers has left buyers more willing to dismiss vague environmental benefits that are more sizzle than steak. Use precise information to break through the marketing fog of green buzzwords—to make a pitch that resonates with sophisticated prospects. A little research will yield specific eco-friendly details: for instance, when listing features like doors and windows, using technically precise terms like “low-e glass” instead of “energy saving windows.” Likewise, rather than promoting “efficient appliances,” cite the “Energy Star-rated dishwasher.”

Provide Documentation

To demonstrate that a home’s green pedigree is more than just sloganeering, making available copies of the original documentation of eco-friendly materials and appliances can be a difference-maker. If possible, haul out the old energy bills to demonstrate “before and after” utility consumption figures. Energy certifications, performance specifications and environmental ratings provided by manufacturers can quash objections from even the most sales resistant green home buyers.

I like to set up a small display with those kinds of materials during open houses for my clients whose Myrtle Beach homes sport valuable green attributes. If your home has strong eco-friendly sales points—or if you are in the market for one—give me a call today!

Regardless of whether you believe in “hauntings” or not, a frightening past can affect how potential buyers react to a home for sale in Myrtle Beach. Depending on timing, an agent may or may not be obligated to explain that a death or other dramatic event took place in the house—or that the current owners believe it to be haunted. However, even a supposedly haunted Myrtle Beach home for sale may actually attract a flock of buyers, given some fearless (and creative) marketing!

If the stories about the house are intriguing and widespread, there’s almost no choice but to turn that to the sale’s advantage. A listing headlined as “Myrtle Beach’s Haunted House” couldn’t help but draw curiosity. There are also national possibilities through listing on sites for people who are specifically on the hunt for a haunted house for sale (their listing forms are a little, uh, different, featuring questions like “Do you feel cold spots?”; “Moving objects?”).

Haunted houses draw a diverse group, ranging from the dedicated to the mildly curious. Prospects may simply have a vague curiosity about ghosts, or family connections to the home—or might even anticipate hosting a location for one of the paranormal reality shows. Some buyers are bound to feel a spiritual connection to a home for sale, even when they know nothing of its past. Such a buyer was blogger Craig Schaible:

“We were walking out of the attic, and my wife said, ‘Any ghosts?’ And the [agent] said, ‘Well, yeah.’ We were like, ‘Cool, tell us about it.’”

It can be a positive. Consider the hotel industry, where an old, beautiful building connected to a few ghost stories is definitely an exciting draw for tourists. Why not for a full-time home? If the house is large, one marketing appeal could be as a possible haunted bed-and-breakfast—a true tourist destination. If it were fortunate enough to have architectural features that could be considered appropriately “creepy,’ film and advertising production crews would want to know about it. In other words, a haunted house doesn’t have to be a drawback. With an innovative and creative marketing approach, the right buyers could be walking through the creaky floorboards sooner than you’d think!

And in case you’re thinking of buying or selling a non-haunted house this winter, call me today to discuss the best plan for you!

Despite what just feels like the right answer, buying a home in Myrtle Beach can be significantly cheaper than renting one. It’s one of those rare cases where, if you stop and make common sense judgments about the factors at play, the ‘just feels like’ conclusion is the opposite of the one common sense leads you to. Much of the reason has to do with short-term versus long-term considerations (buying a home starts with paying a sizeable down payment, after all); but over the long haul, the amount of cash at stake is so great it’s worth taking a hard look at this fundamental housing choice.

Four leading factors that currently come into play:

Increased Demand Has Made Rentals More Expensive

After the subprime mortgage mess-between 2007 and 2013—something like 6,200,000 people were added to the number of tenants. That boost created enough extra demand for rental units that owners had no trouble increasing monthly rates. It’s a simple case of too little supply chased by too much demand.

Low Interest Rates Make Homes Cheaper in the Long-Run

The current unusually low interest rates makes the tradeoff with renting an easier call. This fall, Myrtle Beach home buyers can expect to find 30 year mortgage packages at rates in the low 4% range. If interest rates rise considerably—which just about everyone expects—rental rates can be expected to rise proportionately as landlords cover the added expense. But those who buy a Myrtle Beach home lock in the lower interest rate: the ‘price of money!’

Buying a Home Yields Predictable Cash Flow

When you buy a Myrtle Beach home, your mortgage comes with a repayment schedule that shows you exactly how much you are required to pay each month until the end of the loan’s term. With a fixed rate mortgage, the monthly payment amount is an iron-clad guarantee of what you will need to budget. With a fixed rate loan, the dollar amount will usually stay the same (or even fall as the mortgage nears its end). Conversely, unless a major change occurs in the rental market, rental prices will continue going up. And the common sense of consumers knows what to expect, reflected in last month’s Mortgage Reports headline:

“Consumers Expect Rents to Rise 2x Faster Than Home Prices in 2015”

Buying is a Long-Term Investment for Stability

In addition to the price rise factor, renters will have to keep paying rent for a lifetime—while homeowners eventually get to stop making mortgage payments. Anyone buying a Myrtle Beach home in their 30’s can expect to have paid for it before they reach retirement. That’s very good news, because their living expenses will go down around the same time they start making less money. In contrast, renting just keeps getting more expensive…which can put extra financial pressure on retirees.

If you find yourself on the cusp of renting or buying a home in Myrtle Beach, today’s rates should weigh heavily in your decision. If you find that it makes financial sense to buy, the next step is easy: give me a call!

Whenever you read up on important aspects of selling a home, the word ‘clutter’ keeps popping up everywhere (if you doubt that, just Google “clutter”—this morning, I got 7 ½ million entries!).

Most elements that go into selling a home are self-explanatory—since Myrtle Beach homeowners have by definition been through the process of buying at least one Myrtle Beach property, they have personal experience to go by. Chances are that they already know that one detail that can have a disproportionate impact on the final price a home fetches is the presence of clutter.

Impact of Clutter on Appraisals

Unless the clutter inside and around the home actually begins to impact the structural integrity of a home, it will not affect the appraised value. An experienced appraiser will have encountered numerous cluttered and messy homes, and will be well able to focus on the actual value of the property without being influenced by its contents. After all, as far as the appraiser is concerned, since any disorder will be long gone once the current owner moves out, the property’s intrinsic value remains unaffected.

But a property’s appraised value is one thing—what Myrtle Beach homebuyers decide to offer is quite another…

Impact on Marketability

An appraised value may seem as if it’s the most important figure—after all, professional appraisers know what they’re doing, right? And the appraisal will play an important role when it comes to how much the bank decides to lend as the mortgage, right?

True—but the far more important figure is actually what real life prospective buyers decide to offer. That will be a complicated personal decision that is just as dependent upon the perceived value of the property as on anything else. If the buyer has visited other local homes, a comparison with them will be part of the calculation. Added to that will be what happened—how it felt—during the walk-through: how pleasant an experience it was on the first and subsequent visits; how easy it was for the prospect to picture their own family at home there. If any amount of cluttered, disorganized personal items were part of that experience, it’s nearly certain to literally cost thousands on the bottom line—appraisal or no. It’s why any veteran real estate agent will advise clients to make sure that their house is thoroughly “de-cluttered” before the first potential buyer crosses the threshold.

Important as it is, the clutter factor is just one element that goes into creating the attractive package—one sure to motivate the buyers. If this winter will see you listing your own Myrtle Beach home, I hope you’ll give me a call to discuss all the other pieces of the marketing program that I will bring to your sale!

The financial press has been on it for a while: in September, Bloomberg News was pointing out that FHA mortgages to borrowers with weaker credit scores had plummeted 19% in the previous nine months. Something, you could sense, was about to give—but, per Bloomberg, “Washington regulators and major banks continue to haggle…”

True, home prices were up, which put a smile on Myrtle Beach homeowners’ faces. Yet the number of sales was less than overpowering. In reaction to the housing bust, regulators had tightened the screws on mortgage lenders, causing them to raise requirements for borrowers—Myrtle Beach mortgage applicants included. So although the price rises were encouraging, the difficulty in getting mortgages became a drag on the number of home sales.

Now the latest rumbles could be potentially breakout news for Myrtle Beach homeowners and investors—indeed, for anybody with an inkling to sell a Myrtle Beach home. It’s not a done deal, but on Saturday we got more than a hint of what’s likely to come. Lead rumor-monger: The Wall Street Journal.

“Mortgage Giants Set to Loosen Lending” was the front page headline. Fannie Mae and Freddie Mac were the giants: the two mortgage titans are essentially creatures of the federal government, regulated by the Federal Housing Finance Agency. They are owned by the Feds and some private shareholders (who seem to sue each other frequently). The long and the short of the story was that they are close to an agreement with mortgage companies—a deal that would protect lenders and make it easier for borrowers with weak credit to access home loans.

When Fannie and Freddie say ‘boo,’ the banks shriek in terror (and not just when it’s this close to Halloween). Their lending guidelines govern a huge proportion of the nation’s mortgages. They impact Myrtle Beach mortgage availability—and therefore the number of qualified potential home buyers. Following the worldwide financial meltdown, a lot of worthy people found themselves in that “weak credit” category. It couldn’t help but affect Myrtle Beach mortgage volume, and therefore real estate activity. Sales suffer.

Although the Journal relied on unnamed sources, the tone of the story (and its top-of-Page 1 positioning) sounds like the principals are sending up a trial balloon. They might be testing public opinion, since the new agreement would amount to a partial rollback of the strictures created in reaction to the loose mortgage governance that preceded last decade’s meltdown. The new guidelines would make it “easier for lenders to offer mortgages with down payments of as little as 3%” for some borrowers.

Fannie and Freddie’s new generosity may have something to do with the fact that they have reclaimed tens of billions of dollars in penalties paid to them for past underwriting mistakes. The new agreement would also offer some protection for lenders on that score, which would lower mortgage creators’ overall risk calculation. If that happens, it should be the break many Myrtle Beach mortgage applicants have been awaiting.

If you have been looking for a positive sign to list your Myrtle Beach home, or if you are a potential homebuyer who’s been discouraged by tight Myrtle Beach mortgage lending, your wait may be over. Per The Journal, “The moves could be announced as soon as this coming week.” Give me a call if you’d like an update on that and on the overall current situation!

When your house is about to go on the market, or you are preparing to find the perfect Myrtle Beach home, choosing the right Myrtle Beach real estate agent shouldn’t be a blind Trick-or-Treat grab bag. You deserve to come up with a full-size candy bar—not a walnut!

The right choice can make all the difference between a smooth, seamless process and a stressful, ongoing post-Halloween nightmare—the kind that can pop out of the woodwork to haunt you for years to come! Before you buy or sell a Myrtle Beach home, here are some qualities you can keep in mind as you select your real estate agent:

1. True Enthusiasm

Look for real enthusiasm from your real estate agent brings to your project. Every good salesperson will present themselves with energy—but a truly engaged agent will demonstrate true enthusiasm by being willing to work with you in a way you that fits your personal style. Beyond just feeling comfortable with the agent’s personality, if you’re accustomed to communicating via text messages or email, the right real estate agent should volunteer to communicate that way. If you prefer the personal touch of in-person meetings or telephone calls, the right agent will be happy to accommodate. According to this year’s Generational Trend Survey from the National Association of Realtors®, younger buyers prefer text, while older buyers prefer phone. When you think about it, isn’t an agent who’s used to accommodating all kinds of communication media the one most likely to gets results from the whole gamut of today’s buyers and sellers?

2. In the Range

Some (not all) real estate agents in Myrtle Beach specialize in niche markets. Your own agent doesn’t have to specialize exclusively with homes in your price range, but should be familiar with that market—have listed and sold homes within it. That agent will have a better understanding of what’s available in Myrtle Beach, and have a good handle on the values recently demonstrated.

3. Dedication

There are undeniable advantages to choosing a full-time real estate agent over a part-timer, no matter how personable. Although there are good agents who are work part time simply because they prefer to deal with one client at a time, a full-time agent typically has more experience in the field. Since they have declared real estate as their single career choice, they tend to have more on the line when it comes to delivering for their clients. When other obligations are secondary, they are freer to work within the confines of your schedule. The question to ask a part-time agent with another full-time job is whether he or she will be available when you need them to be. In a way, it harkens back to that first quality—an agent who is willing and able to work with you the way you prefer.

When you keep in mind the qualities you are looking for, taking a little more time to ask a few extra questions will pay off in the short and long runs. Why not give me a call today? I’m willing to bet you’ll put me in your short list of prospective Myrtle Beach real estate agents!