Myrtle Beach Real Estate

With the recent start of fall brings all types of wonderful thoughts to mind. The leaves changing color, cooler weather, Myrtle Beach Golf picking up, increased sales of Myrtle Beach Real Estate (hopefully), and of course, the fall Bike Rally. 

Personally, I am not a big motorcylcle guy, but my wife on the other hand really likes to grab a bike and go for a cruise.  When living in Atlanta, she would go out for rides with her brothers on a regular basis.  It was one of her favorite things to do.

Below is a video I shot of the Spring Bike Rally in Myrtle Beach last year.  I was on floor duty on a Saturday afternoon, so I stepped outside and caught a little footage of the bikes passing by.  I hope that you enjoy.

 

What I have noticed over my 7 years of selling Myrtle Beach Real Estate is that normally the fall months is a busy time for me.  We have been known to have some of our best sales months during the fall. To many that is surprising.  You would think we would be busiest during the summer while all the tourists are here.  But, the big problem is that while people are on vacation, they are renting the Myrtle Beach Condos that are listed for sale. 

Also, many parents come back during the fall to shop for real estate because the kids are back in school and they are able to focus on business instead of being distracted by trips to the beach, or some of Myrtle Beach's  attractions like Broadway at the Beach and The Market Commons.  They are able to focus on Buying Myrtle Beach Real Estate only.

This year hopefully will be the same as years past.  Buyers who have been waiting really should look at purchasing during this time because inventory of Myrtle Beach Homes For Sale is high while interest rates are still rather reasonable.  This means you can find some really great Myrtle Beach Homes at wonderful deals.

Starting October 10th, you can find even some listings that have been reduced 10% for Coldwell Banker 10 day sale! On top of the special sales prices you can save additional money by using Coldwell Banker Mortgage as your lender. If you purchase a property during that time and use Coldwell Banker Mortgage, your appraisal for the loan will be done for free!

Begin your Myrtle Beach Real Estate Search at http://www.dennisgblanton.com or contact Jeremy Blanton.

Myrtle Beach Real Estate Expert- Jeremy Blanton

Coldwell Banker is having a very special 10 Day Sales Event!  It begins on October 10th.  Your Local Myrtle Beach Coldwell Banker is participating in this event.  On these 10 days hundreds of Coldwell Banker Chicora Real Estate listings will be reduced at least 10% from their current listing price during the Coldwell Banker 10 day sale. 

Also, any buyer that purchases Myrtle Beach Real Estate during the Coldwell Banker 10 Day sale and uses Coldwell Banker Mortgage as their lender will receive the appraisal at no cost!  If you are a buyer that has considered buying Myrtle Beach Real Estate, this is a wonderful time to do so.  Here are two great reasons:

• Inventory of homes is high right now which means a large selection of homes to choose from.
• Interest rates are still very reasonable.  There have been rumors that interest rates could rise over the next few years which could cost you several thousands of dollars extra.

Here are a few of our listings that are participating in the Coldwell Banker 10 Day Sale

Unit 428 Caravelle Tower Myrtle Beach, SC 29577

Unit 1054 Long Bay Resort Myrtle Beach, SC 29577

If you need assistance with purchasing a Myrtle Beach Home during the Coldwell Banker 10 Day Sale event, contact Jeremy Blanton. 

Myrtle Beach Real Estate Expert  Jeremy Blanton

 

With all of the recent changes in Myrtle Beach Real Estate, cash remains king.  Buyers who are looking for Myrtle Beach Homes that have cash to purchase these units can find some really excellent properties.  With our current inventory of Myrtle Beach Condos For Sale at over 6,000 units, there is definitely plenty to choose from.  

In the video below, I share one of the main reasons many of the condos have not sold here in Myrtle Beach.  I also, explain what a Condotel is.  So,I hope you take a few minutes and watch the video on why Cash Remains King When Buying Myrtle Beach Real Estate.

Why Cash Remains King in Myrtle Beach Real Estate

Jeremy Blanton- Myrtle Beach Real Estate Expert

One of the questions that arises on a regular basis has to do with earnest money.  First, what is earnest money? Wikipedia gives a wonderful definition of the term here.  Basically, it is the deposit made towards the purchase of real estate and is part of your down payment.  In South Carolina, this money is held in a trust account of a real estate company.  It cannot be used by the real estate company for any other purpose. 

So, here is the big question that normally comes up in regards to earnest money..."How much should I give for earnest money?"  Whenever I am writing an offer with someone, this question arises.  People are looking for some sort of formula to calculate out how much is needed.  Unfortunately, there is no exact formula to determine how much for your offer.  Some use the 1% of purchase price principal, but that does not always work.  For example, if you are buying an $75,000 condo, you may want to offer more than 1% or $750.00.  In this scenario you may wish to offer $1,000.00.  On the other hand, it could be some sort of offer where you are limited on money for down payment at the time of making the offer and only have $500.00. This amount is something that can be negotiated just like any other part of the offer.

The key concept behind earnest money is that it is the money you use as part of a down payment and is given at the time of presenting the offer to show good faith or earnest in a property.  The more that you put down shows a higher level of genuine interest.  You do not want to put too much money down because you do run the risk of possibly losing that money.  However not enough can offend a seller. Here is an example.

A few years ago we had a gentleman in town that wanted to purchase a 22 unit motel that was for sale for $660,000.  The gentleman made a fairly reasonable offer on the property and wanted to close in a rather short time of just over 30 days.  He was supposed to pay cash for the deal.  So, when we asked how much he wanted to put down as earnest money, he stated that he didn't have the money at this time, but it was "coming soon." He never would tell us where he was getting the money or could provide us with proof of funds.  So we asked once again, how much would you like to use as earnest money. 

The gentleman reached into his pocket and pulled out a dollar bill and slammed it down on the desk and said: "Here is my earnest money. And I am not putting another penny down!" A single dollar...that was his earnest money.  Needless to say when we presented the offer to the seller, they were not amused by this offer.  In fact, they were so annoyed that they flat out declined the gentleman's offer. 

This is a prime example where not enough earnest money caused a seller to not even want to deal with a buyer.  The reason the seller was so offended is that if the gentleman changed his mind about purchasing and walked away from the deal, the seller would only receive $1.00 for incurring all types of expenses for various tests, inspections, attorney fees, etc.

Hopefully this clears up the issue of earnest money a little bit.  In closing, I leave you with this piece of advice in regards to earnest money.  Each and every market all around the US is very different in regards to how much is enough/not enough.  I would strongly urge you to ask Your Real Estate Professional for guidance when determining how much to give. 

Jeremy Blanton- Myrtle Beach Real Estate Expert

The Farm at Carolina Forest continues to be one of the more active communities for Myrtle Beach Real Estate. Some of the things that make The Farm such a popular community is it's location to everything. It is close to Hard Rock Theme Park, Local Restaurants, Golf, and of course the Beach! The schools for children living in The Farm are Ocean Bays Elementary & Middle, and Carolina Forest High School.

Currently there are 93 homes for sale in The Farm. Of the 93 homes listed for sale, 44 listings are under a pending contract. Since July 1, 2008 17 homes have sold for an average sold price of just over $222,000.

 

Here are all of the current Active Listings as of September 4, 2008.

 

MLS #	Address	Price	BR	FB	HB
815189	2076  Haystack Way	$160,000.00	3	2	0
816228	423  Carolina Farms Blvd	$164,900.00	3	2	0
812236	2143  Haystack Way	$176,900.00	3	2	0
819065	233  Carolina Farms Blvd.	$179,900.00	4	2	1
819707	2116  HAYSTACK WAY	$180,000.00	3	2	0
820519	2021  Haystack Way	$182,500.00	3	2	0
815103	2195  Haystack Way	$184,900.00	3	2	0
821359	522  Carolina Farms Blvd.	$190,000.00	4	2	1
727090	2132  HAYSTACK WAY	$194,500.00	3	2	0
819521	558  CAROLINA FARMS BLVD.	$199,500.00	3	2	1
818467	4516  PLANTERS ROW WAY	$199,900.00	3	2	0
818855	4725  Farm Lake Dr	$204,999.00	3	2	0
811288	4622  FARM LAKE DRIVE	$209,900.00	3	2	0
730000	2740  Coopers Court	$219,000.00	4	2	0
803889	2096  HAYSTACK WAY	$219,900.00	3	2	0
820409	502  Carolina Farms Blvd	$219,999.00	4	2	1
816503	427  Carolina Farms Blvd	$224,000.00	3	2	0
803699	2089  HAYSTACK WAY	$224,900.00	4	2	0
816022	3132  Robins Nest Way	$225,000.00	3	2	0
817102	4565  Farm Lake Drive	$228,000.00	4	2	1
816321	4323  Red Rooster Lane	$233,990.00	4	3	0
815602	3116  ROBINS NEST WAY	$245,000.00	4	2	0
804872	4544  FARM LAKE DRIVE	$249,000.00	4	2	1
813457	3032  Corn Pickers Lane	$249,000.00	4	3	0
820983	2779  Coopers Court	$249,000.00	4	3	0
820305	805  Carolina Farms Blvd	$249,500.00	3	3	0
820306	789  Carolina Farms Blvd	$251,660.00	3	2	0
817643	506  Carolina Farms Blvd.	$259,900.00	3	2	0
821383	764  Carolina Farms Blvd	$265,654.00	3	3	0
816973	341  Carolina Farms Blvd.	$269,445.00	4	2	0
812430	4669  Farm Lake Drive	$269,900.00	3	2	0
820514	738  Carolina Farms Blvd	$294,157.00	4	3	1
820314	726  Carolina Farms Blvd	$298,035.00	4	3	0
816352	487  Carolina Farms Blvd	$299,000.00	6	3	1
814793	3333  Picket Fence Lane	$299,000.00	4	2	1
806933	3217  Fieldstone Street	$299,900.00	4	2	1
820512	754  Carolina Farms Blvd	$304,843.00	4	3	0
820309	777  Carolina Farms Blvd	$307,150.00	4	3	0
821382	768  Carolina Farms Blvd.	$319,217.00	6	3	1
820307	734  Carolina Forest	$321,436.00	5	4	0
820308	746  Carolina Farms Blvd	$321,438.00	4	3	1
812954	801  CAROLINA FARMS BLVD.	$324,900.00	7	3	1
809576	3381  PICKET FENCE LANE	$325,000.00	3	2	1
817214	2418  Windmill Way	$326,900.00	3	2	1
820493	769  Carolina Farms Blvd	$328,248.00	4	3	1
805954	2940  Scarecrow Way	$332,900.00	3	2	1
820316	781  Carolina Farms Blvd	$338,076.00	7	4	0
812276	227  Carolina Farms Blvd	$349,900.00	5	3	1
814477	3400  PICKET FENCE LANE	$375,000.00	5	3	1

 

For more information on any listing for sale in The Farm at Carolina Forest, do not hesitate to contact me. I am an Accredited Buyers Representative. If you currently live in The Farm at Carolina Forest and are thinking of selling, allow me to sell your home for you. I believe that The Farm is such a great place to live, that I call it my home!

This past week my three month old daughter began giggling and laughing at different things.  One of things I have been working with her on is playing peek-a-boo.  Now when I play peek-a-boo and surprise her, her face lights up and she smiles large.  You can see below how much she loves getting surprised by it.

 

 

There are other types of surprises we may experience in life that are just wonderful.  Things like a surprise Birthday Party, being surprised you are becoming a grandparent, or someone surprising you with a gift.  However in real estate, surprises are not always a good thing.

With the many changes that have taken place in real estate over the past few years, just about every aspect of either buying or selling property has changed.  That is why it is crucial to work with a Real Estate Professional whenever you are participating in any type of transaction regarding real estate.

I know what you are thinking..."Jeremy, I have bought and sold several homes on my own and never have used a Real Estate Agent, why should I start now?"  Great question!  Let me share a few examples of how over the past few years we have been able to help both buyers and sellers to avoid a transaction falling apart.

First, the Story of a Buyers dilemma... Read Here!  These buyers were so glad to have a Real Estate Agent representing them.  If they didn't have that, they would have either paid an additonal few thousand dollars or ended up walking away from a great home.  But, by having a Real Estate Agent represent them, when the surprise came up, they did not panic, they allowed the professional to do their job.

Secondly, The Horror Story of My Seller...Read Here!  Sadly, these sellers had to learn the hard way that sometimes selling your home FSBO can cost you more than a real estate commission.  Luckily for them, we were able to sell the property quickly and easily for them.  If we had been involved in the original deal, we would have been able to press for letters from the lender to make sure the buyer was capable of buying the home before the seller moved everything to storage, rented an apartment and moved out of their home while waiting for their new house to be built.

These are just two examples of surprises that were or could have been  avoided if the buyer & seller use a Real Estate Professional to assist them in the transaction.

So what are you waiting for? Contact a REALTOR® today! If you are looking to either buy or sell real estate around the Myrtle Beach Area, do not hesitate to contact me.

Jeremy Blanton- Myrtle Beach Real Estate Expert.

About a year ago I had a really nice couple that was visiting Myrtle Beach from New York looking to purchase a second home.  We looked at several properties and finally chose a new construction property that had an on-site agent representing the builder. 

Things for this deal was moving along very smooth.  We had the mortgage taken care of, had all the inspections done and all the necessary repairs completed.  It was day of closing.  The buyers had come in town from New York, had the amount needed to close wired already to the attorneys office. 

However when we arrived at the closing table with the attorney, the amount of the loan was incorrect.  The buyers had gone down to this builders design center and made several upgrades to their properties totaling over $7,000.  So therefore the purchase price had gone up.  But, the change form for these upgrades had never been sent to the attorney or lender by the builder like they were supposed to. 

The attorney called the lender and they said they were going to send back out the appraiser to re-appraise the property and would be back shortly.  So, we sat calmly at the attorney's office waiting for the updated information.  Here is where the big problem came in.  The seller had sold several other units with many upgrades in all at a flat rate price.  It didn't matter if there was $2,000 or $20,000 in upgrades, the prices were exactly the same.  So, when an appraiser tried to find a higher price since my buyer went and added more upgrades which were not available in the flat rate price, they could not appraise the property high enough.

So, the seller stated that the buyer needed an additional few thousand dollars because the property was not appraising for the loan amount.  My buyers immediately panicked and were ready to walk away from the deal.  I assured them not to panic just yet.  I shared with the attorney that the upgrades were added to the property and that there were two options left for the sellers to do.  Either remove the upgrades (which would have included removing ceramic tile flooring, all the berber carpet in the home and more) or sell the unit for the amount it appraised for because my buyers were not going to pay more for upgrades than they were actually worth.

The attorney called the builder and they agreed to leave the upgrades in the property and sell for the lower price to the buyers.  My buyers thanked me over and over and were so glad to have me as their buyer's representative.  Without my assistance, they would have either lost a wonderful property, or paid several more thousands of dollars out of their pocket to purchase.

The moral of this story is that sometimes the upgrades you add to a property cost more than they bring value to a home.  As a rule of thumb, you do not want to be the "King of The Hill" in a neighborhood.  It can cost you greatly when you go to sell.

Jeremy Blanton- Myrtle Beach Real Estate Expert

Over the past few months I have received numerous calls from buyers interested in purchasing some sort of rental property here in Myrtle Beach, South Carolina.  Usually after a few days of phone calls and and emails, I receive the ominous reply....

"We just don't think buying a rental property is a wise decision at this time."

What?!?  Now is one of the best times to purchase Myrtle Beach Real Estate! Is my normal response.  I then begin to share how prices have dropped here.  For example, Sand Dunes III in Myrtle Beach has seen over 21% decrease is price!  Listing prices are now lower than they were in 2004!!! 

"But rentals have to be down due to the enconomy...nobody can afford a vacation!"

Well, you would think that, but did you know that for the forcasters predict there to be a 90%-99% occupancy rate on for lodging this week!  That means vacationers are still visiting Myrtle Beach!  In fact, our midweek occupancy rate is up over 8% from last year!  Here are a few reasons why people have been attracted to visiting Myrtle Beach:

• Beautiful Weather- The past few weeks Myrtle Beach has seen a lot of sunny skies with warm temperatures in the upper 80's/low 90's
• New Attractions- This year Myrtle Beach opened up two wonderful new attractions with The Market Commons & Hard Rock Theme Park which was named one of the top 10 parks to visit this year!
• Location- Most of the people who visit Myrtle Beach are either from the Carolinas or Northeast.  While in past years they may have visited Florida, the added fuel expense to drive another 8 hours each way may have deterred that.  That is a savings of probably $300-$400!
• Appeal to the whole family- Myrtle Beach has something to offer to every age range of the family.  There is Hard Rock Amusement Park, Golfing, Dinner Shows, Loads of Shopping, Thousands of wonderful restaurants, and of course, the beach!
  

So what are you waiting for?  Now is the time to buy rental properties in Myrtle Beach, South Carolina.  Contact me today to start your search for your piece of Myrtle Beach!

Build your dream home on this wonderful .71 acre lot on cul-de-sac located in Creek Harbour.  Amenities include gatedentrance, community pool and clubhouse, boat parking, ramp and dock with access to waterway.  No time limit to build.  Minimum size home required is 2,600 heated square feet.

Listed for sale by The Blanton Team with Coldwell Banker Chicora Real Estate for $199,900.  If you are interested in this great cul-de-sac lot, do not hesitate to contact us immediately.

 

 

 

 

For more information about Creek Harbour, or Myrtle Beach, Murrells Inlet, or Conway Real Estate, call Jeremy Blanton or Dennis Blanton REALTORS® with Coldwell Banker Chicora Real Estate at (843) 222-9402. We can help you with all of your Myrtle Beach, SC and Horry County real estate needs.  Contact Us Today!

 

New home communities across the Myrtle Beach area have continued to become more customizable with their homes over the past few years.  Many of Myrtle Beach's top builders even now have "design centers" where you can visit and make your selections while viewing the different samples. You now customize almost any aspect of your new home.  It is important though that when making these choices that you do not let things get out of hand.

When building a new home you have a budget in mind before hand.  As you enter the design center to select options & upgrades, that budget sometimes goes out the window.  I refer to the visit to the design center as "a kid in the candy shop" mentality.  Everything looks wonderful and you want one of each.  However, you can easily more than double the price of your home with upgrades and also destroy your budget.  Recently, while working with a buyer, she had over $150,000 in upgrades & additions onto the home.  She was easily making her new home the "king of the hill" in the neighborhood.  However in her situation, she did not care. She is planning on living there for many years and wanted what she wanted.  Also, her budget was much higher than what was actually spent on the home.  

Below are the top 5 things I would suggest upgrading when building a new home in Myrtle Beach.  This list comes from dealing with hundreds of buyers locally and listening to their wants & desires when purchasing a new home.

• Upgrade the range hood to a microwave.  When buying a home, most people want a microwave in their home.  Normally this is only around $300.00 for a basic upgrade.  If not, you will need to purchase one for the counter in which you spend more money, and lose counter space!  Or, if you decide to do it later, you have a useless range hood that will inevitably end up collecting dust in the garage, or for sale at a neighborhood yard sale.

• Upgrade the range from coil top to smooth top.  The cleaning of the coil tops are difficult and make a mess.  You have to buy new drip pans almost annually because the old ones have become so discolored and dirty.  With a smooth top range, you can buy Ceramabryte and keep your range top looking like new all the time.

• Upgrade your carpet padding & actual carpet.  I always suggest paying the little bit extra for the highest grade padding available.  Also, I recommend upgrading your carpet at least one level.  The reason for upgrading the padding is that by doing so it will help the life of your carpet.  Also, it will make it easier on your feet while walking around your home.  The reason for upgrading the actual carpet is to increase its life.  Also, normally the higher grade carpet have less amounts of carpet fibers being released.  When I purchased my most recent home, I was not given the option of upgrading the carpet and every time I vacuum my home, I fill my Dyson vacuum with carpet fibers at least twice.

• Upgrade the paint on whole house.  If you do not like plain white walls and want continuity in your paint in your home, then pay for the whole house paint upgrade up front.  Normally the cost of upgrade is only a few hundred dollars instead of paying a painter afterwards a few thousand dollars to have it done.  Most builders will only allow you to pick one color for the whole home, so if you wish to have a lot of customization in your paint colors in every room, then this may not be for you.

• Upgrade the front exterior of your home.  Curb appeal is one of the most important things about a home.  Most builders allow you to customize the curb appeal of your home by choosing a brick or stucco front.  This is something that will make your home stand out from the other same models of your home in a community.

Be on the lookout for future updates where I will discuss options to avoid.  These will be the upgrades that either cost more than they are worth, or will never bring back the return that you invest for them.

To find more great tips about new homes in Myrtle Beach, South Carolina, visit my blog.

For more information about Myrtle Beach Real Estate, call Jeremy Blanton or Dennis Blanton REALTORS® with Coldwell Banker Chicora Real Estate at (843) 222-9402. We can help you with all of your Myrtle Beach, SC and Horry County real estate needs.  Contact Us Today!