Plantation Lakes Blog!

If you have been doing groundwork with an eye toward investing in Myrtle Beach real estate, chances are you’ve also been watching some new national movement in housing sales. Last month’s Real Trends Housing Market Report showed U.S. sales of 5,880,000 units (a 5.1% increase over June 2013 numbers): “a substantial improvement over the five prior months.” Prices also continued to rise across most of the nation, though at a slightly slower rate. It’s the consistency of the appreciation that has continued to attract investors.

Those investors are drawn for differing reasons—since investing in real estate in Myrtle Beach can advance a variety of financial strategies. For investors who purchase residences in order to rehab and flip, any continuation of price appreciation and rising sales volume is encouraging news. For others who plan to hold long term to maximize rental income potential, still low mortgage rates continue to undergird a historically attractive environment.

Whether investing in Myrtle Beach real estate becomes the high point of a portfolio or a footnote depends on such a wide variety of factors that entire books continue to be written about them. Here are a few—with a couple of the ways they can be viewed:

Not only does location play a critical part in how the underlying property is valued, it also can be the deciding factor influencing rental income where rental income is the main goal. Some of the best performing rental property investments can be those located close to transportation and other amenities like restaurants, shopping and parks: key attractions to tenants (and buyer-investors) alike. On the other hand, a good deal in an iffy location can pay off—but only if it passes a critical analysis.

A storied strategy for winning a higher ROI on a Myrtle Beach real estate investment is to target properties situated in less-developed areas—areas promising a better-than-average pace of development in subsequent months or years. Such properties hold the likelihood of outstanding appreciation for the long term investor with ample time and patience.

Investments can be acquired only when sufficient capital is available–but successful investing is about more than just finding the least expensive property. Success means creating a budget in line with the expected return, leaving padding for unexpected expenses, and then scouring the available properties that can realistically fit that template. It’s a simple truth that hard-headed budgeting is a skill worth developing: often the best deals materialize from the best plans.

Whether you’re looking to buy and flip or buy and hold, investing in Myrtle Beach real estate can be both profitable and exciting. The assistance of an experienced and well-connected agent will prove invaluable when it comes to uncovering potential Myrtle Beach real estate investment opportunities.

For all of your Myrtle Beach Real Estate needs, please Trust in your Local, Real Estate Experts at Plantation Realty Group! (843) 796-2111

As a homeowner in Myrtle Beach, you are pleasantly reminded each April 15th that the interest portion of your mortgage payments is 100% tax deductible. When you own Myrtle Beach rental property, though, the tax implications are considerably different. You need to report rental payments you receive from your tenants as income—but you’ll also be able to write off some related expenses, as well.

Each of the more than 22 million landlords in the United States are subject to the same rules and regulations. If you’ve recently become one of them (or will soon join their ranks), here is a quick look at the kinds of items you will want to track to take full advantage of the tax benefits:

• Almost everything you do to improve, fix, or maintain your rental is a potential tax deduction, so you’ll want to save all receipts and documentation. It’s easiest to set up a file, folder, or box at the beginning of each year—and keep it handy. If you don’t, it’s all too easy to let some money-saving deductions slip past.
• If you plan to manage your Myrtle Beach rental yourself, it’s helpful to use one of the popular computer financial programs to keep track of receipts. The reporting features in these software packages make tax preparation a lot easier—and lessen the likelihood of mistakes in your income reporting. If you’ve hired a property management firm, no need to worry about this detail: they will handle the tracking.
• If your Myrtle Beach rental has a mortgage, the interest portion of the payments will generally be deductible. One exception: if you refinance for an amount greater than that which was previously owed, the excess is not considered a rental expense.
• How you use your Myrtle Beach rental is a major factor determining its tax treatment, so it will be advantageous for you to acquaint yourself with the rules right off the bat. An early discussion with your tax consultant will clarify the choices. While a reliable property management company will do the lions’ share of the record keeping, at least until you have experienced a year or two of filing as a landlord, it’s wise to have an accountant prepare your returns.

If you are thinking taking advantage of the benefits of becoming a landlord, I hope you’ll call me today to have a look at the current opportunities. Right now a number of outstanding Myrtle Beach area rental properties are available!

When you are selling a home in Myrtle Beach, two underlying unknowns are always present. How long it will take? Is one. The second is what will the final selling price be?

The answer to that second one at least partially depends on actions the person selling the home controls, since performing renovations and add-ons boosts a property’s salability. But which renovations add the most value? Even though considerable study has been given to the issue, for any given home it’s difficult to pin down which are most likely to have the greatest impact.

Even so, some general observations are widely accepted:

ITEM: Some kinds of renovations show a much higher return than others. Replacing a traditional entry door with a steel door, for instance, often generates about a 100% return on the investment. A sunroom addition, on the other hand, is likely to result in closer to a 50% return when the home is sold. The web site remodeling.com presents national averages tabulated each year.

ITEM: The old focus on “location, location, location” applies to improvements, too. Selling a home in different areas of the country can influence how much you can rely on the previous item. For instance, some reports say that a backup generator is one of the worst investments a seller can make if they hope to recoup the add-on cost. Yet in areas where dangerous storms have a history of knocking down the power grid for days on end, a well-integrated generator can prove to be a highly marketable add-on.

ITEM: Some repairs that are not undertaken constitute such red flags that, though minor, they can seriously retard a sale. A broken screen door is a good example of an easy-to-remedy detail that can have a disproportionate effect, drawing prospective buyers’ attention from an otherwise well-maintained property.

ITEM: Some other kinds of repairs are essential for a different reason. A homeowner selling a Myrtle Beach home might be tempted to decide that replacing the garage roof, for example, simply isn’t worth the expense. Although it could be true that the garage roofing might not be important to buyers, it could prove vital if it prevents the bank from lending on the property.

So, how can a seller know what to do? Luckily, the answer is simple. Your veteran Myrtle Beach Realtor® will be able to offer expert advice based on current market experience—to advise you on which repairs or improvements are a good or necessary expense (and which can be tabled for now).

If you are thinking of selling your Myrtle Beach home in the future, please contact your Local Myrtle Beach Real Estate Experts at Plantation Realty Group to help you! (843) 796-2111

If you have been doing groundwork with an eye toward investing in Myrtle Beach real estate, chances are you’ve also been watching some new national movement in housing sales. Last month’s Real Trends Housing Market Report showed U.S. sales of 5,880,000 units (a 5.1% increase over June 2013 numbers): “a substantial improvement over the five prior months.” Prices also continued to rise across most of the nation, though at a slightly slower rate. It’s the consistency of the appreciation that has continued to attract investors.

Those investors are drawn for differing reasons—since investing in real estate in Myrtle Beach can advance a variety of financial strategies. For investors who purchase residences in order to rehab and flip, any continuation of price appreciation and rising sales volume is encouraging news. For others who plan to hold long term to maximize rental income potential, still low mortgage rates continue to undergird a historically attractive environment.

Whether investing in Myrtle Beach real estate becomes the high point of a portfolio or a footnote depends on such a wide variety of factors that entire books continue to be written about them. Here are a few—with a couple of the ways they can be viewed:

Not only does location play a critical part in how the underlying property is valued, it also can be the deciding factor influencing rental income where rental income is the main goal. Some of the best performing rental property investments can be those located close to transportation and other amenities like restaurants, shopping and parks: key attractions to tenants (and buyer-investors) alike. On the other hand, a good deal in an iffy location can pay off—but only if it passes a critical analysis.

A storied strategy for winning a higher ROI on a Myrtle Beach real estate investment is to target properties situated in less-developed areas—areas promising a better-than-average pace of development in subsequent months or years. Such properties hold the likelihood of outstanding appreciation for the long term investor with ample time and patience.

Investments can be acquired only when sufficient capital is available–but successful investing is about more than just finding the least expensive property. Success means creating a budget in line with the expected return, leaving padding for unexpected expenses, and then scouring the available properties that can realistically fit that template. It’s a simple truth that hard-headed budgeting is a skill worth developing: often the best deals materialize from the best plans.

Whether you’re looking to buy and flip or buy and hold, investing in Myrtle Beach real estate can be both profitable and exciting. The assistance of an experienced and well-connected agent will prove invaluable when it comes to uncovering potential Myrtle Beach real estate investment opportunities.

If you’re looking for such an agent, I hope you will contact your Local Myrtle Beach Real Estate Experts at Plantation Realty Group! (843) 796-2111

A crucial part of selling your Myrtle Beach home comes right at the outset—when you set your asking price. It boils down to a decision to go high (the I-love-this-place-and-gotta-have-it-no-matter-what price); or low, with a number that is just under neighborhood comparables (the I’d-better-snap-this-up-before-someone-else-does price).

Success in selling your home quickly is commonly understood to correspond with the lower price strategy, it’s true. But are there ever reasons why you would want to set a price that’s significantly higher than your neighborhood usually commands? Is there EVER a right time?

Although the common wisdom for selling your home is a pretty firm ‘NEVER!’—but there might be some possible exceptions. When might it be reasonable to ‘test the market’? Here are a few:

No true comparables

If you have a Myrtle Beach home that’s verifiably one of a kind in the area, comparisons based on size, number of bedrooms and baths might be misleading. In such a case, it’s important that the differences be blatant—obvious to everyone—because banks and other lenders are likely to need considerable persuading, “Comps” are easy to justify, which is why they are the usual reference points that make loan officers comfortable. But keep in mind that it’s an absolute ‘must’ for selling your home with a higher-than-comparable listing price: it’s got to be a gem!

Uniqueness

Selling your Myrtle Beach home at an elevated may be justified when it offers features that aren’t duplicated anywhere else in the area. This can be the case when the location is unique, as when the views from the living room are breathtaking, or a long driveway or dense plantings offer seclusion in an otherwise crowded neighborhood. To warrant the elevated price tag, those unique features should be easily describable in marketing materials.

No need to sell

If demand for properties in your area is intense—but you have no urgent need for selling your home right now, you might decide to list at a price that would warrant a move for financial reasons. This is the weakest reason to price high: it usually ends in wasted effort without much to show for it.

The list of reasons why overpricing is usually a terrible idea would include showings lost, appraisals that come in at lower than sale price, offers from prospective buyers discouraged, etc. The fact is, when it comes to selling your home, you’re probably looking for a speedy sale at a fair price.

If you are going to be selling your own Myrtle Beach property this season, give me a call. We can go over how your property is likely to fare in today’s market—and draw up a selling plan that will meet your goals!

There’s a lot you can change about a house. You can repaint it, renovate the interior, landscape the yard. The one thing you can’t change is its location—and there’s abundant truth in the familiar list with the three most important words in real estate: location, location, location…

That’s why getting to know as much as possible about the neighborhoods in Myrtle Beach is so important when you are searching for the right Myrtle Beach home. The characteristics of your choice of neighborhood will affect the quality of life your family enjoys—as well as the capital appreciation and resale value of your property (a good example is the strong positive correlation between house prices and school quality).

Begin with a Plan

A good place to start is by making your personal list of what you think will make a great neighborhood for you and your family. Ideally, one of the Myrtle Beach neighborhoods will check off all the requirements. In any case, you do want to make sure that your highest priority needs are met. For some, that might mean access to quality schools. For others, it might be the availability of public transportation—the kind that makes the commute to work a breeze. For still others, it’s ready access to indoor or outdoor social and recreational activities. Know before you start looking what you’re willing to compromise on—and what’s a deal-breaker!

Make the Most of Your Budget

There are desirable neighborhoods in Myrtle Beach that almost everyone wants to live in. But for some buyers, budget constraints put these neighborhoods out of reach—for now. But that doesn’t mean you still can’t find a great buy! Try looking for neighborhoods in Myrtle Beach that are on the periphery of more popular areas—neighborhoods that are showing signs that the homeowners are upgrading their properties. Targeting adjacent neighborhoods on the way up is more than just a way to get a better deal on a home today. Ideally, it means investing in a property that stands to increase in value as its neighborhood improves through the years.

Use Online Tools

Thanks to the Internet, finding information about neighborhoods in Myrtle Beach is only a mouse click away. Sites like Trulia and Zillow allow you to research the profiles of individual neighborhoods. You can find overviews of schools in the area with ratings from parents, graphs which list all sorts of characteristics—even violent crime in the area. Another useful online tool is Google Maps, which shows proximity to shops, schools, transportation and other facilities.

After you have researched the area neighborhoods that look most promising, plan to devote enough time to exploring them in person—weekdays and weekends, daytime and nighttime. Make sure the actual places measure up to their reputations, and find out which ones feel like places you’d like to live.

If you’re looking for in-depth Myrtle Beach neighborhood advice, give me a call or stop in to go over your wish list. Whether you are relocating from afar or across town, I’m here to help my clients make smart long-term real estate moves. Call me today!

When you begin scouring the Myrtle Beach listings for a new home, the cost of the home appears to be right there at the top: the asking price. All the other details about the property are there, too, but they usually get close attention only after that dollar amount at the top falls within (well, is at least close to) your target number.

But as soon as the shopping starts to narrow the field, the financial implications of those other details begin to reveal themselves. Good thing! In fact, the true bottom line cost of your new Myrtle Beach home will be greatly affected by them.

Many buyers work with the details exactly as presented—but as a purchase grows more likely, they should consider them simply as starting points. Back when home prices were racing steadily upward, it may have been okay to assume that price appreciation would make up for any exaggerations or oversights about the property (whether inadvertent or not), but today’s more cautious buyers appreciate how the disclosures impact the real cost of a property. They know how expensive it can be to correct inaccuracies later on.

When comparing properties, it’s time well spent to confirm as much of the information as practical. It will give you confidence that you aren’t missing potential expenses or devaluing factors when figuring the cost of a home versus its true value. Some relevant factors:

• Even when there are laws requiring sellers to disclose obvious repairs, those that are less obvious can come as a surprise after the keys are handed over. Some may not even be known to the seller; for example, mold in walls caused from earlier flooding may not be visible, or termites that are just starting to colonize the structure might not be obvious. That’s why consulting with a home inspector is so important. The best ones know the places to look for the telltale signs it takes an expert to uncover.
• If the property you are considering belongs to a homeowner’s association or is subject to any kind of maintenance fees, be sure to factor in those costs. Ask for copies of receipts for the last few payments—then find out what plans have been announced that might mean future increases.
• Myrtle Beach property taxes will obviously figure in your home cost calculations, but it’s good to know the basis upon which the property is taxed. Unrecorded improvements could raise that figure: so have a look at the recent bills. If you have questions, a check with the assessor’s office should settle them.
• Don’t just have a chat about the cost of utilities—you should request copies of the utility bills for at least the last full year. Water and power (and sometimes sewer and other utility expenses) can be more substantial than you’d expect, significantly increasing the cost of your Myrtle Beach home’s annual operation.

These factors all play parts in determining the true cost of a home in Myrtle Beach —its current purchase price and a sound projection of the cost of living in it. Accurate estimates of both are what you need to guide your decision about whether to make an offer—and what that offer should be.

If you are thinking of buying in Myrtle Beach this summer or fall, do contact me today. I’ll help you to be sure the right questions are asked!

When the American Institute of Architects reports on emerging trends, sooner or later they’ll be showing up in the Myrtle Beach listings. That’s been true of one trend the AIA started reporting in 2010: the move to ever-larger square footages.

But now a more interesting finding is developing. It’s one of the principal findings in the AIA’s 2014 Home Design Trends Survey—one that falls into the category of “emerging home characteristics”—one likely to become more commonplace in coming years. Combining several different attributes, it is best summarized by the single term “accessibility.”

“Residential architects report that the most significant trend in home layouts is improving accessibility,” writes Kermit Baker, the AIA’s Chief Economist. With a large segment of the population reaching retirement age and beyond, concern about the physical demands of daily living concerns more and more homeowners. Predictably, baby boomers will prefer to remain in their own homes as long as possible, creating both a huge market for remodeling design ideas that increase ease of use without losing attractiveness, and a resale market for the homes thus improved.

Almost two-thirds of responding architects report increasing popularity for interior accessibility designs: things like wider hallways and fewer steps. And more than half of the respondents said the same for accessible homes sporting on-grade entrances or ramps: features that make getting into and out of the house easier.

The Wall Street Journal just published a report on the same phenomenon. Its story, “Luxury Homes Accessible to All,” accentuated the desire by some homeowners for accessible designs “before they actually need them, with an eye to the future.” One Asheville, N.C. couple, although only entering their sixties, shaped their new home to accommodate their needs in case they someday need special assistance. With every doorway 4 feet wide, hardwood floors, a lighted interior staircase and curbless shower stalls, it’s estimated that the extra elements cost about 3% of total construction costs.

Does this mean that in Myrtle Beach, accessible homes will increasingly dot the listings? I bet we can count on it. But, as The Journal also points out, when it comes to selling psychology, words count. They quote one consumer housing specialist who says that in listings across the country, handicap and disabled/disability may be growing in prominence—but descriptors like wide hallways or open floor plan will “better attract buyers who are in the market for such homes.”

If you are in the market for one of Myrtle Beach’s accessible homes—or will be listing one that fits the bill—I hope you’ll give me a call. It’s a growing market that promises great new solutions to an age-old problem! Trust in your Myrtle Beach Real Estate Experts at Plantation Realty Group to help you find what you're looking for! (843) 796-2111

The Myrtle Beach listings aren’t dominated by any particular kind of seller—like local listings everywhere, all kinds of homeowners are represented. One attribute they generally have in common is the motivation to make their sale happen quickly. Sometimes that’s because they have settled on a new home purchase and want to avoid months of paying double duty on multiple residences. Sometimes a seller is relocating; sometimes there’s been a death or divorce. Regardless of the reason for entering their property in the Myrtle Beach listings, most sellers are strongly motivated to do what it takes to accomplish a sale.

Even in what has proven to be a generally strong market, a quick sale can be harder to accomplish during the summer months when buyers have other priorities on their minds—like vacations or the impending start of school. It might seem to be a less than optimum environment to enter the Myrtle Beach listings, but the fact is, sales DO happen during the vacation months: and they can happen quickly—especially when the seller avoids some common missteps:

Not Perfecting the Homes Appearance

Sometimes it’s actually fairly easy to make minor remodeling changes that will make a home appear nearly “like new”—in person and in the listings. Another commonly missed step is a one-time extremely detailed deep cleaning (professionally when necessary). A home purchase is an emotional investment as well as a rational one, with the ‘clean as a whistle’ dimension sure to add considerable appeal to prospective buyers.

Not Taking Advantage of the Home Staging Industry

Based on statistics, professional home stagers give homes a look that buyers prefer. Of course, the decision to stage depends on the home sellers’ budget—but some stagers work within all budgets, so a consultation may be worth considering in any case. Consider staging as interior design for the sales process. It’s also true that staged interiors also tend to display better in the listings.

Being Present During the Buyer Visit

No matter how sensible being there to answer any questions a potential buyer might have, remaining present during a showing is usually a misstep. Experts state that in practice, this tends to discourage substantive movement toward a sale.

Ignoring Offers

You may be on vacation and have trouble getting to a place where documents can be signed—but that’s not a reason why ignoring a low offer becomes a good idea. Yes, there are some offers that are just too low, but the way to respond is to counter the offer. By ignoring any legitimate offer, a Myrtle Beach home seller could be walking away from a buyer who has financing and may actually be willing to negotiate for a home (sometimes it’s the one they really have settled on). Sellers who benefit most from this kind of negotiation are likely to have done the work necessary to make their home sellable at top price.

If you are looking to add your home to the Myrtle Beach Listings this summer, contact your Myrtle Beach Real Estate Experts at Plantation Realty Group ASAP to discuss a marketing strategy that’s right for your property! (843) 796-2111

“You never get a second chance to make a first impression.”

It’s a saying that job applicants (at least the successful ones) take to heart. It’s why a lot of serious primping goes on before a blind date. It’s why movie directors spend as much time as it takes to light and prepare the first shot that will introduce their lead actress. And if you’re going to have a house for sale in Myrtle Beach this summer, it’s why it’s worth it to take pains to make its first impression as strong as possible.

Making any Myrtle Beach house for sale’s debut a success doesn’t have to break your back or your bank account. Here are some simple, affordable projects that can be done in a single weekend:

Update Exterior Lighting

For prospective buyers whose first look at your house for sale comes in an evening drive-by, exterior lighting plays a leading role. If your lighting setup is more than ten years old, you may be able to do a quick transformation by replacing outdated fixtures with stylish new ones. If twilight showings are likely, consider adding a lighted path from driveway to door.

Warm Up the Front Porch

There’s an emotional component that goes into making a house for sale—one that’s truly “inviting.” Often, the key factor is whether prospective buyers can easily picture themselves and their family enjoying an afternoon or evening in the place. Think about whether investing in a few pieces of attractive, comfortable-looking outdoor furniture you could place on the front porch (or other outdoor space) could help buyers picture themselves enjoying a leisurely after-dinner conversation…and whether a comfy indoor/outdoor rug and some outdoor decorative pillows might complete the picture.

Invest in Simple Landscaping

Even just a few flower pots or window planters will invariably work to cheer up an otherwise ‘just okay’ exterior. When a prospective Myrtle Beach buyer drives up to a house for sale, a few large pots along the driveway and/or porch—sometimes with the addition of a couple of inexpensive window boxes—can make a real difference. Fill them with easy-to-care-for annuals like marigolds, petunias, or impatiens. Don’t freely mix colors in any one box or pot: that can mute the cheerful effect that a solid mass of yellow, pink or red conveys.

Trim Up!

You don’t necessarily have to paint the whole exterior before you list your house for sale—but it is a good idea to spruce it up by painting (or replacing) the front door, shutters, and trim. It’s a quick, affordable way to give the entire house a facelift without spending tons on painters and paint!

Mothball the Mailbox

Potential buyers may be searching for the address, so a mailbox with old, peeling house numbers can sabotage an entire showing. A new mailbox with bright, shiny numbers will waylay that possibility. For brick mailboxes, just replace the old house numbers and flag.

If you are thinking of listing your house for sale in Myrtle Beach, August is prime time to start the ball rolling! Contact your Myrtle Beach Real Estate Professionals at Plantation Realty Group to help you sell your home quickly! (843) 796-2111